The Florida real estate market has undoubtedly been one of the fastest-growing industries in recent years. Miami is known for its luxury properties, making it a popular destination for investors, retirees, and vacationers. With the pandemic driving an influx of migration to Florida and low-interest rates, the market shows no signs of slowing down anytime soon. In this article, we will explore the current state of the real estate industry in Miami and the entire of Florida.
In Miami, the real estate market has witnessed unprecedented growth in recent years. According to a report by the Miami Association of Realtors, the median sales prices for single-family homes have increased by 18.4%, while for condos, it has increased by 18.8% in the past year. This growth is partly due to the surge in demand from out-of-state buyers looking for larger homes, outdoor spaces, and tax advantages. Furthermore, the influx of remote workers has also driven demand for larger living spaces as people seek more flexible housing arrangements.
The real estate industry in the entire state of Florida has also witnessed a similar trend. According to Florida Realtors, the median sales price for single-family homes rose by 15.7% in the past year, while for condos, it saw an increase of 8.9%. This indicates that Florida remains a popular destination for real estate investments, as people look for the perfect place to call home.
The real estate industry in Miami and entire Florida has thrived because of various factors. One of the key drivers has been the low-interest rates, which have allowed buyers to afford more expensive properties. Additionally, the pandemic has also accelerated the trend towards remote work, which has made it possible for people to live anywhere they want. This, in turn, has led to an influx of migration to Florida, which has created a surge in demand for properties.
The Florida real estate market is booming, and this is excellent news for investors, buyers, and sellers. With the low-interest rates, favorable tax laws, and an influx of migration, there has never been a better time to invest in the Florida real estate market. As a result, Franklin Mortgage Holdings is offering a range of non-conforming mortgage loans tailored to individual borrower’s needs. So, if you’re looking to invest in the Florida real estate market, now is the time to act, and we’re here to help.
Call us today to schedule an appointment with our mortgage loan broker, and let’s work together to ensure you get the best loan possible. Let Franklin Mortgage Holdings be your gateway to achieving your real estate goals.
