The real estate market in Florida is soft, especially on the southwest coast

Florida's apartment boom from the Pandemie era finally begins to fade.

The highest level is reached for the sales stock in the state, and the houses stay on the market longer, even if the peak values for the HomeBuing season begin. The prices fall in many parts of the state.

The turned market comes when migration slows down in the Sunshine State, and a combination of hurricane fears, rising insurance and tax invoices as well as a steady range of new buildings has given buyers more leverage. While the state's budgetary market was corrected, the market for single -family houses came into force in Surfside, Florida, after the collapse of the condominium of 2021.

“Inventory and time on the market are dramatically increased,” said Ben Grieco, a real estate agent in the southwestern city of Port Charlotte. “It is not as if buyers have never left, but there is so much to choose that it really lowers prices.”

According to Realor.com, the lists in the state state pre-pandemic level in January in January in January. More than 168,000 houses have been active on the market since last month. According to Redfin, the residences in Florida spent an average of 75 days on the market, 13 days after the previous year.

From January, the single -family houses in a group of cities on the southern Gulf Coast fell fastest. According to Zillow data, the prices in Punta Gorda have dropped by almost 8% since January 2024. Thirty miles south of Cape Coral fell 5.6% compared to the previous year.

The prices in the north harbor and in the high-end, golf-ended city of Naples in Golf also fell by more than 3% last year.

“People are concerned”

Memories of Hurricane Ian, who devastated a number of municipalities in southwestern Florida in 2022 and was the most expensive storm in the history of the state, is still characterized by today's buyers and sellers, said Rick Harrison, a real estate agent in Fort Myers. Buyers ask detailed questions about Homes' flood history, while sellers are motivated to complete transactions before the next hurricane season begins in June.

“Everyone at this point was trained enough to know that hurricanes had a major impact on our region,” said Harrison. “People are concerned on both sides.”

An aerial view of the damaged houses from the hurricane Ian, which can be seen near Fort Myers in September 2022 (Al Diaz/Miami Herald/Tribune News Service via Getty Images) · Miami Herald about Getty Images

Nevertheless, many buyers have difficulty affording what is offered for sale. The median list of list in the state is 435,000 US dollars. It has been lower since mid -2022, but is still 32% higher than at the end of 2019. The prices that are coupled with mortgage interests over 6% have completely left out the market, which contributed to the existing clamp.

But buyers who can afford are with a lot of levers. In cooler markets, the agents say that a price of 20,000 US dollars often offers, and the sellers are ready to carry out repairs that occur during inspection. An eventual connections, which were often dispensed with during the boom years, such as the buyer, who successfully sells his current house, are also back.

Shops can also be found in the new building after many years of aggressive development have many builders sit in non -sold houses. Builders are often ready to buy mortgage interests to less than 5%, to cover the closing costs and offer credits for upgrades. Some completely lower the prices for houses, something that they usually avoid because it harms existing owners in their communities.

There is an accumulation of buyer incentives

Harrison said that he refers to many buyers to new buildings for the incentives and the fact that the latest buildings are subject to stricter building regulations in order to protect themselves against hurricane damage.

Olivia Wadden and her husband had long dreamed of moving from Iowa to Florida, where both have a family.

“I don't want to be in Iowa and look at Maisfields every day,” said Wadden, 27.

After spending the market in Bradenton, about 50 miles south of Tampa for two years, they jumped in at the beginning of this year when they noticed that prices fell.

Their price range under the cunning of $ 289,000 for a new building with three bedrooms was accepted, and they received a number of other incentives, including a mortgage, a purchase of mortgagezins, a final credit and improved storm window.

Learn more: Final costs: How you work and how much you pay

“Obviously the market was so crazy, but it has been falling lately,” said Wadden. “We only had our eyes open and looked with a broker. We have finally found those that match our family. “

Florida is still one of the top move destinations nationwide, but the number of people moving every year was trendy. The Sunshine State added 64,000 people from other countries in the country last year, of more than 100,000 who moved in 2023, and, according to the Census Bureau data, over 300,000 in 2022 in 2022.

Real estate prices are still increasing in some cities. Nationwide, houses sell for about 1% more than a year ago, with the U -Bahn areas such as Miami, Tallahassee and Gainesville make profits.

In the Tampa Bay Area, the real estate agent Sam Brown Perez has noticed that buyers have gained some electricity in recent months, but the competition for inexpensive houses, especially those who are closer to the city centers, can still be stiff.

“The market is now corrected,” said Brown Perez. “We don't see an over -correction, but it begins to develop again.”

Claire Boston is a senior reporter for Yahoo financing, housing, mortgages and house insurance.

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The real estate market in Florida is soft, especially on the southwest coast

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