The Florida real estate market was deeply shaken when the U.S. housing bubble burst eight years ago. Today, recovery is evident across the state. This is welcome news for Canadian snowbirds looking to invest in Florida property either for personal use or investment purposes. Below, a historical overview of the Florida real estate market, predictions for the U.S. economy in 2015 and forecasts for five Florida real estate markets popular with snowbirds are presented. First, a look at the report’s highlights.
- The U.S. economy is predicted to grow by 3% in 2015, only the second time such growth has been forecast in the past decade.
- U.S. mortgage interest rates have fallen over the past year and are expected to rise slowly while credit conditions loosen.
- Employment and wage growth are on the rise across the U.S., including Florida.
Prices of Florida homes are rising, but Florida properties are still affordable for snowbirds; rising prices may create capital gains down the road.
- Florida real estate may be a good investment due to the above; the tightening rental market in many cities may also influence snowbirds to purchase Florida real estate.