I never thought that I would say this, but sometimes, the best thing you can do is walk away from the beach. Why? Because with the year we’ve had, home buyers are looking for one thing, and one thing alone: affordability. In the middle of a pandemic, renters have realized that their only true asset is their home.
But if you don’t yet have a home and are looking to buy after seeing the looming threat of evictions hanging over the heads of millions renters—you want to make sure that this year, at least, you’re walking away from the beach.
I can’t even believe I’m saying this. The realtor in me is face-palming so hard right now. But here’s the thing, I know what it’s like to step into the shoes of my clients.
Living in South Florida can be a dog-eat-dog world when it comes to housing, because it’s a place where wages don’t necessarily match up with our high cost of living.
While South Florida is full of pockets of differently priced neighborhoods, one thing is glaringly clear—the closer you are to the beach, the more expensive home buying becomes.
According to a Redfin Report, walkability greatly increases the value of a home—by about 23.5%—but that’s less than compared to the previous 25.8% more that walkable homes used to sell for.
Now, people are moving further North and inland, away from the beach. That’s why you keep hearing that your friends are moving to Coral Springs. It’s also the reason younger professionals are moving to Hollywood. There are currently very few places left in South Florida that are ideal for young homeowners. And so when going further East gets more expensive, it only makes sense to move further West.
Just keep in mind that wherever the flow of house hunters goes, rising prices follow. I doubt living near the beach will ever be cheaper than living far away from it. However, prices in car-dependent neighborhoods rose 4.3% in the past year alone. That means that you should save as much as you can. Then, get in touch with a trusted Rate Leaf broker when you’re ready to buy. I can give you tips on how to use first-time home buyer tax exemptions to your benefit. I can also keep you in the loop as to any major industry changes that could affect how you buy a home.