According to professionals, Gainesville real estate market is slowly doing well. The area does not have any problem when it comes to selling because a lot of people are being attracted to the old feeling of living in Gainesville. The real estate market is slowly recovering from the recession it experienced in the state’s history. There are foreign and domestic investors who continuously enter the state to look for quality investments. Even life insurance companies started to invest again in 2010.
On the other hand, Gainesville suffers from increase unemployment rate of 12.3%. It is the highest level recorded since the 1970’s. Companies are not increasing workforce thus there is no need to increase office space. Companies are not willing to spend enough money. According to a report done by University of Florida, people are buying apartments rather than owned a real house. Condominiums are increasing in prices around South Florida and downtown Miami.
Gainesville is a beautiful place that real estate professionals agreed that buyers won’t have any problem looking for the best location for investment. Gainesville is diverse in culture and anyone can buy homes at a reasonable price. The key to buying a good place to invest is by studying and analyzing the real estate market of Gainesville. There are many options to choose in this city from homes for sale, condominium, and lands that are affordable in rate. Gainesville has many amenities of a large city that students and professionals will find enjoyable. There is Oaks mall for shopping and University of Florida for education. Families can enjoy parks and recreation such as Newman’s Lake, Paynes Prairie, San Felasco Hammock Preserve State Park and Kanapaha Botanical Gardens. Gainesville also offers lakefront homes, secluded country lots, and historical Victorian homes. Buyers can also find golf and country homes, mountain houses, river homes and even log homes.
In the 2010 report of Gainesville real estate market, statistics shows that in the 3rd quarter the Historical Home Price Appreciation has declined from all time high of 20.93%. On the last 20 years was 121%, last 10 years is 60%, last 5 years was-6%, last year was -8.9% and on the last quarter was -1.40%. Gainesville performed better in the last quarter because it reached the 7th percentile. Many professional real estate investors are hopeful for the future of Gainesville real estate market. They have a positive outlook that the Gainesville real estate market will be in the market for so long. A growth in the medical field has helped the economy. Buyers who have a lot of money have more options and can buy more lands. Buyers are starting to look at commercial and residential real estate.
But professionals are also worried that the slow job rate of Gainesville could affect the performance. There is also foreclosures and tight-lending. They also concluded that home builders built homes and put low prices. The changing of land laws affects the economic development. Students who are looking for a place to stay around University of Florida are increasing. What they need is more banks that will take care of their loans. These are all just what the city of Gainesville is facing in the real estate market. The important thing is having patience in investing. That their efforts will soon paid off.
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