Amid challenges, Florida remains a viable option for homebuyers. Florida's lack of state income tax attract Real Estate investors and residentsFlorida attracts investors due to: Thriving economy ↓ Unemployment Strong job market...
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The rising cost of home insurance in Florida has led some families to leave the state and others to choose not to insure their homes due to high premiums. This trend is particularly noticeable among retirees. The high insurance costs are also affecting the real estate market, making it difficult for realtors to sell houses and causing some homeowners to no longer qualify for mortgages. As a result, some...
Building a strong credit score is vital for mortgage approval. Reduce debt and save for a down payment to secure your homeownership goals. Consider refinancing your mortgage for long-term financial stability and flexibility....
Residential sales in South Florida during Q3 generally ↓, but prices continued to ↑. Palm Beach experienced double-digit annual declines in sales. Single-family home sales ↓ 31% to 11 closings and condo sales ↓ ~50% to 23 closings....
The Save Our Homes program in Florida limits property tax increases to 3% or less for homesteaded properties. This protects homeowners from being taxed out of their homes as property values rise. The assessed value of a property covered by a homestead exemption cannot increase more than 3% or the percent change listed in the Consumer Price Index. The program does not apply to non-homesteaded properties,...
In August, Broward County's single-family house prices remained steady at the median price of $600K, while condo prices ↓ MoM to $275K.Single-family house prices in Broward County ↑ 7% yearly in August from a median of $562.5K.Condo prices in Broward County ↑ 4% yearly in August from $265K....
Homes in Northeast Florida are currently more unaffordable than ever before. Sales are declining, homes are staying on the market longer, and prices remain high. The region's Housing Affordability Index has hit an all-time low, making homes out of reach for many families. Sales have significantly decreased, with houses sitting on the market for a median of 40 days. Despite these conditions, the...
The My Safe Florida Home Program, which was relaunched in May 2022 with $215 million, has resulted in an average reduction in premiums of just over $1,000. Talks are ongoing in November 2023 in advance of a special legislative session to address the more than 17,000 applications that await funding or have been submitted. State Chief Financial Officer Jimmy Patronis is looking to add extra funds to the...