December 10, 2024
FLA Real Estate Downturn - A flashing warning signal?

FLA Real Estate Downturn – A flashing warning signal?

The average cost of property insurance in Florida is now over $11,000/year. Which is causing many homeowners to be forced to sell their properties.

As a result – homes for sale on the Florida housing market is rising fast in 2024, particularly in metros like Miami, Tampa, and Orlando.

FLA Real Estate Downturn – A flashing warning signal?

FLA Real Estate Downturn - San Diego Residential Property Outlook

It’s unlikely ( depending on how bad the real estate market gets) that Florida’s slowdown will cause a nationwide downturn in real estate. Here’s why:

  • Florida’s Market Unique: While Florida’s housing market is experiencing a cool-down, with rising inventory and slower price growth, experts predict it won’t be a dramatic crash (but then again, when it comes to real estate predictions many so-called experts especially the ones active in or related to the real estate industry, always seem overly optimistic). Factors specific to Florida, like high property taxes and insurance, might be playing a bigger role than national trends.
  • National Market Different: The rest of the country’s housing market is showing different signs. While there’s a slowdown in some areas, inventory isn’t surging nationally like in Florida.

However, Florida’s situation could have a ripple effect in a few ways:

  • Investor Impact: If Florida investors lose confidence and sell off properties, it could affect some national markets. But this is likely to be limited since Florida is a specific market with its own attractions for investors.
  • Nationwide Housing Psychology: A downturn in Florida could add to a national sense of unease about housing, potentially leading to more cautious buyers in other regions.

Overall, it’s best to consider Florida’s situation as a regional trend, not a definitive (yet) sign of a national housing crisis.

FLA Real Estate Downturn – A flashing warning signal?

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