Hello, everyone! Are we heading to a Florida Housing Market Crisis? I hear a lot about a nationwide housing crisis or a housing crisis right here in Florida. So, for those of us that live in Florida or for those that are thinking of calling Florida home, what are we supposed to expect in the next 12 months? Well, today we’re going to talk all about the Florida Housing Market Crisis.
Insurance Crisis: A Major Concern
Florida does have a major housing crisis, but not for the reasons you may expect. One major concern is our insurance crisis. Companies can no longer insure homes in Florida due to hurricanes and rising litigation costs. Florida’s insurance costs are 3% above the national average, and Citizens’ insurance company, a last resort for Floridians, has 1.2 million policies, burdening them.
Lack of Inventory: A Growing Challenge
Another crisis is the lack of inventory. While it’s up 150% from a year ago, there’s still a shortage due to new construction and low interest rates, making it hard to find a perfect home at a reasonable price.
Updating Older Homes: A Challenge
Few older homes have been updated, affecting their value and appreciation. Finding reliable contractors is tough, adding to the problem.
What’s Your Take on the Florida Housing Crisis?
Will Florida be affordable again? Put your comments below and let me know what you think. Is there a Florida housing crisis, or what have you found? How could I be of help? Let’s keep the conversation going.
Thank you for watching! Until next time, take care!
