Are Florida Homes Overpriced By 20 Percent?
MIAMI, FLORIDA - SEPTEMBER 30: A for-sale sign is seen in front of a home on September 30, 2020 in Miami, Florida. A National Association of Realtors survey showed pending home sales rose 8.8% in August compared with July, reaching a record-high pace. Reports indicate that low mortgage rates have helped fuel the buying spree. (Photo by Joe Raedle/Getty Images)
Are you in the market for a new home? You’ll be paying top dollar in the sunshine state.
Researchers at Florida Atlantic University and Florida International University studied Florida homes and found that 21.76% were selling above their long-term pricing trend.
And of all the areas around our state, Tampa Bay is purportedly the most concerning. June sales were for a 32% premium.
But according to the report, there is some good news: “Citing a shortage of homes for sale, a steady influx of out-of-state buyers and mortgage rates near historic lows, the researchers are not predicting a housing crash like the one that occurred more than a decade ago, when Florida homes were overvalued by 60 percent or more.”
However, for those who’ve paid top market prices, it may be years before they can recoup their investment.
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Roxanne is a co-host on the MJ Morning Show and host of Middays on Q105 in Tampa Bay. She also hosts segments on The Current, which features local feel-good stories and health and wellness segments, and airs on five of the six Tampa-based Beasley Media Group stations. Roxanne has conducted hundreds of interviews, from athletes to Oscar winners, including Matt Damon, Christian Bale, and Chadwick Boseman. She also specializes in media training, having worked with clients in the NFL, NBA and WWE for television, in print, and online. Roxanne is a published author and will be releasing a thriller novel in 2024. Her favorite thing in the world is being with her two daughters and husband. As a content creator for Q105, Roxanne writes about family activities in the Tampa Bay area, as well as reviews for local restaurants and travel.
