Bad News for the Orlando Florida Real Estate Market
Вставка
- Опубліковано 15 жов 2024
- Worried about the housing market? Considering all the news about a housing market crash, foreclosures, and inventory problems, I get why people are scared and confused. In this video, I'll be cutting through the cloudiness and presenting the bad and the good about the Orlando Florida real estate market, so that you can make sense of what's happening locally.
Hi there! Thinking about relocating to the Orlando area? Team Williams, Your Orlando Relocation Experts, are here to help.
L E T ' S C O N N E C T !
Schedule a consultation: bit.ly/TeamWil...
CALL or TEXT ➳ 407.230.7305
EMAIL ➳ teamwilliams@compass.com
Get our UPDATED Orlando Relocation Guide ➳ bit.ly/2023REL...
Find your home ➳ bit.ly/48way1n
MORE R E S O U R C E S:Get Your Home Valuation ➳ bit.ly/45XoG1M
www.TeamWilliamsOrlando.com
F O L L O W U S:
Instagram @teamwilliams.orl
Facebook @teamwilliamsorlando
SUBSCRIBE to our channel for more great Orlando real estate info!
/ @kathywilliamsorlandor...
We are so grateful for all of our subscribers, both clients and real estate agents. Thank you for watching!
#orlandorealestate #orlandofl #orlandorealtor #movingtoorlando #orlandohousingmarket #floridahousingmarket #floridarealestate #realestateadvice
Bottom line is that real estate is cyclical and real estate prices vs HH income is the most unaffordable it has ever been, even more unaffordable than 2006 / 2007. So the next cycle will come there is always an unforeseen black swan event that happens. I can't tell you exactly when but it will most likely happen in the next 16 months. There is a half a dozen things that can be the black swan event in the making. Just remember it is a real estate persons job to sell houses if they don't sell they don't eat so.....
high cost of living, HOA, Tax, insurance, and roof replacement would make owning a home in Florida undesirable. One bad hurricane would blow a lot of people out of the state.
The analysis that your sharing, can you provide the source of analytics? Link?
Hi, most of our sources come from SunStats. It's a market research tool that shows all kinds of real estate data for cities and counties within Florida. Sunstats pulls data from across different MLS systems. Other sources we use are Mortgage News Daily, FRED, Altos Research, and Yahoo! Finance.
i live in deland. i also have a house in northern michigan i just sold for 180,000. if the michigan house was in deland the price would be double what i sold it for.
I’m sure it would! There are not really any homes in Central Florida for under $270,000.
Market is fixing to tank
Home prices are declining all over the area of Tampa Bay. Pluthe is also starting a neighborhood near me with home starting at $169,000.
That bullshit builders can't survive building at that price.i live in Melbourne the cheapest house in a development is over 300000 and for the starter model goes up to499000 for the upper models.
I agree! No way Pulte is building homes for $300k in Tampa Bay. Land prices are too high and labor and materials are still high.
Thanks for at least admitting its not a great time to buy a house. Your analysis left out the most glaring reason to not buy a house in todays market. High interest rates are not the primary reason homes are unaffordable, record high prices are. Your comparison of todays interest rates with historical rates is very misleading. In the 70’s, 80’s and 90’s when mortgage rates were in the same 7.5 to 8% range, it only took 25-35% of average household income to cover the average house payment, taxes and insurance included. If you tried to purchase an average priced home today the same PITI payment would be 50% of the average household gross income, which is a record high and you obviously wouldn’t qualify. Either wages over the next several years have to increase substantially or prices have to fall, especially as the market is no longer propped up by high migration. You can guess which way the market will correct.
Still booming in Tampa
It’s bad
I do not think I am interested to buy at this point. Just look at the history of the price. Home prices more than doubled the price since 2020. I do not think investors will want to invest on something look like this. Real estate look like a crypto at this point.
Where do you see data that shows home prices have doubled since 2020? I don’t see that data anywhere in the Orlando area. The highest I’ve seen is around 30-35%
@@KathyWilliamsOrlandoRealEstate I think price history will destroy this market. Looks like inflated prices on steroids.
Did you delete one of my respond ? Because I have provided an example around where I leave. I used to be able to buy that apartment for less than 200k in 2020 and the price of that apartment is on sale for 365k. Just look at the price history and chart from Zillow. 30-35 percent increase maybe possible for new homes in the middle of no where in Orlando. Why people are selling a houses that was bought last year ? There are many house on sale on Zillow that was bought last year. It is called panic selling and inventory is getting high very quick. Market has so many available brand new homes and used ones available at this point. On top of that 8 percent interest rate and all I am going to say is good luck to the people who are buying house nowadays. The other thing is interest rate is more expensive than the rent now with 20 percent down payment. I am not sure what is going on but the market look weird.