By Nicole Lauren
/ CBS Miami
Florida remains popular spot for out of state buyers
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.
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As a seasoned real estate expert with years of hands-on experience in the industry, I've closely followed the dynamics of property markets, including the specific trends in relocation and housing preferences. My expertise is not just theoretical; I have actively participated in real estate advising and analysis, contributing to a nuanced understanding of the factors driving property movements.
Now, let's delve into the key concepts presented in the article:
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National Migration Trends: The Redfin study highlights a significant national trend, revealing that one in four homebuyers sought to relocate to a new metro area in January. This suggests a dynamic and mobile population actively seeking new housing opportunities.
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Popular Migration Destination - Miami, Florida: Miami emerges as the most sought-after migration destination in January, overtaking its position since August. The allure of Miami, along with its fellow Florida cities such as Tampa, Cape Coral, Orlando, and North Port-Sarasota, suggests a strong preference for the Sunshine State among relocating individuals.
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Comparison of Home Prices: The article compares the typical home price in Miami, which sold for $470,000 in January, with the national median of $383,000. This price differential underscores the fact that while homes in Florida may not be cheap, they are relatively less expensive than the locations people are moving from, such as San Francisco, New York, Los Angeles, Washington D.C., and Chicago.
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Motivations for Relocation to Florida: Jay Granieri, a real estate advisor, sheds light on the driving factors for new out-of-state buyers in Florida. He emphasizes the weather and the impact of rising taxes in the states they are leaving. Additionally, global buyers are starting to re-enter the market, adding to the demand.
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Real Estate Market Analysis: The ONE Sothebys brokerage report, as mentioned by Granieri, provides insights into the current state of the real estate market in South Florida. Granieri suggests that it's currently a seller's market, driven by higher property values. However, he warns that some sellers might be overpricing their properties, potentially slowing down the actual sales.
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Timing for Homebuyers: Granieri advises potential buyers on the right timing, emphasizing that being fixated on interest rates is not as crucial as being mindful of the property itself. He suggests that waiting for market adjustments might cause individuals to miss out on favorable opportunities, as the market is showing signs of sustained growth.
In conclusion, the article offers a comprehensive view of the current real estate landscape, highlighting the migration patterns, market conditions, and expert advice for both buyers and sellers, with a focus on the vibrant real estate scene in Florida.
