Florida Has a Lot of Available Land
By Space Coast Daily // August 24, 2022
Areas close to the seaside have less land and tend to be more occupied. However, Florida has a lot of land to offer in some areas like Orlando and Tampa. That means there are a lot of opportunities for new homeowners who want to purchase their dream house on a piece of property they can enjoy for many years to come.
This affects the prices of houses, as well as how quickly Florida homes sell. If you are in the market for a new home, it is best to check the area you are interested in to see what is available and what options you have in terms of a home and land package.
Houses in Florida Sell Fast
Homes in Florida tend to sell days faster than homes in other states. That may be by an average of 4-7 days. Those who want to beat their competition often buy quickly so they don’t lose out on the opportunity.
That also means you have to be ready to move fast when you find the house of your dreams. Areas that have a lot of land to offer, like Tampa, are becoming a hotspot. This is a sign that the area is growing in popularity and people are moving there to take advantage of all that it has to offer. This affects how quickly homes sell in that area.
The Lower Cost of Houses in Florida
Houses in Florida are in high demand, as they cost less than houses in the rest of the states. According to GOBankingRates, which used data from the real estate agency Zillow, as many as 201 out of 398 Florida cities have a lower median home price than the rest of the states.
Of course, you also have to consider the different costs of living depending on where you choose to live. The location has a big effect on housing prices, no matter where you live in the United States.
Closing costs are fees that mortgage payers have to pay upfront to confirm the purchase of their home and their mortgage loan. Wherever you decide to buy your home, a variety of factors may impact your closing costs. Florida home buyers might expect to pay up to 9% of the home’s price in closing costs, including commission fees.
Meeting with your realtor or mortgage counselor is the best approach to obtain an estimate of the closing costs that is more precise. They should provide you with a loan estimate, with details of all the costs attached.
Something to keep in mind is that while on average mortgage prices in Florida are lower, the average price of renting a home is in fact higher than in the rest of the country. This is because the demand for rental housing outstrips supply in many areas in the state.
The price you pay for rent will depend on where you want to live, and the amenities offered by the apartment complex in question. However, the fact remains that for the majority of buyers in Florina, the cost of buying a house is cheaper than renting one.
At least one storm has had an effect on every inch of Florida’s coastline since the year 1850. Florida usually finds itself in the path of these severe storms because of its long coastline and location. The panhandle and the southeast are most prone to hurricanes. However, hurricanes don’t usually tend to significantly affect house prices.
People Who Tend to Buy Houses in Florida
Of course, a variety of customers purchase a home in Florida, as it is an appealing location for multiple reasons. However, many Sunshine State homes are smaller compared to other parts of the country. There are many 1 and two-bedroom houses in Florida available. This makes Florida a popular spot for retired individuals.
They can live comfortably in a one-bedroom condo or apartment, while the weather is nice year-round. However, young families also love living in Florida.
The average income of residents in Florida also tends to be lower than in the rest of the United States. This makes perfect sense, as the homes in some areas in Florida are less costly. According to the US Census Bureau, the average United States household income in 2020 was $67,521 in 2020, whereas the average household income in Florida between 2016 and 2020 was $57,703.
More Reasons to Move to Florida
Apart from its low costs, Florida has a lot to offer, giving many people reasons to move there every year. Here are a few of them:
■ Florida has no state income tax: Florida has low taxes because all Florida residents are obliged to pay their federal tax. Read more about tax laws and benefits in Florida.
■ Great weather: The state experiences mild winters and warm temperatures almost all year long. This allows residents to enjoy outdoor activities without worrying about harsh weather conditions during the winter months. It also takes away all worries regarding snow!
■ Beaches are never far away: If you move to Florida, you’ll have plenty of beaches to explore. You’ll be surrounded by beautiful turquoise water and white sandy beaches whenever you head outdoors. The weather makes these beaches easily accessible whenever you are ready to go for a swim.
■ Plenty to explore: If you are an outdoor person, Florida has you covered with its numerous parks and sceneries. Its warm weather always allows for outdoor activity. Explorers will be fascinated with Florida’s rich animal life. There are plenty of animals that can be seen in the local zoo, like Plum the deer, who has wandered into the Wild Florida Area. Florida is also a perfect spot for swimming, going on a cruise, and playing sports.