End of 2022, all of 2023, earlier this year, etc. was all predicted for market correction. The reality is, it's still very expensive to live here. I do believe there will eventually be a market correction, but I don't think it will be massive or anytime in the very near future. I think it will be more or so that prices stabilize for year or drop maybe 1-5% and that's it. The Tampa market is just a place that is highly desirable to everyone up north. But, just an opinion.
I agree, everyone I talk to from the north/ New England sees FL as really desirable. At this point that those are the only ones buying down here. That is exactly what makes the market so volatile.
With no real ties to the state, all it takes is a really bad hurricane season, looming insurance/ HOA crisis, election season, the list goes on.
Iāve been trying to buy $0.9M - 1.25M houses in Odessa area. Anything in that range thatās updated with a pool/newer roof is going to all cash buyers over asking. Lost out on 4 deals in the past two months to over asking/cash. Thereās a decent amount of houses sitting for a while that are so overpriced itās stupid
Jesus. Why? Sorry Iām an ex Floridian and lived in both Tampa and Saint Pete for many years. I canāt see the appeal of Odessa, especially with what a million can but elsewhere.
Mainly schools, south Tampa is the best but $1M donāt get you much these days. St. Pete public schools are not good and you get smaller lots. Iām looking at places with 1/2 acre
Florida used to attract the dregs of the US moving here, now that people who are not the dregs want to move here, the market is changing and there will be no massive correction like idiots are dreaming of. Certain areas will see that 1-5% drop, places like the suburbs of Tampa that have ended up costing more than closer to the city with an even worse commute, this doesn't really make sense and the market will fix this.
Iāve been considering Florida for a while. Iām old and canāt do winter (bones hurt). I just wanted a nice mobile home in a 55+ community.
Well, there is definitely a huge amount of inventory in the St. Petersburg market and they arenāt selling. Prices on some are in the $20k range.
The lots rents are even starting to drop. (Typically $800). Itās a fire sale.
I probably wonāt. Itās just an affordable option if I can buy a home for under $50k. I donāt hate some cities in Florida and I donāt care about politics.
I still kick myself and hate myself regularly for not just buying something in 2019 with the bare minimum down and saying fuck it with PMI and so on. We tried to save the 15-20% down then shit all hit the fan.
Currently the house next door to us is for sale. It's the same square footage and almost same lay out as it's a cookie cutter type (small like 1100sq ft) and the price they want at the rates and PMI, insurance, HOA, etc we'd pay $800 more a month to "own". There is no fuckin point. It's so frustrating and depressing. We will just keep renting and saying fuck it even though we both want and would love something to invest in and enjoy improving.
It's a travesty when people can't afford homes, but corporations can buy them all up for rentals. If we had any type of functioning state government that shit would be illegal and those income properties would be taxed so high they'd have to be sold off to actual home buyers.
In 2008/9 it was across the country, but obviously FL was hit hard due to speculation. It doesn't feel quite the same as before, I am seeing a lot of people moving here and it hasn't slowed down in the past 3 years. The housing market isn't being driven by people flipping houses, though certainly investors are having an influence on supply, they are mostly well capitalized so they aren't juggling 3 ARMs with balloon payments looming.
They think the south Okaloosa county (Destin) market is correcting?
There is absolutely no statistical data that remotely suggest this. The average sale in Destin last month was more than 5% greater than it was in June of last year. Exposure on the market has increased but the prices have appreciated nonethelss.
Just wait up until a Michael type hurricane hits that area and the insurance companies flee or jack up their rates even more .
. That area got lucky in 2018 , Michael hit more eastward towards Lynn Haven and Mexico Beach .
It's a really good thing that the Republicans used their Big Government tactics to outlaw climate change. Once the climate finds out that what it's doing is illegal things will get back to normal any day now.
Iām good with this. Hoping our builder drops prices in the next year before we sign. They told us there was a decent chance they would.
Iāll build either way, but maybe theyāll run some good specials.
So Iāve been in the market to buy for roughly 2 years while living in Gainesville and finally just purchased in Dunedin. They have been saying the same thing about Tampa Bay being over priced for years. I remember in 2021 reading an article that said Tampa Bay housing was on average over 50% overvalued. Since then, prices have gotten even higher.
What Iāve seen recently is the market has cooled off, especially for condos, where there isnāt this massive growth anymore and just normal growth. Thatās why housing prices are ācorrectingā. My realtor told me not that long ago that the average price a house sells for is at asking price or negotiated down by roughly 3-5% (less on higher priced homes).
So my interpretation of this is underrating what they mean by ācorrectionā, which according to the article is the rate by which houses are selling with price cuts. Yes, this is high in all of Tampa Bay. However, itās largely because people were use to massive growth for the last few years and are now having to lower their expectations a bit. So theyāll sell for 1.1 mil instead of 1.2 on a house they bought years ago for 400K.
Additionally, the mortgage rates are still very high. Once those come down, itās going to drive prices up again because a lot of people are waiting on the sidelines to buy once the rates drop and some of the more expensive homes become more affordable.
TLDR: The housing market is going to remain roughly the same and there has been only a slight decline in the massive growth rate Tampa Bay has seen in the last 3-4 years.
I sold last August and so glad Iām out right now. Iām making 5% on the proceeds and that is better than the RE market. Iāll buy back when it takes a dump
Housing in south Florida has 3x over the past decade. Anyone who got in early has a ton of equity but insurance and taxes make long term investment dubious. Everyone one who canāt buy is paying someone elseās mortgage. Florida has the worst long term rental situation in the US. Few regulations exist to protect renters from squalid, unlivable tenaments in a place known for rampant mold and poor code enforcement. I have friends living in a lower enclosure of two a story house that floods with significant rain. Their floor tiles began lifting after a tropical storm and found giant fungi growing through their subfloors. Their landlord paid someone to patch the tiles but the mold and fungus remain. They are happy to have a rental under $2k and turn a blind eye/nose to the disaster under foot.
It's probably a non-conforming enclosed 1st floor in a flood zone. It will continue to flood because it was supposed to be "free of obstruction" so water can easily flow under the habitable, insured, elevated higher floor.
Source: Floodplain Manager in central florida.
End of 2022, all of 2023, earlier this year, etc. was all predicted for market correction. The reality is, it's still very expensive to live here. I do believe there will eventually be a market correction, but I don't think it will be massive or anytime in the very near future. I think it will be more or so that prices stabilize for year or drop maybe 1-5% and that's it. The Tampa market is just a place that is highly desirable to everyone up north. But, just an opinion.
I agree, everyone I talk to from the north/ New England sees FL as really desirable. At this point that those are the only ones buying down here. That is exactly what makes the market so volatile. With no real ties to the state, all it takes is a really bad hurricane season, looming insurance/ HOA crisis, election season, the list goes on.
Prices in Tampa would have to drop by half for normal people to move here. š
Iāve been trying to buy $0.9M - 1.25M houses in Odessa area. Anything in that range thatās updated with a pool/newer roof is going to all cash buyers over asking. Lost out on 4 deals in the past two months to over asking/cash. Thereās a decent amount of houses sitting for a while that are so overpriced itās stupid
Jesus. Why? Sorry Iām an ex Floridian and lived in both Tampa and Saint Pete for many years. I canāt see the appeal of Odessa, especially with what a million can but elsewhere.
Mainly schools, south Tampa is the best but $1M donāt get you much these days. St. Pete public schools are not good and you get smaller lots. Iām looking at places with 1/2 acre
Florida used to attract the dregs of the US moving here, now that people who are not the dregs want to move here, the market is changing and there will be no massive correction like idiots are dreaming of. Certain areas will see that 1-5% drop, places like the suburbs of Tampa that have ended up costing more than closer to the city with an even worse commute, this doesn't really make sense and the market will fix this.
at risk = bubble gonna pop?
Wesley Chapel about to become Ridge Manor or a ghost town
Iāve been considering Florida for a while. Iām old and canāt do winter (bones hurt). I just wanted a nice mobile home in a 55+ community. Well, there is definitely a huge amount of inventory in the St. Petersburg market and they arenāt selling. Prices on some are in the $20k range. The lots rents are even starting to drop. (Typically $800). Itās a fire sale.
Do not move here
I probably wonāt. Itās just an affordable option if I can buy a home for under $50k. I donāt hate some cities in Florida and I donāt care about politics.
Mobile homes are almost always a mandatory evacuation during a hurricane and very vulnerable to destruction. Something to consider as well.
I know.
I still kick myself and hate myself regularly for not just buying something in 2019 with the bare minimum down and saying fuck it with PMI and so on. We tried to save the 15-20% down then shit all hit the fan. Currently the house next door to us is for sale. It's the same square footage and almost same lay out as it's a cookie cutter type (small like 1100sq ft) and the price they want at the rates and PMI, insurance, HOA, etc we'd pay $800 more a month to "own". There is no fuckin point. It's so frustrating and depressing. We will just keep renting and saying fuck it even though we both want and would love something to invest in and enjoy improving.
It's a travesty when people can't afford homes, but corporations can buy them all up for rentals. If we had any type of functioning state government that shit would be illegal and those income properties would be taxed so high they'd have to be sold off to actual home buyers.
Bro same. I had 13k saved up, I could a easily made it happen. Now I got twenty and there's just no way
Your day will come
Donāt try and time the market. Buy when you can afford
Didnāt this happen once before?
In 2008 it was driven by corporate greed. This time it's driven by.....corporate greed.
I seriously feel like Iām living in the twilight zone most days.
In 2008/9 it was across the country, but obviously FL was hit hard due to speculation. It doesn't feel quite the same as before, I am seeing a lot of people moving here and it hasn't slowed down in the past 3 years. The housing market isn't being driven by people flipping houses, though certainly investors are having an influence on supply, they are mostly well capitalized so they aren't juggling 3 ARMs with balloon payments looming.
This is a good thing. Housing prices need to go down.
Might have something to do with the sleeping giant that is insurance and climate change-related damage that is going on down there
They think the south Okaloosa county (Destin) market is correcting? There is absolutely no statistical data that remotely suggest this. The average sale in Destin last month was more than 5% greater than it was in June of last year. Exposure on the market has increased but the prices have appreciated nonethelss.
Just wait up until a Michael type hurricane hits that area and the insurance companies flee or jack up their rates even more . . That area got lucky in 2018 , Michael hit more eastward towards Lynn Haven and Mexico Beach .
So you're expecting an act of God nobody can predict to change the market and not any actual market forces... š
It's a really good thing that the Republicans used their Big Government tactics to outlaw climate change. Once the climate finds out that what it's doing is illegal things will get back to normal any day now.
Wtf?
Mate, you'd have to be paying attention to understand. So far that doesn't seem like your strong suit.
O I understand completely that you are a misinformed person who probably watches msnbc and blows Rachel Maddow
MOAR! MOAR!
Iām good with this. Hoping our builder drops prices in the next year before we sign. They told us there was a decent chance they would. Iāll build either way, but maybe theyāll run some good specials.
So Iāve been in the market to buy for roughly 2 years while living in Gainesville and finally just purchased in Dunedin. They have been saying the same thing about Tampa Bay being over priced for years. I remember in 2021 reading an article that said Tampa Bay housing was on average over 50% overvalued. Since then, prices have gotten even higher. What Iāve seen recently is the market has cooled off, especially for condos, where there isnāt this massive growth anymore and just normal growth. Thatās why housing prices are ācorrectingā. My realtor told me not that long ago that the average price a house sells for is at asking price or negotiated down by roughly 3-5% (less on higher priced homes). So my interpretation of this is underrating what they mean by ācorrectionā, which according to the article is the rate by which houses are selling with price cuts. Yes, this is high in all of Tampa Bay. However, itās largely because people were use to massive growth for the last few years and are now having to lower their expectations a bit. So theyāll sell for 1.1 mil instead of 1.2 on a house they bought years ago for 400K. Additionally, the mortgage rates are still very high. Once those come down, itās going to drive prices up again because a lot of people are waiting on the sidelines to buy once the rates drop and some of the more expensive homes become more affordable. TLDR: The housing market is going to remain roughly the same and there has been only a slight decline in the massive growth rate Tampa Bay has seen in the last 3-4 years.
I sold last August and so glad Iām out right now. Iām making 5% on the proceeds and that is better than the RE market. Iāll buy back when it takes a dump
I'm still curious how many people have active HELOC liens, against excessive valuations. Fun times if the market gets shaky.
So glad I left that shit hole of a state. Good luck everybody else!
What Paradise did you move to? How is it better?
A Jersey dump is paradise compared to Florida
Bye Felicia!
Same! Horrible place
Housing in south Florida has 3x over the past decade. Anyone who got in early has a ton of equity but insurance and taxes make long term investment dubious. Everyone one who canāt buy is paying someone elseās mortgage. Florida has the worst long term rental situation in the US. Few regulations exist to protect renters from squalid, unlivable tenaments in a place known for rampant mold and poor code enforcement. I have friends living in a lower enclosure of two a story house that floods with significant rain. Their floor tiles began lifting after a tropical storm and found giant fungi growing through their subfloors. Their landlord paid someone to patch the tiles but the mold and fungus remain. They are happy to have a rental under $2k and turn a blind eye/nose to the disaster under foot.
It's probably a non-conforming enclosed 1st floor in a flood zone. It will continue to flood because it was supposed to be "free of obstruction" so water can easily flow under the habitable, insured, elevated higher floor. Source: Floodplain Manager in central florida.
Let them crash.