In the 1960′s a two bedroom box home in Florida went for $6,999. In 2006 a typical home in Tampa Florida went for $240,000. As prices soared in not only Florida but also all over the United States, more people were forced to look for places to rent instead of buying their home.
The prices were so high that they were making national news on a daily basis. Then, when ownership dreams for all but the rich were quickly diminishing, a ray of light began to shine.
Just as quickly as they had risen, prices began to drop dramatically in 2007, when the real estate market crashed. National sales dropped about 35% on average. Despite the drop in prices sales did not begin to increase until 2012. The price on homes began to rise in the same year by around 4-6%. The highest rise in prices has been in Florida at 12%. Although most people do not like spending extra money, a poll revealed that most people are for, not against, the rise in prices. They believe the extra money would help boost the economy.
Unfortunately for businesses, it is not only homes that are experiencing the roller coast ride prices are on. Commercial property, including florida commercial real estate have also been on the same ride. After a dramatic drop in prices and sales, commercial properties in Florida finally began to stabilize and eventually start to rise in 2011.
Experts agree that real estate prices all over the United States will likely stay low through 2013, before beginning a gradual rise again. However, they also say we aren’t likely to ever see record highs again in the future.
This news is exceptional for those living in the United States, but in Canada housing prices are at record highs, which leaves only one direction it can go, down. Maybe someone should show them the records on housing prices in the US for the last 10 years, before they find themselves in the same real estate recession we have been living in.