2024

Florida has been synonymous with scoring real estate. Natural disasters and climate change have done little to make the Sunshine State a less desirable destination for practically everybody. Its enchanting appeal to students, retirees, entrepreneurs, workers, tourists and snowbirds has made its local real estate markets vibrant and profitable.Will Floridian locations and properties remain attractive in the coming months? Learn about the most noteworthy trends to set your expectations for the peninsula’s residential real estate sector.1. Fewer Homes Are Changing HandsThe Land of Flowers saw 26,363 homes sold in December 2023, representing a 5.4% dip year-over-year. Regarding single-family houses, the downtick was only 3.9%. However, the demand for townhouses and condominium units fell by 8.8% and 10.7%, respectively.The December figures may be bearish, but homebuyers were more bullish on Florida compared to the rest of the United States. Existing home sales dropped by 19% nationally in 2023 — the lowest in 30 years.The Florida residential real estate sector is showing signs of cooling off since home sales peaked at 52,147 in March 2021. It was a relatively steady decline. Monthly home sales in 2023 didn’t cross the 40,000 mark.2. Buyers Are Paying Top DollarThe Cirtrus Capital’s all-transactions house price index jumped 4.95% in Q3 2023 year-over-year. This data combines appraisal figures and sales prices, reflecting professional appraisers’ opinions and homebuyers’ sentiments.Although fewer homes are getting sold in Florida, it’s reassuring that buyers are ponying up more money to make the state their home. This figure suggests sellers still control the markets and bidding wars remain fierce.Historical data says this trend won’t run out of steam in the future. Only one quarter saw this metric drop since Q3 2012. Gaining a foothold in the Gulf State’s real estate market sooner rather than later is ideal. Barring housing bubbles, property appreciation is practically a foregone conclusion.3. Property Values Are SkyrocketingFlorida has overtaken New York as the second-most valuable residential real estate market. According to a September 2023 Zillow report, the Tropicana State’s total housing market value exceeded $3.8 trillion — up 4.3% since June 2022. Regarding the average home value, the figure is $383,063 — 8.2% higher year-over-year. Florida metropolitan areas are on a roll. The Miami–Fort Lauderdale real estate market is worth $1.2 trillion — the sixth-largest among metros nationwide. Four of the six housing markets with the highest gains in value since the pandemic are in the state. They’re Tampa, Miami, Jacksonville and Orlando, growing by 72.3%-88.9%.The Empire State is only $156.5 billion behind Florida. However, New York is trending downward. The Gateway to the West is losing people, while the Orange State has more in-movers than out-movers. Actually, Florida is the destination of those emigrating from the Knickerbocker State.4. More Energy-Efficiency Projects Are UnderwayResidential and commercial property owners in the Everglade State actively tackle green improvements, thanks to Florida PACE — Property Assessed Clean Energy. On average, the state’s energy conservation and hurricane protection funding agency helps finance 2,132 projects yearly, spending north of half a billion dollars from 2015 to the first half of 2023.The PACE program comes with a reasonable payment plan to make typically unaffordable repairs, upgrades and replacements more manageable. Hundreds of projects qualify for it, giving Floridians considerable latitude in making their properties more climate-resilient, code-compliant, sustainable, comfortable and valuable. Many prioritize window upgrades because about 30% of heat loss within the house occurs through leaky and thermally underperforming fenestration units. Getting a new exterior door, roof or generator is high on others’ agendas.Florida PACE also makes decarbonizing air conditioning by installing a heat pump budget-friendly. This electrification project costs about $18,000 in the South Atlantic. A funding source with no money down and no credit checks is desirable.5. New Foreign Players Are BiddingSouth Florida has been a magnet for international residential real estate buyers. In 2023, foreign nationals bought 6,200 homes worth $5.1 billion. It’s down 25% year-over-year, but the downturn spoke more of the overall housing market than of the interest from non-domestic players. International buyers retained 18% of the region’s total deal volume.The vast majority of South Florida residence hunters are from Latin America. The Columbians are well represented, accounting for 15%. The Argentines and Brazilians comprise 14% and 7% of investors, respectively. The rest are from Venezuela, Mexico, Peru, Chile and Ecuador.Canada is an outlier. Based on anecdotal evidence from real estate brokers, many buyers with deep pockets from the Great White North are shopping around South Florida while flying under the radar. These loaded Canadians are taking seven-figure properties off the market — a rare sight before the pandemic.The Canadian invasion of South Florida may just be getting started. Developers are taking notice and recalibrating their marketing strategies to generate more business from loaded buyers north of the border.6. Rent Prices Are StabilizingRents in some Florida metros are falling. In December 2023, Jacksonville and Cape Coral landlords charged 0.29% and 0.17% less year-over-year, respectively. These cuts were negligible but might be psychologically beneficial to aspiring tenants.Still, rents across the Flower State are at a premium. In the same month, Miami recorded the most inflated one, which was 6.23% more expensive than it should be. It translated to a 0.11% reduction month-over-month, though.On the bright side, five Florida metros in the Waller, Weeks and Johnson Rental Index were below the national rent premium average of 2.58%. Four were less than 2% away from matching their estimated reasonable rent prices. Jacksonville rents were even discounted by 0.10%. In other words, you could earn $68,548.09 and live in Jax without 30% of your annual income on rent.Unfortunately, rent prices in said metros may spike once more tenants simultaneously search for homes. Florida gives landlords the privilege to set rents without restrictions based on demand.Trends Come and GoSome Florida trends must be music to the ears of investors and home sellers, while others may sound terrible news to buyers and renters. That’s just the nature of the beast. For better or worse, real estate markets are cyclical and conditions will eventually be more favorable for the other parties.

The Florida real estate market is among the most robust. With its great weather and influx of tourists, owning a home in The Sunshine State is an excellent investment. The purchase appetite is obviously great, but sellers face the challenge of staging their homes to appeal to picky buyers. If you plan to sell your home in Florida, learn some tips to close the deal quickly.Glimpse on the Florida Real Estate MarketThe real estate market in Florida has gone from strength to strength due to favorable weather conditions, population growth and rising tourism, especially in the cities of Miami, Tampa and Orlando. Domestic and international homebuyers contribute to the market activity within the state.While the buying appetite is high, challenges exist, delaying closing the deal. For instance, you may encounter willing homebuyers who will offer an unrealistic price of considerably less than your home is worth.Tips to Sell Your Home QuicklyPurchasing a home is a big decision, so buyers may need a few weeks to months to give the green signal. If you want to accelerate this process, here are some strategies to influence the buying timeline.Know Your House’s ValueMost buyers see the dollars first and write off homes that don’t fit their budget. Hiring a professional appraiser can save you from the headache of estimating your home’s market value, especially if it’s unique and larger than most in the area.The average home value in 2023 was $383,063, representing an 8.2% increase year-over-year. With a pre-listing appraisal done by a professional, buyers will be more likely to consider your asking price and negotiations will be smoother. The state has a list of approved appraisers who meet the requirements, certifications and licenses necessary for their job. You can tap one of them for help.Stage Your HomeYour next step is to upgrade your home’s aesthetics. Boosting the curb appeal of the exterior and spotlighting the best features of the interior will make your home irresistible, like a cake with colorful frosting and toppings. Here are a few things you can do.1. Manicure the Garden and LawnA well-maintained lawn and garden are a sign the property is looked after and a good selling point that attracts premium buyers.2. Add Attractive Landscaping ElementsLandscaping services cost around $1,500–$5,000 for front yards and $15,000 to $50,000 for backyards, which is quite expensive. However, it will potentially increase your property’s price tag by 15%–20% more during a resale.Furnish your yards with some colors by adding flowers and plants to the flower beds. Keep the lawn neat so the surroundings look put together every time a buyer comes.3. Repaint the Exterior WallsAnother simple strategy is to apply a fresh coat of paint to your property’s exterior. It’ll make your house look brand new.4. Add CladdingCladding adds texture to the wall and makes it look more sophisticated. Apart from the aesthetics, it has many uses, like providing a waterproof envelope that keeps the walls from getting soaked with rain and moisture, reducing the need for frequent maintenance.5. Install Hurricane ShuttersThree of the five cities with the highest hurricane risk are in Florida — Miami, Key West and Tampa. This is why installing hurricane shutters is necessary for the buyer’s security and peace of mind. The aluminum can reduce the impact of natural disasters, prevent heavy rains from infiltrating through the doors and windows, and protect your assets.6. Declutter and Depersonalize the SpaceIf buyers like your home, they’ll try to envision living in it. Their mind will visualize many scenarios, such as what furniture or accessories to add to make it homey, and how to rearrange it. You can make this mental process easier by decluttering and depersonalizing your property, encouraging the buyers to think they own it.7. Perform Home UpgradesSimple upgrades in the interior will make your home shine. For example, repainting the kitchen cabinets will give them a fresh look, adding a coffee table to the living room will add a touch of modernity and switching to eco-friendly lighting will appeal to buyers looking for sustainable options.To make a strong first impression, your home must look pleasing. Remember these tips while staging your property.Work With a Real Estate AgentIf your main goal is to sell the house fast, a skilled real estate agent can easily tap into their network for potential buyers. All you have to do is sign the papers when closing the deal.The selling process can be chaotic and missing some payables related to offloading your property can happen if you do it alone. Since you’ll have to foot some of the costs, working with an agent can ensure you sign the deal and handle all the related expenses legally.Benefits of Working With a Real Estate AgentAgents take a cut for their services, which is typically around 4%–6% of a property’s sale price. It’s a sizable amount of money, but it’s worth it if they can make the buying process seamless. An agent can help you in two ways.1. Access to a Network of Potential BuyersExperienced agents can easily find a buyer from their massive network of clients and other real estate professionals who can make referrals.2. Expertise in Pricing, Marketing and NegotiatingThey know the market like the back of their hand, so they’re adept at advertising the property in a way that tugs at the buyer’s heartstrings. Their negotiating skills can help you get the best price.Tips for Selecting the Right AgentYou’ll work with the agent for a time, so choosing someone with the right attitude, skills and professionalism is the recipe for a prompt sale.1. Research Local AgentsIndustry sites like Realtor have a search function where you can find professional real estate agents in Florida, and look up their profiles and experiences. Alternatively, you can ask someone in your network if they know someone.2. Schedule Interviews and Ask For ReferencesOnce you have a pick, schedule a meeting to evaluate their home-selling track record further. More importantly, ask for references or testimonials to find out what their previous clients say about them.Fast-Track Your Home Selling With These TipsThe home selling process can be tricky, from upgrading to finally listing it for sale. You can offload the chunk of the tasks to a professional real estate agent at a commission. If you decide to do the process yourself, ensure you stage the interior and exterior to make it appealing.In any form of transaction, appearance holds a significant value. By beautifying your home, you’re likely to close the deal.

If you’re looking to buy a home, the recent downward trend in mortgage
rates is good news because it helps with affordability. But there’s another
way this benefits you – it may inspire more homeowners to put their houses
up for sale.

Has the idea of sharing a home with loved ones like your grandparents,
parents, or other relatives crossed your mind? If so, you’re not alone.
More buyers are choosing to go this route and buy a multi-generational
home. Here’s a look at some of the top reasons why, to see if a home like
this may be right for you too.

Even though home prices are going up nationally, some people are still
worried they might come down. In fact, a recent survey from Fannie Mae
found that 24% of people think home prices will actually decline over the
next 12 months. That means almost one out of every four people are dealing
with that fear, and you might be, too.

This is much more than what used to be the norm. The side effect, however,
is when you stay in one place for so long, you may get even more 
emotionally attached to your space. If it’s the first home you bought or
the house where your loved ones grew up, it very likely means something
extra special to you. Every room has memories, and it’s hard to detach from
the sentimental value.

Some Highlights
* Buying a home is a big deal and can feel especially complicated if
you don’t know the terms used during the process.

* If you want to become a homeowner this year, it’s a good idea to
learn these key housing terms and understand how they relate to the
current housing market. That will help you feel confident when you
buy a home.

* Let’s connect so you can get expert help with any questions you have.

Over the past year, a lot of people have been talking about housing
affordability and how tight it’s gotten. But just recently, there’s been a
little bit of relief on that front. Mortgage rates have gone down since
their most recent peak in October. But there’s more to being able to
afford a home than just mortgage rates.

If you’ve been holding off on selling your house to make a move because you
felt mortgage rates were too high, their recent downward trend is exciting
news for you. Mortgage rates have descended since last October when they
hit 7.79%. In fact, they’ve been below 7% for over a month now

Are you putting off your plans to sell because you’re worried you won’t be
able to find a home you like when you move? If so, it may be time to
consider a newly built home and the benefits that come with one. Here’s
why.