4 Reasons Why 2018 Will Be A Record Year For Florida Real Estate
4 Reasons Why 2018 Will Be A Record Year For Florida Real Estate
Manatee and Sarasota counties have been growing fast, and buyers have taken notice. The lifestyle and range in housing options really make this a great place to live and work. With the recent changes to the federal income tax program, all time stock market, and increase in buyers overall I suspect that home values will rise in 2018. If you have been considering a purchase of Florida real estate your timing may be perfect before home prices increase. Especially in the 350-1,000,000 dollar price range. I predict that the average and median home price will dramatically increase in 2018 as more high tax payers make the move to Florida. The average home price in this area have increased by over 20% this past year. I have a link to a complete detailed market statistics
We have seen a major increase in buyers looking to get a jump on a second home and an increase in relocations for work, and retirement. In fact, everyone that contacts me from states with higher taxes mentions how the favorable taxes encouraged their decision to buy in Florida.
My suggestion for buyers is to most likely expect prices to increase for residential properties that appeal to retirees and the second home market. We had an overall increase in the average by over 8% last year. This year we could easily double that gain.
I suspect that 2018 will be busy: 4 Key Factors
NEW TAX PLAN: Changes to the federal income tax will make a Florida address more appealing for individuals and families that pay high property taxes, and /or have a large mortgage(over 750,000). Home ownership for the areas of the country with high home values, and high property taxes will encourage many to consider a relocation. I suspect this to mostly with families that are downsizing and/or a reduction in living expenses as a goal. This could have a downward pressure for pricing in those areas if demand doesn't keep up. Here it will have an impact as families that can move easily will find additional incentive to make Florida their home
STOCK MARKET HIGH: Anyone invested in the stock market has to be consider if the market is due for a correction, and perhaps now is the time to cash out. Stumbles in the stock market can have an increase in buyers looking to invest in real estate. The increase in value also makes a second home or retirement that much more in reach. Both of these factors will increase the amount of buyers.
INCREASE IN NEW BUYERS: The recent real estate bubble has caused there to be delay for many people relocating to Florida while waiting for their equity to grow. Buyers who need to sell in order to move will most likely want to sell soon; as the effect to expensive homes with high property taxes will be negative. I suspect that this group of retired, and soon to be retired will increase buyers in the market, and will keep prices up.
PLENTY OF INVENTORY: Inventory has grown in the past 2 years the inventory of active inventory has increased over 10%, and prices have stabilized. Prices overall increased over 8% in Manatee county. The 500,000.00 -1,000,000.00 has been the most effected as buyers in this price range have had plenty of inventory of resale and new construction to consider I suspect that there will be an increase in buyers that are looking in the 450,000-850,000 range. With many willing to stretch up for the right deal. There is going to plenty of homes for a home buyer looking at this price range, and I suspect an increase in sales activity and prices to rise. New construction prices have continued to rise as the builders respond to increased demand, and rising costs of building supplies and labor.
If you have been considering buying or selling in Manatee and Sarasota county I encourage you to give us a call and see if we can be your Realtor. Our team is ready to go to work for your family! Give us a call or text today. Joe Murphy 941-780-3260
Author:Joe Murphy Phone: 941-780-3260 Dated: December 27th 2017 Views: 647 About Joe: ...
Selling ahome can be a difficult task for even the most seasoned of se
"My Wife and I relocated from Hollywood Florida to Bradenton. We have visited the Sarasota/Bradenton area many times and loved the beauty and people of this place. We lived in Hollywood for the last 10 years and felt there must be a better place to raise our two young Daughters 9 and 13. That's when we discovered Sarasota and it's Shops and Beaches. We started coming up weekends and during the Girls breaks from School. We absolutely fell in love with this place and decided to put our home in Hollywood on the market and start looking for homes in Sarasota/Bradenton. We didn't know anyone here aside from a good friend who lived here. I asked him if he knew a good realtor in the area and he didn't. He goes to Bayside Community Church and said he'd spead the word in Church to find us the best realtor. His name came up more than once and Joe Murphy was the Guy. I called him from Hollywood and told him our scenario and that we needed to sell our Hollywood home before we made a purchase. We also told him what we liked (We really had no clue) and our price point. He was patient, professional and listened to a million ideas of the type of home we wanted to buy. He started sending us listings in the areas and we started narrowing down our likes and dislikes remotely. A couple weekends later we drove to Sarasota and got to meet Joe for the first time. He reminded me of an old friend and I liked him immediately. He made our whole family feel relaxed and truly made our home shopping fun. He put his whole weekend aside to show us 14 homes in two days! We looked at Waterfront homes, Golfcouse homes and a couple Ranches. Our heads we're all spinning. All the homes for the most part were beautiful. Joe spent a lot of time talking to my Wife on the things she liked and wanted in her home. Smart! I'm a Guy who believes in "A happy Wife happy life mentality". If I can get a Garage and Mancave out of the deal I'll be happy. He really picked my Wife's brain and listened for hours on her likes and dislikes of the homes he showed us. Joe took all the mental notes and we went back to Hollywood excited to see more in a couple weeks. Now we liked a couple homes he showed us but Joe suggested we come back again to look at more homes now that he got to really know us, our likes and our tastes. When we came back we had asked to see two we've already seen again plus the new listings we haven't seen as of yet. Another dozen homes to see!! OMG!! If our heads were spinning from the first showings, wow...he really had the perfect homes to show us on our second time around. Joe was amazing in his home choices and my Wife was on cloud nine! He also showed homes that had the things I liked (He kind of slipped them in without my Wife being the wiser). We looked at homes with land, Ranches and Farm houses. On about the fifth showing Joe gave me a wink and said your Wife is going to really like this one. He was right! As we pulled into the oak lined driveway my Wife squealed with delight (she actually squealed so loud it hurt!) It was a beautiful Ranch right on the Sarasota/Bradenton line. It was a beautiful property that needed some TLC but it was stunning. It had everything we had hoped for (except for a pool). My Wife and Daughters fell in love with this home and we didn't have to see anymore. Joe suggested what he thought would be a good offer and understood this would have to be conditional on our selling our Hollywood home. He not only got us an extraordinary deal on our home he got us the terms we needed. Joe was an amazing negotiator and worked his butt off for us. Joe is certainly in the "real estate zone". We went home and a week later we sold our home, six weeks later we moved into our new home!
Now let me tell you none of this was easy. Seeing all the homes and all the time we spent looking at them. It just had to be this way. Joe didn't cut any corners for a quick sale. He listened to our every word and found us the perfect home. I couldn't imagine anyone else that would do the job Joe Murphy and his Team did for us. You'd think after the sale that would be all we'd see of our realtor. Not with Joe Murphy! He helped us with the new Schools for our Girls, contractors and more and more. Joe Murphy is not just our realtor, he's a friend. Joe's roots are right here in the Sarasota/Bradenton area and he's tremendously respected and well liked. He's funny, kind, patient and a wonderful pro realtor. If you're looking for a home in Bradenton/Sarasota area you will not need to look anywhere else than in Joe Murphy. He's amazing!!!
PS..with the money Joe saved us on our home we now have the pool of our dreams!"