Moving in the Right Direction

As we begin a new year, Florida real estate professionals are looking for a market upturn. And thanks to the state’s positive demographic and economic trends, the prospects for 2008 appear favorable, especially in the second half of the year.

In 2008, more than 300,000 people will move to Florida, generating a demand for 150,000 for-sale and rental homes. Meanwhile, the state’s economy is likely to add 175,000 new jobs, strongly outperforming national averages. And a significant percentage of Florida’s 80 million domestic and international visitors will consider buying second homes in the Sunshine State.

“Florida will continue to lure retirees and entrepreneurs looking for a warm climate where they can enjoy an active lifestyle,”  in Florida. “With golf, boating, fishing, tennis, beach going, swimming and a host of other outdoor activities at their doorstep, Florida offers a healthy and appealing lifestyle.”

Economists and real estate experts interviewed by Florida Realtor® are cautiously optimistic about the state’s growth prospects for 2008. Sean Snaith, director, Institute for Economic Competitiveness (IEC) at the University of Central Florida, Orlando, expects the state’s growth rate to pick up in 2008. The institute’s recent “Florida & Metro Forecast, 2007-2010” says the state will see a distinct pickup in economic activity with a 2.1 percent increase in new jobs in 2008—nearly double the 1.2 percent projected for the United States as a whole. 

“Florida continues to grow in terms of employment growth through 2010.”

In the real estate sector, rising prices on Florida’s coasts are shifting historic migration patterns toward the center of the state. “People are still coming to Florida,” he says, “but it’s the interior counties that are most likely to attract new residents and businesses.”

For Florida real estate professionals, understanding the trends affecting their local markets is essential to success in the year ahead, according to economist Lewis Goodkin, president, Goodkin Consulting, Miami. “The more knowledgeable you are, the more opportunities you have to profit. It’s essential to demonstrate that you have the answers that people are seeking.”