HOUSING INVENTORY CRISIS IN FLORIDA? WILL PRICES COME DOWN? 📉💲
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- Опубліковано 29 вер 2024
- If you are planning on buying a Florida home, this episode is a must-watch!
Did you know that Active Florida Housing Inventory in January 2024 has increased 295% when compared to January of 2022? That’s almost triple the number of houses for sale in just 2 years! What does this increase in inventory mean for Florida buyers & sellers? Does an increase in inventory mean a decrease in prices?
In this episode, we will explore what the current inventory is like in the State of Florida, compare those numbers with previous years and explain what all of this means for you. It’s a good one!
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Melanie Atkinson is a Tampa Bay Area REALTOR® with COMPASS (at time of filming with Smith & Associates). She is a full-time, residential REALTOR® with over 17 years of experience. Whether you are new to the Tampa Area or a long-time resident, Melanie is here to help you navigate the buying & selling process. This channel was started because Melanie loves to show newcomers to the Tampa Area, or those pondering a move, why it is such a special place to call home ❤️🏡
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An increase in housing inventory does not make a desirable market because the crushing high taxes and homeowners insurance are a major factor in overall unaffordability. 😢
As well as higher interest rates and skyrocketing HOA fees.
I agree! Inventory is just one part of the housing market. Affordability, especially in Florida, is a huge problem for all the reasons you mention. Buyers are getting crushed from all directions. If buyers are looking for price or payment relief, it has to come from somewhere…lower interest rates, more inventory, insurance policy changes, etc. I am always in the lookout of where it will come from!
Thats all true. But then again I think you are underestimating the "make it rain" power. I moved to South Florida recently. My employer priced in the $10K+ property taxes, crazy high insurance and other factors into my comp. So effectively, I don't care. Of course this doesn't help native or middle class Floridians...but as harsh as it sounds the market doesn't really care.
Let’s talk about the condo market. HOA dues and insurance are unsustainable.
Inventory will continue to rise over the next 24 months prices will go down
Real Estate is local. Punta Gorda, Port Charlotte and North Port is a whole different story.
The real estate doomsday channels on YT get tons of views. Even though they've been dead wrong for 3 years. 😂
They do! I understand why people want to believe the doomsday message and of course, anything is possible. But, if you need a house and you’re waiting for a big price drop, you have to look at what is happening on the ground level in the city/state you are buying in. Price drops like what we saw before took years to unfold and waaaayyyy more inventory. Maybe we will get there…but we aren’t there yet 😊
Prices are still double. Insurance and taxes will finish the job. Installing a new roof and gutting the house because it was. Ever updated, horrible investment. Now that buyers will have to pay an agent commission directly, dual agency will now generate a huge volume of lawsuits. Not a good place to buy. Cheerleading the market won’t save it.
I have lived in south Tampa all of my life I'm so glad a more stable market is coming but I personally believe they will come down because of the insurance sit I'm preticting much lower because buyers will want new construction to qualify for the least insurance rates that will dictate the market the cost of overall home ownership in Tampa Cape Coral will boom with new infrastructure and the inland panhandle will boom off the coast will be in much higher demand I predict but hop for the best I've seen all the booms of the past the economy and jobs will be huge factor too hoas etc
Not normal was fun but totally agree with you on not seeing price declines anytime soon, or ever again because of the inflation. Love your videos!
Thank you so much 💕
it does appear by the time inventory were to ever catch up, we will printed another 5-10 trillion dollars
Selling in precovid period sucked. Buyers were scarce and prices declined. Prices are just beginning to decline. Watch.
Hi Melanie. Any chance you can shoot a video of property tax, how to calculate the tax? Thank you :)
Its just a gully.
Enjoyed Your video. But can't help but notice you sound like a Miami realtor from six months ago. Now "bullet proof" Miami has exploding inventory / price drops. Jacksonville is heading the same way. Will Tampa and Orlando be a firewall? Or just the last to fall. I think the later.
Thank you for watching and for your comment! This video was meant to be a broad look at the whole state of Florida’s inventory. The individual stories within each submarket are definitely important, especially if you are looking to buy. I think breaking it down by area would be a great follow up video 😊
Will the lowering of interest rates create an even worse situation?
Im looking to releocate my family to the Wesley Chapel area in the near future. Thank you for your reasonable assessment of the current housing market in Florida.
It is my pleasure! Wesley Chapel is a wonderful area! Let us know if you need help!
Florida is a special case . In that Florida like Texas is currently having a massive influx of people with no let up in site . This influx is not just adding to the housing shortage . But it's also helping to keep home prices highly inflated . So no , even with Florida's crushing Insurance costs . Prices will not be coming down anytime soon , if at all .
Yes, thank you for the comment. Our population rise is a huge factor, just like Texas. Plus, the older population is living longer and staying put in their homes. It’s such a crazy combination of factors that are effecting buyers 😕
Your delusional if you think Florida prices not going down big.
Lookin foward to Florida fire sales
Well done video, I think the only thing you didn't emphasize is how location specific the inventory and pricing is all around Florida vs the media click bait statewide statistic. Looking in areas like Tampa, Cape Coral, Naples, Miami, could mean a huge swing of 0%, -10-30% off ask even with high inventory and long days on market depend where you look. Further out from the main metro areas you get, or the less desirable areas of the big markets the more sellers are hurting by not pricing aggressively to move their home still trying to get 2022 prices.
10 months inventory in Punta Gorda 8 months in Babcock ranch
Port Charlotte even worse. My mother-in-law can't even give away her dated 2-2 condo in 55 and over. 2 months on market and not one showing. And they got hit good the last hurricane.
10 months inventory in Punta Gorda 8 months in Babcock ranch
My dream of owning a condo beach vacation home is over :(
Well done, Melanie! Your calm analysis of the market is excellent.
Good video
Very nice, professional presentation.
Thank you 💕
Thanks for clarifying. Just one thing. What if the Fed cuts rates
How many months of supply would be necessary for prices to come down, in your opinion?
Anything over 6 months I would consider more of a buyers market. To get the 25%-50% price decreases that we saw in the great recession we would need to see a massive inventory increase…over 12 months of inventory