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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!
Brits love Florida. It's possible there are as many as 500,000 British expats living there. Until 2016, they had their own newspaper, the Union Jack.
Joining an expat community may or may not be part of the OP's thinking.
My only advice to the OP is to rent unless they are brave enough to pull the trigger and purchase and be prepared to live with their decision, for as many people that move to Florida and love it there are also those who regret it.
Judging from all of the other comments in this thread I no longer have to pinch myself to make sure I am not in bizzaro world (which I know I am not).
The real estate market we are seeing here in northeast Florida is on fire along with rising rental prices. We have surpassed anything we saw in the 2008 rise. Listings last single days and over asking is the norm.
The Americans migrating, Boomers retiring with many fleeing to tax free states, it is mind boggling.
We are hunkering down and very much are starting to feel like our family members in the LA and Bay Area who have lived there since the sixties and whose house values are unattainable for the average working family now.
Good luck to the OP, the housing bubble we expected to pop has only gotten stronger. I can only imagine that if the stock market continues to decline some will pull out for the idea of cashing in on the real estate run up!
We are going to road trip down to our areas of interest this summer but we are not going to buy until things 'settle down.' We are regular people and don't have $500k to spend on a house (and we might not, even if we did have it). It's too bad things are working out this way but I guess it's to be expected.
I'm pretty conflicted feeling like 'all these greedy people' are buying, selling and then add in corporations, etc, but I guess that's capitalism, eh? People can do what they want here in the US, and as I've said elsewhere, at least on the selling end, I'd want to get as much for our house as I can.
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!
SWFL is also being built up at an alarming rate. It's unrecognizable to what it looked like just 5 years ago.
Anyone looking to move to this area also needs to ask about FURTHER development plans that are already in the works, because all new housing is built as huge HOA developments. Which means more roads, more stores, more congestion, more everything.
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.
Our next door neighbors put their house up for sale, got a buyer the first day on the market, for the asking price. What flabbergasts me is the sale price, they paid around $160,000 three years ago, sale price now is $315,000. It's a small, older ( built in 1962, I think) 2 bedroom, 2 bath house, and they did make a lot of repairs in the house, but it's still a little, older house. The draw, and the reason for the high cost is the location, about a half acre waterfront with harbor and Gulf access, but still, it's a few miles out of town in a more rural area. I just hope the buyers don't decide to demolish the house and build a hulking mcmansion that takes up most of the property.
Florida already has 22 million people. If it's growing this fast, how can the infrastructure handle all these new residents? Seems like traffic would be unbearable, schools, shopping, etc. would be overflowing and sinkholes would be opening up at an alarming rate.
I feel your pain OP, we were also considering a move to FL, but may have to look for alternatives.
We bought our home 18 months ago and sold it two weeks ago in central Florida. It was on the market for 6 hours, we had multiple showings and multiple offers, all well over asking. In 18 months, it appreciated 42 percent. The market here, as others have said, is crazy hot and shows no signs of slowing any time soon.
So, something that was really nice, newer, with a pool in 2020 in the mid 300's will now set you back over 500k.
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.
Maybe it's my cheap nature, but I'd never attempt to buy a house in such a market. Of course, I don't need to, I'm already where I want to be. I know people who've sold their houses because of what they could get in this market, but then they can be left scrambling around trying to figure out where to go next, and having to get into that ultracompetitive market to buy another house.
Maybe it's my cheap nature, but I'd never attempt to buy a house in such a market. Of course, I don't need to, I'm already where I want to be. I know people who've sold their houses because of what they could get in this market, but then they can be left scrambling around trying to figure out where to go next, and having to get into that ultracompetitive market to buy another house.
Agree. We only sold because moving to Florida was a mistake for us, health wise. And we are building our next home, so not a lot of competition on that.
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