The hot real estate market in the southwest of Florida has witnessed a worrying slowdown. Real estate that will quickly sell it is now sitting for several months, which raises fears between homeowners and real estate professionals.
Darlin String has been trying to sell her mother’s home in Fort Mires since last November.
“Make me wonder, will that happen?” she Wink News said.
“He was on the market for approximately 157 days. Not only four people looked at us.”
The data indicates that the situation in the southwest of Florida may be an indication of the broader challenges in the real estate market throughout the state.
House owners at Fort Meers face increasing frustration because their homes take longer for sale than they expected.
local Data The properties are now displayed on the market for about 100 days – on the sharp contrast two years ago when you spend homes closer to 50 days on the market.
“I had one property that was on the market for 10 months and did not sell.” Tell Gulf Coast News today.
“We got offers, but they were all a low ball.”
This is not just a problem with Fort Maires. A similar slowdown in cities across Florida, including major urban areas such as Tampa and Miami Bay.
In southern Florida, homes now take 90 days for sale, according to CBS News Miami Compared to 60 days a few years ago. In Tampa Bay, the average number of days when homes remain in the market as well ABC Action News Reporting a rise in inventory and switching to what the agents call Jupiter.
For Strange, who told Wink News she needs revenue from selling her mother’s home to cover her mother’s living expenses, the market cooling could not have occurred in a worse time.
She said: “We are entering the point where nothing happens during the next year, so this will be a very frightening situation.”
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The slowdown in housing that occurs throughout Florida reflects national trends in the United States, including high Mortgage ratesto rise Home insurance High standards and list prices.
The cabinet returns, which affect the costs of borrowing the consumer. Mortgage rates for 30 years in the United States Almost 6.9 %. High mortgage rates reduce the purchasing power of home buyers. For those who are thinking about buying a house, increasing mortgage payments, with hundreds of dollars that are likely to be monthly, can mean the difference between making a decision to buy a house or not.
Insurance costs also increased in Florida, as natural disasters such as hurricanes and floods were sharply paid. In fact, climate -based disasters lead insurance premiums throughout the United States, for example, in the Middle West states, cold storms caused the insurance premiums to rise quickly, and some insurance companies refuse to cover homes in weak areas.
According to Wall Street JournalSevere storms cost insurance companies $ 58 billion in 2024. The US Consumer Union says that homeowners in the United States faced 24 % increase in home insurance premiums In the past three years. Additional insurance costs are another factor that increases the deterrence of potential buyers from entering the market.
In addition to all this are the prices of homogeneous homes that are still standing from the housing boom during the epidemic. This combination of factors creates a difficult environment for both buyers and sellers.
The good news is that the slowdown in housing in Florida seems to reflect the market correction rather than collapse. Yes, home prices in the state decreased over the past year, but only about 3 %, and they settled.
The slowdown led to the accumulation of inventory in cities such as Fort Meers in the southwestern part of the state, which may prolong the market correction in these areas.
The long -term effect may be more anxious associated with the increasing cost of insurance. If the installments continue to rise at the current rate, you may put the ownership of the house outside the reach of buyers for the first time.
According to The Policy Center for the two partiesSome home owners choose to abandon insurance completely, which may expose their 1 assets at a high risk. What’s more, as insurance companies leave some markets due to climate risk, it can also affect the rights of current homeowners ownership.
Therefore, while the Florida housing market does not seem to be collapsing, there is a crisis of the ability to afford the costs created by the high real estate and insurance costs. This can prevent those who can buy a house, in the areas they can do so and the degree of risk they bear.
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This article only provides information and should not be explained as advice. It is provided without guarantee of any kind.
