Dealing with real estate is never easy. Not only do you need to know what you are doing, but you also have to keep up with the current market trends and fluctuations.
Here is a comprehensive rundown on what is going on with Florida home prices and how to approach the Florida real estate market. How to look for one? What to expect? How much you should pay?
Florida Home Prices
Up until 2012, prices of homes in Florida have been falling. A median house would cost you $166k in 2009 ended up costing $123k in 2012. But, the low swing of the cost topped and ended in 2012. Ever since then the prices of homes have done nothing but increase. But, the cost of the beforementioned home is now $232k today. That is more than $100k increase from 2012. Therefore, you really should think twice about buying real estate since Florida home prices are bound to further increase. And, you should also keep in mind that 88% of market real estate in Florida is for sale.
Solo home
The average price per square foot in Florida is $144. This, of course, includes both large cities in which the price of a square foot is greater and smaller cities. And, since most single people like living in larger cities, you can expect to pay around $121k for a nice bachelor pad. This should situate you in a nice city like Miami or St. Petersburg. People also opt for modular homes as a more cost-effective solution.
Keep in mind though that few people end up living in their bachelor pad for the rest of their lives. A vast majority ends up getting married and buying a larger apartment or a home for their family. Therefore, you best think carefully about Florida home prices before buying a solo apartment.
Family home
A three bedroom home will cost you around $234k. For a four-bedroom place, you’ll be looking at $331k. And, finally, for a 5+ bedroom home, you should expect to pay around $473k. Now, none of these prices are set in stone and there are many factors that can influence the final cost. Even having a Starbucks near your home can alter the price. But, you should have a general idea of how much a family home costs in Florida before you start looking for one.
Renting or Buying
Since Florida home prices are as they are, people are not sure whether buying is always a good idea. The analysis from 2017 shows that investing in Florida real estate is a good idea since the prices of homes are increasing. But, the key point to take from this is that buying a home for investing in buying a home to live in are not the same thing.
Sure, ideally you would buy a home, spend a couple of years living in it, and then sell it for a profit. But, this is rarely the case. Therefore, unless you have enough money to play around with real estate, you should really consider renting instead of buying.
Why renting can be better
Renting a home means that you will easily avoid all the risk of owning real estate, and be able to live in Florida. This can be an especially sound decision, especially when you live on your own. When you get a family and are thinking of a place to settle down, then yes. Buying real estate in Florida is the best course of action. But, if you are alone, you want to keep your options open. Do not rush into buying a home and then finding out that there is a better job opportunity in a different city.
The movers from Moving Kings Van Lines FL can tell you, young professionals are the people who are most likely to move. By renting your home you are keeping yourself free to relocate. Giving away such freedom is something that you shouldn’t do lightly.
When is the right time to buy?
While this is a perfectly straightforward question, the answer to it never is. Many factors determine wheater it is the right time to buy a home. That is why it figuring out the right time takes years of experience and knowledge. What you can do is to talk to a realtor and do some online research. This will give you a good idea on whether you should buy now or wait for a year or two. Depending on the exact type of real estate, a year can make a huge difference in price. You just need to be vigilant and pay attention to the piece of real estate that caught your eye.
How to keep track of real estate
Keeping track of real estate is never easy. You can do it for years and still miss the key couple of days during which you should’ve made your purchase. Therefore, what you need to do is to find a realtor that works in the area where you would like to buy. They can notify you the moment the price of the real estate is acceptable to your standards. This may take months or even years. But, there is no better way of doing it. Find a realtor that you can trust and let them keep you updated.
Buying real estate means that you will have to have patience to wait for the price to drop and quick enough to be the first one to make an offer.
