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Real Estate

Locals Can’t Afford to Wait to Buy a Home

A silver lining to the upheaval COVID has caused is the increased interest in corporations wanting to move and/or expand into South Florida. According to Bloomberg Businessweek, “Several prominent financial companies, including the mighty Goldman Sachs Group Inc., are considering moving some business there, or are relocating outright. And in these days of working from home, Florida’s low taxes, year-round warm weather, and emerald golf links are already luring some Wall Street people down from New York.” This is true of some technology firms in addition to other industries as well.

Corporate relocation can be a much needed windfall in South Florida and may infuse our area with more employment opportunities but I already see a direct impact on our housing market. Housing inventory is extremely tight while prices have steadily increased year over year.

Affordable housing has been an ongoing issue in our area given our service-sector driven income. However, appraiser Miller Samuel Inc. explained that “the price per square foot of a condo in the Brickell district is about a quarter of the cost in Manhattan.” Add our weather and tax breaks, and you can easily see the allure!

For local homeowners, rising real estate property values are always beneficial, particularly those who are looking to sell in the near term to capitalize on this relocation wave and general increased demand. The flipside, of course is that locals trying to purchase a property are increasingly running the risk of getting priced out. For this reason, I encourage my clients and anyone interested in buying a home to not sit on the sidelines. Make your move.

Consider getting your financing and budget in order and be prepared to have less home options to choose from, many with several competing offers. By no means am I advocating to settle or to overpay. Instead, make sure to align with someone who truly has experience in your desired area. You’ll need all the guidance and negotiation skills you can garner. An experienced Realtor with local expertise tends to have insider knowledge and will diligently advocate for you. You will need all the aces up your sleeve in this changing real estate climate.

Carole Smith
Author: Carole Smith

Carole Smith
the authorCarole Smith

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