Florida predicted to be No. 1 market in 2014
By Josh Salman
Published: Friday, October 25, 2013 at 1:00 a.m.
Housing analysts predict Florida’s real estate market will be the one to watch in 2014 — again.
The Home Buying Institute predicts the Sunshine State will surpass housing markets in California, Las Vegas and Phoenix to retake the national spotlight next year, edging out other recovering markets, according to a new report.
The institute’s prediction comes as housing supply is waning in some of Florida’s most popular areas, including Sarasota and Manatee counties.
At the same time, demand to purchase real estate is rising statewide, from a combination of retiree growth, job gains and other economic improvements.
For those reasons, the institute says Florida will be the top market to watch in 2014.
The institute’s forecast also predicts mortgage interest rates will top 5 percent next year.
That could spell minor trouble for some housing markets around the country, but the impacts will likely be less significant in Florida, where an overwhelming number of homebuyers are now using cash for their purchases, according to the report.
Overall, the institute sees Florida in 2014 experiencing a housing market that continues to favor sellers over buyers, and that the economic trends in the state could influence the nation as a whole.
“Florida is once again going to be a very good indicator,” McCabe said.
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