Florida’s Housing Market has reached the point of inflection, where the crash has begun. Homes for sale and inventory have spiked across markets like Orlando, Tampa, Sarasota, and Lakeland. Meanwhile – investors are now rushing to the door to sell properties before home prices crash.
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This spike in listing and inventory is now forcing sellers in Florida’s Housing Market to reduce prices. Particularly real estate investors who bought at the peak of the bubble in Florida and are quickly going underwater on their mortgages and financing.
And when home prices in Florida drop, I’m skeptical that the buyers will be there to revive the market. That’s because living and buying a house in Florida has gotten way too expensive over the last several years. Especially now with insurance and HOA costs skyrocketing across the state.
One market that has turned down as of late in Florida is Lakeland. Where inventory has now skyrocketed to the highest level in 7 years. Another market like this is Palm Bay. With another being Osceola County near Orlando. All of these areas are experiencing suppressed buyer demand combined with a flood of new listings.
Homebuyers buying in Florida in 2024 need to be careful as a result. While the state has good long-term growth potential and should appreciate well over the long-term, buying into the market today could result in a loss of equity and downpayment.
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The spike in new listings in Florida's Housing Market right now is alarming.
Cape Coral, Jacksonville, Tampa, Osceola County, Palm Bay, Sarasota are all experiencing it. Investors are selling and the pandemic migration boom is over. Inventory is spiking and the initial slate of price reductions has begun.
Meanwhile – Southeast Florida (Miami-Dade in particular) is still holding on. But for how long?
Just like the during the last downturn, there will be some good deals to be had in Florida during this downturn. A market that has great long-term growth prospects.
But to achieve strong long-term growth, prices need to get more affordable. Especially with insurance and property taxes across the state spiking so high.
Head to Reventure App to track Florida Housing Market data for free, specifically Home Value and Inventory data for your ZIP Code. http://www.reventure.app
im not sure florida has much of a future beyond 30 yrs. if another hurricane on ians level hits again it will probably bankrupt every private insurance company and then what? everyone on floridas govt insurance?
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
i still remember the building boom here in FL in 2006-2007 until it literally halted seeming overnight! many neighborhoods were left half finished. I think we're going to see something very similar very soon. The only difference I see between then and now is we're inundated with apartment buildings being built. Of course they went this route because they are getting incredibly high rents, and the dollar per square foot to build these apartments is so cheap .
Of course, you forget about NW Florida. People are buying houses 🏘 like hotcakes here 😐
To be slightly fair, we have 3 large military bases here, as well as a handful of smaller military installations.
If you sell your house in Osceola, where would you buy property to take advantage of the 1031 Exchange (6month window). Please advise. Thanks
Thank you!!
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
Has anyone ever looked at a past video from Reventure Consulting and listened to the housing " crash" that was supposed to happen 24 months ago..then 18 months ago..then a year ..then 6 months ago…then 3 months..Then you realized it never happened?
I have seen people post that they allegedly sold their home based on statements from people like Reventure Consulting….thinking they were selling at the top of the market and that home prices would " crash" and they would buy a better home for the same money.
Except..housing kept going up, along with interest rates, and they are now priced out of the same home they used to live in!!
This is good news
The current “ Inventory”… is a Mirage..
in any given Florida city “inventory is up”…. Is true and false for at least TWO SETS of reasons..
1) people are trying to sell their houses ..FOR AS MUCH AS THEY POSSIBLY CAN GET..
And
2) BUYERS REFUSE TO BUY HOUSES AT RIDICULOUSLY HIGH PRICES.
So there might be “A lot of houses on the market” aka …. Inventory
BUT …NONE…OF The houses ..ARE….PRICED TO BUY…
SO… ALL…of the inventory is sitting…which makes it LOOK ..like high inventory…
Which, if the definition of inventory includes… “ HOUSES FOR SALE”… then we have a
“false “ /fake inventory….. because…. Until the prices are “ BUY-able”…..
NONE… OF THE HOUSES are really for “SELL-ABLE”
Years ago I remember seller complaining that “ it took my damn realtor 4 months to sell my house”…..
this statement was the seller lying to everybody including himself and insulting the realtor.
it didn’t take 4 months to sell the house….
It…. .DID..take three months for the indiot home owner to accept current actual selling prices … and then once the CORRECT price was set, The house was re-listed at the right more competitive price, and the house sold in three weeks.
When some one says..” my 1969 Mustang is NOT FOR SALE”…. THE REALITY IS…sure it is…. We just need to find the price…
And the inverse is true to….. just because a home owner SAYS that their house is for sale…. It really isn’t….. until…. Their price…induces buyers to buy..
And that ain’t happening.
so there isn’t REALLY …” Inventory”…that is really …” FOR….SALE”
There are a bunch of overpriced listings that are masquerading as inventory.
But little is actually sellable.
In SW FL the insane building on every piece of available land continues . In my 37 years here I have seen this before . Greed and stupidity reigns with the politicians in the pockets developers. We have major water and infrastructure issues as well as Hurricane Ian damage still on the barrier Islands . Laughable what is going on .
The 2024 hurricane season is projected to be bad. “Water temperatures in the Main Development Region (MDR) at the end of January were a staggering 65% higher than the next closest year, a clear indication of how unusually warm the water is in this critical area of the Atlantic Ocean.” (Accuweather). Better to sell sooner rather than later.
9:47 🤦♂️🤦♂️ You say prices must come down or incomes must go up. The other possibility you don’t mention is that well-heeled buyers arrive to soak up the supply. Maybe a retiree or two, Nick? I think that you have always had a weakness of looking at raw numbers and calling them data, instead of analyzing them in context, first.
Very nice video, you seem to know the real estate business well.
I don’t know what you guys are talking about these houses are way too fucking high. Nothing has been cheap and all these houses that you’re showing and using for examples are junk homes that weren’t even $50,000.05 years ago. We’ll look at some real houses.
Florida has a LOT of issues. It might be a nice place to visit, but you'll want to make it a short visit!!
The carpetbagging New Yorkers get what they have coming to them
no one but investors can afford to buy a house in florida.i live in lakeland and you might regret buying a home here,very few jobs that can pay for a $4k a month mortgage and a 2hr commute (each way) to either tampa or orlando.
I thought all the New Yorkers were fleeing to Florida?!
I live in FL, the prices in my area are still very high and not slowing down.