House price rise in Florida changed your plans? (55, moving, community)
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The problem is that rent is rising to ridiculous levels in nice areas here. My friend rented her home for 5k a month, nothing special about the house and it's on the smaller side, but it's located in a nice area.
How about a condo or apartment?
I’m renting one now and like the pool, gym and other amenities. Never thought I’d want to share walls or have people live above or below me, but I have to say- it has its advantages.
Agree but interest rates will also be going up making it 6 one way, a half dozen the other. Unless OP is paying cash?
Whatever advice I offer, I'd recommend you do the opposite, lol.
Wish I had a crystal ball.
This is a good point, but I think in some cases home values are up a whopping 30-40%. This, dare I say, bubble should deflate at least somewhat if not burst outright. But as flamadiddle points out, we have no crystal ball. Renting in the meantime could make known certain opportunities, perhaps including developing relationships with those in the know or pros (RE agents). Also, you might get to know the areas far better to make far more informed choices.
I know that waiting is sensible but we are early 70's although fit at the moment.Time isn't on our side!
It would be a cash purchase for the most part but i'm not sure if that makes any difference.
The irony is that I haven't been to Sarasota but I've looked on line and a friend who moved there loves it.
I should rent next winter for sure although I haven't looked yet and I understand that people book two years out for Jan and Feb!
I just have a feeling that although prices may slow down, they won't fall significantly in the next few years.
Sarasota and outlying areas are ridiculous right now. Investors are everywhere buying up everything they can get their hands on. Rents are out of control, and will likely get worse ... because investors are everywhere buying up everything.
I wouldn't touch this market until it crashes. YMMV.
But if you do want to make a move, make sure your ducks are in a row and you can make an immediate offer, Properties are going as fast as they are listed. Some aren't even bothering with showings. Others just have an open house where you submit your offer and best offer wins.
You will have to be ready to make an offer immediately.
I would love to live on Anna Maria Island and Holmes Beach but no way will we ever afford a house there. Bradenton Beach and Longboat Key are probably not too realistic for us, either, although I really haven't been following the prices there.
There are parts of Florida that we can afford, though. We'll simply vacation in some of the more pricey areas.
I know that waiting is sensible but we are early 70's although fit at the moment.Time isn't on our side!
It would be a cash purchase for the most part but i'm not sure if that makes any difference.
The irony is that I haven't been to Sarasota but I've looked on line and a friend who moved there loves it.
I should rent next winter for sure although I haven't looked yet and I understand that people book two years out for Jan and Feb!
I just have a feeling that although prices may slow down, they won't fall significantly in the next few years.
What things are you SPECIFICALLY looking for? What activities do you like? Golf? Boating? Hiking? Swimming? Dancing? A neighborhood where you can meet people and make friends and socialize?
Or are you more into the city style of living where you might not know the neighbor in the next apartment, but can walk to a dozen restaurants, walk to the theater, and that sort of thing.
The answer to the lifestyle you are looking for will tell us a lot about where you need to look.
I would agree that if you are set on FL, or similar, just move there & rent a nice condo for a while. Check out areas not quite as "popular" as the more well known havens and take time to look around the state and learn more, or perhaps some neighboring states like GA, AL, SC. There are any number of nice towns just outside of more well-known areas.
I am going against the grain and saying don't wait. We moved to Florida and our house is probably up around 40% since we bought in in 2021. ALL the reasons people are flocking to Florida are not going to change. Skyrocketing crime in big cities, limited freedom, corrupt politics and high taxes...they are just doubling down on them. Kids are in school here and there are no mandates. The market isn't dropping anytime soon. (I used to be an appraiser, btw).
I live in Lakeland, FL now, but used to live in north Sarasota and we still own our small home there. The market is blazing hot, and I really do not predict any crash since many are coming and paying cash. Money does NOT go far there, our tiny older home (in a waterfront neighborhood is valued at nearly $350,000 and it's just little 50s rancher, no pool. This area of Florida has always been popular, and never more so than it is right now. I can't believe it, but even the few very overpriced vacant lots in this neighborhood have sold, for more than I paid for my house! People looking to rent will be competing with snowbirds and vacationers.
Sad to say it's even happening in Lakeland now, there just is a severe shortage of real estate for sale or rentals right now. I just think one can't be picky at all no matter what city they want to move to.
I am thinking if you haven't ever even been to the area, you might visit here several times to see if it's really even what you want, you may not like it at all. There are other states that might over more bang for the buck; coastal SC is nice, maybe even parts of Georgia or Alabama. I was born and raised in Florida, and I hate seeing what is happening to my home state!
I've live here in Port Charlotte for 7 years..certainly nothing special about this place on the west coast of Florida, but within the last two years (and especially the last year) people have been buying up empty lot's and having houses built everywhere here..home prices have more than doubled in that time..it's insane..and Sarasota is way to crowded..just wait until you try to drive in that area..both coasts of Florida have become one large city up and down the coasts..
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