Homeowners Still In Control In South Florida
Even outside of the area, this is true for the most part. As of this year’s statistics, homeowners in America own a record amount of equity in their homes. That number is somewhat staggering at just below 11 trillion dollars. In a market that has seen its share of negative indicators, that is certainly a reassuring fact for people who have made the choice to own their own home.
Nowhere in the country is this more true than in south Florida. In areas like Miami, Miami Beach and Fort Myers, homeowners are still pretty happy with what they’ve got going on. Between the years of 2001 and 2006, the average home price grew by more than 100% in these areas. Though the majority of low end property has seen its stock drop significantly, the high end category of real estate has been strong enough to carry the statistics. Though there are a couple of areas in the United States where the prospectus is still good, no one can hold a candle to what has been done in south Florida up to this point.
Home buyers seem more apt to move to the area above any other area in the country. Los Angeles, which has also been a hotspot for new homebuyers in the last five years, has not seen the type of equity growth for homeowners that Fort Myers and the surrounding area has been able to produce. That is a wonderful sign for people who are looking to get their feet wet in real estate investing. As the market makes its inevitable return to normalcy over the next few years, the residents of south Florida will already have a leg up on just about every one else. While people in other areas of the country will spend their time catching up on what they lost, those folks in the Miami area will be busy building an even great amount of equity in their home investment.
The painful truth is that things are going to get worse for everyone else before they get any better. Homebuyers can expect a very damaging recession to the mean before prices begin to rise again. Still, if they were lucky or smart enough to purchase a home in South Florida, they wouldn’t have that worry on their plate at this point in time.
