The real estate market in South Florida has always had a mind of its own and this recovery is no different. Consider the following factors and how they will contribute to a quick recovery.
- While unemployment is still a wildcard for the entire economy, the effect should be lower in our market since buyer demand is not entirely dependent on resident buyers with local jobs. Our market attracts retirees (not part of the job market), second home owners and investors, foreign and domestic.
- Florida already had strong demand due to our weather and favorable tax structure. This demand should increase as city folks from northern states who endured the pandemic indoors are drawn to our climate, open spaces and accessible outdoor activities. Where would you rather be during a pandemic?
- Our large percentage of second home ownership should help with our supply shortage in the low to mid price ranges since some second homeowners may be forced to sell their vacation homes because of financial hardship. When times are tough you sell your vacation condo, not your primary residence.