Beautiful residential home in Florida – Courtesy: Shutterstock – Image by Mike Focus
According to Redfin, over a recent four-week period, house sales in five Florida markets declined more quickly year over year than any other market in the country.
Home sales are down 15.2 percent in Fort Lauderdale, 14 percent in Miami, 13.8 percent in West Palm Beach, 9.5 percent in Jacksonville, and 7.2 percent in Tampa, according to a recent study from the tech real estate firm Redfin.
This is for the four weeks that conclude on November 10.
For almost twenty years, Laurie Stark has worked as a mortgage broker in Florida.
“No one is able to buy, even though the market and interest rates are rising,” Stark stated. “We don’t have anyone who can qualify to buy one of these homes, so they will just sit there.”
The Redfin research attributes the decline in sales to the ongoing homeowners insurance crisis, rising homeowner association dues, and recent hurricanes.
Another issue, according to Stark, is the surge of investors purchasing Florida real estate and the rising cost of real estate.
“I was doing mortgages at 10 percent and 11 percent when I started in 1999, but the houses were selling for $120,000 or $130,000 at the time,” she claimed. “A house worth $600,000 cannot be paid 8 percent.”
When loan rates drop to about 6 percent, Stark said she thinks the market will stabilize and that 2025 will be a better year for Floridians hoping to become homeowners.
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Born and raised in South Florida, Krystal is a recent graduate from the University of Miami with professional writing experience at the collegiate and national news outlet levels. She’s a foodie who loves all things travel, the beach, & visiting new places throughout Florida.