South Florida’s real estate market is changing fast, and Real Estate Expert, Sal Buscemi, joined Inside South Florida to share his expertise on the current state of the market and tips for investors.
“There are two functions right now that are going against buyers. What's happening is higher interest rates are affecting people who are dependent upon loans to get mortgages to be able to afford homes, usually in lower barrier to entry neighborhoods,” says Buscemi. “You’ve also had a lot of cash buyers come in and disrupt the entire market, especially in areas in Southern Florida. It seems to be a full-on migration.”
Miami is a known vacation destination, but it has also become a permanent residence for those seeking relocation.
“I'm a native New Yorker myself, and there's really nothing much to move back to. Miami is really pushing itself to be the crypto capital or the crypto Wall Street,” says Buscemi. “You're starting to see Miami, especially Southern Florida, pay a tremendous amount of attention to attracting people as a permanent tax base.”
Choosing to invest your money should not be taken lightly. Buscemi provides the top virtue needed by investors in the current economy.
“If you're looking to get into something as an investment, I think the opportunities are going to come soon. You just have to be patient,” says Buscemi. “You also have to realize that you may need to consider a longer duration to realize good strong investment gains.”
For more information, visit InvestingLegacy.com
This Inside South Florida segment is paid for by VIP Media.