Are you searching for a new family home, commercial building, or investment property? If so, you’re in luck. Florida’s real estate markets are booming, and it’s time to take advantage of this trend. Use our guide to find the hottest deals in 2023.

Where Is Florida’s Real Estate Market Flourishing?

The demand for Florida real estate is strong. The market is fueled by historically low interest rates, a new work-from-home economy, corporate investors, and the large influx of retirees relocating to The Sunshine State, eager for warm weather. Unfortunately, this influx caused housing prices to rise significantly in a short amount of time, and homes are selling quickly.

Multiple offers are also common for properties in choice neighborhoods and preferred locations, and even the new home market is affected. In addition, residual supply chain issues are making wait times twice as long as expected in some cases. Therefore, many buyers are shopping in the resale market and are paying well above the asking price to seal the deal.

Pensacola, FL

Properties in the Panhandle are selling quickly as the demand for housing outpaces the number of available properties each month. Although prices in this area are more attractive than most of Florida’s larger metropolitan areas, the average cost of a Pensacola home has increased 17.8% over last year to $248K. Pensacola’s real estate market will continue to rise steadily as we head into 2023. However, the most significant trend today is that cash deals far outweigh financed ones. This circumstance may be caused by investors seeking rental properties for beach-seeking tourists.

We’ve also seen an uptick in younger buyers purchasing their first home to escape Florida’s rising rental costs. In addition, on the new construction side of this hot real estate market, builders release new homes for sale up to 90 days before construction is complete. For these reasons, it’s essential to talk to a lender and learn how to get a loan for an investment property or your family’s home before you consider relocating to Pensacola.

Lakewood Ranch, FL

The Lakewood Ranch real estate market is also facing high demand. Its low inventory levels present a challenge to buyers, and homes receive multiple offers quickly. There are plenty of highly motivated buyers who waive contingencies, such as inspection periods and appraisals, to strengthen their offer. We see the same trends in the new construction arena, even though developers are quoting a year or longer to complete the home.

There’s a growing need in the neighborhood for second homes, retirement homes, and single-family properties. In addition to seniors, young families move to the area for the school districts. These buyers want amenity-rich communities that offer social activities, while investors seek long-term rental opportunities. Rising interest rates have little effect in this hot real estate market, as so many buyers come to the table with an all-cash offer.

Start your home search at least six months before you move, and be prepared for a battle in this competitive market. Compromises are the new norm around here, and if you’re shopping for a home in Lakewood Ranch with less than $600K, you’ll have a difficult time finding inventory here in 2023. However, a licensed realtor can leverage their knowledge and experience in this intricate arena.

Jacksonville, FL

Jacksonville is the seventh fast-growing city in the region. Thanks to access to nearby beaches, the St. Johns River, diverse shopping, and restaurants, it’s no longer a hidden gem. The city offers a lifestyle pace that’s more enticing than many major metropolitan areas, and buyers are flocking to Nocatee in Ponte Vedra. This amenity-rich master-planned community is one of the top sellers in the entire Southeast. However, we’re seeing signs that market conditions are returning to a more normal level.

New home builders are steadily backing away from the auction-type system they implemented that allowed prospective buyers to bid on a lot and secure a deal on newly constructed homes. However, numerous large hedge funds are purchasing properties in the area, and businesses are relocating their operations here. This trend does bring new jobs with it — and more residents who need housing. As we head into 2023, Jacksonville’s real estate market will continue to level out, and if interest rates continue rising, it’ll help bring about a more balanced market.

Orlando, FL

Orlando remains a popular relocation destination for families who want to enjoy Florida’s weather, theme parks, beaches, and employment opportunities. Resale homes and new construction are in high demand and short supply. However, that tide is changing. As interest rates go up, homes in Orlando take as long as a month to sell. However, listings that offer unique qualities, such as renovations, pools, large lots, and good schools, will continue to sell quickly — and for premium prices.

With that said, we’re heading back to a balanced market for 2023, and fewer buyers are shopping in Orlando. As a result, you’ll likely have more time to decide on a home, and more sellers will need contingency offers before they can buy their next property. With luck, you can find a good deal on an unrenovated home in a nice neighborhood with the help of a motivated seller.

Newer communities, such as Lake Nona and Winter Garden, are particularly booming, as are the established suburbs of Doctor Phillips, Windermere, and Winter Park. Unfortunately, some developers are adopting a bidding system and charging high premiums for the chance to build a home in this enticing neighborhood. It could also take up to 18 months to complete the property. So, being ready with your finances is the key to buying real estate in Orlando.

Contact Titan Funding for Any Florida Real Estate Loans

If you’re considering moving to Florida, talk with real estate experts about the 2023 market trends in the area you’re most interested in. Then, contact us at Titan Funding. We’re a leader in private money lending. Whether you need a residential bridge, a fix-and-flip loan, or a rental property loan, we have a wide array of products designed for the real estate market. Contact us today to see how we can help you get access to the funds you need in this hot market.

Shallow Focus Photo of a Realtor Posting a Sold Sticker by Thirdman is licensed with Pexels License