According to the doomsday people, home prices are in the shitter here in Florida. It's just not true. During the pandemic, Florida and dozens of other Sun Belt and Western boomtowns were flooded with out-of-state buyers chasing sunshine, space and remote-work freedom. Builders rushed to keep up. But by the time vast new subdivisions and condo towers were finished, Americans were being called back to the office. Now demand is further fading as soaring mortgage rates (Call bullshit - they're actually coming down), spiraling insurance costs (that one is true) and tighter household budgets push buyers to the sidelines.
'These places saw a frenzy during the pandemic,' Realtor.com's senior economist Jake Krimmel said. 'Demand is now coming back to Earth.' That imbalance is lethal for prices. Florida has been hit the hardest of all, with seven of the state’s eight largest metro areas now forecast to see home values fall next year. The biggest drops are expected in the very places that saw the wildest pandemic surges.
The interesting thing is, this sounds like another 'the whole world is burning' kind of story. There is still a shortage of housing (affordable and otherwise) here in Florida, and builders have been going at break-neck speed to fill the void. In North Central Florida, where I am, demand remains consistently strong, with no sign of letting up. Wait until the wave of New Yorkers hits - we'll see if the areas in question are still on the down-turn. Juss' sayin'...
...
Many other sizes available. Click the pic for more info...
...
No comments:
Post a Comment