Roger Pettingell is Coldwell Banker’s number one real estate agent in Florida and one of the top five nationwide. Like many in his profession, he has noticed the significant impact that high inflation levels that have had on the current real estate market. Investors in many parts of the country list inflation and rising mortgage loan rates as a top concern, and the real estate market nationwide is showing signs of cooling. However, as Pettingell and other experts note, Florida’s real estate market is set to remain on fire for the foreseeable future. Inflation is pushing up prices, but that isn’t deterring aspiring homeowners and real estate investors from purchasing homes in the Sunshine State.
Roger Pettingell not only works in Sarasota, but he also lives in the Sarasota area and notes several reasons why inflation isn’t cooling Florida’s real estate market. One reason is that the state is home to some incredibly attractive cities. Sarasota, for instance, is home to multiple cultural institutions and great beaches. It also has unique chains of barrier islands with unmatched waterfront luxury homes, providing residents with an unmatched view of the ocean’s beauty. Those looking for a vibrant, enjoyable, relaxed area would be hard-pressed to find another city that matches all the area has to offer. At the same time, it’s not just Sarasota attracting hordes of new residents and homebuyers. Tampa, Naples, and Miami, all coastal cities like Sarasota, are popular destinations for individuals in other states and countries.
Another reason Florida’s real estate market remains hot because the state offers excellent business opportunities and has no personal income tax. Jeff Bezos, Mark Zuckerberg, Paul Tudor Jones II, and Bill Gates all own property in the Sunshine State, and others are eager to follow in their footsteps. This has led to high demand for homes while supply remains low, thanks to the rising cost of labor and materials and supply chain shortages. Roger Pettingell notes that the cost of buying real estate in South Florida has risen by as much as 30% since 2021, and he recommends that those who are interested in investing in real estate in the area do so in a timely manner.
There are many reasons why buying a home in South Florida is an ideal investment. Inflation may push prices, but buyers can take advantage of tax breaks, flip the property at a profit, or put it up for rent when not in use. Even so, Roger Pettingell quickly points out buyers should do careful research before investing in South Florida’s real estate market. He urges buyers to ensure they have the funds for the property and maintenance and repairs. Furthermore, he encourages would-be buyers and investors to ensure they have funds left over to enjoy Florida’s activities to the fullest. With proper planning and the help of an expert, Pettingell notes, buyers will find buying real estate in South Florida an ideal investment.
