Wachovia supports sustainability of Florida real estate market
As summer fades to fall, the entire Florida real estate market is waiting for snowbirds to arrive....... their portfolios percolating with freshly minted equity. As these aging boomers descend on the Sunshine State, the million dollar question is, will they buy?
The latest Regional Economic Review from Wachovia titled How Sustainable Are The Forces Driving Flori
da's Latest Housing Boom?
suggests that rising home prices in Florida can be explained by basic economic and demographic forces. Quite simply, prices are rising rapidly throughout most regions of Florida because the demand for single-family homes is vastly outpacing supply.
The five fundamental factors driving Florida's housing market are as follows:
- Near record low mortgage rates
- Strong job growth
- A growing population
- An increasing supply of aging baby boomers
- Growing interest from overseas visitors, immigrants and investors
The report suggest that our market is and will continue to remain healthy for the foreseeable future. Anyone with a vested interest in Florida real estate should take the time to read this report, it presents a very detailed view of the economic and demographic data driving our market.
How Sustainable Are The Forces Driving Florida's Latest Housing Boom? [Wachovia]