Summary: As taxes rise elsewhere in the country and lockdowns come to an end, homebuyers are flocking to Southern Florida in droves.
After more than a year of pandemic-related lockdowns, canceled events, and travel restrictions, the South Florida real estate market is proving to be a light at the end of a long tunnel. According to Andrew Shader, a prominent real estate investor and developer, it’s fair to say the market is booming as restrictions ease and investors and prospective homeowners alike look towards a more promising future.
Sellers report top-dollar prices at every turn as a crush of prospective buyers filter into South Florida in the post-pandemic pursuit of new properties and opportunities. A slim inventory of homes paired with high demand has pushed local realtors to host upwards of 80 showings a day in some cases.
Busy South Florida realtors are rushing to keep up with demands for new homes. Many are reporting multiple offers flooding in on the same day that new properties are being listed. The vast majority of these offers are coming in well above the asking price, much to the delight of sellers.
Multiple reasons are cited for this invigorating influx to South Florida. Many buyers have come this way in pursuit of a new landscape after a long year of being restricted to homes in colder climates.
Still, others have found that South Florida is quickly becoming an oasis of potential in the job market. Tech and cybersecurity companies have been expanding throughout South Florida, giving job hunters a reason to look for homes in this area as they seek to take on new professional roles and put down roots.
In addition to the warm weather, scenic landscapes, and growing job opportunities, the South Florida real estate market boom is being credited to tax hikes that are taking place in other parts of the country. The South Florida housing market is currently catering to a significant number of home buyers from the Northeast, which has traditionally been known as a high tax area.
Florida is one of nine states that doesn’t have a state income tax. This makes South Florida an attractive option for residents of the Northeast, where some states set state income taxes at 6% and up.
There’s also been a noticeable uptick in larger homes moving more quickly on the South Florida market. At the same time, many people are getting ready to return to the office, just as many employees will move forward with remote work long term.
For realtors in South Florida, this translates into increased demand for larger homes with bedrooms that can be converted into offices. While housing competition is fierce, according to Andrew Shader, the real estate scene in South Florida is inspiring buyers and sellers to pursue opportunities in the local market.
All About Andrew Shader
Andrew Shader is an entrepreneur and a successful real estate developer and investor in Fort Lauderdale, Florida. He got his Business Management and Marketing degree from Florida State University. After spending years in the insurance industry, Mr. Shader decided to shift his focus to real estate. Andrew specializes in value-added properties and boosting property value through investment.