The recent drop in property values in Florida has affected the pocketbooks and retirement funding sources for many Floridians. Those who want to sell their property at today’s market value are competing with a multitude of foreclosure sales. For those Floridians who have their property on the market, they are finding a very long wait on the market or are holding off on listing their Florida property while the foreclosures work their way through the system. This has created a very strong pent-up demand by these prospective sellers seeking to buy real estate with the proceeds from their current Florida property. As the economy continues its slow but steady recovery, and real estate resumes it’s normal pace, a new wave of Florida buyers will emerge.
Real estate sales in other locations across the Southeast U
.S. have been affected by the economic recession over the last two years, however the declines have been minimal compared to Florida. There has been some renewed interest from Floridians in real estate outside of Florida, who are starting to see a light at the end of the tunnel with the depressed real estate market. Many Floridians have come to accept their economy-adjusted Florida property values and are now more anxious than ever to make a move once their Florida property sells, regardless of their financial losses.
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