Tuesday, October 6, 2015
Florida’s economy has only gone up, since 2012!
It’s no secret by now that Florida is pushing past the recession this year in 2015. Economists and experts have been optimistic all year, and the data is continuing to back them up. Sean Snaith, a highly respected economist at UCF says Florida’s GDP will continue to climb at least through 2018. Could we really see economic growth lasting that long? Snaith fully believes so, citing average housing prices up, payroll being up and real gross state product steadily rising for a while now. The SI Real Estate team fully agrees, as we are seeing rising home prices as well as increasing rents here in Tampa, Florida. After all, our state boasts sunshine, beaches, palm trees, sand, and year-round weather which are all basically recession proof.
The desire for people to own homes in Florida or relocate here has never dwindled. The appeal of Florida has always been strong considering all that this state offers. The issue people were facing was selling their current homes, which was a bad move financially until 2013 on. That freedom to relocate has led to a surge in home buying in our great state. Earlier this year, SI Real Estate’s blog was discussing the 2014 to 2015 changes in home sales. From July 2014 to July 2015, median sales prices were up 8.1%. Highlighting this large positive statistical change, you can clearly see a large resurrection in the housing market. That is a large leap when sales are usually lackluster in summer time!
“Snaith is a national expert in economics, forecasting, market sizing and economic analyses who authors quarterly reports about the Florida state economy.” He is also published in the Wall Street Journal, CNN money and much more. So it is safe to assume he is an expert in the field and knows what forecasting. Snaith is also predicting job wages to continue an upward trend through 2018, rising 9% by then. How’s a 9% raise sound?
With a lower jobless rate on the way, as well as higher income and more money flowing through our state…. the housing market should continue its gains all the way into 2018! The transactions SI Real Estate has been a part of lately were mostly “move-up” buyers and sellers. These families have had the income and ability to upgrade their homes for a while now. However, they were unable to sell their current residences until the market picked up steam and prices raised back up- equaling the amount of their mortgages. The Tampa Bay area, including Pasco County, Pinellas County and the beaches has tremendous appeal to everyone! Second home buyers, owner occupied home buyers and renters can all find what they are looking for. With the economic upswing and forecast for even more improvement, there is no reason to be anywhere but Florida!
Snaith's full report: