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WHY IT'S A GREAT TIME TO BUY REAL ESTATE IN FLORIDA!

By 2010 it has been forecast that Florida will be the third most populated state in the country. Florida¿s population is expected to increase about 75 percent by 2030. Population growth will continue to provide a foundation for other economic growth such as new jobs and growing incomes.

People are continuing to move here. It¿s estimated that 1,000 people move here every day (www.stateofflorida.com, ¿Florida Quick Facts¿). No wonder Florida¿s population has grown 13.4% since 2000, compared to only 6.4% for the rest of the country, according to census data. Five of the top 15 cities in the Milken Institute¿s 2007 ¿Best Performing Cities¿ survey, which looks at sustainable economic growth, are in Florida.

Low unemployment. Almost 120,000 jobs were created in Florida in the year between August 2006 and August 2007. That not only puts it well below the national unemployment average, it also is the lowest unemployment rate among all ten of the most populous states. Jobs are plentiful, and that trend will continue. A recent study by Bizjournals called ¿Where the Jobs Are¿ found that 7 of the hottest 15 job markets are in Florida.

Let¿s take a look at the weather. If you think the hurricanes we experienced are going to have long-term effects on the Florida real estate market, consider this tidbit from Fortune Magazine. It recently reported, ¿Economists and geographers who have studied how natural disasters affect real estate values have generally found there to be no lasting impact.¿ Example #1: When Hurricane Hugo hit Charleston, S. C., home values were actually higher one year later. Example #2: That same year, 1989, a huge earthquake made big news in San Francisco, and the same thing happened¿house prices went up. Grant Thrall, a professor of what¿s called Economic Geography, explains this phenomenon this way¿residents move away and home prices fall only when natural disasters start becoming regular occurrences in an area, not when they happen periodically. And while the hurricane seasons of 2004 and 2005 may still be fresh in our minds, the fact is, historically it was a fluke. Eight storms hit the Florida mainland in those two years. But if you look back at the 50 years prior, only six Category 3 or higher storms hit the Florida mainland in half a century

Interests rates currently are still low, on a par with interest rates in the 1960s. Home prices continue to stabilize, inventory is plentiful and homebuyers have lots of options. Homeownership has value. Home value is the most important single aspect for homeowners. Owning a home leads to increased personal well-being. Here in Florida, the statewide median home price has shown an increase of 52.5 percent from November 2002 to November 2007, according to FAR records. NAR housing industry analysts project that prices will rise about 2 percent next year, and in coming years, average home price appreciation should return to historical averages of around 6 percent.

Florida is a great place to live and work. According to Enterprise Florida Inc., the Sunshine State has one of the nation's strongest tourism industries; it is fourth in the nation in high-tech jobs; is the third largest exporter of high-tech goods and services; and is ranked as one of the best states in the nation to be an entrepreneur.

Orlando-based economist Dr. Hank Fishkind recently said in several media reports he believes that ¿the worst of the so-called housing crisis has probably been mitigated by the actions of the Fed. Recovery will take a while, but it has begun.¿ Another economist, Dr. Lawrence Yun, chief economist with the National Association of Realtors, predicts that the Florida housing market will get stronger in 2008 and will be booming again by 2010.

And let¿s not forget the things that brought people to Florida in the first place, and will continue to attract them ¿ beautiful beaches, fabulous weather and a friendly business climate, with no state income tax. It¿s no wonder that Florida¿s combination of temperate climate, outstanding recreational amenities and economic opportunity has consistently put us at the top of Harris Poll¿s ¿most desirable places to live¿ survey.

Contact your local Realtor, Julin Lynn, today to get answers and get on your way to homeownership in THE SUNSHINE STATE!