Despite a shortage of homes, people continue to move to Florida for financial reasons including lower home prices and reduced taxes. Florida also has fewer COVID-related restrictions and is known for its beautiful weather, according to Andrew Shader.
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The unfortunate reality for many homebuyers is that inventory in the Sunshine State is quickly dwindling. There is more demand for houses from residents and those who are flocking from more expensive parts of the country, causing prices on the few available properties to skyrocket. Andrew Shader explains why people are still moving in droves to Florida, despite the lack of available housing.
One of the main reasons people are moving away from the densely populated Northeast and New England areas is because remote work is now possible. Many people moved to these urban areas in the North because they needed to be close to the office. Now, workers have made the shift to remote and no longer need short commutes.
As they work from home, many people are eager to pay less for their homes. Taxes in Florida are lower than they are up north. Home prices, while on the rise, are still lower than they are for many of the comparable properties in New England.
Andrew Shader speculates that there may be a few other draws beyond the lower cost of living leading people to Florida. They want to enjoy the beautiful, warm weather that Florida is known for.
COVID-19 may also factor into the decision to move to Florida, despite a lack of housing solutions for many families. Other states have more restrictions, and people are eager to get back to normal. Florida offers looser restrictions and requirements for those who are no longer as concerned about coming down with the virus.
Florida appears to be a haven for individuals and families who want a different quality of life than what they can find in a big city. Remote work, lower home prices, and reduced taxes make this state a likely candidate for an influx of new residents.
It makes financial sense for more people to call the Sunshine State home. The beautiful weather and reduced COVID restrictions also factor into why people are still moving.
Prospective homebuyers who are thinking about making the move will want to prepare for the scarce housing available on the current market, though. As more people flood into the area, this problem is only likely to worsen as homes are snatched off the market quickly, driving prices ever higher.
About Andrew Shader
A well-known real estate investor and developer in the Fort Lauderdale area, Andrew Shader has been growing his real estate business since 2016. He finds success working with value-added properties, where he is known to increase their value by as much as 60% without accounting for future appreciation.
He held a variety of jobs ranging from office manager to CFO before starting his entrepreneurial journey.
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