South Florida is getting an influx of new real estate buyers. So much so, it has become a seller’s market, and many are getting top dollar selling their homes. People from high-tax areas are opting to move to South Florida. From lower taxes, to job opportunities, to good weather, South Florida has a lot to offer for people migrating from other states. This, amongst other things has caused the South Florida real estate market to boom, even a year into the pandemic.
Right now, there are about 1000 people moving to Florida every single day. Although this is a great sign for the state as a whole, it also comes with a lot of competition when it comes to real estate. Potential buyers have to move fast on the properties they are interested in. Right now, the inventory of properties (especially single-family homes) is very slim. While many of the new migrants are coming from high-tax states, there is also an influx of European and South American buyers.There is very high demand, and limited supply.
Since the pandemic started, the needs of buyers have changed. Many homebuyers are looking for very specific things. However, there is a lot of competition. Whenever a new property hits the market, buyers need to act fast to try to get it.
AMG International Realty is a global real estate firm specializing in Florida. Are you looking to buy, rent, or sell in Miami? Contact us now to learn more about all of the opportunities available in the South Florida real estate market.
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