2016 will be the year to buy a home in Florida.
At least, that's what the Florida real estate outlook for 2016 is alluding to. In an interview with the St. Augustine RECORD, realtor.com Chief Economist, Jonathon Smoke, said “Florida is positioned to become one of the hottest spots in the country with rising demand, positive gains in recovery, really good fundamentals and positive momentum”.
According to Smoke, Millennials and Boomers will both be dominating the market when it comes to home purchases. Millennials will be looking to purchase their first home, while Boomers will be looking to downsize and relocate to warmer weather, lower cost of living, and an activities-rich area. From experience, the Spring and Summer months always are a hot time for closing sales, but according to Smoke the Spring and Summer months will bring a swarm of buyers to Florida. Home prices will "rise about 5%" during 2016 and will result in an "8 to 10 percent" home sales increase.
See the full interview by going to staugustine.com