Out-of-town buyers continue to drive the South Florida market especially in condo sales ever since Covid 19 spawned lockdowns nationwide. We’ve seen an increase in buyers from New York and Illinois since April because South Florida has a certain lifestyle that you can’t duplicate anywhere else. The South Florida rental market is also experiencing extremely strong demand – largely from residents in other states.
Despite Florida’s own struggles in coronavirus cases and related shutdowns, it continues to draw people looking for a sunny escape from the risks of dense urban living.
Many buyers are learning to work from home, or they can work from common spaces, which in places like Hallandale Beach, Fort Lauderdale and Downtown Miami are plentiful. The work-from-home movement has given people more freedom to choose where they want to live and has fueled demand for properties in areas, which offer desirable weather, good school districts and a multi-cultural lifestyle.
Lower mortgage interest rates have also given a big boost to the South Florida real estate. We’ve also seen that many buyers are taking advantage of good deals now, instead of waiting for the peak season, which is when the snowbirds return to their vacation homes from cold climates such as Canada and the northeast. The most important aspect of this is to be able to trust a local real estate professional, who can guide you on the many neighborhoods in South Florida.
Where you live, whether full-time or not; carries more weight now more than ever.
South Florida remains an amazing place to live thanks to the many real estate benefits, cost of living and quality of life!