Being in the Florida market and watching it closely i honestly think the biggest reason inventory gains aren't higher right now relative to a year ago is because of expired listings. I'm seeing a lot of shenanigans with agents pulling listings then re-listing months later as a rental and then re-listing a day later for sale again. Lots of listings are just being outright pulled as well, I'm waiting to see how many come back for the spring season.
I've been living in Orlando for over a year now looking to buy, I honestly don't want to buy now even though I could since inventory is so high and prices are dropping so fast
@@nitroneonicmanI would say just be picky and don’t offer list price. As long as you plan on keeping it for at least 5 years I don’t think now is a terrible time to buy. If you’re someone who just wants to buy to get rich or produce “passive income” I’d keep waiting
@@trahar6257I'm just looking for a nice place to live in. I've made a few offers but most sellers are still being fairly rigid. It's a fine balance between being picky and making enough offers to find someone willing to negotiate
@@trahar6257mmmm. Be careful with this advice. You really need to gameplay and look over an amortization schedule. If you bought with a 30yr mortgage at today’s rates and median price…. you’ll need to hold the property for at least 10-15 yrs before real equity is realized! 5 years “WAS” the standard back in like 2005z 😅 good luck. EDIT: obviously down payments and credit move the needle-slightly.
Agent here we know in fl seeing short sales definitely picking up quite a bit! Mostly people who bought 2021/2022! Also had our mortgage company tell us they are seeing more and more short sales out of Florida
Florida home prices are still way too high, the cost of homeowners insurance, taxes, fees, flood, etc. while every metro is different, overall the prices need to drop 25% specially Miami-Dade, Pensacola, Tampa, Cape Coral. Can’t wait to see the pain.
Nothing "needs" to happen except maybe you getting a better job and paycheck so that you don't need to hope the rest of the world burns. Misery loves company, I get it.
I pulled my home in September when it did not sell after 7 months. People with low rates and the ability, will pull and sit on them till the market recovers or rent. I think this is what we are seeing.
I’ve been saying this. If you have a pre-covid mortgage…you can drop rent asks like the big property owners. If you have a post-covid mortgage….good luck. Chances are your mortgage is way over rent asks in the area. ESP in the west!
Florida has always been a very volatile market compared to the rest of the USA. It would not surprise me at all if in a couple years it crashes and the rest of the country doesn’t crash at all. Florida real estate is just wild with huge swings of people moving in and out in droves.
Honestly I live in Brevard county it's not that bad the media for ratings really blows it out of proportion my wife's family keeps calling there from California they were scaring them Really bad 😅 but if your on Westcoast of Florida it's worse because hurricane are made by the gulf there
@@JoeGarcia-cg1pp yeah in Orlando we just lost power for a day. Clearwater was hit pretty bad though, the hurricanes caused a lot of damage there and in st. Pete.
I just move to Florida and Insurance is ridiculous and even worse is property taxes I believe highest in Country like 2.1 percent I'm going down to my tax collector and see wtf is going on! I can see why nobody is buying it's pricey and the property taxes really bother me how high they are
If people getting hit with blizzards and snowstorms, Florida might gain some traction this winter. No Hurricanes in January and could get a good deal just have to do your homework
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Being in the Florida market and watching it closely i honestly think the biggest reason inventory gains aren't higher right now relative to a year ago is because of expired listings. I'm seeing a lot of shenanigans with agents pulling listings then re-listing months later as a rental and then re-listing a day later for sale again. Lots of listings are just being outright pulled as well, I'm waiting to see how many come back for the spring season.
I've seen the same thing
Totally agree
Great comment alot of Shadow inventory out there
I've got about 35 homes saved on Zillow for my area of interest...5 were taken "off market" (not sold) in the past 1 month.
I sold my Orlando condo earlier this year (closed May 1st) and I feel lucky because comp prices are already down since then.
I've been living in Orlando for over a year now looking to buy, I honestly don't want to buy now even though I could since inventory is so high and prices are dropping so fast
@@nitroneonicmanI would say just be picky and don’t offer list price. As long as you plan on keeping it for at least 5 years I don’t think now is a terrible time to buy. If you’re someone who just wants to buy to get rich or produce “passive income” I’d keep waiting
@@trahar6257I'm just looking for a nice place to live in. I've made a few offers but most sellers are still being fairly rigid. It's a fine balance between being picky and making enough offers to find someone willing to negotiate
Congrats!
@@trahar6257mmmm. Be careful with this advice. You really need to gameplay and look over an amortization schedule. If you bought with a 30yr mortgage at today’s rates and median price…. you’ll need to hold the property for at least 10-15 yrs before real equity is realized! 5 years “WAS” the standard back in like 2005z 😅 good luck. EDIT: obviously down payments and credit move the needle-slightly.
Agent here we know in fl seeing short sales definitely picking up quite a bit! Mostly people who bought 2021/2022! Also had our mortgage company tell us they are seeing more and more short sales out of Florida
Florida’s inventory seems like it won’t be able to get absorbed to hold prices up with all the issues that they’re facing
Florida home prices are still way too high, the cost of homeowners insurance, taxes, fees, flood, etc. while every metro is different, overall the prices need to drop 25% specially Miami-Dade, Pensacola, Tampa, Cape Coral. Can’t wait to see the pain.
Nothing "needs" to happen except maybe you getting a better job and paycheck so that you don't need to hope the rest of the world burns.
Misery loves company, I get it.
Thank you for making this content for us Florida buyers. Very helpful.
Glad you like them!
I pulled my home in September when it did not sell after 7 months. People with low rates and the ability, will pull and sit on them till the market recovers or rent. I think this is what we are seeing.
What county you are?
Hope you get a great offer if you decide to relist.
I’ve been saying this. If you have a pre-covid mortgage…you can drop rent asks like the big property owners. If you have a post-covid mortgage….good luck. Chances are your mortgage is way over rent asks in the area. ESP in the west!
Florida has always been a very volatile market compared to the rest of the USA. It would not surprise me at all if in a couple years it crashes and the rest of the country doesn’t crash at all.
Florida real estate is just wild with huge swings of people moving in and out in droves.
Multiple catastrophic hurricanes doesn’t help
Honestly I live in Brevard county it's not that bad the media for ratings really blows it out of proportion my wife's family keeps calling there from California they were scaring them Really bad 😅 but if your on Westcoast of Florida it's worse because hurricane are made by the gulf there
@@JoeGarcia-cg1pp yeah in Orlando we just lost power for a day. Clearwater was hit pretty bad though, the hurricanes caused a lot of damage there and in st. Pete.
#1 Happy Hump Day Jason! #RealEstateIsLocal
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Good morning! You're one of the first to watch this one. Thank you for being a channel member.
I just move to Florida and Insurance is ridiculous and even worse is property taxes I believe highest in Country like 2.1 percent I'm going down to my tax collector and see wtf is going on! I can see why nobody is buying it's pricey and the property taxes really bother me how high they are
Florida is in the middle on property taxes compared to other states. The rate should be less than 1%.
@@rubicon3416No necessarily. I'm in Florida and my county property tax is astronomical. I'm paying about 1.6%.
@imaginarium9923 i just did the math and in Brevard county I'm getting charged 1.83% 😠
If you just purchased wait till next years tax bill arrives 😳
2.1%? Wow! In CA, it averages around 1.25% (higher for newer communities though) but not 2%.
Florida gained around 1.5 milion new residents in last 4-5 years.
But also have ~300K deaths per year.
@ yea people die and babies are born, I don’t know what you are trying to say. 1.5M is net increase in population.
@ still 1.5M net increase in population. Imagine if people stop dying what would increase be 🤦♂️🤦♂️🤦♂️
Florida lost almost 1,000,000 residents in 2022 and 2023 that’s not counting for the other years and not counting for deaths
If people getting hit with blizzards and snowstorms, Florida might gain some traction this winter. No Hurricanes in January and could get a good deal just have to do your homework
If the prices drop too.
Does this include condos? That market is much different than SFH.
Only SFH's