If you enjoy this video, be sure to check out my latest Florida Housing Market video here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-nawBZY6tWwY.html
We have an entire neighborhood here in St. Pete called Shore Acres that has flooded out (1200 +/-homes x2) in the last 2 years. Needless to say, for-sale signs are popping up like weeds in Shore Acres. Those wanting to stay now have to choose to tear down and build up or raise their home above flood levels. Very expensive options either way.
Sounds like it's an area that shouldn't even have been built on without proper provisions. Developers shouldn't do that. But the town shouldn't have allowed it either.
@@joewoodchuck3824 Yes, to a certain extent. Homes in Shore Acres date back to the early 50s, and the last development was in 1999. So, it's really the older homes that have "failed". That aside, FL flooding problems began in 1968, when Congress allowed for homes in flood zones to be insured. That was the first domino to fall. Then, the affordability of the A/C. :-)
@@joewoodchuck3824I live in Florida and like the other commenter says, it’s usually older mid century homes that are more likely to flood because the issue of flooding wasn’t as much a concern then. All new homes built built after 2000 in my neighborhood have been elevated by about 5-8 ft.
@@joewoodchuck3824 That's most of Florida...I agree with you. They should have let swamp land stay swamp land. Greedy developers, and it will never end.
I have lived in Florida all my life, and I've never seen nothing like this.I'm calling this the perfect storm. Property taxes, Car insurance, Home owners insurance, The new condo laws that starts in 2025. Will equal to more homeless people. This is unsustainable for the next 10 years.
You forgot the "new" mandatory flood insurance. Mandatory because no matter how carefully you chose your location, EVERYBODY must pay into the insurance pool to cover people who bought in flood zones.
Wondering what will happen long term. Prices are unaffordable for workers, young families, and recent college grads and the pay here is low so workers often have to look to other states. The boomers were one of the biggest generations ever. When sales to boomers slow down, over the next 5-10 years without that demand from younger generations, I think house prices will tank
Polk County FL here. Inventory is exploding here. Mostly high-end homes on the market. $500,0000 and up. I think high end homeowners are fleeing due to high taxes and insurance. But they sure are trying to pass their mistake onto others at even higher prices than what they paid! Homes are way to high here! They start way too high and do not want to lower their prices even when they don't sell. We have houses here, that have been on the market for over a year with no price cut, and even if the seller does price cut, it is by such a small amount that it makes no difference to buyers. Buyers literally have to sit on the sidelines and wait for these greedy people to come to their senses and face the fact that the real estate market is on the way down now. It is very frustrating to watch. Especially when we know WHY THEY ARE SELLING! They can't afford their homes anymore, so they are going to stick it even more to the next buyer! I hope buyers realize this and DON'T BUY! Wait for prices to come down or you will be in foreclosure in a year at these ridiculous real estate prices! Everything is going up, not just houses, so don't lose everything you have for a house! When people stop buying these houses will come down in price!
If I had the money for a higher end home, I wouldn’t pick Polk as the location. It’s too inland. I feel like most buyers in that category would rather be in the Tampa or St Pete area near the water which isn’t far from Polk. Or I’d go more towards Orlando where there’s more amenities although I4 is becoming more of a nightmare.
Pasco county here, same situation. Problem is all the investors used their properties as an ATM and pulled all the equity to buy more and more and more properties so now they can't drop prices and the pool of idiots willing to pay 500,000 for a 50,000 home has dried up😏 The foreclosure market will be booming in the next few years but the banks will leave the properties rot on the market like they did in 2008 to keep the losses off their books.
250k isn't too bad but still FL wages are ultra low. Median wages at Cape Coral is 65k for 2024. Meaning max should be 200k for that starter house. I would not go over 3x median income unless you love the house and plan on staying there for retirement. Also locals should vote to ban commercial Airbnb activities in their neighborhoods and work to taddle on the landlords doing it without permits.
Great analysis! Miami definitely led the trend with putting restrictions on Airbnb/STR, it would be interesting to see other parts of Florida doing the same
I think even 65k as an average is too high. 2/3 of the workforce individuals make much less than that. Everywhere you dine and shop, go ask those people how much they make. Not everyone is a one man show, but also, not everyone has someone to share the bills with.
@@johnmoore3504 label them as commercial real estate and the landlords lose their voting rights then as they need to live in there to get primary residence status. use taxes to buy land and build more from city side.
....well said. For the common man to qualify to buy a house, prices would have to be under $200,000. Most people I know, are lucky if they make $50k (teachers). $300,000 still too high, even for a 2 income household.
Price needs to crash in FL. I sold my house in Palm Beach county for $250k in 2019. I looked a few months ago at Zillow and it was estimated at $450k. Insane!
@@jonathantokatlitabban415 hmm!! they miss out.at this continuous rate all shall soon miss out.the idea should be to slacking the squeeze so that the people may not notice.
Exactly right! My neighbor is one of them. She and her family were living off credit cards since early 2022 hoping for a crash. Now, they have over $100k in credit card debt, no home equity, her husband was laid off and they are moving this weekend leaving their home here in Fort Myers to the bank. They owe $700k and it wont sell. They were told when they bought their home that they could refinance in a couple years. Fast forward, rates are higher so refi is off the table especially since their credit had crumbled with the missed credit card payments. So sad.
Insurance is not too high it's based on % of the house value it's the property value being too high. The idiots that bought are regards. That didn't factor that in. Including prop taxes.
also increase of insurance premiums of 50% is in line with house appreciation as well plus Florida isn't a safe place for a house anyway. But people wanna force prices up when locals cannot afford it anyway like idiot regards
I am under contract to close June 14th. My insurance is only $1823 for the year. And my car insurance is only $185/month for two cars. A lot of people talking on RU-vid about Florida but don’t really know. Some places if you live right on the water or in flood zone, insurance can be high. You have shop different quotes and push the agents
House prices here are still massively overinflated, especially in relation to how much the jobs pay here (pay is very low). It's insane. I bought high down here a couple of years ago but now need a bigger home, so I'm personally hoping that prices crash because we can't afford it right now.
Northerners can still buy homes in FL with the proceeds from the sale of their current home, and savings from being paid well. But it’s still unsustainable because they need too much money to actually live there, even with a paid off home. Do NOT quit your job if you are lucky enough to “work from home “. I am telling you…..major companies are being incentivized to send workers back to the office, by local and federal governments. Too many powerful people deeply invested in commercial real estate. And who will be first to go when the layoffs roll in? Those who won’t go back to the office. Easy decision. This is happening now. Consider the alarm raised.
Its outrageous that people bought homes for $200k 3 or 4 years ago and want to sell the same home with no upgrades for $500k in some parts of Florida. Also, people will buy a home lets say for $345k and a year later want to sell it for $490. Thats crazy. Greed, its just pure greed.
It’s not greed! It’s just you are either in that position or not! No one is forcing anyone to buy these homes. Everyone should learn their lesson 2008 2009 because I sure did because I lost my 260k, 85% financed Took a big depreciation value I lost it and they sold it for $55k auction. That was greed from the banks not regular people. The greed is the people that are renting out properties. I have a rental, but I was renting it for almost 50% less than what other people were because I’ve been in a situation and it sucks it really does. The government has a lot of blame for all this. We had the Covid situation and they gave money away, then the moratorium where people didn’t have to pay rent for over a year so that left landlords in a bad situation where they had to raise rent when the moratorium was lifted. My house taxes doubled in one year and since 2021 are up 120% I’m in the Tampa area just south of St. Petersburg and its chaos. Luckily for my area prices have stabilized. People are just making bad decisions paying too much for a car loan, etc.
@jamiethomas3306 It's greed on everyone's part. Investors come in and buy RV lots and raise leasing fees for the elderly living on social security in these $30k mobile homes. Some spots went from paying $400 to over$1000 on the Gulf coast. Also, many investors have swooped in and bought homes for cash, fixed them up, and they are now rental properties. Others have bought properties and turned them into air bnbs. But still, the biggest issue that I find scandelous is people wanting to profit $100k in 1 year in a home that is just a plain home. That's greed. The banks continue to give out these loans because they benefit, so its greed on their part, too, as well as realtors who are out to make more commission. It's greed all around. Smh
@@richardjohnson8114yes, they have not dropped as much as I would have thought. People are ever optimistic which I guess is a good thing, but having experienced hurricane ian firsthand, it only takes one personal experience to change your opinion!
I live on Miami. I used to be a mortgage broker and left in 2006, right before the bubble burst. Another indicator is that refinancing homes is starting to go up in Florida. I'm seeing a repeat and it's just a matter of time before the bubble pops again if it hasn't already.
I would have continued to listen, but I can’t take the music in the background. Not sure what other feedback you have gotten, but I prefer no music myself.
Subscribed and liked. Thanks for the great video. I wish and pray that Tucson housing would drops like Florida. Dear Ryan, could you tell me what paint color you like (main color and accent color) please? Thank you
Exactly! I’m in sw Florida waiting for the crash to buy. Don’t want to buy an over priced home in a crashing market. These sellers are either greedy or overpaid and they want unsuspecting buyers to take the fall for them. The realtors are mostly greedy lots.
Regarding Cape Coral specifically, cherry picking two really crappy houses is silly and disingenuous. The gulf access home is horribly dated and the reno budget for that is going to be well north of $300K. Instead of cherry picking look at the actual median sales data. When you look at that, CC has been roughly flat for the past 18 month with units sold up 13% year over year and just under 5 months of inventory, which is just about perfect. No crash here!
Ryan, Great video. Super informative. Have you done a review of the Marco Island area in South Florida? I would love to hear your opinion. Keep the good work. 👏👏
Having lived and worked through the 2008-2014 debacle doing over 300 Shortsales and flipping about 20M wholesale from Pt Char to Marco, you are spot on. It is beginning again no matter who wants to deny it. So much opportunity is coming-too bad I cannot find realtors who understand this or will to actually be Realtors! They've been order takes for so long they don't know how to work here. Wish I had a few who are willing to work it and ride it out. Kudos to for saying what no one wants to hear.
@@NikkiSabet-uc4qu #1 Get with a Broker who understands whats coming and how to HELP those who will need it, i.e. Defaults. Its early for short sales right now but as soon as the equity is sucked out of the market, and it will be, then the shortsales will begin. Foreclosures are already up but the banks will try and keep those in house with Forbearances and modifications. Problem is, you gotta qualify for a Mod (good luck) and ForeBs usually end up in Foreclosures. I like to call them, " Before-bearnances" . #2 Start lining up your investors because the deals will come. Learn and understand your individual market's numbers; # of listing vs historical, % of sale vs List price, PPSQFT, Resale vs New. New construction has an overwhelming amount of inventory and is really gonna see price drops soon esp in shadow inventory and is going to really put a dent in the resale market. Be aware of all of it! You will start to see the trends. And for God's sake UNDERSTAND WHAT HAPPENED in 2008/2010!! I keep hearing its not the same but people's/sellers/buyers reactions are quite predictable! Its not about WHY.....Its about the reaction to the WHY. Understand that this is about macro and micro cycles both economic and RE. Problem is, Realtors can't see beyond their own needs for closings: " Nows the best time to buy!" Yeah. Ok. Hope that helps.
Question...are insurance rates based on the anticipation of hurricane hits each year? And if so should the consumer receive a refund each year? If not unpacked by storms. Or are the extra funds put in a escrow account for future storms....and finally does the insurance company just take the profits out to invest in marketplace , Wallstreet and executive bonus!!!
Informative video with numbers to backup the commentary. BTW we watched on the TV, but couldn't get to comment/subscribe or like because RU-vid had moved to the next clip, I had to use the PC to get here; I'm using Chromecast with Google TV.
9:04 Another reason people leave FL: LOWER WAGES compared to Northern & Western states. The whole South pays less and don't like unions. If you're not military, its not worth it.
Great point! Yes there are definitely not many high paying job opportunities in Florida, you need to be retired or working for yourself/working remote for the most part
@@tonyzito4628I’m from Chicagoland suburbs and have lived in both Tampabay and Jacksonville and have been here for a while. My family is still up there so I keeps tabs. Your sister is the exception not the rule by far.
To make better money in florida you need a degree anything in the medical filed law. Post office if just working normal jobs you'll need 2 or 3 from the low wages people work their asses off in all the red states
25% more people move into Florida that what move out. Home prices are NOT decreasing anytime soon unless for condo's. St. Pete ranked second nationally for risong home prices.
I’m just south of you and I totally agree. It is a buyers market right now but for our area the Tampa area it is stabilized. We are in a El Niño area that the normal housing market are affecting others will not be affected here as long as you are own and not rent. I’ve been there lost my house in 2008. I know it’s a shitty thing now I own two houses free and clear. Unfortunately you’re either the lion or the gazelle. I’ve been both I get it.
PBS Nova did a study of hurricanes over the decades. In the 60's most of the hurricanes hit the atlantic side. With the warming of sea water, more and more hurricanes are making it to the gulf of Mexico. They then march up the gulf side of Florida.
I don't know how people can go to Florida and have retirement down there unless they have a good income coming in. Because the prices are very high down there.
our homeowner insurance and property taxes have been jacked, one of my little rental houses payment jumped $250 a month, I can't raise the rent $250? It's the insurance and taxes rising, when I bought this house years ago the payment was $700 payment, insurance & tax, now it is 1039.46 crazy
Can you look at the villages in Florida? I plan to move there and rent but would be curious to know your thoughts on where the market is a might go. Thank you!
The Villages is one of the best places you can live in the world, this guy doesn't know what he is talking about. All of the businesses that moved to Florida that were not here in the 08' crash. The Villages have a ton of passive income, the Villages are thriving, there is Zero drop off so far, they continue to expand.
The free market is adjusting itself as it relates to supply and demand. Business majors remember what you learned in Economics 101. Will it hurt some people financially? YES! When supply exceeds demand, prices drop. When demand exceeds supply, prices go up. Markets change. Welcome to reality. The bubble has arrived. Keep an eye on the markets,their might be some good deals coming up.
This is not indicative of a crash like 08. Like he said, 08 happened due to sub prime mortgages, which are not happening now. There is definitely a market adjustment in FL from the market bubble, but definitely no crash. As soon as interest rates drop a point, houses will fly off the shelf and prices may even increase.
cape coral was a mangrove swamp that got built on top of which is just stupid IMO so of course it floods a lot, dunno if it's #1 in flooding but it most certainly floods a lot there. They got lucky in 2022 because had that hurricane eye gone a bit more north & the cape got the same storm surge that Ft Myers & Naples got, much of cape coral would have been wiped off the map by Gulf water. Cape Coral is a disaster in waiting, its not if, it's when.
@@Bob-w2b8j not exactly, cape coral was developed much later than so many other places in florida because it was a super terrible place to build & develop. I mean sure all of florida is basically a swamp and many places there should have been left alone but seriously cape coral is in the bottom 1/4 if not bottom 1/8 of places there that should not have been developed & built on. There are some good videos on what a huge mistake cape coral was to develop
The reason Florida real estate prices are ridiculous is because people sell in other states where the housing cost and taxes etc are much higher. When this figure evens out much of Florida will only be for upper middle-class to Rich similar to the way California is. Florida has just been lucky they haven't had many more catastrophic storms.
Brevard county going up still. Commercial rent is ridiculous. They want to raise 4300 sqft shithole of a warehouse/office from 3100$ to 4200. Other places are even higher at 12-14$ a sqft.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
FINALLY PEOPLE WHO GET IT! I am planning on buying a house and am trying to wait to see what happens. In the last 3 to 4 years I have watched houses built in the 60s and 70s which sold for 30 grand new, houses that were about a steady 60 to 80 grand for years, rented for around 800 average again for years, go from that to landlords charging 1500 bucks!!! Because the neighbors sold the same houses for 140 grand??!! So I say that it's not sustainable because DUH and that I don't want to end up with a mortgage of 100 whatever grand that will be worth half in a year or two. I know I just threw up a bunch of words and hope I made sense. Anyways, when I explain to people why I'm waiting they're like nah that's not gonna happen. Crazy. I wasn't living in the states when all that went down in 08 or whatever but something tells me it's gonna be a lot worse. Because greed.
@@betsyogle8224 It's funny how every generation has to learn the exact same thing. Florida has always been cheap for. a. reason. Same thing with Phoenix and Vegas. there's a reason homes didn't sell for 600k in the middle of the desert before, and that reason still exists.
@@betsyogle8224most of it is but there are areas that I know of that aren't like that that are rural. I'll be buying 3 acres and one of those areas for 20K
@@CaptainCaveman1170yes the ignorance is astounding that someone will live in a burning hot hell hole like Arizona so they don't have to deal with the snow for 3 months in a nicer place
Greed is a constant. The real problem is the artificial conditions promoted by the government. They artificially dropped interest rates and illegally bought Mortgage backed securities that the market should have set prices on. They made foreclosures and eviction impossible, then allowed for taxpayer sponsored mortgage mods and 40 year mortgages. They also discourage building in many places and they allow corporations to participate in an unfair way in residential real estate.
Interestingly during the entire video, you never mention that mortgage interest rates have gone from roughly 3% to almost 8% in the past 2 or so years. This is why homes are not selling as rapidly or as high as they previously did. When the rates come down, the market will improve. But they won't come down to 3% as they were.
For that one house that you talked about the window in the bathroom door, those have built in blinds inside them, but I cringe on and windows in my bathrooms, and I often wonder why they’re put above a bathtub. A lot of people realize once they move here that they’d prefer an HOA, because they take care of quite a few things, but that does limit what you can do on your own property. People realize it’s way too hot to mow themselves and if they’re not in an HOA/Gated community (most of the time) that they wind up hiring one of the countless lawn care people to do it for them. That used to be rather inexpensive, but like housing it’s becoming a price gouging thing, as are many other services. People are just trying to survive here until all these idiots who are setting their own standards are out living high on the hog in those really expensive homes. As for the lower ceilings, those are not outdated. In fact more builders are going back to those ceilings, because those high ceilings costs a fortune in trying to keep a house cool in this ungodly heat we’ve been having. I see people complaining about $300-$500+ electric bills and in a fairly new home with those lower ceilings and my bill for the past month was under $140.00! So what you say is outdated, really isn’t outdated at all. We call those modern ceilings. I see some homes still selling for fairly high amounts. I get offers all the time from investors trying to buy my home, because it’s a corner house with an oversized lot. I get really tired of flyers in my door and the junk mail they keep sending me. I’m not selling. 😂 Everyone needs to be aware that just because a house might be in a gated community, that doesn’t mean it’s safer! In fact homes in gated communities get robbed the same as homes that are not in gated communities. The builders and realtors hype those up to push for a sale, but honestly they’re giving people a false sense of security. And as for the insurance hikes. I think a lot of people are going to ban together and sue the state for allowing for a double digit rate hikes, especially since the state hasn’t done 💩 to the insurance companies that bailed after hurricane Ian hit! There’s a lot of people that have become homeless over that nightmare and now Florida is being invaded by immigrants that are being smuggled into the country illegally. You’d be surprised at how quickly the crime rate has risen in areas with mass building going on, but hey let’s make all the builders, realtors and investors rich again! Right? 🤦🏼♀️
I personally feel that the housing market ended after 23 because over here in Sarasota county they're building these multi-million-dollar condos / penthouses that nobody can't afford downtown on main Street and everywhere that I do for pool service a lot of these homes were going for roughly $250,000 starting out and and they were maxing out around the high 800,000 over by Savannah Lakewood national and now those homes are roughly going for under $500,000 just like solaire which is at 400,000 to buy in. The market is already dead it's already stagnated and it'll get to the point where people are going to offset these expensive homes to downsize into more manageable homes and then eventually they will get too overpriced and I have to downsize again which will not happen because single family homes starters are not being built. It's a shame because I wanted to buy into a condo over here in Sarasota county I love being near the main Street area but more and the older parts but as of right now neither homes nor condos are safe that's buying. I think by the end of 25 start to see a lot of these homes foreclosed I'm shocked to see a lot of these waterfront Mansions by lido Beach and siesta key Beach being foreclosed or dumped on the market at a massive discount since the insurance and utility fees or HOAs are going to kill them
If you are a buyer, look for homes that have been “hurricane hardened”: reinforced trusses and additional roof tie downs, Hurricane rated windows or Hurricane rated covers - including doors, reinforced garage bracing, etc. insurance companies are REQUIRED by the State of Florida to give discounts for hardening and it can save half or more in premiums (thousands). A WIND MITIGATION study could be an inspection worth investing in when buying. Talk to the SELLER: maybe they haven’t mentioned they have done many of the upgrades and have the proof of the study and compliance with the updates! (A great selling feature) ASK them and provide the proof to a potential Insurance company who maybe won’t mention it - why give up all those extra $$$$$? (The State of Florida also offers programs to help cover the cost of hardening).
I’ve been in the keys for 24 years and remember the last crash, most steets you drive down there would only be a few families living there, all the rest were vacant with foreclosure signs. They were increasing home values so much and so fast that it just became unrealistic and with the economy slowing down people were letting their vacation homes go, building and renovating came to a halt and if our economy continues on this route we will be back in that same situation
I’ve lived in Florida for practically my entire life, and one thing I’ve always noticed about new people moving here is they think all Floridians are rich, and take into account the fact that we don’t pay state income taxes. In actuality, the majority of Floridians are lower class. Hell, majority of Floridians outside of the big cities are just swamp people. Anyone that acted rich was just playing pretend and racking up terrifying debt. Even in Miami, the fakest city in the south has a large majority of poor people. No one can afford this shit. They racked up these prices thinking we could afford it without a problem. They were dead wrong and now they get to experience some bankruptcy. This is justice for all the real Floridians who simply wanted to live calm lives. Not the California life that all of these newcomers thought we were living in. The saying goes, you move to Florida for a permanent vacation, then you leave Florida never wanting to return.
You will love Tampa! I grew up there and lived most of my adult life there. Cost of living has gone up significantly though and lots of traffic but there’s so much to do and it’s beautiful. Best of luck to you!
Do your darn homework and answer yourself. The answer is a heavy NO. you’re better off renting. Stop looking for an easy answer that’s biased against your own interests.
In Naples,FL the zip 34120is far from everything, very southeast of everything. Nice house but nothing ever went for a million their pre pandemic. Naples is a very big city 34120 is at the start of the Everglades driving to Miami. 35 min from downtown and about an hr. from North Naples, Ritz Vanderbilt Beach etc.
In Miami people have gone mad. An old house in an ok neighborhood that cost 320,000$ in 2017 now people want between 850,000 and 950,000. Beyond insane!
How are retirement communities doing? I am specifically thinking about purchasing a home in The Villages. Prices are dropping and the volume of homes are increasing. Do you think I should wait another year or will the end of this year be ideal?
Condos have never been a good idea. Everyone has to maintain the overall building or the building ages and crumbles around you. And should there be a natural disaster, you are left with a very expensive piece of air space.
Florida used to be the place you could retire on less income. That is/was the great appeal. If prices get out of wack with retirement income they lose a big portion of the demand.
Will FL change or tweak their new Condo laws? The HOA fees and insurance costs are just too high! Only the very wealthy can afford it now. But maybe that’s what the Govt wanted
The house at 28:36 would have had a full span wooden deck, hence the "floating french door, typical a plantation-style lot. The deck must've deteriorated and looked dated so they went for the smaller patio to save on costs. Yard shows they had at least 2 mid-large dogs. It's a shame people have taken to making stale art galleries of these living spaces. This frou frou aesthetic hoping to bait customers conning upsale really just stuns the purpose of housing. "Designers" catering to middle-aged single women with cats only. Nothing about modern style says "I see happy children in this home", it all reeks of "please visit, my housekeeper cleaned all the pet hair this time!". It's like how coffee shops have made their seating uncomfortable and removed outdoor outlets, made to stay as short as possible. How people want to live in a homegoods trash heap like that is beyond me, a true paradox it raises value. Womanclutter is not premium, houses are not "losing 40%" value, the demand is not there so upcharging 1000x on Ikea installations is not a market. The people buying 120-230k houses for double or more should be counted just like out-of-state tuition, and separated from the native statistics. For those prices we should be building fortresses that can withstand the storms and not need insurance. I hope the whole grift tanks hard, these are homes, not bullion. **house sold for 90k 2017, listed for 900k+ 2023, sold 900k 2024 - "people were overpaying for houses at some point, buy definitely not today..seller probably lost 100k in closing and commissions" No, the buyer likely lost 200k in speculation after remodeling.
Thank you for making this detail video👍, oh here in california a saw a flyer saying banks are giving home loans and insurance was not necessary🧐🤔 So weather is one of the main reasons, people leaving Florida
@ryanscribner that Cape Coral House you showed at the 23ish minute mark had more to the story than a crash. It had a lot of Hurricane Damage and was out dated. I had a buyer for that amount it eventually sold for in cash and they didn’t take it. My girlfriend was the one who was going to list it for them. They decided to list with another realtor and it ended up sitting. But moral of the story is it wasn’t just the “economy” on that one.
I would suggest listing the property competitively, overpricing your listing seems like one of the worst things you can do right now as buyers are no longer overpaying and the price cuts are a bad look for listings
I live in North Florida and only pay $750 annually for a $500,000 insurance policy. South Florida is like 5x that at least. That's where all you "experts" miss. You need to cover North Florida and South Florida separately to be accurate. Lumping it all together is inaccurate data
Something not mentioned is that insurance companies in Florida are dropping people if their roof is more than 10yrs old! So, if you buy a home here, be prepared to buy a new roof every 10 yrs (even though shingles are supposed to be good for 30 yrs.) This is ridiculous. A roof for your average 2,000 sq ft home is between $20-30,000 depending on roof pitch, etc.
@@RyanScribner What that poster wrote is not correct information. You can read the legitimate news regarding homeowner insurance on the Florida .gov website. smh, you jumped right on that post as correct information. Makes me question your other data fact finding in your videos.
a house was sold in Plant_City, FL for 275k back in april 26, 2024 now was put up for sale for 325k just a month later, greedy owner wants to make 50k in profits in just 30 days, it aint happening now, the house got a price cut already for 10k less, still way too expensive
Prices still going up in my part of Florida. Southern Homes just raised prices on all their houses $50k that have been sitting for a while. Some sellers are giving price cuts but they were still extremely overpriced. At this point I’d be happy to have 2021 prices again even at 7% interest rates. Everybody was like in 2021 just wait a year or two after rates go up, prices will have to go down… oh wait prices didn’t go down, they’re still going up. 😮 2019 prices feel like a bargain these days, and people were saying THAT was a bubble because we were finally back up to 2007 prices.
Same 250,000 house before c19 is 450,000 now. I just don’t feel right buying the same one story dump with a little backyard. Corporations are buying the houses and people are choosing to rent from them.
I watch a lot of vids on this subject, corporations are a tiny fraction of the buys, under 5%, small mom & pop landlords are responsible for way way more of the whole buying a house to rent out to people thing
On your trends you never mention the purchase dates of homes , age of sellers, and their buying prices ..Man Creates Bubbles ..Man Also Creates Inflation etc. Trends how is the Baby Boomer Deaths impacting inventory or selling estates and spousal affordablilty of properties ? What trends do you see on the east coast Daytona Orlando Miami following same West Coast Trends .. Realtors tend to push or hold up prices rather than focus on the sell and helping buyers achieve best purchase prices ... What is the avg. house on the market trends ... longer or shorter ...?
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