Florida Housing market ?????

Old 02-26-2021, 07:14 AM
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Default Florida Housing market ?????

Having second thoughts about putting our house up for sale in central FL because of something I never imagined happened! This new administration IMO will keep folks fleeing many states for the foreseeable future and heading south to both warmer climate and a strong conservative base.
I personally don't see an end to the rising housing market for at least 2 years. Until very recently, my mind was convinced this housing market could not sustain the upward movement, which I'm still convinced it can't, WITH THE EXCEPTION of Florida & Texas, maybe a scant few more!

I'm thinking we should stay put, update a few things in our current home, nothing crazy. Sell in May of 2022, then rent somewhere for two years and then see where we are.

Now...... All of you can easily see through the lines here, PLEASE NO POLITICS, or just "pm" your thoughts if you can't control yourself topside! (talk about calling the kettle black)

Sum things up: For the state of FLORIDA........does the housing market continue to boom for the next year or two?

Thank you for your valued opinions. I truly do consider them all and very much appreciate them.
Old 02-26-2021, 07:17 AM
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Stuff is selling so fast because inventory is so low. People are fighting over houses. It's a seller's market. If you're thinking of selling do it now. It's not just FL. It's the entire country.
Old 02-26-2021, 07:21 AM
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I did a monte carlo analysis with my magic 8 ball. "Signs point to yes" slightly won over "Better not tell you now"

Old 02-26-2021, 07:22 AM
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You are talking about trying to "time" the market just like the stock market. Even if your guess is correct and you sell at the height of the market then rent chances are interest rates will be higher and you will save nothing unless you are a cash buyer. A house should be looked at as a place to live first and a financial investment second.
Old 02-26-2021, 07:23 AM
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I agree with you. Florida`s population is growing leaps and bounds from people fleeing other parts of the country. My neighbor keeps talking about selling his house and I`m telling him your better off staying put. Once you sell your house, you`ll be in the same boat as all the other folks coming to Florida looking for a house. Pretty much, he`ll be homeless for a bit and then pay way to much for the next house.
Last I heard, Florida has about 1 1/2 months of inventory. Lots up here in the panhandle are being snapped up and the new subdivisions are endless right now.
If your looking for waterfront in our area, you`ll be paying top dollar.
Old 02-26-2021, 07:23 AM
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FL market is hot right now.
A lot of people will never set foot back in a traditional office, so why not move to a state with no income tax and great weather? Or move to an area where the housing and cost of living is a lot less?
Also I think a lot of boomers are going to retire when covid is over and their employers wants them to go back to the office.
Old 02-26-2021, 07:25 AM
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My guess is that today's market (~6 months-ish) is the high-water mark. With interest rates ticking up, I'd expect some of the equity value to erode as buyers will become pinched on the mortgage + rate costs.

If you're wanting to cashout with the home as an investment; treat it as any other: don't try to catch a falling knife, and don't guess at what you think is peak value.
Old 02-26-2021, 07:27 AM
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There is 50% less inventory available right now compared to last year......Most listings are sold before you can even put a sign in the soon as it hits the mls its gone!
Old 02-26-2021, 07:28 AM
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I will say this. In 2007, everyone said "Florida prices are high but that's okay because there is so much demand, and just look at California - we're nowhere near their prices."

Prices are at historic highs. Buyer FOMO is off the charts. I don't see how it can continue, but I have said that for two years now and it has gotten dramatically worse. Speculation, investors, and cash buyers from other states have clobbered the market for locals who just want a decent place to live.

Timing the housing market is as tough as timing the stock market. The difference is, if it's your primary home, it has value to you either way. Don't sell your house for "political reasons," sell it because you want a different house. If you can take your profits and will be happier moving somewhere that housing is currently cheaper, go for it.
Old 02-26-2021, 07:32 AM
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The number of brand new houses and apartments going up in the Gainesville area is staggering. I can't imagine where all these new residents are going to come from.

Old 02-26-2021, 07:33 AM
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On the news last night... 4.3% uptick last month alone. Caliente! We will be placing our central Florida home for sale this summer. Carnac the Magnificent said sell sell sell!
Old 02-26-2021, 07:37 AM
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its not just down there, my town in MA saw a 20% jump in the last 6 months
Old 02-26-2021, 07:39 AM
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Originally Posted by Fish Haid View Post
The number of brand new houses and apartments going up in the Gainesville area is staggering. I can't imagine where all these new residents are going to come from.
Pre Covid the figure was 900 people a day moving to FL. With Covid and work from home, who knows what that number is.
Old 02-26-2021, 07:41 AM
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It's pretty much like this all across in rural/suburb areas all around the country. People are moving out of cities. Many...many jobs, where people put on shirts and ties, and did the daily commute to the corporate office....they're all working remotely now. And many businesses are discovering that..."Hey, working remotely still could become a permanent thing!".

So people are realizing they can move to...areas outside of the city. Up where I am, along shoreline CT....the market has been hot hot hot. Soon as a home gets listed, multiple offers are pouring in and it's typically sold within a day or three. At higher than ask. My wife is a I hear about the market every day and her listings. Her buyers....I hear her on the phone a lot...if they don't move fast on a house they're interested in, it's gone quick..and they have to keep looking.

People are moving out to areas they want to live...without worrying about a commute to the office, because they don't have to anymore.

Old 02-26-2021, 07:44 AM
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No one has a crystal ball.....Personally, my thoughts mimic yours though. I think people are continuing to move to FL and I think our bull market will outlast most other states. However, if there is a big slow down or crash nationally, it WILL trickle down to FL as well. My bet? I think we see rising prices steadily for at least another year.
Old 02-26-2021, 07:46 AM
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I can you tell right now that my realtor wife has 3 buyers that can't find houses in south FL because everything they're interested has 2-5 cash offers well over the asking price within 24-48 hours of hitting the market. Yesterday, they found a house with 8 contingent offers behind the accepted offer. Another offered $25,000 over the asking price and lost out to another buyer.

Old 02-26-2021, 07:51 AM
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Nothing is forever.

My opinion on the matter I can swap out what is happening here for there. If you have the secondary market towns down there becoming primary market ones, you will be ok. Prices will go down, but not crash as hard as the true secondary vacation markets. I think this will vary by town and you can't blanket the whole state under the umbrella. We have a similar situation happening here. I think our property values can hold as we are expanding at a rapid rate and turning into a primary market.
Old 02-26-2021, 08:01 AM
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Real estate will continue to boom here. I have been actively trying to hire more people since March. About 80-85% of applicants are from "not Florida". Not hard to figure out the areas most of them are fleeing.....
Old 02-26-2021, 08:03 AM
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What follows euphoria?
Old 02-26-2021, 08:04 AM
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The house just down the street sold January for 200k. The new owners did nothing but clean it up and pressure wash the driveway. Now on the market for 285k. I have no doubt it will be sole within 30 days if not sooner.

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