South Florida is known as a haven for snowbirds – northerners who move to a warmer southern state in the winter. The population for much of Florida, including Delray Beach real estate, rises during the winter months where many of these seasonal residents spend 3 to 6 months in one of the warmest areas of U.S.
Snowbird Demographics in Delray Beach Real Estate
Most of Florida’s winter residents are retired which allows them to live half the year in one location and the other half somewhere else. This is why you will find thriving 55+ communities in several locations around Delray Beach real estate properties, as well as all across the state of Florida.
Florida residents know that many of their seasonal neighbors originate from Canada, where the coldest months of the year cannot compare to what Florida temperatures offer. However, Delray Beach real estate professionals are noticing a recent trend that is tied into the Canadian currency.
Exchange Rate Woes and Joys in Delray Beach Real Estate
Right now, the exchange rate between the U.S. dollar and Canadian dollar is $1 to $ .70. This is causing a number of Canadian home owners of Delray Beach real estate to sell. This allows Canadian home owners to reap profits from the rising U.S. dollar to boost their Canadian dollar value.
In addition to this benefit, Canadians are enjoying the U.S. housing market rise as it recovers from the mortgage-lending crisis that hit the States about 8 years ago. It was at that time when many Canadians scooped up low cost deals in Delray Beach real estate.
However, those past Delray Beach real estate deals are costing Canadians a lot of money today. The drop in their dollar means it costs them a lot more to just maintain a property. For example, a $100,000 in American dollars is about $140,000 to $150,000 in Canadian dollars.
This also affects the cost of living for Canadians living in the South for 6 months or so. A $100 round of golf actually takes $140 of their Canadian dollars, which can add up quickly.
Deals for Sellers and Buyers
Real estate analysts are expecting 2016 to be a stellar year for the real estate industry, and this particular area may just prove to be one of those successes. Some 55+ communities where many Canadian residents have staked their claims and choose to reside, the available inventory has actually risen. Many homeowners are suddenly putting their units up for sale, which is great for anyone looking to move into an active adult community.
There are many more choices and options available, and are expected to be listed.
With Florida’s high season well underway, the overall pool of buyers looking at 55+ community properties are slowing down as typically happens during this point in the year. The shrinking demand and increase in inventory means prices are beginning to need to be adjusted.
If you are on the buying or selling end, the time to move is soon! Take a look at 55+ and other available properties in Delray Beach real estate and other great places in South, Central, East and West Florida for some fantastic deals now!
