Posted On: August 9, 2019
In October of 2018, Florida witnessed one of its worst hurricanes to ever touch down in the state: Hurricane Michael. The Category 5 hurricane destroyed whatever it touched in its path. The storm left many residents homeless, powerless, and jobless. Then, with what little there was to rent, the prices skyrocketed due to supply and demand. This caused many Panama City residents to look into buying a home.
After the destruction of Panama City, came a large group of helping hands: construction workers, medical personnel, and many more devoted volunteers. With the widespread damage of homes and apartments, came incentives to build more homes. This caused a 15.5% increase in home sales for the first half of the year – nearly 2,050 homes were sold in Bay County.
However, Karen Smith, who owns a real estate company, told the Panama City News Herald this:
“It’s almost impossible to find anything that’s inexpensive because of supply and demand … and our rental market was already in dire straits before the storm. Typical renters are now going, ‘With a little bit of money, I can just buy a home.'”
But there are other reasons to buy besides just supply and demand. Florida has always been a top choice for Northerners looking to relocate due to the beautiful beaches, constant warm weather, and lack of state tax.
Josh Dotoli (a real estate agent) of Compass Florida in Fort Lauderdale said it best:
“Any time you tax something, you’ll sell less.” Which also means you should bring not just your family and life here but your work and business, too.
Another reason to move to Florida is because of other states’ auditing buyers. Some state governments have decided to audit the travels of homebuyers who leave for Florida and other states but still commute back to their original states for work. The reason is simple: with every move out of town, the high-tax states are losing revenue. So by living in Florida, you won’t have to worry about that issue.
However, when you come to Florida, we recommend you use us for you all your closing needs. SETCO Services spans beyond great title insurance, escrow, and real estate closing assistance. We pride ourselves at being the #1 Title Company in the Florida Panhandle. We will work with all parties in a closing transaction, and we understand that it means something different to each of them. Likewise, we recognize that each person has different requirements, and we’ve designed our services accordingly.
Don’t wait; contact us today!