Graphical user interface, applicationDescription automatically generatedSouthwest Florida real estate has been in a sellers’ market for quite some time now. Many buyers are losing to homes that are selling over asking by tens of thousands of dollars. Meanwhile, sellers are receiving offers on their properties within 24 hours of listing them. This has been a blessing to some and a huge frustration to others. Many sellers who built new construction homes in 2018-2020 increased their home equity by 15-25%. Some even doubled the worth of their homes. Why is it like this, however?

 

Florida has over 1,000 new out-of-state residents moving to it every day. In 2020 it was the most moved to state! Many of these folks are coming from California, New York, & New Jersey. The majority say their move was in relation to retirement and weather. However, many Floridians are claiming they are fleeing from the taxes of their state. This is causing the laws of supply and demand to kick in. Due to the little amount of inventory on the market by frightened sellers, and the vast number of buyers willing to overpay, the Florida Real Estate Market has seen a soar in market value. The average home sale value is up almost $125K in the last year. Based on statistics, it does not look like it is slowing down anytime soon. Florida is still one of the most moved to states in 2021, and we still have an increasing amount of new residents. We are seeing a small increase in homes for sale in Florida compared to the last 6 months however the demand for buyers still heavily outweighs the sellers. If you are interested in finding out your home equity due to the recent market change, we have a free estimator on our site. 

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By Bailey Workman

 

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