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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.[/quote]
Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb. [/quote]

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days. [/quote]

Also flood insurance is shooting up in price at same time. [/quote]

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us. [/quote]

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL.  Unlike DC, where the population dropped over the past two years. [/quote]

Will be very interesting to see what happens in FL. We just bought at the height bc we needed a home, and it was cheaper than renting. It was also a wash - if homes did come down 200k, we’d probably still have the same mortgage with the interest rate increases. I do not think the increases are sustainable because property tax and insurance are much higher than DC, but I don’t necessRuly see it cratering either. In my areas, it’s not just the New Yorkers coming. It’s Russian and Canadian money too.

People are still coming tho. My appointment for a license change is over 2 months out. [/quote]

There’s a huge disconnect between home prices in Florida and wages/salaries generated by local jobs. Tampa has blown up but the high paying jobs are just not there like they are in DC, for example. I guess if enough wealthy people who work remotely or are retired keep moving in that could sustain the market, but seems unlikely to me. [/quote]

That’s so true. Locals are completely priced out because salaries are relatively low in Florida. It’s really the transplants from the Northeast that are propping up prices.[/quote]

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