Whether you’re buying, selling, investing, or waiting – eyes are glued on the real estate market. In Florida, people are keeping an even closer watch on out-of-state buyers as they continue to flock down to the Sunshine State.
We know that the pandemic and its impact on both home and work life fueled people to reconsider where and what they want to call home – coupled with low mortgage rates and no state income tax, Florida’s real estate market has rocketed. And while this state has long been a vacation destination to all and seasonal home to many, we saw a significant increase of out-of-state buyers who are choosing to permanently relocate here.
Even more interesting, we saw many people accelerating their retirement and relocation plans. These new shifts in buyer behavior will shape what we see across the Florida real estate markets in terms of development and growth, which is one of the reasons why keeping track of these patterns is key.