Posted On: August 23, 2019
Last month, we wrote an article titled, “Why Buying in the Florida Panhandle is a Good Idea.” In the article, we addressed how Hurricane Michael, a Category 5 hurricane, hit Panama City and neighboring cities and towns. In the wake of the storm, the Panhandle helped bring more people to buy homes.
As new research surfaces, we see that it’s a good idea to move to anywhere in Florida. And not just because of the beautiful beaches, warm weather, stunning nature, or top of the line golf courses.
The President of Florida Realtors, Eric Sain says “Florida continues to attract new residents and businesses. In fact, our population is growing by about 906 new residents every day, or more than 300,000 people a year.”
But why are so many people moving to the Sunshine State?
Chief Economist for Florida Realtors, Dr. Brad O’Connor had this to say on the matter:
“Low mortgage rates drove a major improvement in sales in the second quarter, which was more than enough to compensate for the rocky start we had at the beginning of the year.
We’ve seen mortgage rates dip down lower from this time last year. Last year the average mortgage rate was 4.54 percent; now, the average mortgage rate is 4.0 percent. However, with the prices of homes going up in quarter two, we can see lower prices coming into quarters three and four, and possibly even into the next year. So, right now, we are on pace with our initial forecasts for 2019. Prices will continue to rise at a more traditional pace, and we will need to keep an eye on single-family inventory levels, as they are reverting to their lows of last year.”
Here at SETCO, we always do our best to keep you up to date on real estate news. We also offer the safest closing process with the help of Qualia. We are here for buyers, sellers, realtors and lenders alike.
Have any questions? Contact us today!