Tampa, other Florida cities that are “high risk” falling housing prices

The Florida Real Estate Market He was killed by high housing prices and raising insurance costs.

Supposedly, this year, as reported in a recent report, will also grow briefly, adding to the current state of availability in the state.

But despite the fact that in prices, at least three Florida cities, according to the decline, according to Report from Realtor.comreferred to Cotality Analytics Company Company.

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In these cities, Tampa, Winter -Choven and West -Palm Bich, there is 70% chance of seeing how prices fall, reports real estate analytics. In the report, they were classified at a “very high risk” reduction in prices, emphasizing how the market is regulated after launching prices in recent years due to demand rise.

The house sold in the neighborhood, Naples, Florida. (Photographer: Lisette Morales McCabe / Bloomberg via Getty Images / Getty Images)

Migration to the state has slowed down since then. According to Hannah Jones, senior analytics of economic research realtor.com, high housing prices, mortgage growth rate and increasing insurance costs significantly soften the demand of buyers.

Insurance costs in many parts of the state jumped due to the risk of damage to the climate-related events. ValuePenGuin – LANDINGTREE’s personal finance website and subsidiary – said housing owners in Florida pay some of the highest rates in the country, and the average cost of the home insurance is $ 2,207 a year.

Naples Municipal Beach in Naples, Florida. (Paul Harris / Getti Image / Getty Images)

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“Reduced expensive insurance costs except more high -prices and increased Mortgage rates “,” Jones said, “said Jones.” Jones said. “Jones said.

House for sale in West Palm Bich, Florida. (Marco Bello / Bloomberg via Getty Images / Getty Images)

As the residents face so much financial tension, Florida Governor Ron Tentis hinted on social media, which will support the abolition of such taxes throughout the state, but it will take amendment to the Constitution.

“Real estate taxes are local rather than the state. Therefore, we will need to amend the Constitution (requires 60% of voters to approve) to eliminate them (which I would support) or even reform/lower them …” the landing troop.

Meanwhile, Jones said the inventory is significantly built through Florida “As the recently built residences made their way through the pipeline.”

This can be a good sign for potential buyers, as “a wide inventory for sale on the demand of the buyer suggests that housing prices will continue to fall as the sellers are trying to attract the attention of the buyer.”

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Jones said housing prices will probably continue because the market searches for balance, but since Florida is a big housing market, it will take time to change the dynamics.

“In the last three years, the inventory has resumed, and the prices have decreased, signaling that the market is returning to balance,” she said.