The future is bright for First National Title Insurance Company (FNTI) in the state of Florida. All key indicators show the Florida real estate market is hitting on all cylinders. The FNTI Florida Agency Department is ready and open for business to assist agents in this busy market. Our team has been working on additional software solutions and streamlining processes to better service our agents in Florida.
Market reports show positive aspects regarding the Florida economy and recovering real estate market in many areas. New construction is on the rise across the state. Homebuilders are regaining confidence and noticing the growing consumer demand due to lack of inventory as the population grows and more millennials become first-time buyers.
Key findings in the Cushman & Wakefield report show:
■ Florida’s population will reach 20.7 million by the end of the year. In 1910, the state had a population of 1 million people and by 1980 it had grown to 10 million.
■ Florida’s population grew by more than 1,000 people per day—a pace that has accelerated over the past year. Jobs are the No. 1 reason people are attracted to the state. This trend is driven, in part, by the economic challenges in Puerto Rico where the population has declined by 1.7 percent over the past year, with most exiting residents settling initially in Florida.
■ Retail sales continued to highlight consumer optimism and a favorable local economic climate. Florida’s economy enjoyed elevated consumer confidence despite uncertainty at the national level caused by the upcoming presidential campaign. Retail sales were up 5.6 percent in the last 12 month.
The timing could not be better for FNTI’s entry into Florida. We are actively engaging prospective agents, and the feedback has been tremendous. We are ready to assist with the local agent’s underwriting needs as the market continues to grow and flourish.