florida Archives - Page 2 of 7 - Rava Realty

Floridians like to remain in the Sunshine State

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Florida is retaining its residents at a remarkable rate, with 72.7% of those born in the state choosing to remain as of 2021, ranking it sixth in the nation for resident retention. This “stickiness” factor significantly impacts Florida’s economic growth, as a stable population and workforce are vital for a state’s prosperity.

The states with the highest resident retention rates are Texas (82%), North Carolina (75.5%), Georgia (74.2%), California (73%), and Utah (72.9%).

On the other end of the spectrum, Wyoming ...

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South Florida homes start selling at discounts

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Florida’s luxury residential real estate market has been breaking records with properties selling for never-before-seen prices. However, the overall slowdown in sales has resulted in more price cuts and longer closing times.

Miami Beach is one city where price reductions or discounts are becoming more prevalent, with nearly all $5 million-and-up sales trading at a discount off the asking price. The slowdown in home sales has created a divide between older homes in need of repairs and new or renovated properties, with ...

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Rents are still high, for now

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The average asking rent in the Miami metro area was $2,141 in the fourth quarter of 2022, up 13.3% from a year earlier, per economic research firm Moody’s Analytics.

The big picture: Many would-be home buyers chose to rent longer last year, sustaining apartment demand. But folks are hitting their spending limit.

  • For the first time in over two decades, households now have to spend 30% of their income on average rents.

The expected surge in supply could help bring down prices.

  • Yes, but: Most cities will ...

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