Feb 1, 20224 min read

The NLRE News - November 2021

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We don’t get enough opportunity to say “thank you” even though we are thankful for you all every day. We appreciate you placing your confidence in us and supporting our practice with your friendship and referrals. Wishing you a very Happy Thanksgiving. May the joy of the holidays extend to you and your family throughout the coming year!

-The Dream Team

Predictions for Florida Real Estate Market by 2022

By: Ed Cook

Ever wondered what will happen to the Florida real estate market in the next few years? It may be a hot business right now but we cannot tell what exactly will happen. However, it is possible to predict probable outcomes using data and trends. This will help us to foresee what to expect as we move forward. Make sure you are well informed about the current trends in the market. This can help you decide before diving into that big purchase you are eyeing. Experts at Vaster Capital have compiled Florida real estate market data and research to guide you throughout 2021 and 2022.

More people will move to Florida

Did you know that Florida has been a favorite state to move to for most Americans? COVID-19 has even made the state more appealing to people due to its sunny atmosphere. This was even strengthened as work from home options have become a trend in most industries. On average, the state receives 777 domestic migrants daily. The numbers even increased to a thousand with 950 people moving in permanently to the state coming from New Jersey, Connecticut, New York, and Massachusetts among others.

The demand will continuously overpower the supply

Currently, the demand for real property is more than the available supply. This is because the generation of more than 72 million millennials are entering into property buying for the first time. A lot of them have saved enough cash to afford a down payment. Most of them also want to take advantage of low interest rates. Also, homeowners have been more hesitant to sell property knowing the tough competition in the market. Lastly, COVID-19 has halted several constructions resulting in lowered supply.

New home construction will gain popularity

Labor issues as well as supply will start to resolve as we find more ways to move away from this pandemic. This will enable home construction to meet demands. Last March 2021, home construction rose by 19.4%. This figure showed the highest level since 2006 and the biggest monthly gain since the 90s.

Multifamily real estate will thrive extremely

The single-family home market has been growing in the past year. However, multi-family homes will be more lucrative as we move further. People who would opt to rent will have more finances and will be moving away from the economy we are seeing now with this pandemic going on. Vacancy levels will be low and there is a projected 6% increase in net rentals for next year which makes multi-family homes a great investment.

Vacation rentals will gain more popularity than before

People will become more anxious to travel after a long period of being ordered to stay at home. To experience a change of environment, vacation rentals will be a popular choice. It is projected that home rentals for vacation in the US is set to exceed $88 billion in 2023. Millennials are seen to boost this trend as they seek rural bookings instead of going to urban areas.

Real estate prices and rents will increase continuously

As we know, the higher the demand, the more expensive it will be. This is the same when it comes to real estate properties. According to Freddie Mac, home prices will rise in 2021 and 2022. Moreover, even as the economy improves after this pandemic, interests will remain low with eager buyers entering the market. In return, prices will steadily increase.

Avoid these 7 things before closing on your home!

You’ve found your new dream home; your offer is accepted, and your closing date is 20 days away. We know your mind is on furnishing your house and buying supplies. And you’re probably a little overwhelmed with all that goes into moving. Don’t Jeopardize your chance at a successful closing by making one of these errors!

Change Jobs
Increase Debts
Apply for new credit
Move money without a paper trail
Skip a payment or make a late payment for a bill
Spend your savings
Buy Big ticket items

Lenders will continue to check your credit, income, and job stability up to just before closing to see if anything has changed that may impact you qualifying