If you’ve been trying to buy Florida property, you may think it’s your chance now. Although COVID-19 has caused tremendous disruption to businesses and employment, it has generated opportunities as well. Housing demand is down, which may make you think prices have gone down.
This is not the case in Florida though. Florida builders are careful. Being aware of not flooding the market, they kept sparse on new construction. That does not mean, however, that there are no possibilities to buy real estate in Florida. There are some undervalued markets where you can find your next house, whether for yourself or others to rent out using a hard money loan.
Clearwater, Florida is a fast-growing area. It made the top 30 on Forbes‘ 2018 list of fastest-growing cities. It’s still rated as one of the best family home markets right now. This applies particularly to single-family homes, so it might not be the best place for multi-generational families looking for a large house. There are plenty of opportunities at Clearwater if you are looking to invest in properties. Median rent rates are higher than the US average.
St. Petersburg shares a lot of the aforementioned qualities of Clearwater. It’s also part of the list of fastest-growing cities up there and is perfect for single-family homes. PwC has named it a market to watch and there are properties for those who are looking. If you’re looking to rent out a property, the good news is there’s a major rise in rent year-on-year.
This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders Palm Beach or Orlando hard money lending, please call 954-816-0388 or fill out our application.