The recent hurricanes hit Florida really badly. The dreams of homeowners who moved from other parts of the country to Florida have fallen into confusion now. The house sales in Florida reportedly fell 10 percent and the storms is one of the main reasons.
After two back-to-back hurricanes hundreds of Florida homeowners are reportedly denied and delayed on their damage claims. Many of them have purchased flood insurance as well as a separate hurricane-specific policy in addition to the regular homeowners’ coverage.
The huge insurance costs are another main reason why people are staying away from buying houses in Florida. The state was hot in the market during the pandemic times and those who purchased houses in 2021 are now struggling to sell their houses even after multiple price cuts and months of being on the market.
Another reason seems to be the high mortgage rates for the slowdown of real estate in Florida while the hurricanes and insurance costs play a major role in it. The inventory in Tampa and Orlando has gone up over 50 percent while the demand went down by 10 percent according to a survey.
It has to be seen if Florida gets its past glory anytime soon.
This post was last modified on 24 October 2024 3:06 am
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