Homebuyers Flock to Florida Real Estate

SEATTLE – According to Redfin’s monthly migration report, July saw the net inflow of Redfin users moving to Miami rise to 7,610 from 2,216 last year. Despite the potential increase in flood risks and coastal storms, Florida remains a top spot for buyers.

“Home buyers are moving here from all over the map – Atlanta, Cincinnati, New York, Columbia, Mexico City, Pittsburgh and Philly, to name a few,” says Milagros Alvarez, a Miami real estate agent at Redfin. “The beaches, warm weather and low taxes are the major draws. Florida has also been much less shut down than other states during the pandemic, which some house hunters see as a positive.”

Tampa and Cape Coral are also hot areas for migration, with net inflows rising to 4,315 from 2,778 in July 2020, and to 3,109 from 1,790, respectively, according to Redfin’s analysis.

“The homebuyers I talk to rarely mention climate change,” says Alvarez. “Most of them aren’t concerned. A lot of people seem to have this idea that it won’t impact them in their lifetime, so it doesn’t need to be a consideration when buying a home.”

However, Daryl Fairweather, Redfin’s chief economist, suggested that buyers should at least keep climate change in mind, saying, “Miami homebuyers should think about how they can make their homes more resilient to climate change and how their finances would be impacted if their homes lost value.”

Source: HousingWire (08/30/21) Volkova, Maria