Florida Housing Forecast 2018 2019 | Real Estate Trends in Miami Orlando Tampa

Florida Housing Report 2018 and Beyond

A perfect storm of demand, supply and economic factors are making Florida one of the better performing housing markets with no signs of a crash.

The housing markets from Miami to Jacksonville to Panama City to Tampa and Orlando are promising. Florida Realtors reports rising prices and more listings. It’s not a buyer’s market but it’s better.

Forida Housing Stats for 1st Quarter 2018

Screen Capture Courtesy of FloridaRealtors.org

Average Prices in Florida continue their relentless rise even as sales have dropped. It’ seems unlikely that buyers can hold out for lower prices particularly in south Florida.

Median time to contract is down 10% which reflect fewers all cash buyers and longer closing times due to mortgage financing. New pending sales are 1% less than 1st quarter 2017.

The situation for condos is better. Closes sales of condos and townhomes rose 2.8% and average selling prices rose 10.4% which approaches levels seen in the 2017 boom.

Should You Buy in the Next 5 Years?

The doomsday people are always calling for housing crashes and stock market crashes. We will see higher oil and gasoline prices and housing should continue upward for 5 years.

The housing market in Miami, Tampa, Orlando, Panama City, Sarasota, Naples, Fort Launderdale, and even Boca Raton are compelling real estate investment value propositions for snowbirds and other buyers in North America. As you’ll see, sunny and warm Florida home prices are quite reasonable.

Interest in buying Florida properties is persistent and given the strength of the Florida economy, and tax situaton in the sunshine state, and an aging population, we should see strong prices for many years.   The recent tax changes may discourage speculative investment but speculators may consider Florida cities some of the best in the nation.




Florida Housing Market History

The Florida housing market in 2017 was characterized by a lack of new construction, big price reductions on new condos, a disappearance of South American property buyers, softened house and condo prices, and of course, low taxation rates. If the glut of condo building in Miami is now complete, then we may see upward pressure on condo prices.

Choosing Your Florida Home Style

The variety of homes in Florida is astonishing.  From modern 3 bedroom bungalows to condos in towering buildings to quaint beach houses to spacious multi-million dollar mansions, you can have your dream life, walk the beaches, shop for hours, and never have to shovel snow.  For a lot of buyers, that’s a compelling value proposition.

With more babyboomers hoping to retire somewhere nice, and who have been holding onto their old home because they have nowhere to go, they will find Florida a solid asset as a home or real estate investment.

The Houston real estate market, San Diego Real Estate market, Seattle real estate market, Vancouver real estate market and even the Costa Rica Real Estate market are also preferred destinations for retirees and those looking for luxury homes.

PWC in its new major US housing report names Miami/Fort Lauderdale/West Palm Beach as the 3rd highest target destination from migrating people from other cities in the US.

The luxury real estate market was hit hard in Florida, and there is an oversupply of luxury homes. However, interest and sales are expected to rebound (From US and soon Canadian buyers as the CAD falls), and homes for sale in Fort Lauderdale, Naples, and Miami are expected to rise.

Should You Buy a House/Condo in Florida? 8 Things to Consider

Whether you’re buying a second home/vacation home or you’re considering moving to warm, sunny Florida, look at a few matters beforehand:

  1. can you afford to live in the region or neighborhoods you have targeted?
  2. which cities and neighborhoods are safe and pleasant to live in?
  3. summers are hot and humid. Can you take the heat and the indoor life?
  4. do you like golf, fishing, walking the beach, boating, and water sports?
  5. how well can you run your business from Florida and how much back and forth travel will you need to do?
  6. what is the actual cost of living?
  7. how much will your mortgage payments be for the next 10 years?
  8. is there a true demand for your area of work/profession?

A lot of people love Florida and some don’t like it at all. If you could live here during the winter only, as many snowbirds from New York, Toronto, Montreal, Boston, Philadelphia, Chicago, and Washington do,  buying a home/condo might be a no brainer. All you’d have to focus on is finding a home at a bearable price.




Florida’s $1 Trillion Dollar Economy

Florida’s economic performance was outstanding again in 2017 which is why it was attracting so many new residents and home buyers. Orlando’s population growth was 18% over the last and disposable income growth over the last 5 years was an amazing 12.8%.

South Florida’s population hit 6 million for the first time, and Miami Dade hit 2.7 million residents. Tampa Sarasota region was in the top 10 nationally for population growth and Orlando saw 48,000 new residents arrive.

That’s generated strong demand for housing and rental units in South Florida.

As reported in Tampabay.com, the Florida economy will reach $1 Trillion this year and $1.074 trillion in 2019. Florida is an important state having 5% of the US economy but 10% of new jobs. Tourism and housing were the key industries.

Hurricane Irma and the destruction of the citrus crop have suppressed the Florida economy and the state has difficulty attracting skilled workers. Wages do lag, yet real estate in Florida overall is very reasonably priced. Only Texas is a better bargain.

With the Florida economy rolling along nicely, there’s no reason to believe there is a downside to buying property in the Sunshine State. And sunshine is a key benefit for most buyers here.

Interest in Orlando and Tampa real estate has been particularly strong and that’s likely due to the lower prices. Even homes in Boca Raton and Fort Lauderdale are half the price as those in Miami.

However the economies in Tampa and Orlando are holding their own and drawing in new residents due to lower than expected prices on condos and homes.

Tax Cuts and Jobs Act Effects

The experts are still struggling with the affects of the Feds tax bill, amidst a housing slowdown and slightly rising interest rates.

What the Tax Cuts and Jobs Act does mean:

  1. sales of homes between $750,000 to $1 million will slow because loan interest isn’t tax deductible any longer
    purchases from New York buyers seems to be growing
  2. income tax cuts for almost everyone means people will have more money to buy real estate and pay mortgages
  3. the reform retains sellers’ capital gains exemption, which excludes the first $500,000 in profits for couples and the first $250,000 for single filers

Let’s not forget Florida’s benefit of no state tax. Combine that with the reduced federal tax cuts, and companies that are bringing their manufacturing and head offices back to the US should find Florida an ideal place to come home to.

Florida Home Prices

According to Zillow, home prices in Florida average $216,000 which is up 7.3% from last year. They’re expected to rise more slowly in 2018 at 2.5%. By the end of 2018, the average home price will be $221,000. That has to look good to home sellers in Boston and New York, as well as Canadian buyers in Toronto, who have home values that rival the highest in Miami.

Chart courtesy of Zillow.com. Comparison of home prices with California, Texas, New York and Nevada 2018

Florida Home Prices and Predictions

City Zillow Home Price
Zillow Price End of 2018
Miami $295,400 302000
Hialeah $200,700 247000
Fort Myers $193,100 209000
Saint Petersburg $163,500 197000
Tampa $163,000 204000
Tallahassee $161,600 172000
Orlando $155,400 184000
Jacksonville $140,300 168000
Pensacola $121,000 143000
Fort Lauderdale $293,200 292000
Boca Raton $328,500 326000
Naples $330,800 330000
Sarasota $273,200 273000
Miami Beach $381,100 365,000
Kissimmee $174,600 183000
Port St Lucie $204,000 211000
Cape Coral 220200 226000
Pembroke Pines 288900 289000
Clearwater 213800 220000

When is the best time to buy real estate?  Find out more about the best investments in 2018 including investing in real estate in 2018.

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Home Loans and Mortgages – The Lowest Rates Possible

Compare Lowest Home Mortgage Rates

How Much Could You Save By Shaving 5 to 22 points off Your Mortgage?

Shopping for a Lower Mortgage Rate might be a fun way to save money.  Shaving 5 to 22 points off combined with  better terms leaves you more to spend in your happy place.

Homes are expensive and you need to save money anyway you can. This is where you start, by searching and shopping for the lowest mortgages rates available.

Whether it’s our job, auto insurance, current home, and our lot in life, there are those who believe staying put is okay. However, staying with your current provider could be costing your tens of thousands.




Save your money by checking out several mortgage rate quotes from as many brokers as possible. More people are shopping for mortgages and refinancing this year.




mortgage-sign
Image courtesy of Brooklin Mortgages.com

In fact, corporate profits rely on you staying put and not comparing mortgage rates or auto insurance rates.





The mortgage rate quote, auto insurance quote, refinancing rate etc. you currently receive is likely not all that competitive. It’s a good time to refinance or shop around for an entirely new mortgage solution. Get the system working for you.

Mortgage Rates USA

Major USA Bank Mortgage Rates
Long Term Fixed Rate Best Rate
1 Year 4.0%
2 Years 4.0%
5 Years 3.375
7 Years 4.0%
15 Years 3.625
30 Years 4
Lower Mortgage Rates across USA You can Find Below
1 Year 3.83%
2 Years 3.92%
5 Years 4.18%
7 Years 4.06%
15 Years 3.28%
30 Years 4

——-

Mortgage Rates Canada

Major Canadian Bank Mortgage Rates
Term Length Fixed Rate Best Rate
1 Year 3.49%
2 Years 3.29%
3 Years 3.74%
4 Years 4.09%
5 Years 4.99%
7 Years 5.49%
10 Years 6.19%
Lowest Mortgage Rates in Canada You can Find Below
1 Year 2.69%
2 Years 2.84%
3 Years 2.69%
4 Years 2.89%
5 Years 2.69%
7 Years 3.44%
10 Years 3.74%

Do it for Your Spouse and Family: Savings Are Smart

And sure, you’re not always looking for rock bottom rates, but you likely are paying premium rates for low quality mortgage loans.

Make Finding lower mortgage rates a priority right now, and you’ll save a lot of money. Consider how much savings translates to a 5, 10, or 20 year mortgage and it’s tens of thousands of dollars.



Saving Money on Your Mortgage – Is Money in Your Bank Account

With the money you save, you can buy a new electric vehicle, or take a vacation to Costa Rica or the Canadian Rockies.  You can turn your mortgage rate search into a real adventure.

That money is yours. You worked hard for it. Count how many hours and days you had to toil in your job to earn that money. See what I mean? People are penny smart and dollar stupid. It’s part of our culture.

Financially wise people on the other don’t get duped when they shop for a mortgage or their auto insurance. It’s your money, get full value for it. You can’t earn as much as you can save, unless you’re Donald Trump. Oh wait a minute, the President has filed for bankruptcy many times.



You’d better shop around. According to a report from Consumer Finance.gov, 77% of consumers apply to only one lender when seeking a mortgage.

You can Save a lot of Money just by Shopping for a Better Mortgage Rate

There are some particularly important tactics you can use to lower your mortgage payments. Here’s 10 good ones:

  1. search on Google – the top ranking websites are there because people like them
  2. get quotes directly from bank websites – compare them
  3. clean up your credit score – make extra big payments for many months to show your intent to pay down your debt. Bank credit score rating expectations are ludicrous, created only to justify charging high mortgage rates
  4. don’t leave your current job until you’ve landed that long term mortgage successfully
  5. check out the mortgage rate quote tools below
  6. use a mortgage rate calculator and crunch some numbers yourself – at least it’ll be harder for lenders to pull the wool over your eyes
  7. talk to your current provider and ask for a much lower rate – tell them you’re unhappy and intend to get a cheaper mortgage
  8. take a shorter term home loan, let’s say 3 to 5 years – it’s risky however it can you a cheaper rate
  9. take the bank’s teaser rate on a short term then shop for a better one when that expires
  10. check out a mortgage broker, many of whom advertise online. They’re eager to compete and they’ll do more to offer that lower rate and better terms

All you need to do is search for a lower mortgage rate. The offers are plastered all over Facebook, Google, Bing, news websites and even a blog like this one. How easy can it get!

Is the Forecast for Higher Mortgage Rates? 

Some are warning about inflation and fast rising interest rates are about to go out of control starting in 2018.  Rather than jump at the first fixed rate mortgage offer, shop around.





This forecast shows mortgage rates might go down so you an bargain effectively with this outlook.




 

Mortgage Rate History and Forecast 2018

Mortgage rates are expected to rise, and mortgage shoppers are looking for the lowest rate 30 year mortgages. That’s smart considering how low rates are currently. The sooner you find a good 30 year fixed rate mortgage the better.

This chart from FreddieMac shows 30 year fixed rate mortgage rates since 2013.

1 Year Adjustable Mortgage Rate is Climbing

Mortgage Loan Options – Which the Best Mortgages?

While the lowest mortgage interest rate is one of the primary criteria home buyers take into account, there are other financial and real life issues you need to prepare for. Ensure you check out these popular and vital mortgage loan benefits.

  1. fixed or variable rates
  2. open mortgages
  3. long term loans
  4. amortization periods
  5. payment schedules
  6. skip a payment




Free Mortgage Calculator

Mortgage rates from Lending Tree. Lending Tree’s mortage rate inquiry process is a bit nasty. I include it just to let you know that not all online mortgage lenders are high quality and they may not see inquirers as human beings.. They will ask endless irrelevant (to you) questions that don’t relate to a simple mortgage rate request (just give us the rate) and some of them you may not like at all.




Mortgage Calculator

Should You Use a HELOC to Lower Your Debt Payments?

Should I use HELOC Calculator by MortgageLoan.com

 

It might be tough to sell your home in its current condition so you’ll need to research with the help of your real estate agent, which types of home improvements make the best sense. If you’re considering selling your house, congratulations, it is a good time to sell. The market is high and it’s still rising which means home buyers see value in purchasing your home. It should sell quick whether you’re in Los Angeles, San Francisco, Seattle, Phoenix, Denver, Dallas, Boston, Miami, Vancouver, Toronto or New York.





And after you do sell, you can think about the joy of travel or to buy cheap international properties. What a great time of life it is for you.

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