While investing in Florida real estate properties is a wise move, it’s not always easy to know where, when, and how to choose the right investment opportunity. With our simple guide, we’ll provide you with some information on how a reliable real estate company can help you select your next Florida investment. Let’s get started.
Understand Florida’s Diversity
When most people think of Florida, they have a certain stereotypical image in mind. But once you spend any amount of time in the state, you realize that Florida is a diverse place. Each region carries its own set of idiosyncrasies that make it stand out from all the rest. As you may have figured, Florida investment properties follow suit. While some areas in Florida are more attractive to seniors and those looking to fly South for the Winter, other areas bring in families and tourists. A region like Fort Lauderdale has a legendary reputation among boating enthusiasts for having some of the best conditions in the country. It’s hard to know what makes any part of Florida different from the rest without the first-hand experience required to provide you with valuable insights and market knowledge. A local real estate agent can save you lots of time in your research by assisting you in choosing the best location for your future investment opportunity.
Research Price Averages in Different Areas
Of course location is important when it comes to any real estate investment, but the numbers cannot be neglected either. Performing some searches for median sales prices of different types of homes will provide a broader picture of the real estate market if you’re looking to make an investment. Knowing how to discern the differences between foreclosure prices and non-distressed prices will provide you with a set of distinct advantages. For example, in Florida, the median sales price of a foreclosure home was $155,000. This figure was 28% lower than non-distressed home sales. The median sales price of a non-distressed home was $216,000. These numbers are helpful once you start to dig into the data of surrounding areas. It’s a wise move to compare prices with those in similar economic profiles. For example, locations that have high volumes of tourism and seasonal residents provide an apt comparison model for the Florida real estate market. In the end, Florida is a totally unique place because of its popularity and location. Crunching numbers and developing comparisons can give you a general starting point, but it’s difficult to get a comprehensive picture of any market without the assistance of a qualified real estate agent. Regardless of your past experience in the real estate market, working with a reputable real estate company can give you the leg up that you need when you’re looking at houses for sale in Florida.
Consider Resale Values
Resale values illuminate the viability of investing in a certain area. The type of house you select will also have an impact on its overall value both in the present day and in years to follow. Waterfront homes are great because they have a high level of exclusivity, and their value tends to rise. However, because they are so attractive to investors, demand is usually high and the market can be a bit more difficult to navigate.
A good real estate company is one that communicates without any friction, and has a proven track record of success to back up their claims. If this sounds like what you’ve been looking for, then contact us today so you can get started on finding your next Florida real estate investment.