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Interest rates are rising, home values are declining, and the areas hit hardest by the softening real estate market are the same as those that profited the most from the previous years’ housing boom. The Florida real estate market epitomizes this shift in trends, showcasing a change far more dramatic than in other areas of the nation. Just recently a prime spot to sell property for profit, South Florida is becoming a buyer’s market as supply has outnumbered demand. Property flippers will be hurt the most as their short-term investment properties will decline in value during their previously intended holding time. But experts predict that other real estate buyers will not face such dire consequences.
Although the market has softened, real estate experts still see the potential for successful investment. Sellers can still make significant money when selling property, but now the standards are higher. Since there is an abundance of available property, competition is lower, and buyers can take their time when making a decision on where to invest. They will inspect homes more thoroughly and take more time to carefully weigh their options to ensure that they spend their money wisely in a market where they cannot just get rid of an unsatisfactory property.
Experts also see a bright side to the cooling real estate market. Since investing in the decelerating market is a more risky process than investing in a rapidly appreciating market, fewer amateurs will feel confident enough to invest in real estate, filtering out the market to be predominantly filled by professionals. With fewer investors, housing prices will increase at a lower rate, making housing affordable once again. Leaving the market dominated by real estate investment professionals creates an upward trend that can benefit buyers and sellers alike and encourage more amateurs to become educated about real estate investing—not just capitalizing on an economic fad—and make smarter investments that can benefit the entire market.
Also, even though the investment market is down, there is no indication that interest in South Florida in general is decreasing. Lower investment returns do not dissuade people from relocating to Florida. Neither the climate—ever so popular with northern-dwelling retirees—or the beaches will be affected by a softening real estate market. And multi-billion dollar attractions like Disney World and Universal Studios will lose their tourist appeal because of a lull in home sales. As Florida’s climate and atmosphere has been prescribed as a cure for medical maladies, there is definitely room for the real estate market to recover.
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