Reply to Florida Housing Market Faces 'Nightmare Scenarios' as Deals Collapse

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[quote=Anonymous][quote] Florida homebuyers are backed out of deals to purchase properties at a record rate, according to a new report from real estate brokerage Redfin, as prices continue rising and mortgage rates aren't budging.

In June, nearly 56,000 home-purchase agreements were canceled in the Sunshine State, the equivalent of roughly 14.9 percent of all homes that went under contract that month. It's the highest percentage of any June on record.

"We're seeing nightmare scenarios where deals are getting canceled at the last minute for the most minute reasons," Rafael Corrales, a Redfin Premier agent in Miami, said in a press release. In the coastal city, around 2,500 home purchases were canceled in June—about 17.6 percent of all homes that went under contract.

“Buyers often back out during the inspection period because they find something they don't like, but affordability is really the underlying issue," Corrales explained. "I don't want my buyers to be surprised by all of the expenses that come with owning a home in Florida, so I advise them to proactively research the hefty costs of insurance, property taxes and HOA fees, in addition to the cost of their mortgage payment."[/quote]
https://www.newsweek.com/florida-housing-market-nightmare-scenarios-deals-collapse-1930532

This is going to be a big problem for Florida but no one is talking about it. [/quote]

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