Well, the past few years has definitely been a bit of a hectic time in the real estate industry. Nowhere in the country did the rapid appreciation of the market affect buyers so as in sunny Florida. Can you believe that at one point properties were appreciating at 5% per month??!! That is a 60% return on investment per year. Can you imagine buying a home for $100,000 and having it worth $160,000 the next year? Well that is what was facing buyers in Florida. While home sellers were clocking up profits at a now legendary rate, home buyers were lined up to buy and some got rapidly priced out of the market by the appreciation alone! But as they say "all things change."
This is indeed what has happened in Florida and this has made the possibility of owning a new home in Florida a much more realistic goal for people.
Sellers who once has the run of the market are now finding themselves having to compete for buyers who are now able to be more choosy then they could a few short years ago. Florida , for a time experienced a real shortage of inventory as sellers were not too sure what was happening. Most had hoped that the market would revert to it's prior favor of sellers but when that failed to happen many sellers panicked. Only recently have we seen the number of homes start to increase and finally we are seeing a great inventory of homes that are competitively priced and ready to sell.
Florida has once again become an area where buyers can find their dream homes. With the assets that Florida offers this new trend could revitalize the real estate market. Many years ago affordable homes and the beauty and style of Florida living made it one of the most popular areas to purchase a home in the entire world. With more affordable homes and even more assets than before is it possible that we will see another Florida housing boom? The conditions are certainly looking good for it. However it would serve us all well to remember the confusion and panic with which the market cool off was dealt with. Hugely inflated home prices never last as they quickly become un-affordable for the majority of society and when that happens the market suffers.
