Tamba, other Florida cities in “high risk” for home prices

Real estate market in Florida It was thrown due to the high prices of homes and the increase in insurance costs.

House values ​​are expected to rise in the country modestly this year, adding to the crisis of the ability to bear the current costs in the state, according to a recent report.

But despite the rise in prices, at least three cities in Florida are expected to see, according to Report from RealTor.comWhich Cotality Analysis Company was martyred.

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These cities, Tampa, Winter Haven, West Palm Beach, have a 70 % chance to see prices decrease, according to the real estate analysis company. The report classified them in “very high risks” of low prices, which confirms how the market is modified after price increases in recent years due to the high demand.

Immigration has been slowed down to the state since then. High prices for homes, high mortgage rates and increased insurance costs, led to a significant distinction of the buyer’s demand since 2022, according to Hanna Jones, chief economic research analyst in RealTor.com.

Insurance costs jumped in many parts of the state due to the risk of damage to the property resulting from an event related to the climate. Valuepenguin – a personal financing site and a company for Lindetree – said that Florida homeowners are paying some of the highest prices in the country, with average home insurance cost at $ 2,207 annually.

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“The accumulation of expensive insurance costs, in addition to the prices of homes that are still high and their height Mortgage rates Jones said: “The cost of ownership of the house in Florida has paid far -up for many potential buyers. The catastrophic weather may remain last year in Florida in front of home shoppers, which may lead them to think other places to quell their roots,” Jones said.

While the residents face a lot of financial pressure, the governor of Florida Ron Desantis hinted to social media to the point that he would support the abolition of these taxes throughout the Sunshine state, but will require a constitutional amendment.

“Local property taxes, not a state. Therefore, we need a constitutional amendment (60 % of the voters requires to eliminate them (which I would like to support) or even to reform/reduce them …” Desantis posted on X.

Meanwhile, Jones said that his inventory Linkly built via Florida “The newly built housing worked on its way through the pipeline.”

This may be a good sign for potential buyers as “a large stock for sale in relation to the buyer’s request indicates that the prices of home will continue to decline as sellers try to attract the buyer’s attention.”

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Jones said that the prices of homes will most likely continue to install with the market search for balance, but since Florida is a large housing market, it will take some time until dynamics turn.

She said: “Over the past three years, stocks have been recovered and prices have turned away, indicating that the market is due to balance.”