Florida real estate trends for 2016

During the 2016 Real Estate Trends event held last January, Jonathan Smoke, the chief economist of realtor.com announced that Florida is projected to become one of the hottest spots in the United States. The demand is rising, there is positive gains in recovery, good fundamentals and a positive momentum. Smoke also said that the national housing outlook is improving as home sales are recovering to normal levels.

Across the nation, rents are rising faster than prices. Florida property management believe that realtors should encourage prospective clients to purchase homes instead of renting them because it is cheaper to purchase a home than to rent one in about 77% counties in the nation.

Realtor.com believe that this 2016, existing home prices and home sales will increase by 3%, new home sales will increase by 16% and housing starts will gain a 12% increase.

Dr. Elliot Eisenberg, an economist and a former senior economist with the National Association of Home Builders shared his forecast for 2016. He emphasized that the national economy is doing well, job creations have been doing well. He believes that 2016 will not be the best year neither will it be the worst.

Both Smoke and Eisenberg advice realtors to cater to both baby boomers and millennials as prospective clients. Boomers are likely looking for places where they can retire in peace while a large number of millennials are keen on acquiring their own homes.

Source: prnewswire.com