Real Estate Closings And Title Services

  1. Home
  2.  » 
  3. Residential Real Estate
  4.  » Florida a rising destination for residential real estate buyers

Florida a rising destination for residential real estate buyers

On Behalf of | Sep 8, 2020 | Residential Real Estate

The current health situation gripping Florida and the nation is relatively unprecedented for everyone, but especially for those who are weighing their options as to where they want to live. Increasingly, people are deciding that they want to move from one state to another and a growing number of people from the northern part of the United States are choosing to move to Florida. For those who are considering this option, it is wise to have advice from a legal firm that is experienced in residential real estate matters specific to the state.

Evidence shows more people are weighing a move to Florida

Anecdotally and statistically, people are moving to Florida at a greater frequency than before. An August report indicates that multiple Florida counties saw an increase in contracts to buy condominiums and single-family residences. This is after similar sales doubled the month before. Palm Beach had a 269% increase from the same time in 2019 for contracts for condominiums selling for more than $1 million. This is indicative of people who were teetering on moving to the Sunshine State deciding to push forward because of the health challenges gripping the nation.

Issues such as taxes and warmer weather were said to be fundamental factors in the decision to take the leap and move from colder weather areas that generally have higher taxes to Florida – a state that does not have high taxes and boasts an agreeable climate. People are said to want a bigger home with extensive space for home offices, a pool, a gym and more comfortable and spacious kitchens. Being home more has exacerbated the need for these amenities Because Florida does not have a state income tax nor an estate tax and there is a generous homestead exemption, the advantages are attractive. Real estate professionals report that wealthier areas are especially popular. Nearly half the people who are moving to the state are picking South Florida as their destination.

Experienced Florida real estate legal professionals can help with purchases

Amid the excitement of making a long-considered move to an agreeable climate with personal and financial benefits, legal concerns might recede to the background. However, forgetting about these factors – closing, closing costs, title work, drafting of documents – can be problematic. When thinking about buying Florida property, having legal assistance from a firm experienced in residential real estate may be critical and consulting with experienced professionals is key.