Florida remains hot spot for people to move to from out of state
MIAMI - A new study shows a high number of people nationwide are on the move.
A study by Redfin shows of the buyers seeking a home, one in four looked to relocate to a new metro area in the month of January.
Miami was the most popular migration destination in January, claiming the top spot for the first time since August. Half of the 10 most popular destinations are in Florida: Tampa, Cape Coral, Orlando, and North Port-Sarasota are also on the list. Other popular cities were Sacramento, Phoenix, Dallas, and Las Vegas.
Homes in Florida certainly aren't cheap; the typical Miami home sold for $470,000 in January, compared with the $383,000 national median. But they do tend to be less expensive than the places people are coming from.
So which cities were people moving out of? San Francisco topped the list, followed by New York, Los Angeles, Washington D.C., and Chicago.
Jay Granieri, a real estate advisor and principal at the Curated Collection Group, said the big driver for new out-of-state buyers in Florida is the weather and skyrocketing taxes in the states they are leaving. He said we are also starting to see our global buyers return to the market.
ONE Sothebys brokerage just released its latest market report. Granieri broke down what it means for buyers and sellers in South Florida.
"When we look at this kind of data, it tells us a story, basically yes more people are interested in selling their properties because they see property values are higher now, they are trying to take advantage of that market. However, traditionally people that see the big dollar signs are overpricing their properties. So therefore the market is slowing down on the actual sales and you're also seeing the trend happening between Dade and Broward with days on market. Because longer days on the market typically mean the prices are over," he said.
Granieri said to put it simply, right now s most definitely a seller's market.
So when is the right time to buy?
"When they frown on the rates going up or down, you're never married to rate, you're married to the house, right? So you can always refinance it and the price goes down. And then the price of the home. Home prices will always plateau and then basically rise again. Plateau and rise again. So, what we're seeing right now is a rise. It will plateau some, but we have no indication that the market is going to bottom out. So people who are trying to wait for the market to adjust typically will lose a really good opportunity that they're waiting for," he said.
