“Are we in a bubble?” Home sales and price growth to slow in 2022, experts say | Florida Trend Real Estate – Florida Trend
“Are we in a bubble?” Home sales and price growth will slow down in 2022, experts say
The country’s housing market is expected to cool in 2022 as mortgage rates rise and inventories grow, a panel of experts said Thursday at the National Association of Real Estate Editors conference. The states expected to see the highest price increases next year are Florida at 10.7 percent, South Carolina at 8.9 percent, and Maine at 8.6 percent, according to CoreLogic data. Louisiana at 2.9 percent and New York and Wyoming at 3.6 percent each could see the smallest increases in home prices. [Source: The Real Deal]
Amid the Florida affordable housing crisis, DeSantis suggests the highest spend in a decade
The panel of academics and home builders that met before the Florida Senate Committee last week delivered a unified message: Florida is in the midst of an affordable housing crisis and more money is needed to keep the economy going. In a budget fueled by taxes on soaring property values, Governor Ron DeSantis found $ 144 million more in the state’s account than last year on Thursday and proposed $ 355 million as part of his proposed budget of $ 99.7 billion. Dollars for affordable housing initiatives. [Source: Tampa Bay Times]
Your home insurance cover costs so much because the great powers are at war
No longer need to be told that Florida home insurance prices are skyrocketing. One reason for this is the increased frequency and intensity of hurricanes and other storms. They make us a greater risk. But Florida has not seen a major hurricane since Irma in 2017, which affected most of the state, and Michael, which caused a wide path of destruction in the panhandle in 2018. The main reason insurance rates continue to rise, experts say: is the staggering number of lawsuits filed here compared to other states over hurricane, roofer, and water damage claims. [Source: South Florida Sun-Sentinel]
Buying or renting a home in South Florida? Real estate experts have the answer
Are you considering buying or renting a home in South Florida? Three real estate experts say you should rent as they anticipate possible price drops on homes for sale. Residents of Miami-Dade, Broward, and Palm Beach counties would be better off renting now and saving to buy later after steep property prices in some cities have eased and continued to decline. This emerges from the latest quarterly report from Florida Atlantic University and Florida International University, released on Wednesday, which compares the cost of buying and renting. [Source: Miami Herald]
Florida’s second largest community bank is expanding its presence in the wholesale mortgage lending space through its joint venture Amerant Mortgage LLC, which has hired 28 new employees dedicated to providing products and services to mortgage brokers and their customers. [Source: Inman]
STAT OF THE WEEK
More shopping and dining will soon be available on Coral Gables’ historic Miracle Mile retail strip, signaling progress after years of struggle. 19 new tenants are expected to open in 2022, according to the city of Coral Gables and commercial property developers and property managers, Terranova and Kerdyk Real Estate, who own multiple stores. [Source: Miami Herald]
ALSO IN TREND:
›More and more people are moving to Tampa Bay from South Florida. Why?
It’s no secret that Florida and Tampa Bay’s populations are growing. But it’s not just northerners fleeing the cold who flock to Tampa Bay. A new feeder market is emerging out of the state – residents of South Florida are moving to Tampa Bay in no time. South Florida – from Palm Beach to Miami – has had the state’s three most populous counties for decades. But the recent surge in people in Tampa Bay could make Hillsborough one of the top counties for years to come, according to University of Florida researchers.
›Florida history: The role of the” Binder Boys “in the country boom of the 1920s
In 1920 Miami had about 30,000 residents. Today they could almost fit in the upper deck (26,442) of Hard Rock Stadium, home of the Dolphins. But things happened. Henry Flagler built hotels along the east coast of Florida and brought South Florida into the limelight. And the Everglades were drained, opening up land for agriculture and, more lucratively, real estate.
›Community members urge Sarasota County to prioritize affordable housing with federal funding
Bakery owner Kelly Erdmann told Sarasota County commissioners last Tuesday that three of her employees are unable to find affordable housing. A team member at her Nothing Bundt Cakes store moved back in with her family after her landlord raised her rent. Another employee is temporarily staying with one of the heads of the store. And a third lives in a van with her spouse and two pets. You recently bought a trailer that you want to convert into a living space
›Yes, Orlando home buyers pay more than the asking price, but San Jose is far worse
For many Orlando homebuyers, that chorus has been a familiar refrain this year. Find a great home and lose it to cash offers from investors who come with much larger budgets. It might come as a surprise, then, that Orlando actually sold the fourth fewest homes for more than the price of the largest subways in the US, according to a new study by home services platform Porch.
Previous property updates: