November 25, 2022
Skyrocketing housing costs spark calls for state leaders to respond

Florida Trend Real Estate

Skyrocketing housing costs spark calls for state leaders to respond

| 5/16/2022

Skyrocketing housing costs spark calls for state leaders to respond

Many parts of Florida have simply become too expensive for many people to live. Across the state, protesters are calling for relief from skyrocketing rents and home prices. Demand for housing in Florida has shot up during the pandemic as the state's population continues to swell. It has grown to almost 22 million people, up more than 4% in two years. The state had 9.7 million housing units in 2019. The 2021 data will be released by the Census Bureau on May 24. [Source: WUSF]

Early signs indicate inventory coming back to real estate market

Potential homebuyers in South Florida have been waiting with baited breath for signs that more inventory might hit the market, and ease the fierce competition. Lack of inventory during the pandemic fueled high home prices as the region saw an influx of buyers from other parts of the country. That momentum, in turn, created a fear of missing out, resulting in an even greater shortage. Experts now say that there are indications that more inventory could be coming to the market, and that buyers may be pumping the brakes. [Source: South Florida Sun-Sentinel]

Florida unlikely to feel impact from slowing market

Six of the nation’s top 25 most overvalued housing markets are in the Sunshine State, which can expect to see a “prolonged period of unaffordability” even as prices in other regions of the country cool. Recent studies by three South Florida universities and the University of Alabama point to the same high demand and low inventory as reasons for the homebuyer and rental angst experienced since the start of the pandemic, but the research also found future population growth in Florida will extend housing woes. [Source: Florida Realtors]

Ready to buy your dream house? Beware of past insurance claims

You wouldn’t marry someone without asking them about their past. You shouldn’t buy a house without investigating its past, either. Searching for liens, unrepaired damage, mold, termites and other potential problems is an important and required part of the “due diligence” that your prospective lender requires before approving a mortgage loan on your dream house. But there’s more to look into. [Source: South Florida Sun-Sentinel]

This is the city with the lowest rent in Florida

According to the Economic Policy Institute, a nonprofit think tank, a family of four - two adults and two children - can expect to pay an estimated $15,031 on housing in 2022. This amount varies across the country, however, from state to state and city to city. Of the 22 metro areas in Florida, Sebring-Avon Park has the lowest housing costs. According to the EPI's Family Budget Calculator, a modest two-bedroom rental in the metro area will cost an estimated $10,452 in 2022, including utilities. For context, the statewide average cost of a comparable apartment is estimated at $15,232. [Source: The Center Square]

STAT OF THE WEEK
25
$300K Florida real-estate scam saw woman sell 25 properties she didn't own, state says. [Source: Palm Beach Post]

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