The Real Estate Market: It's All Relative
Jul 14, 2024
I'm baaack!
In the Sunshine State that is..
After some time in Colorado with the family, we're now rehydrating (humidity is a real love/hate relationship π) and reflecting on the time we had.
We visited Ouray, Durango (where I was born), and Telluride in the Southwest corner of the state.
Here are a few pictures from the trip (Ouray, Telluride, & Million Dollar Highway, respectively):
Relevant to today's note is one of my guiding principles: it's all relative.
π‘ There's no greater way to get a clear perspective on your local market than by leaving it and visiting other places around the country.
This is incredibly important to do given how our market has changed and the number of people relocating to the state and Northeast Florida.
Let's discuss π
Real Estate: It's All Relative
First, let me start by saying Colorado is a beautiful state with so much to offer. β°οΈ
The skies were blue, the air was crisp, and the landscape was like nothing we see in Florida.
In fact, after we got back, I kept thinking how a lot of our city (between downtown and the beaches) lacks character and is mostly single story strip malls.
Don't get me wrong, I love Florida and our city, but these are things you become blind to when you've been here a long time. π΅
Before we go into real estate, we should talk about cost of living.
While not a complete comparison, I can tell you that every major store charges $0.10 a bag fee when you check out and use their bags (or has built that into their item prices).
Also, groceries felt 20-25% higher.
If you were to live in Colorado, you'd pay 4.4% more in state income tax and ~1% more in sales tax on everything you buy.
Look at the various websites comparing states and you'll see Florida routinely ranks ahead of Colorado for a range of characteristics - especially economic factors. π§
Now, let's compare average home prices from June 2024:
I added Fernandina Beach and St. Augustine in the mix for Northeast Florida as they are our vacation destinations that match up to the Colorado towns well.
As you can see, home prices are also typically higher in Colorado - even in the destination spots. π²
Finding Opportunity
While no market is perfect, getting a chance to experience life in another part of the country helps you to get more clear on your local reality. π§³
When it comes to affordability, it's no surprise to me that people would flock to Florida from all different locations.
Compared to 4 years ago, everything feels expensive. π°
But go outside Florida and you'll find that it's probably even more expensive in comparable locations.
β As a real estate professional, I think it should be on everyone's business plan to spend time outside our market (even if it's just other cities within the state) to try and gain perspective on our local market.
Take it one step further and look up another Realtor to connect with and build out your referral network. π
I'm sure you'll find it personally and professionally rewarding!
Where will you plan your next trip to get some perspective?
Orlando, Tampa, Miami, etc. might be a good place to start. π
Here's to a fantastic week! π
Dr. Alex Stewart
Founder
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