Florida

Homes prices in Sarasota Florida is expected to tank in 2024. This year is an election year and many homebuyers are jittery during a turbulent election year. Lower interest rate is forecasted in the later half of the year. Home prices are forecasted to plummet 40% or more in Sarasota County Florida. Average price of homes in Sarasota Florida is $535,000 for single family homes. Condos are priced in the low $500,000 median price range.

https://youtu.be/5iOF5u4W9r0?si=3jODXPnqdNxlNxOx

How difficult is it to get homeowners insurance in Florida? I heard not only are premiums high but many insurance companies such as Farmers Insurance pulled out of the Florida housing market.

Florida has three different types of down payment assistance program for homebuyers including the HERO DPA home purchase program. Like to thank Dianne Burnett for coordinating Gustan Cho Associates dba of NEXA Mortgage to be able to offer down payment assistance to Florida homebuyers.

One hundred seventeen thousand homes in Florida are currently for sale, and many of these properties are owned by large corporations. Some homeowner associations (HOAs) for these properties are based in Texas.https://www.tampabay.com/news/business/2024/08/22/florida-homes-owned-by-corporate-investors-117000-counting/

tampabay.com

Florida homes owned by corporate investors: 117,000 — and counting

Experts say investors capitalized on the state’s population growth and minimal renter protections.

The housing market in Sarasota, Florida and its surrounding area is plummeting. After three years of skyrocketing values, homes in Sarasota, Florida are in major trouble. Home prices are expected to plummet 30 to 40% throughout 2024 into 2025. Home prices in Sarasota, County Florida increased 40% to 50% since 2019. The housing forecast of Sarasota Florida through 2025 is expected to wipe out all of the gains it gained since 2019. The housing market in Sarasota, Florida, has experienced several shifts in 2024. The median home price has seen a slight decline, with the average price for single-family homes around $548,000, down by about 4.7% from the previous year. This decline in prices presents opportunities for buyers, especially as the market has seen an increase in inventory and longer days on market​.

The average time a home spends on the market has risen significantly, from 26 days last year to about 50 days this year, indicating a slower pace in sales​. Additionally, the percentage of homes sold below the list price has increased, with many homes experiencing price drops before selling​.

Despite these trends, Sarasota remains somewhat competitive, particularly in the luxury market, which is driven by affluent out-of-state buyers looking for waterfront estates and island retreats​. However, the market dynamics are shifting towards favoring buyers more than in the past few years, given the increased inventory and slower sales pace.

For those considering entering the market, now might be a good time to buy, given the lower mortgage rates compared to last year and the slight decline in home prices. However, it is crucial to conduct thorough research and work with real estate professionals to make informed decisions​.

If you need more detailed insights or assistance with specific neighborhoods in Sarasota, professional real estate services can provide tailored advice and support.

https://www.youtube.com/watch?v=ssdINDr66Dw

Have you ever considered buying a home in Miami? Check out the most popular neighborhoods here – https://www.niche.com/places-to-live/search/best-neighborhoods/m/miami-metro-area/

I would have ranked Coconut Grove a bit higher. I do love Brickell. Wynwood is fun. Definitely an up-and-coming neighborhood. Coral Gables is beautiful and anchored by The University of Miami.

What neighborhoods interest you? Why? Tell us what you love about them.

The question of whether Florida is experiencing or heading toward a housing bubble is a topic of intense debate among economists and real estate experts.

In this subforum, we will cover a careful analysis based on current data and expert opinions.

Signs of a Bubble:

Rapid Price Growth: Florida home prices rose over 20% in both 2021 and 2022, far outpacing income growth.

Investor Activity:

Investors account for about 30% of home purchases in some Florida metros, higher than the national average.

Migration-Driven Demand:

The pandemic-era influx of out-of-state buyers has pushed prices up quickly.

Construction Surge: New home starts are up significantly, reminiscent of pre-2008 levels.

Arguments Against a Bubble:

Strong Fundamentals: Florida’s job market is robust, with unemployment below the national average.

Real Demand:

Much of the demand is from actual homebuyers, not just speculators. Tighter Lending: Unlike in 2008, today’s loans have stricter requirements.

Low Inventory:

Despite new construction, supply still lags demand in many areas.

Cash Buyers:

About 45% of Florida home sales are cash, reducing foreclosure risks.

Regional Variations:

Miami, Tampa, Orlando:

These metros have seen the steepest price hikes, raising more bubble concerns.

Jacksonville, Pensacola:

More moderate growth, less likely to be in bubble territory.

Expert Views:

Some (like those at Florida Atlantic University) say the state is “firmly in housing bubble territory.” Others (like the Florida Realtors Association) argue fundamentals support prices, citing strong migration trends.

2023-2024 Predictions:

Most expect price growth to slow significantly, maybe to 3-5%. Some predict a 10-15% correction in overheated markets like Miami. Few foresee a crash like 2008, given different market dynamics.

Risk Factors:

Interest Rates:

Higher rates could cool demand.

Recession:

An economic downturn would test the market.

Natural Disasters:

Hurricane risks may deter some buyers. The consensus is that while Florida’s housing market is overheated, especially in certain metros, it’s not a clear-cut bubble situation like in 2008. Most experts expect a slowdown or moderate correction rather than a catastrophic burst. However, they caution that external shocks could change this outlook rapidly.

https://www.youtube.com/watch?v=4nOW2aM8Q4k

• This discussion was modified 7 months, 2 weeks ago by  Dawn.
• This discussion was modified 7 months, 2 weeks ago by  Gustan Cho.
• This discussion was modified 7 months, 2 weeks ago by  Sapna Sharma.

Do counties in Florida require permits to build an ADU or tiny home in Florida? From what I heard accessory dwelling units and tiny houses can be built on private property as long as they meet the zoning and building codes of the specific local jurisdiction. Some counties and municipalities have specific regulations for tiny houses, including minimum square footage requirements and foundation specifications.

• This discussion was modified 8 months, 1 week ago by  Gustan Cho.

Have you ever thought moving to Florida is a fantasy come true? Many of you remember when someone mentions FLORIDA, the Sunshine State comes to mind. Disney World, Epcot Center, beautiful beaches, sun tans, beautiful women, great weather 12 months of the year, boating, jet skiing, outdoor kitchens, great restaurants, great job opportunities, and opportunities. So have you still eyeing and dreaming moving to Florida and buying your dream home? Are you planning on selling your home and buying your forever home in Florida? Are you planning on quitting your job in your current state and finding a new career in Florida?

Whether buying a house in Florida is a great investment depends on various factors such as the local real estate market conditions, your financial situation, your investment goals, and your risk tolerance. Here are some considerations to keep in mind:

1. Market Trends: Research the current trends in the Florida real estate market. Look at factors such as home prices, inventory levels, and demand. Historically, Florida has been known for its strong real estate market due to factors like warm weather, tourism, and population growth.

2. Location: Location is crucial in real estate. Certain areas in Florida may have higher demand and potential for appreciation compared to others. Consider factors such as proximity to amenities, schools, transportation, and job opportunities.

3. Rental Market: If you’re considering buying a property for investment purposes, evaluate the rental market in the area. Florida has a significant tourist industry, so vacation rentals might be an option in certain areas. Additionally, long-term rental demand can vary depending on the local economy and job market.

4. Financial Considerations: Evaluate your financial situation and whether buying a house aligns with your long-term financial goals. Consider factors such as your down payment, mortgage rates, property taxes, insurance costs, and potential rental income if you plan to rent out the property.

5. Maintenance and Management: Owning a property entails ongoing maintenance and management responsibilities. Factor in the costs associated with property upkeep, repairs, and potential property management fees if you don’t plan to manage the property yourself.

6. Risk Factors: Real estate investments carry risks, including market fluctuations, economic downturns, natural disasters, and regulatory changes. Consider your risk tolerance and diversify your investment portfolio accordingly.

7. Consult Professionals: It’s advisable to consult with real estate agents, financial advisors, and legal experts who are familiar with the Florida market and can provide personalized advice based on your specific situation.

While Florida real estate can be a great investment under the right circumstances, it’s essential to conduct thorough research and consider various factors before making a decision. The cost of living in Florida can vary depending on the city or region you’re considering. Generally, Florida is known for having a relatively affordable cost of living compared to some other states in the U.S. However, specific factors such as housing, healthcare, transportation, and groceries can significantly impact the overall cost.

Here are some general considerations:

1. Housing: Housing costs can vary greatly depending on whether you’re in a major city like Miami or Orlando versus a smaller town. In cities like Miami or Tampa, housing costs tend to be higher compared to smaller towns or rural areas.

2. Utilities: The cost of utilities such as electricity, water, and heating/cooling can also vary depending on the location and the size of the property.

3. Transportation: Florida is a state where having a car is often necessary due to limited public transportation options in many areas. The cost of owning a car, including gas, insurance, and maintenance, should be factored into your budget.

4. Groceries and Dining: The cost of groceries and dining out can vary depending on your location and lifestyle preferences.

5. Healthcare: Healthcare costs can vary depending on factors such as insurance coverage, healthcare providers, and specific medical needs.

6. Taxes: Florida is known for not having a state income tax, which can be advantageous for residents. However, there are other taxes to consider such as sales tax and property tax.

It’s important to research and consider these factors based on your specific situation and the location within Florida where you plan to live. Additionally, using cost of living calculators available online can help you estimate your expenses more accurately based on your lifestyle and preferences.

Florida offers a diverse range of career opportunities across various industries due to its thriving economy, tourism, technology sectors, and favorable business climate. Some prominent industries and career opportunities in Florida include:

1. Tourism and Hospitality: With famous attractions like Walt Disney World, Universal Studios, and beautiful beaches, Florida has a vibrant tourism industry offering jobs in hospitality, hotel management, entertainment, and event planning.

2. Healthcare: Florida has a large population of retirees and tourists, driving demand for healthcare services. Opportunities exist for healthcare professionals such as nurses, physicians, medical assistants, and healthcare administrators.

3. Technology and Aerospace: Florida is home to several technology companies, particularly in aerospace and aviation. With NASA’s Kennedy Space Center, Cape Canaveral Space Force Station, and a growing tech hub in cities like Miami and Orlando, there are opportunities in aerospace engineering, software development, cybersecurity, and data analytics.

4. Finance and Banking: Major financial institutions have a presence in Florida, particularly in cities like Miami and Tampa. Career opportunities exist in banking, investment management, financial analysis, and accounting.

5. Real Estate: Florida’s growing population and attractive climate make it a hot spot for real estate development. Careers in real estate include real estate agents, property management, appraisers, and construction management.

6. Education: With numerous universities, colleges, and public school districts, there are opportunities in teaching, administration, curriculum development, and educational technology.

7. Agribusiness: Florida is a leading producer of citrus fruits, vegetables, and other agricultural products. Career opportunities include farming, agricultural management, food processing, and agricultural research.

8. Maritime and Logistics: With extensive coastline and ports, Florida is a hub for maritime trade and logistics. Career opportunities include port management, logistics coordination, shipping, and freight forwarding.

9. Creative Industries: Florida has a burgeoning arts and entertainment scene, particularly in cities like Miami, Orlando, and Tampa. Opportunities exist in film production, advertising, graphic design, and performing arts.

10. Environmental and Renewable Energy: Given its unique ecosystem and concerns about climate change, there are opportunities in environmental science, conservation, renewable energy, and sustainability initiatives.

These are just a few examples, and the job market in Florida is continually evolving. The specific career opportunities available will depend on factors such as location, qualifications, experience, and industry trends. Networking, researching companies, and staying updated on job listings are essential for finding suitable career opportunities in Florida.

The Florida housing market has capped at its peak in 2022. If you are thinking about moving to Florida, please think again.

https://www.youtube.com/watch?v=9ONQo6BmfvY

Florida is a very popular destination for homebuyers to make it their forever home. Buying a house in Florida involves several steps, similar to purchasing property in other parts of the United States. Here’s a general overview:

Determine Your Budget: Before you start looking at houses, figure out how much you can afford. Consider factors like your income, savings, credit score, and any pre-existing debt.

Get Pre-approved for a Mortgage: Getting pre-approved for a mortgage can give you a better idea of how much you can borrow and help you narrow down your search to homes within your budget.

Find a Real Estate Agent: While it’s possible to buy a house without an agent, having one can make the process smoother, especially if you’re unfamiliar with the area. A real estate agent can help you find properties that meet your criteria, negotiate offers, and handle paperwork.

Start House Hunting: Begin your search for properties in the areas of Florida where you want to live. Consider factors like location, neighborhood amenities, school districts, and proximity to your workplace.

Make an Offer: Once you find a house you like, work with your real estate agent to make an offer. Your offer should take into account factors like the property’s condition, market value, and any contingencies you want to include (such as a home inspection).

Negotiate and Finalize the Contract: Negotiate with the seller until you reach an agreement on price and other terms. Once both parties have agreed to the terms, you’ll sign a purchase agreement or contract.

Complete Due Diligence: During the due diligence period, you’ll have the opportunity to inspect the property, review disclosures, and ensure everything is in order before closing.

Secure Financing: Finalize your mortgage financing by providing any additional documentation requested by your lender. Your lender will also arrange for a home appraisal to determine the property’s value.

Closing: On the closing day, you’ll sign all the necessary paperwork to transfer ownership of the property to you. You’ll also pay closing costs, which typically include fees for loan processing, title insurance, and other services.

Take Possession: After closing, you’ll receive the keys to your new home and officially take possession.

Negatives of buying a home in Florida is homeowners insurance. Homeowners insurance have skyrocketed recently due to hurricanes and many insurance carriers leaving the state.

Remember that each home purchase is unique, and there may be additional steps or considerations depending on your specific circumstances and the property you’re buying. It’s essential to work closely with your real estate agent and other professionals involved in the process to ensure a successful transaction.

Housing inventory levels in Florida have seen a significant increase recently after years of extremely tight supply. Here are some key points about the rising inventory situation in Florida’s housing market:

1. Sharp inventory rise: According to data from Florida Realtors, the inventory of active listings in Florida was up over 85% year-over-year in March 2023. This translates to around 4-5 months’ supply of homes for sale in many markets, compared to 1-2 months during the pandemic frenzy.
2. Seller influx: More homeowners in Florida are listing their properties for sale, driven by factors like the desire to cash in on high home prices, concerns about missing the peak of the market, or life changes necessitating a move.
3. New construction impact: An increase in new home construction over the past couple of years is also contributing to higher inventory levels across different price points.
4. Investor selling: Real estate investors who bought properties during the housing boom are now offloading some of their holdings in anticipation of a market cooldown.
5. Regional variations: While inventory is up statewide, the increase is more pronounced in some areas like Tampa, Orlando, and Miami, compared to others like Jacksonville.
6. Price adjustments: With more choices for buyers, properties that are overpriced or less desirable are sitting longer on the market, prompting some sellers to reduce asking prices.
7. Moderating sales: Higher mortgage rates and economic uncertainty have led to a moderation in home sales activity, further contributing to inventory buildup.

The surge in housing inventory in Florida provides more options for buyers who had been frustrated by the intense competition and lack of available homes during the pandemic boom years. However, it also signals a market shift that real estate investors and sellers need to navigate carefully.

As a multi-state MLO based in Utah, I am always looking for indicators in other states to predict what may be around the corner and what states I should focus my ad dollars in. Florida has been a great revenue generator for me over the past three years. I feel Florida will be a great place to stay focused in the next five years. That is why I hired my first MLO to the F1 Mortgage Team in Florida. FOMO (Fear of Losing Out) seems to be motivating out-of-state buyers to take a hard look at income properties in the state as well as people moving from other states to get in on the relative “good deals” in Florida as new residents of the Sunshine state. Employment opportunities in the state and work-from-home scenarios are making Florida very attractive to people who would never have looked at the state as a possible home 10 years ago.

If you are an MLO looking for new ground, I would suggest Florida. The state of Florida is massive and can benefit from quality MLOs looking to plant their MLO flag in the state. If you speak Spanish, the further South you prospect, the better.

Florida homebuyers and homeowners have a major crisis when it comes to buying homeowners insurance. Many giant homeowners insurance carriers have moved out of the state and no longer do business in Florida.