How to Buy Real Estate in Florida: An Estate Definition
By the time you read this, Florida will have become a real estate hotbed.
Real estate has become a hotbed because of the massive influx of foreign buyers.
From the late 1980s until the mid-2000s, foreign buyers accounted for 20% of the foreign buyers in the country, according to the National Association of Realtors.
This figure dropped to 7% in 2014, and now, it’s closer to 4%.
There are a few reasons for this.
In the early 2000s, real estate was seen as a safe investment, a way to save money.
Today, foreign investors are increasingly looking for property to invest in because they feel like the country is in crisis.
The problem is, Florida is in a very dangerous situation right now.
There is a $2.6 billion economic collapse happening right now and the Florida Department of Business and Economic Development has warned that the state is at a severe economic risk.
That means a lot of people are struggling to get by.
The Sunshine State is at risk of losing $1.5 billion in real estate sales and $3.7 billion in annual property taxes, according the Florida Taxpayers Federation.
This is because there is an economic crisis.
When the economy goes south, you have people trying to find jobs or saving money, and this means the value of property is going up, which can result in people not being able to pay their mortgage, which in turn can result into higher property taxes.
That’s why the government has set up a special task force that is looking at how to prevent a property tax crisis in Florida.
But as you can imagine, this isn’t easy.
This can be confusing.
We’ve compiled a list of common questions you should be asking about real estate.
If you want to learn more about real property, read our article on buying a Florida property.