When Florida comes to mind, many used to think of a vacation spot or a place to eventually retire. This has all changed over time, but especially in 2020. Florida has become one of the hottest places to relocate due to the Coronavirus. According to the Daily Mail, around 950 people move to the Sunshine State each day. According to a Douglas Elliman August report, new contracts for single-family homes and condominiums continued to rise in Pinellas and Hillsborough County — after having doubled in July.
The Coronavirus lockdown resulted in many people reflecting on their lifestyles, especially work from home orders that went into place for so many people. Those living in major cities began to realize that working and living in a tiny one-bedroom apartment was just not ideal. Close living quarters in apartment buildings also began to make residents feel uneasy with social distancing becoming the new normal. The desire for outdoor spaces all year, a dedicated office in the home, and warmer weather has significantly increased interest in Tampa and The Beaches because of the pandemic.
Many companies are choosing to allow their team members to permanently work from home. This decision allows employees to choose where they want to live, and many are looking for more space and warm weather. Additionally, Florida has lower property taxes and no income tax which makes relocating even more alluring.
Money goes much further when it comes to real estate in Florida compared to states in The Northeast. Right now, the average home price in New York City is 650K while the average price in Tampa is 250K. Note that in Tampa, the $250,000 can buy both a resale or a new construction home. There are a variety of master-planned communities throughout the Greater Tampa Bay area. Many of these communities are gated with amenities like dog parks, pools (of course, always a pool), and fitness centers. These new homes allow buyers to customize their homes before being built and come with valuable warranties.
According to the New York Times, buyers are “moving much more toward permanent living” than to vacation homes. Many buyers from the Northeast were looking in August because they were concerned about whether COVID-19 could come back during the flu season. If they are going to quarantine, they want to be in nice weather.
Our office has had a considerable amount of calls coming from buyers looking to move out of New York, New Jersey, Connecticut, and countless other northern states. With prices rising many are looking to make their move by the end of this year. Lastly, always be sure to contact a highly skilled Realtor that is very knowledgeable of the area you are looking to move to. Your Realtor is an expert in the local area and can tell you if a home is overpriced, how to navigate from contract to closing.
Migrating to Florida is nothing new, but the Coronavirus has caused a significant influx of people this year. There’s so much to love in Florida: picturesque beaches, outdoor attractions, and sunny weather year-round. Who do you know moving to The Sunshine State?