Is Your Home at Risk? FLORIDA Housing Market Update!
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- Опубликовано: 7 июл 2024
- The Florida housing market is not looking good. Home prices are dropping and homes are sitting longer and longer on the market with price drop after price drop. Is this the housing CRASH everyone has been predicting?
Paul G. Lykins
Broker Associate
True Floridian Realty
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Email: palmbeachespaul@gmail.com
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Awesome!
Prices tripled in 3 years. It’s time they go back to affordable prices.
There is only one way -- add more housing. Because that's been the problem for over 10 years. If you want more housing you have to stop NIMBY, and you won't.
@@user-pw3ji3rn3s exactly.. the housing market Nationwide has gotten away out of hand. Massive unaffordability has come home to roost.. Partly due to the low low interest rates over the last decade. No one was looking at the actual rise in prices. It's been "what monthly payment can you afford". Jack the price up to the max and cash in baybee! I'm glad to see this correction is finally here
The low supply narrative is slowly dying. You are absolutely right. Prices will align with incomes eventually.
Lets hope so
Florida home Insurance is not “a little bit of a problem.” It IS the problem. Insurance has gotten so expensive here it practically cancels out the no state tax benefit.
Car insurance is another issue!
Insurance..it's what's kill everything
You are spot on
It's not a market crash, a lot of realtors forget the glory days of 2021-2023 when prices doubled and more and homes sold in hours not months. Prices are not falling to pre pandemic levels yet, it looks more like they're normalizing after the frenzy of the past couple of years.
Keyword is not yet. Look to Fort Myers and Cape Coral to lead the way. Active listings are all most all time high. Way over pre pandemic inventory levels
@@Alwaysbeclosing1774 It just means their still way overpriced, even if they're discounted 25-30% they'll still be above 2019 levels. IMHO the inventory levels are the result of panic buying of the pandemic, hurricane Ian, and the insurance fiasco. It'll calm down eventually. I've watched FL real estate for the past 30 years, it goes through cycles of boom and bust.
seems recently to me......home owners who were refinancing found ....they were under water...
it's not really crashing , it's just becoming realistic.
😂
Hopefully
South Broward, here. I’m not sure how many more people will be able to afford to live here - that own condos and are being forced out by exorbitant HOA fees, assessments, insurance, car insurance, and should I mention RE Board dues? I realize that the majority of people here are seniors, but unfortunately, they are being forced out of their homes because they can no longer afford to live in them. Driving around the neighborhood, I’m not surprised to see so many homes go up for sale. It seems like the climate here is to get more people out of their homes and made into corporate STR’s. I sit in my condo and constantly look around and think, “should I sell and get lost?” ‘Should I stick it out and see if prices adjust lower and i can keep my condo? I mean, I am seriously looking at other countries as a single female senior. I can’t afford to live here any longer. And I KNOW I’m speaking for many, many single seniors.
Salaries in Florida are very low compared to NY and California, but the housing market is as high as NY and Cali
NY, NJ, CA and Canadians still paying way over asking
i have lived here since 1971 and in the past ten years this place has gone to hell in a hand basket. we have owned two homes here in all the years we have been here and we never have seen anything like what we see going on here right now. we live in a 55 + retirement community where we rent our apartment and the rent here is fantastic that's the upside . if my wife didn't have the health problems she has i would move out of here right now. there are thousands of people still moving here and there is no transportation, the roads are a mess, rents are out of sight, home prices are through the roof and try to get insurance . the insurance companies have been pulling out of here so lets hope we don't have another big hurricane this year, and to be quite honest i am tired of having to evacuate when this happens.i am just to old to put up with all of this. the snow and cold is looking much better every day. just can't enjoy it here anymore.
Meh, stop complaining. I live in Chicago and I am fucking miserable here, and many people across the United States are dying to get to Florida. Rather struggle financially in Florida than to struggle and have high crime in Democrat ran cities. I was a Democrat and I switched to the Republican Party a few years ago after getting forced to get the jab. From my understanding Ron DeSantis didn't forced the jab onto Floridians. I had no choice to get it or I was gonna lose my job. You people in Florida don't know how goddamn lucky you are. Your high cost of living is not Florida's fault but the Liberals who thought it was a good idea to lockdown for almost two years depending on the state, which forced people to move about to live in other states which created increased prices on real estate. And it probably doesn't help that there is high crime in Central and South America which makes all the wealthy people want to move to Florida, along with the Russians, because Florida is a beautiful state. Floridians are "paying the price" for living in a wonderful state. Probably the best state to live in America right now.
DUDE, EVERYTHING YOU WRITE A BOUT IS NATIONWIDE, YOU NEED TO BUILD A BRIDGE AND GET OVER, IT, THERE IS NO PLACE TO RUN, NO PLACE TO HIDE, WHAT YOU CANNOT CHANGE ACCEPT...LOL RUSS BOYD KEY WEST FLORIDA,
Thank you Ron DeathSantis! Him and his right wing cronies. When Lawton Chiles was the governor things made a hell of a lot more sense.
@@blacklightfreakout825 Tell me something Sergei, how is the crime rate in Russia where you live? Is it snowing Ukrainian drones this evening?
@@blacklightfreakout825 mic drop there. You get what you pay, if you wanna live in a nice and prosperous state you’re going to have to pay. We came from the Maryland where it’s a liberal cesspool, they don’t know how good Florida is until they move away. It’s not cheap to live in paradise period!!!!!
I think multiple things are happening: 1) Insurance and HOA fees rising along with property taxes due to home values. 2) People trying to cash in on their homes increasing in value over the last 5 years. 3) Not enough buyers due to interest rates.
CA besides SD having the same problems. All time highs in Atlanta, NYC, San Diego, etc.
Florida better hope they do not get a major hurricane this year.
Hurricane "HOA" is happening right now.
Yeah the bad thing is that the Hurricane forecast for this year is extremely bad very active Hurricane season.
@ramsey6839 stay tuned for upcoming video 🌩️
Excuse me. They don't get major hurricanes EVERY YEAR? And neither does Louisiana or Mississippi or the Carolinas? And aren't there earthquakes in California like every month? So why aren't people stopping to buy in California then?
that will clean us out...there will be a traffic jam back to NY...
Unless your in Miami prices still are out of control
My car insurance doubled 6 months ago and just got another raise in rates. No accidents, no rickets, low miles driven .Three cars ,one covertible two seater that is taken out a couple times a year. I am in SW Florida. I have two garages .All garaged . State Farm insurance .
Start shopping around. I do every two years or so.
if the prices keep dropping .. then waiting for them to keep dropping makes sense. We haven't hit bottom as best as I can tell .. so waiting on the sidelines
Of course but some people can't keep waiting and so with the prices dropping at least now they have an opportunity to get something at a discounted price compared to six months or year ago
@@PalmBeachesPaul what prices are dropping? condos are. but non hoa single family homes aren't dropping
They sure are dropping in SWFL. A 2900 sq ft house with a nice pool in my gated community neighborhood started listening price at 600k in January and now has slashed the price down to 485k and still not selling. We have 15 homes listed out of 280 home neighborhood. All sitting and cutting price every 3 weeks
You are right on. We will hear the return to honesty from price pumpers slowly leak out of them as prices drop.
We go to our place in Florida when it's cold, rainy, snowy, and icy in the northeast. We go there to be warm and avoid all that.
Moved here in 2010 could not believe how cheap houses were, I bought like 20 of them, some are the same tenant since 2011 they wanted to buy it in 2014 from me but they decide to wait for the market to crash, hopefully they are still watching videos like this one, it serve me well so far
Thank you for the video.
Thanks for the video, Paul. I own a 2 bedroom condo in downtown Delray. It may go down a bit, but I think long term I should be ok. At least I hope so!
As a Floridian from the Tampa Bay Area that sold my properties and moved to Charlotte NC back in 2021, I can assure you that Florida at this moment is a ticking bomb. The combination of interest rates, property taxes, property insurance and to add wipe cream the bad salaries is a recipe for a burned steak. Thanks for the video señor. Thumps up!
I love people who moved away from the shit states during COVID who act like they're these great visionaries. "Back in 2021." As if it was a long time ago. Uh, 2021 wasn't that long ago. Why didn't you move BEFORE covid? I left Florida in December of 2019. This shit storm that's happening now was obvious then. It didn't take Covid to make it obvious.
@@GrantDWilliams82 we didn’t moved out of Florida because of any Covid storm. We moved in 2021 because my wife applied for a medical field job and got an offer at the end of 2020. Otherwise I would have done it earlier. Gotta love trolls on the internet….
@@GrantDWilliams82 Facts
Charlotte is getting very congested
@@sandrah7559 that’s true. But very well balanced in all industries.
FORGET ALL THAT... HURRICANES 🌀 COMING ALONG WITH TORNADO 🌪️ AND SINKHOLES! GET THE HECK OUT OF FLORIDA WHILE YOU CAN! SAVE YOUR MONEY AND LIVES!
Hurricane season is going to be the nail on the coffin. That's why I am building an ICF home which will drop the insurance to 3K per year.
@@Joshuatree7746What is an ICF home? Please do tell?
We left Florida eight years ago for Colorado. We were priced out of Pasco Co. at the time. Colorado was fine, but we like the warmth. Fortunes have changed and we are now in SoCal. Would have been S. Florida, but with all the Florida issues it is no longer considerable in this lifetime.
SoCal is nonsense place with all the bs they have there
My friend has a one week Timeshare on Cape Cod,the HOA is $1,700.
I sold in Florida in ‘22, and rented for the first time in decades (in AZ). I just signed another lease, but this time in Florida, because I see my re-entry in the Florida market on the horizon. Buy low, sell high. It’s an age-old concept. There are still a lot of realtors who aren’t ready to accept lower commissions, but soon they’ll realize a smaller commission is better than no commission at all, and they’ll start being realistic with their clients. Meanwhile, there are still lots of sellers who want what their neighbor got, and whose realtors are advocating for high prices. There’s a sweet spot in trading that happens when momentum shifts, and savvy sellers will be the once who nail it. Everyone else will chase the market down, trying to sell at the top. I say it like this: if you ride the front of the wave, you’ll get where you’re going. If you try to ride the top of the wave, you’ll fall backwards over and over until you find yourself washed up on shore.
And so it begins…
Thanks Paul for the great video! Im in WPB. My realtor friend has a listing on a beautiful move in ready townhouse aggressively priced and she only got one showing. She had a talk with the owners and they’re planning on reducing the price 30k. Things are changing
It's happening 😞
Great video! I ran away from my Condo TH in Boca. Bought single family house upstate in PSL.
Strangely enough, market is holding up better than you'd think. I'm holding off on buying because it's become an expensive crowded mess. The traffic is insane, food prices and cost of living f is crazy
Here in Clermont it’s not crashing. Fortunately we bought 3 years ago and are one of the lucky ones with 3% rate. Although we do need a price correction bc it is getting out of hand here. They are building like crazy here and no stopping. I wish they would slow down. I guess we will see. I do think the hot areas will not crash just slow down.
This is great news!
Don't buy now. Wait till it crash which it will.
yeah theyvebeen saying that for 15 years now. no crash. you snooze you lose
Folks like you love paying those high interest rates. Keep at it ;)
3 house's sold on my street for over asking price in less than a month I guess it's hit and miss
There's always some places that are just very desirable over other neighborhoods
It’s a fine line between crashing and correcting.
how about crashing slowly aka correcting?
It doesn’t make for a good video though without having the oh my gosh it’s crashing! 🙄
Its crazy everywhere
The market is not crashing in Miami. Homes are still selling fast. It’s a micro economy down here. A lot of foreign money still pouring in.
Maybe on the luxury side but there's a lot of condos on the market if that many condos on the market nobody's offering list price when all you have to do is walk down the street and find the exact same thing for less
Great video editing!
Irrational exuberance happens in the financial markets and the housing markets and that leads to a massive sell off quickly!
Im not buying a condo, hell i cant even afford an out house. 😢
Left Florida in 2020 after close to 60 years. Florida was once a beautiful, sane state - no more. And financially it is a money pit.
And the knuckleheads that dictate from Tallahassee haven't improved things either.
I have been holding out since 2022 for the market to pull back. I am hopeful 2024 is the year we can finally buy our winter home in SE FL. I am also sorry to hear you have rude comments coming in... I enjoy your weekly videos... keep them coming.
Seller finance is also an option from a motivated seller.
If you have a mortgage with a due on sale clause you cannot sell on contract unless you pay off the mortgage.
@@jackwilson3121 That is actually not correct.
The problem with FL has always been the same. Opportunity. The reason people bought second homes there was because it used to be relatively cheap. So you could buy a second home to visit, but you couldn’t live there. Has that changed enough due to remote work? Who knows? But we all know the cheap factor is gone. So a lot of this depends on remote work. I know my husband is going back to the office after 4 years at home. And it’s a MAJOR company EVERYONE knows. And there is no compelling reason for him to be in office. He works alone for the most part.
Insurance is killing the fla. Real Estate.
In Palm Beach County homeowners have zero property rights. People better wake up.
Time to buy is coming.
Condo's are doomed,anyone who buys one will lose money.
Why do you say that.
@@cindybarnes1533 People are beginning to wise up and
soon will stop buying them,Condos are much akin to Timeshares.
the west coast hurricane homes that have hit the market and condos are skewing the numbers
Hey Hey Hey wearing some sneakers!!!!
Ive seen alot over 65 years....luxury apartments were being abandoned in the late 90s and can happen again....Post Village said they were leaving the luxury apt properties....noone now is going to have sadness for landlords..
It’s crazy cause I have been saying it since 2021 when rent went from 1100 a month to 1800, houses went from 120k-300k but jobs and income not changing that’s not a sustainable market, in fact it’s a repeat of last crash.
We are doing great
This has happened before and will happen again!
I do agree the condo owners are jumping out because in 2025 all condos have to be solvent and this is impacting buildings that do not have enough in the bank
Please elaborate on this.
Florida law requires every condominium’s annual budget to include both operating expenses and reserves for capital expenditures and deferred maintenance. Operating expenses are those incurred during the day-to-day operations of the condominium (e.g., landscaping, pool maintenance, and management fees). Capital expenditures and deferred maintenance, on the other hand, are those incurred during the sporadic repair or replacement of major components of the condominium property (e.g., the roof, parking lot, and exterior painting).
To properly budget for reserves, condominium associations must conduct a reserve study. A reserve study is a long-term financial planning tool that analyzes the physical condition of major components of the condominium property, and their estimated repair or replacement costs. By determining these factors, condominium associations can then accurately budget for capital repair and replacement expenditures over time
Prices still rising, 13-15% this year , that's not close to keepin up with (real number) inflation.
So I can get a mortgage for 1k less but it makes no difference because of the insurance. So what is your prediction on the insurance crisis down there? I feel like everything down there is one storm away from a real collapse. Love the channel!
Bought Nassau County condo in 2010 for $105,000. Sold it in 2017 for $189,000. It resold in 2022 for $320,000. My guess it will drop 25%+ next time it sells if they can find a buyer. BTW, the HOA fee is $425/mo. and property tax for nonresident buyers is $475/months. That’s $900/mo without considering a mortgage. Anyone buying this 1000 sq ft tiny condo is a fool in my mind.
9:41 now is NOT the time! Prices have JUST started to stabilize, they will begin to fall for the next 18-36 months. And the FED will not be cutting UNTIL that happens (this is the entire reason they raised rates to begin with).
Can you some focused videos on downtown WPB?
ruclips.net/video/ASN0pw5shWU/видео.htmlsi=uKAEY5VxJZQ34nwF
I cannot think of worse investment than a condo. The unpredictable cost of upkeep alone, is the biggest flag I’ve ever seen.
I heard that Cape Coral has water restrictions going on, yet they continue to build.
Hows Naples moving?
Where are you standing on the walkway at the end of th video?
Jaycee park Boynton Beach
my first condo, in the early 80's in brevard county , on the beach $15K. i paid cash same one in 2022, $450K. sold that one
The worst part of the overinflated home values was the ridiculous rise in taxes and insurance based on the INFLATED value. Now that the value is coming down will the TAXES and insurance go down? Probably not.
and every state is just around the corner of florida.
I left after surviving Ian. Had to evacuate Sanibel, to endure 150 mile per hour winds for 5 hours. Sounded like a freight train rolling across the gymnasium roof. Tried to find house to purchase. I don't have half a mil. No insurance available. The bedrock is saturated, hence, costant flooding and standing water. Storm surge is deadly. It's bad luck haven. Good luck if you go. Be savvy. Everybody struggles, even the greedy. I lived in a new apt for 1 year but left because rentals are outta my teachers retirement price range.
I’ll buy when market crashes
I bought in 2018 with super low interest. I'm exempt from paying any property taxes in Florida. No HOA. On the coast, protected by a park and beach that contains a Tocobaga burial mound.
Why are you exempt?
@@Quest4TruthBear 100% disabled veteran
It's not a crash is a correction
Homes are places to live.
Going down or back to a reasonable cycle? Market was WAAAAAYYY to hot! Realtors were taking orders not working too hard.
That depends if you were a selling agent or a buying agent, I can tell you as a buying agent the last two years I worked my butt off to get my clients offer accepted but on the selling side it was pretty damn easy.
I would like to move to FL but its too expensive, looks like buying opportunities are coming, the realtors don't care about prices they care about having properties to sell. He said it, lots more inventory.
Hey Brian thanks for watching, yes selling homes is how I feed my family so of course that's what I care about but I care about my customers as well and I don't set the prices the general public does.
Well not according to my looking for a place to buy ...prices not changing!!!!
Sorry to hear that. Where are you looking?
Paul why am I getting emails from del webb in pt st lucie with 70,000 off and big discounts on other homes. Also from the west coast from other builders? Can't sell their homes?? homes??
Guys like you saying that for last 3 years, in reality prices still slowly but surely going up. Especially for single homes.
Do you want to see the report on how long Homes are sitting on the market and how many homes are now available.
Next time this year is going to be really bad.
I keep waiting for the repeat of the 2007 crash. But the new homes keep going in.
It will be worse than 2008 Exodus
Will you able to assist to buy house with SUB2 ? I have all legal documents for that in hand
you need to email me and we can discuss.
Buying points down mathematically hardly ever works out in your favor in the end. You have to think more long term
Good advice but I would hold off on purchase until at least 2nd, 3rd quarter 2025. Insurance laws come into effect, Unless you find a great deal. Do not wait for interest rate to drop. interest rate can always be refinanced at a later date if it drops. If you can buy at a greatly reduced price, that is the goal.
Might be coming back with a normal market but with HIGH INFLACION COSTS and low wages in Florida?
Crashing Real Estate prices, well they’ll just increase the mil rate to keep property taxes the same.
Now the New Yorkers moving here....arent going to be from the Bronx...but the Upper East Side....
Can anyone comment on the large apartment complexes you see popping up on every available space in Florida that are made of wood. Are they anticipating a real estate crash or are these 15 minute cities?
Lol. Foreclosures are up 50%? From the lowest amount of inventory in the past two decades? My office specializes in foreclosure properties and we have very little inventory. I find using percentages in this situation is not showing a true picture. 😊
Sorry you feel that way but this is the information I got this morning when I googled it:
As of February 2024, Florida has one of the highest foreclosure rates in the country, with one in every 2,632 homes having a foreclosure filing. This is about 1.63 times higher than the national average. In the first quarter of 2023, Florida had the third highest number of foreclosures in the country, with 4,724 foreclosure
I want to buy, but what keeps me from not doing is how high the interest is right now, also how high is home insurance and property taxes. This is crazy how numbers adds up and how it keeps going up every year. Do you think is a good investment to buy a home?
Fort Myers is next Timber
No only Florida has problems it is no as bad as NYC Chicago Pennsylvania California to mention a few
Stack your Sats and XRP folks
Crashing? People are moving down here like hot cakes.
And people are leaving here like hotcakes so what does that tell you the people moving here are rich and the middle-class are moving out that's not a good thing.
@@PalmBeachesPaul The rich are moving out? what lol
👍👍👍
The media and the government tell you everything is perfectly fine!!!! lol.
Find cheap acre of land and plop a nice manufactured home on the land. Bam your done
Talking about condos without mentioning the new SB-4D condo law requirements in 2024 and 2025 is incredibly irresponsible. Sellers are trying to dump their condos before they get hit with HOA increases and assessments to fully fund reserves (SIRS). Realtors are happy to sell you whatever garbage is out there as long as they get their commission.
Hubby and I have considered retiring in Florida, since I grew up in Tampa. We have decided we like money too much, LOL. Florida may not have state income tax, but very expensive auto and home insurance (if you can get it). We will just stay put in our paid for big beautiful home in Northern Virginia and travel during the winters.
What kind of bait was that guy that caught the sheepshead using? They are very difficult to catch because they primarily eat detritus off of seawalls and pilings, along with small crustaceans.
Shrimp
@@PalmBeachesPaul You da MAN!
🍺
Watch the last three years. All doom and gloom If we listened to this yahoo three years ago we would have lost thousands of dollars.
Finally some truth
Mother of all crashes coming.. prepare now...