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State of real estate: A seller's market
Local Real Estate Agent Janay Thomas stops by The Late News to update us on the current state of central Florida’s real estate. She breaks down the seller’s market, where most people are moving, and what you can do to prepare yourself to purchase a home.
null - Florida attracts millions of tourists each year, often for its pleasant weather, sandy beaches and entertainment, but some real estate agents say while it is an appealing place to live, you should reconsider buying a home or property – at least in some parts of the Sunshine State, according to a GoBankingRates report.
The personal finance company spoke with Yawar Charlie, a prominent senior real estate agent, who has a large clientele base in California and Florida. He shared how a real estate investment is "more than just sunshine and palm trees", saying that "It’s crucial to look at economic stability, growth potential, and environmental risks," GoBankingRates reported.
Charlie named some Florida cities to avoid investing in property in the next five years, and Daytona Beach and Ocala ranked among the top 5, the report showed.
The report states both cities struggle with high crime rates, quoting Charlie and Neighborhood Scout. Daytona Beach also struggles with economic stagnation, according to Charlie, and Ocala's real estate is "hindered by slow economic growth and limited amenities."
Other Florida cities to avoid buying real estate, included Miami Beach, Pensacola and Fort Myers, the study stated.
Read more about the report here.