Mountain View
Gayle Kurtzer-Meyers
Florida Owners Could See Potential Surcharge on Property Insurance Policies
You may have noticed that property insurance in Florida has been becoming increasingly complex and challenging for policyholders. Recently, the Sunshine State of Florida has been hit hard by natural disasters, including devastating hurricanes and floods, significantly damaging homes and properties.
Florida's Live Local Act Aims to Increase Affordable Housing Options
Florida's affordable housing law: The Live Local Act. Property prices in Florida have steadily increased since the pandemic, making affordable housing a significant concern for policymakers, businesses, and residents. In a state as popular and crowded as Florida, the skyrocketing land prices, debt, labor, materials, and insurance makes it difficult for many Floridians to afford a decent house.
Florida Rental Rates Soar While Residents Fight Affordability
A national rent study identified Florida housing rentals as overvalued. Florida, the Sunshine State, is always a crowd-puller for its stunning sunny beaches, warm climate, and drastically growing job market. Similarly, cultural diversity, job opportunities, and lower cost of living make Florida a popular destination for retirees and young professionals. However, if you are also searching for a place to live in this state, there is some troubling news for you. According to a recent rental study, a staggering increase of up to 29% in rental rates has significantly caused competition for affordable housing.
Florida Property Insurance Spikes in 2023
Are you noticing a steady increase in your property insurance premiums in Florida? Well, you're not alone. Florida property insurance has compelled house owners to worry about the consistent upward price trend. Did you know that Florida is now - in 2023 – on the top of the list regarding home insurance prices, and the insurance price of the property is increasing by 30% annually? If not, keep up with the article to know the latest and essential trends in Florida property insurance. I have brought you the quintessential update of 2023 about property insurance, and the cost of Florida property centered around why is the insurance of property rising drastically. So, let's find out how the high cost of Florida property insurance has shocked house owners in Florida.
Navigating Uncertainty in Florida Real Estate: It's a Numbers Game
The real estate industry has been driving the economy of Florida since Corona pandemic. However, TD Economics claimed some signs of cooling down this market in the September 2022 report. By analyzing the drop in home sales since June 2022 by 25% due to higher mortgage rates, many experts believe that Florida home prices can drop by 20% in 2023. Unlike in previous years, there is a considerable reduction in construction and purchases of new housing, primarily due to higher inflation rates and strict government policies. Therefore, a further decrease in sales of 10-15% of the houses between now and June 2023 is forecast by realtors.
Is Florida's Infrastructure System Making the Grade Against Population Growth
Infrastructure strategies crucial to real estate population growth. People have been flocking to the Sunshine State for years because of its mild weather, beaches, low taxes, and business-friendly regulations. As a result, the population is predicted to grow by 1.34% in 2023, bringing an additional 310,000 new residents to the area. But approximately 95% of apartments are already occupied. The state expects to attract 2.5 million newcomers within ten years.
Florida Housing Market: Expectations for 2023
Florida Housing Market: Expectations for 2023Photo byRavitaliy for istockphoto.com. What to expect from Florida's housing market in 2023. The real estate market has been increasing in recent years, but many analysts expect property sales in most markets in the U.S. to slow down in 2023. Nevertheless, you want to get the most out of your money, so investing in a state with a healthy real estate market is essential. Therefore, check out this sneak peek into the 2023 Florida real estate market to make more informed investing decisions.
Wrapping Up the Year End Outlook in Florida Real Estate
Waterfront living.Photo byZachary Vessels on Pexels. The year has been quite turbulent, causing the U.S. economy to head toward a pasta-bowl-shaped recession, and Florida is not behind in this downturn. However, in an economic report, the Director of the UCF Institute for Economic Forecasting, Sean Snaith, predicts that the pasta-bowl recession in Florida may not be easy to digest.
Global Climate Change Could Impact Florida Real Estate Market
Changes in global climate impacting Florida real estate.Photo byPhoto by Pixabay. In recent times, the world has experienced climate change. It has affected the real estate market in so many ways. From rising prices to a decline in popularity in some regions, the impact of weather and climate change has been significant in the last couple of years. There is no mistake about the effect climate change has on communities worldwide. There are plenty of examples, from the heavy rainfall resulting in widespread flooding and landslides in the Netherlands, Florida, Australia, and vast tracks of the US to the ferocious wildfires and droughts in Greece, Australia, and California. Also, areas like Europe record the hottest temperature of 48.8 degrees Celsius. Unfortunately, the truth is that climate risks are mostly underestimated and mispriced, especially by participants in real estate markets.
Hurricane Ian's Financial Burden Impacting Florida's Real Estate Market
When people buy houses, one of the questions they ask is about the past weather conditions and disasters in such areas. For Florida, it is hurricane season, but that has never stopped the city from being a major real estate hotspot. Everyone seems to love the city from Tampa to Naples because of its alluring beaches and relative affordability compared to larger cities.
Florida Property Insurance Crises Escalating
Florida property insurance skyrocketing/Photo by designer491/iStock photo. Property insurance was high before Hurricane Ian, so now what?. If you are a homeowner or property manager, then you likely know the cost of property insurance was off the charts before the devastating effects of Hurricane Ian. The Florida property insurance industry was quickly becoming untenable. Homeowners were paying $4,231 a year for insurance. That's nearly triple what folks in other states pay. Furthermore, insurance companies in Florida are either going bankrupt or leaving the state because they can no longer afford to pay off legitimate claims. As an example, FedNat Insurance Company canceled 56,000 policies in May 2022. Recently, the company arranged to have 83,000 more policies transferred to another company. Still, with Hurricane Ian's impact hanging over everything like the Sword of Damocles, it remains to be seen if these policies will remain in effect. According to current stats, the damages from Hurricane Ian will exceed $42 billion and possibly rise to $57 billion.
What Are the 2022 Jacksonville Trends Telling Us?
"Price is what you pay. Value is what you get."- Warren Buffet, investor and philanthropist. Many investors have wondered what the future holds for the real estate market in Jacksonville, especially considering the pending uncertainties in the old economy. If you are wondering how the trends and statistics affect your decisions and investments as an investor, you should read this article.
Is Price Deceleration in Florida Market Creating Depreciation of Home Values?
Is price deceleration creating depreciation in the housing market? /Photo by REX WAY/ Pexels. Are you wondering if price deceleration in the Florida market is creating depreciation of your home value?
Global Hubs Leading to Increased Housing Prices and Mortgage Rates for Florida Buyers
Globalization and the Effects on Florida Mortgage Rates/Photo by Artem Beliaikin from Pexels. Globalization is the context used to describe the successful integration of economies worldwide to promote free trade and encourage high returns. Like the North American Free Trade, economic globalization aids the conjunction of the international market and promotes financial exchange. However, it also has its corresponding negative consequences, and one of such is the increase in mortgage rates. Florida is starting to feel the impact.
Investment Property Is Trending in Jacksonville
Investment property is trending in Jacksonville. /Photo by David McBee from Pexels. Is Jacksonville, Florida, an excellent place to secure investment property?. A couple of weeks ago, I spent a few days touring Jacksonville. As a Community Asociation Manager, I was able to get some perspectives from local experts that confirmed it is a town where investors can flourish, especially now.
The Impact of Remote Work on Florida's Real Estate Market
Technology allows for real estate deals to be done remotely./Photo by Thirdman from Pexels. Remote work is changing the real estate industry. Since the beginning of the Covid-19 pandemic in 2020, more people worldwide have been working remotely. Working from home is relatively easy and sometimes more convenient for many office jobs. Florida is one of the most desirable places to live, and many choose to live in larger cities such as Miami, Ft Lauderdale, or Orlando for employment opportunities. There has been a substantial shift in the housing market throughout the pandemic, causing people to relocate.
Can Real Estate Offer a Hedge Against Inflation for Florida Homeowners?
Using real estate as a hedge against inflation/Photo by Tom Fisk from Pexels. "People are worried about the current economic system and they want options."-Benjamin Miller, CEO of RE Investment platform-
What is Propelling the Buyer Demand in Florida Real Estate?
Community neighborhood/Photo by David McBee from Pexels. Interest in Florida real estate is growing. Real estate always seems in demand in some parts of the country despite high pricing, low or volatile inventory, and plenty of interested buyers. But real estate demand can be cyclical, and most cities and regions experience ups and downs in their markets, with interest growing and waning with different factors influencing those fluctuations. Right now, the interest in Florida's real estate is strong and doesn't show any signs of slowing. But what is behind the buyer demand in the Sunshine State's real estate right now? Let's look at what is propelling this growth and how it affects the market in this southern, tropical state.
Factors To Consider During the Mortgage Approval Process
Credit and debt are vital factors when securing a home loan. /Photo by Monstera from Pexels. "The two questions that anyone ever asks me are: 'Are house prices going to go down?' and 'Is it a good time to fix my mortgage rate?'-Evan Davis-
Gayle Kurtzer-Meyers
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I am a Licensed Community Association Manager for the State of Florida and a published author. I specifically enjoy writing articles about current issues impacting Florida, including real estate, property management, and the beautiful venues and activities available in the Sunshine State. Thank you for reading my work and joining me on the sand, surf, and sunshine journey.
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