As home prices across the nation are projected to rise by over 3 percent in the next 12 months, the state of Florida is expected to demonstrate an even greater increase. According to the August 2015 Realtors® Confidence Index Survey, Florida properties are set to rise between 5 and 6 percent over the next calendar year. The aforementioned survey took into account the responses of more than 50,000 real estate industry professionals.
Florida leads the nation in projected increase
Florida’s projection in the survey above led the entire country. In fact, only four other states gave comparable answers by expecting an increase between 4 and 5 percent. Those states were Washington, Oregon, Colorado, and Georgia.
As of July, the country as a whole has experienced an annual 6 percent increase in median home prices, which surpasses the household income rise of just 2 percent since 2010. This elevation in home prices is lifting current homeowners out of negative equity, a trend that is set to continue as the housing market further rebounds from the crash of the last decade.
The time to buy is now
For potential homebuyers, this survey signals that now is definitely the time to buy. As home prices are set to increase over the next year and the bustling Florida economy is on the upswing, investing in a desirable piece of Palm Beach Island real estate would be a savvy decision. If you are looking to buy a home in Manalapan, Palm Beach, Hypoluxo Island, Point Manalapan, or any of the surrounding waterfront areas, Jack Elkins would love to meet. As a second generation real estate agent born and raised in the Palm Beaches, Jack is heavily involved in the local community and completely in tune with the Palm Beach lifestyle. Jack invites you to schedule a meeting today and learn about everything that a luxury waterfront property in Palm Beach has to offer you.