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Investors are gobbling up property in Florida and around the country. This past month I was interviewed on NPR about this very subject. Click Here to Read or Hear The Interview
So, is there a new housing bubble being formed? My quick answer is no. While we’ve had strong appreciation, especially in the under $300,000 part of the market, there are reasons for it. Much of it can be attributed to the 17.8% cumulative inflation since 2007, influx of people moving to the area, extreme lack of new construction, and an improved economy.
The possibilities for a bubble would be if we see a giant amount of new construction and investors purchasing them. So far that has not occurred. There has also been lax lending. FHA, which was 3% of market, is significantly higher. I’ve seen some loans go through with homeowners having low-600 credit scores and putting almost nothing down. Last would be if interest rates moved up significantly.
The one item that should be watched is if investors start pooling all of their property in a portfolio and get 100% loans for more than they paid. However, they still have a vested interest in the property value.
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Echo Fine Properties, winner of Best Brokerage of the Palm Beaches in 2020, 2021 and 2022, is located in Palm Beach Gardens, Florida. We are a family-owned local brokerage that prides itself on having the finest full time luxury real estate agents who know the area backward and forward. Each agent is hand selected to join us for their knowledge of the area including golf club communities, gated communities, equestrian and ranch estates, condominiums, and waterfront and boating estates. Echo is unique in real estate in that our company pays for all marketing, advertising, and all support which is handled in-house. WE PAY, which lets the agent concentrate on our customers. Unlike other firms, agents never have to compromise the marketing budget. Our Home ECHOnomics Guarantee offers an unheard of 57-promises. This website consists of 5 separate MLS feeds, giving 100% accuracy ranging from Miami to Fort Lauderdale to Palm Beach to Martin County.
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