Timing is critical when investing in real estate to ensure investment safety, which at least should not erode anytime soon if prices stagnate or drop. Florida home buyers must consider the present market condition. Hit by the Covid19 pandemic to understand whether it is the right time for investment. The economy is now trying to recover from the blow of the pandemic. So home buyers intending to buy any property should be clear about the purpose of investment before buying a home in Florida, advises Eric Dalius, an expert marketer who has invested in real estate at several places like New York, Miami, and also Los Angeles. He is ready to guide investors in buying homes in Florida based on his vast experience, evident from his blogs.
Define your investment goals
Whether you want to flip houses as part of your real estate investment strategy or make Florida your home for some years influences your decision to buy a home in Florida. Think carefully about making Florida your home by considering the real estate investment patterns. While Florida has always attracted home buyers, it has never assured a stable prospect for long-term living. There has always been an exodus of people from Florida every week that continued for decades. Best described as a transient state, Florida has remained an enigma to real estate investors interested in long term investment due to the extreme volatility of the real estate market, explains Eric J Dalius. Knowing the real estate market is essential.
Avoid a seller’s market
The unstable nature of the real estate market in Florida has for most of the time given an upper hand. To sellers who have dictated the terms. Investing in a seller’s market is never a good idea, and also as of now, the real estate market character in Florida is that of a seller’s market. The concept of avoiding the seller’s market is applicable in non-transient states too. Homebuyers must pay much higher if buying real estate in a seller’s market, and there are remote chances of recovering the cost by selling it anytime soon. It means that you can never think of profiting from investing in Florida. Real estate until the character of the market changes to a buyer’s market.
Consider the history of foreclosures.
To get a better idea about the market conditions, look at the history of foreclosures in Florida. The market volatility is quite visible as it can peak and also dive in the shortest time. Which EJ Dalius describes as a Yo-Yo market. The dominance of sellers in the Florida real estate market has compelled buyers. To either face stagnation or a drop in real estate value, making Florida the capital of foreclosures. As it becomes impossible to sell homes except at low prices that mount the losses.
Millions of people have moved in and also out of Florida for years. Many home buyers have burnt their fingers by investing in a seller’s market. Timing the purchase right makes the difference between gaining and losing from investing in real estate in Florida.