Florida Homeowners Are Desperately Trying to Move Out

The housing market did bubble up during Covid when remote workers flooded to Florida, and now the income-to-expense ratio is so high that Miami is the #1 least affordable housing market in the nation. An exodus would alleviated the issue with overpricing, and when house prices fall, so will the property taxes. Unfortunately the insurance issue will remain.

Florida Homeowners Are Desperately Trying to Move Out
https://www.msn.com/en-us/money/rea...n&cvid=246b7da39f684658bcdd402c61cd708c&ei=27
Florida has the highest number of "motivated" sellers listing their properties on real estate marketplace app Zillow, according to data on the platform.

A search showed that, as of Wednesday, February 28, there were 4,928 listings on Zillow's app for Florida properties whose sellers described themselves as "motivated"—meaning they would accept lower offers from potential home buyers to sell quickly. Motivated sellers can be driven by financial loss, divorce or separation, job relocation or other personal issues.

Ugh what is going on with Florida? Real estate listings with the word “motivated” by state New York: 424
California: 1066
Texas: 1770
Florida: 4925

 

Biden's economy is killing folks.... The funny part is you listed NY and CA who have lost more residents by all measures compared to every other state.

 

But.........BIDEN LOL

Real estate listings with the word “motivated” by state
New York: 424
California: 1066
Texas: 1770
Florida: 4925

 

Florida is a vacation destination and a place snowbirds go then realize they're far away from their grandchildren and kids and support.
It floods. Then you've got political motivations for leaving the state.

Texas: Political motivations for leaving the state and we've got a ****-ton of military bases IE like California we've got people coming in for a few years then moving away.
California: Political motivations for leaving the state, and they've got a ****-ton of military bases IE like Texas they've got people coming in for a few years then moving away.

 

Well, Florida has been a retirement destination for a VERY long time, but now its getting to a point where it is becoming too expensive and people move to places like Alabama, South Carolina or wherever they can afford it. Half a million people moved out or Florida. More move in, so its not like we are losing people, its just that people with less money are being pushed out and replaced. Well, Miami IS losing population first time ever. I also read that up to 50% of people who move in are ready to move back out in 2 yrs, because it didn't meet expectation. Long time residents like myself would like to see a reduction in population.

 

It appears the OP article does not mention how HOA insurance on condos has skyrocketed recently. That might be the single largest factor in the incipient collapse of the real estate market.

Suits me fine. The state has become over populated since Covid.

 

Florida deaths:
2022 - 238,953
2021 - 261,246
2020 - 239,381
2019 - 206,975
2018 - 205,461
Often the surviving spouse moves back to wherever the kids are.

 

It is the free market at work. We just need to get federal government to stop expanding the money supply That will cure a lot of ills.

 

So, the Federal government expands money in Florida, but not elsewhere?

 

I was a little disappointed the numbers weren't higher in Texas. By all means my liberal friends, move out.

 

and it's high season right now and all the Ohio, Michigan and other out of staters insist on going 20mph beneath the speed limit..............ugh

 

HOA on newer condos is well over $1000 per month, and with value of properties going up, the property tax goes up too.

$1000 on property tax per month
$1000 on HOA
+ insurance

So, it's expensive even if you have your house paid off.

 

The only real issue right now is certain HOAs which have deferred needed maintenance for years, often decades, because the elderly owners hoped they would die before the bill came due. Florida changed it's laws requiring HOAs to be pro-active in necessary maintenance to prevent catastrophic building collapses like the one which had a leaky pool on its roof causing structural failure.

The net effect is some HOAs which had delayed tons of needed maintenance now legally have to bight the bullet and pay for it all. Suddenly people in those badly managed HOAs are seeing 400% increases in monthly HOA dues and elderly people one fixed incomes are trying to sell before the increases take effect saying they can no longer afford it on a fixed income.

 

Florida homeowners are motivated to take profits and move up into larger homes.

 

They seem to be moving to cheaper States.

 

I wonder how many of those houses are owned by illegals who are now leaving the State and are 'motivated' by the possibility of deportation, especially as it looks like Trump is now one step closer to becoming President.
It also makes you wonder how the illegals leaving has impacted the rental market as well.

 

Which ones?

 

Alabama, Arkansas, South Carolina etc.

I doubt many illegals own houses in Florida. If you can afford to buy one here, then you would not be illegal. Average house price in FL is $410,000.

 

Our son is taking profits on his house and upgrading in Florida. Where is the data supporting your contention that many people are leaving Florida in desparation for Alabama, Arkansas, and South Carolina?

 

They're probably having a hard time moving out because all of the UHaul's have already been rented out in California and New York.

 

Too many people went there too quickly. That causes things there to get more expensive.

I bet its still cheaper than NY, SF, Seattle...

 

About half a million people left Florida due to cost of living, nd more people from big cities like NYC move in to drive up housing even more. New people in, current residents out.

What you claim your son is doing doesn't make sense, because you can "take profits", but to buy another house at peak market & high interest rates is going to be very expensive price vice and property tax vice. Its not like you can sell high, and expect to find a bigger house for less money. You can sell high, and buy cheap elsewhere.

Stay or go: Why Americans are drawn to — or sick of — living in Florida
https://www.businessinsider.com/mov...ons-home-prices-affordability-weather-2023-11

• Nearly 730,000 moved to the Sunshine State between 2021 and 2022, while almost 500,000 people left.
• Those who moved in love the lifestyle, while those who moved out say the state got too expensive.

 

Cheaper, yes, not not more affordable. Miami is the least affordable housing market in the nation, due to low incomes coupled with high cost of housing.

 

Why Bill...you dont even live in the US?

 

Many who move in to South Florida are from Central/South America....they escape their squalid conditions for better prospects ....and hear their own language.