The cost of homes in Florida keep rising as the demand if ever increasing. The primary reason for this demand increase is the horrible weather in NY, NJ, CT MI, Chicago and Ohio. The snow falls keep rising, the temperatures keep dropping and people are getting fed up with the cold, the dying car batteries and the freezing temperatures
Supply and demand take first seat and with Florida mortgages procedures limiting people to only buy what they can prove to afford the demand is now real and not artificial There is no such loan as a stated income loan where people can pretend to make something they don’t only to try and afford something they cant.
Loans are given on proven merit and houses are purchased only by those who can afford the payments. This is a good thing as it will ensure that the demand showing in the market place is real and that this is all sustainable. This will help jobs in Florida However the increase in residents is a bit scary given that the water supply many not accommodate the new increase in residents.
Many in Sarasota and manatee claim that there is not enough sustainable water supply for all the new residents, this could be a huge issue if this is a real claim.
Politicians or local govt, keep raising taxes to accommodate this new influx of residents as the infrastructure costs are rising. New roads, electrical grids, water supply and basic every day needs must be met.
So, in short, Florida is still the place to be as the weather is only second to California
So if you are looking for a home in Sarasota, a home in Bradenton do your homework. Make sure you will be able to find employed, unless retired as the industry here does not really accommodate a good paying jobs unless you are willing to go to Tampa or St. Pete making a commute which can be challenging.
An average house 3 bedroom and 2 bath is now around 250000 in a decent neighborhood. Lots are small and privacy comes at a premium as houses are built very close to one another to maximize the land for builders.
Pools are a added extra at around 30k or more if you want something fancy. So, thing long and hard if you can really afford the Florida life style. It’s nice but it does come at a price many can not afford.