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Fox News real estate contributor Katrina Campins joins \u2018Varney & Co.\u2019 to discuss Florida\u2019s housing boom, the blue state wealth exodus and why soaring luxury demand is pricing out first-time homebuyers.<\/p>\n
Florida dominated a new list of markets attracting out-of-town shoppers for newly built homes, with outside shoppers generating more than 80% of new-construction views in several of the state\u2019s metro areas.<\/p>\n
Lakeland led the nation, with out-of-town shoppers accounting for more than 83% of new-construction views during the second quarter, followed by Cape Coral at 82.4%, Port St. Lucie at 80.9% and North Port at 80.5%, according to a new Realtor.com report.<\/p>\n
Nationwide, 67.2% of views of new-construction listings came from out-of-metro shoppers, compared with 65.4% for existing-home listings.<\/p>\n
Durham, North Carolina, rounded out the top five at 80.2%.<\/p>\n
FLEEING FOR THEIR FUTURES, A CALIFORNIA EXODUS UNLEASHES A FLORIDA ‘GOLD RUSH’<\/p>\n
Out-of-town shoppers accounted for more than 83% of new-construction views in Lakeland, Florida. (iStock)<\/p>\n
Deltona, Florida; Charleston and Greenville, South Carolina; Stockton, California; and Augusta, Georgia, also drew strong interest from out-of-market shoppers, the report found.<\/p>\n
“The new builds are competitively priced in these metros, so out-of-metro buyers who maybe did not necessarily have new construction in mind find lots of new builds that fall into their price filters,” Realtor.com senior economist Joel Berner said in a statement.<\/p>\n
Affordability and Sun Belt lifestyle are among the major factors driving out-of-market interest in those areas, according to Berner.<\/p>\n
BILLIONAIRES AND BUSINESSES FUEL GROWING EXODUS FROM BLUE STATES<\/p>\n
Durham, North Carolina, rounded out the top five at 80.2%. (iStock)<\/p>\n
The difference in metro-wide median new-construction listing prices can be substantial.<\/p>\n
Lakeland\u2019s median new-construction listing price was $315,821 in the second quarter, compared with $1,946,685 in Miami. \u00a0Many shoppers viewing homes in Lakeland came from Miami, Orlando and Tampa, the report found.<\/p>\n
Cape Coral, meanwhile, attracted shoppers browsing from Miami, New York City and Chicago.<\/p>\n
Brian Stephens, a real estate agent and team leader with eXp Realty in Lakeland, said builders are also attracting buyers with closing-cost assistance and mortgage-rate buy-downs.<\/p>\n
OVER $126M IN 60 DAYS \u2014 FLORIDA REAL ESTATE TYCOONS SAY BLUE-STATE WEALTH MIGRATION IS NOW PERMANENT<\/p>\n
Affordability and the Sun Belt lifestyle are among the major factors driving out-of-market interest in those areas. (iStock\/Getty Images Plus)<\/p>\n
“They have slightly more inventory, and they offer to pay for the buyers’ closing costs and even buy the interest rate down,” Stephens told Realtor.com. “Why purchase a resale when you can purchase a new home and get a warranty and everything is brand-new?”<\/p>\n
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Those incentives are becoming increasingly important as builders compete for buyers nationwide.<\/p>\n
Nationally, the median asking price for a newly built home was $450,256 during the second quarter, down 0.1% from a year earlier, according to Realtor.com.<\/p>\n
#markets #drawing #outoftown #newhome #shoppers #report<\/p>\n","protected":false},"excerpt":{"rendered":"
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