Alachua County home buyers and sellers are seeing home values slowly increasing at an estimated rate of 5 percent, causing a steady growth in the local real estate market.
“It’s all good in general for the whole economy, the whole cycle of real estate,” said Greta Rice, broker and sales manager for Town of Tioga.
Some buyers, such as in the Town of Tioga neighborhood, have already started taking advantage of low interest rates after a period of stagnancy from prospective buyers.
“A lot of people, because of the crisis, have held back from making decisions on their families. But the families still grow,” said Lucas Diaz, director of development for Town of Tioga.
Construction is also improving, which creates a positive cycle, benefiting other areas of real estate.
“Construction is getting to be the big thing now,” Rice said. “We’re glad, because if you see new construction popping up in the economy, or in our town, that new construction fuels all the different aspects of purchasing and selling.”
Diaz said the new construction combined with the low interest rates makes people feel like this is the right time to buy.
“It’s giving people a better feel that this is the right moment,” Diaz said.
Jensen Werley wrote this story online.