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Northerners Continue to Set Their Sights on South Florida

As house prices in Florida continue their upward swing, people across the United States and beyond are flocking to South Florida, attracted by the appeal of the agreeable weather and larger houses.

Newcomers from outside Florida are flocking to South Florida because employers are allowing remote jobs. The majority of these people are coming from the northeast, but some are coming from the Midwest, California, and Canada as well.

The newcomers’ communities differ, and they’ve been affected by a competition that benefits buyers as a request for homes and condos grow.

Cities like Palm Beach Gardens, Wellington and more in Palm Beach County have been drawing a lot of attention. When it comes to Broward County, Fort Lauderdale Beach attracts the most interest, but when budget pressures and desires kick in, many newcomers turn their attention to Hallandale Beach, Hollywood, and Pompano Beach, to name a few.

The majority of newcomers want to buy rather than rent because they want a house with more space for visitors or working from home, a pool, and a place to dock their boats should another lockdown be announced. What is their most important request? A house with three or four bedrooms and a spa, ideally by the beach, would be perfect.

According to Florida Realtors reports, single-family home transactions in Palm Beach County rose by around 30% during the fourth quarter of last year. Year on year, revenue in locations like Boca Raton have risen by 50% and 30%, respectively. Per the fourth-quarter figures from Florida Realtors, single-family home prices in Broward County rose by just over 20% year over year, with locations like Fort Lauderdale and Hallandale by the Beach experiencing major boosts.

Should you need quick financing for property, we provide Florida hard money lending solutions.

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