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:
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