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Lower Keys Real Estate Forecast 2020
The Lower Keys real estate forecast for 2020 looks good, based on previous trends and traditional occurrences that happen every year.
By: Coldwell Banker Schmitt Real Estate
Schmitt in Key West. The Lower Keys real estate forecast for 2020 will probably benefit both buyers and sellers alike. Being one of the most desirable locations in the country and boasting a fantastic climate, the Lower Keys make for a wonderful place to live, work, and play.
Situated to the southwest of the mainland peninsula of Florida and is the southernmost territory of the US, the Lower Keys is a subtropical paradise. There are a number of islands in the Lower Florida Keys, including Lower Matecumbe Key, Bahia Honda Key, Cudjoe Key, and of course, Key West.
Surrounded by two bodies of water -- the Gulf of Mexico on one side and the Atlantic Ocean on the other side -- the Lower Keys are best known for their laidback lifestyle and fantastic weather. But, it's also an ideal place to live.
Right now, the Lower Keys real estate forecast is one that heavily favors buyers. In fact, the median home value in Key West alone now stands at $626,400, which represents a decrease of 2 percent over the course of the past year. Industry experts predict home values will dip slightly again, by approximately 1 percent over the next year.
This offers a prime opportunity for buyers, who can find better property deals. Meanwhile, sellers will still enjoy nice property appreciation gains. However, this somewhat represents a correction, bringing property values back into where they rightly belong.
The median list price per square foot in the area, particularly in Key West, stands at $655. This is higher than the Key West Metro average of $526. Also, the median list price in the area is $821,500, while the median selling price is $554,400.
At this time, the mortgage delinquency rate is 1.7 percent, slightly above the national number of 1.1 percent. Additionally, about 7.1 percent of homeowners are underwater in their mortgages.
All of this means that now is the time to buy your own piece of paradise.
Fred Mullins, P.A. holds an MBA, B.S., real estate license, United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross-functional experience in real estate, international asset management, and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys. For help with buying or selling Real Estate in the Lower Florida Keys, see http://www.lowerkeys-