Property values are skyrocketing across South Florida, which means taxes may rise for most people next fall.
In Broward County, home values rose 4.3% from the last year and Palm Beach County’s early projections show values increased at least 5% since last year.
Miami-Dade County is seeing an increase of sales prices, which means higher values.
Low inventory and low mortgage rates have fueled demand for home sales in South Florida.
There's a spike in interested homebuyers a few months after the pandemic began, specifically when interest rates dropped. First-time homebuyers in Miami can expect to see homes priced at 6.2 times their income, so competition is fierce.
Northerners are leaving lockdowns and restrictions for South Florida's sunshine.
There is a mass exodus out of the Northeast looking to South Florida and businesses are also leaving New York. Leases are being signed and opening are up in Rosemary Square in West Palm Beach.
Rentals are hard to come by, as COVID is pushing more northerners south to lower taxes. House prices are on the rise and inventory is shrinking.
The money exodus could in the end prove to be a bit chaotic on the Florida Housing Market.
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