In the aftermath of the pandemic, real estate prices have skyrocketed. South Florida has become a main attraction to buyers from all over – who are rushing to make offers and relocate to the sunshine state.
Florida is at the top of the hot list. Income tax-free with great weather and fewer COVID restrictions than many states, it has been subject to high demand — making it a competitive market for Florida residents and also fueling inflation.
“In certain areas of the market you see that in comparison to last year, property values have gone up from 10% all the way to 30%…” said real estate attorney Jorge Alvarado. “The local market is frustrated because they are facing competition from out of state… moving down here and buying properties in cash.”
Prices may come back to earth, but right now, low inventory and competition are causing buyers to be desperate.
