Lower Keys Real Estate Forecast 2021
The Lower Keys residential real estate forecast looks very bright -- given the past year's performance and current sets of circumstances. Over the past twelve months, property values in the Florida Keys have risen, nearly across the board.
By: Coldwell Banker Schmitt Real Estate
Schmitt in Key West. The Lower Keys residential real estate forecast 2021 is expected to increase, continuing the trend that's been ongoing over the past year. During that time residence values have risen by 3.4% and the upward trajectory is expected to increase substantially. Industry experts and economists believe home values in the Lower Florida Keys will rise by an impressive 9.2% over the course of next year. Presently, the average value stands at $714,700+ and is expected to increase to as much as $779,000 by the end of 2021.
If this holds true, homeowners will enjoy a substantial increase in home equity. Meanwhile, sellers will benefit from higher sales prices. Buyers should take action immediately to jump into the market in order to take advantage of historically low rates and affordable prices before they arise. Investors ought to hold on longer in order to gain a more robust return on their investments.
Distressed properties, which include foreclosures and short sales, are statistically insignificant to measure at this time. Usually, there are enough available to report approximate figures. However, the onset of the global pandemic, resulting in moratoriums on foreclosures and evictions has essentially wiped out these numbers. Since there are so few foreclosures underway, there is too little to gain any semblance of an accurate measure. The lack of foreclosures also means the near absence of short sales.
The next year will be critical in determining the future of the next five or more years to come. Depending on what unfolds -- meaning the resumption or the halt of foreclosures, short sales, bankruptcies, and other actions -- will set up the residential real estate landscape for the foreseeable future.
Regardless, the market in the Lower Keys remains quite healthy at this time. Home prices have risen steadily over the past several years. For instance, at the end of 2015, the average value stood at approximately $560,000. Today, it's nearly $715,000.
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.
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