Florida's Housing MarketDuring the housing boom, Florida was one of the hottest real estate markets around. Homes were being sold left and right and the prices were very high. According to CNNMONEY.com, the Census Bureau revealed that 18% or 1.6 million homes in Florida are still unoccupied. What does this mean for Florida? This means that Florida has many houses for sale that are on the market and because supply is high, prices are going to be lower. Buying a property in Florida is going to be a great investment a few years from now. A couple of years ago you could drive around Miami and if you were lucky enough to find anything, it was at a very high price. In today's market, you can find great deals in many parts of Florida.
Here's how the unoccupied homes look in Florida's 10 biggest Counties:
So who's buying in Florida right now? Mostly the rich and they're buying as investments. Many are buying and simply holding the properties. They know that a few years from now when the housing market in Florida recovers, those properties are going to be worth much more. According to CNNMONEY.com, the average price for a property in Florida sold for $122,000. Some analysts believe the Florida housing market will drop even lower, others think we've hit the bottom. It doesn't really matter whether the bottom has been reached or not, the fact remains that prices for homes are very low. A few years ago, if you wanted to buy a condo in Miami, it could have fetched anywhere from $450,000 and up. Today, you can find properties for half that amount!
You can wait and see if the market's going to go even lower. Maybe it will be worth the wait and maybe not, it's a risk like any other. The question is: are you willing to take that risk? If you're thinking of buying in Florida for retirement then now is a great time. If you have a good real estate agent and do enough research, there are many great foreclosure deals. If you're planning on moving to West Palm Beach, make sure to call All My Sons Moving And Storage Of West Palm Beach to help with your move. Our professional movers are backed by four generations of moving experience. Our All My Sons moving company is licensed and insured and we've moved families like yours for over than 20 years! We serve different cities and communities in and around West Palm Beach, Florida such as: Boca Raton, Coral Springs, Delray Beach, Jupiter, Palm Beach Gardens, Port St. Lucie and Vero Beach. Call us today and experience a great move!