BEWARE Of The Florida Housing Market Crash TRUEST OF Realities [2024]

[@jeremybaldwin2840]

Florida housing market has turned. Now it’s on its way down. Just wait till end of this summer and fall. Inventory in most Florida markets is back to pre pandemic levels. Homes sitting stale on the market for 3-6 months. The FOMO game is over.

[@katrinstake]

Time will tell.

[@jeremybaldwin2840]

@@katrinstakeI’m calling it this fall….not a crash. But a correction of 10-20% on negotiated purchases.

[@ursulamullikin4723]

Real estate people will not tell you the truth they want you to buy with high prices making you believe it's not going down

[@katrininsarasota]

Oh it will start coming down now that we are in the summer…seasonality…but it will likely not fluctuate much YOY. For real estate people it probably would be better if prices were lower, more buyers and sellers in the market. Regardless, real estate agents don’t set the prices in the market.

[@jeremybaldwin2840]

@@ursulamullikin4723 💯

[@michaelp5518]

Having bought a beach home in 2008 for .50 on a dollar. It took 7 years to get our money back after the real estate fees. So since the market is at the high. Now is not the time to buy, unless you want to wait to get your money back or can wait. I lived it. This bubble of appreciation since 2020 will fall back to regular appreciation levels. It always does. I have watched Florida real estate since 1992, closely. I have seen people make millions buying at the pull backs.

[@RootBeerGMT]

You are spot on-this is no time to buy. Insurance and taxes are obscene even if you can afford the house. The only buyers of Florida real estate are either foreign or moving from higher bases such as New York or California. Huge hair cut is likely.

[@godmaderaz3176]

Climate change will make Florida unlivable

[@JFreeUNC]

I’m still seeing 2000 sq ft houses in rural Parrish FL going for $500k to $600k, which is just crazy high.

[@kjisnot]

Whenever I hear talks about Florida real estate I cringe when people lump the whole state together. It really varies a lot. Good discussion.

[@katrinstake]

THank you for your appreciation.

[@AlanGallardo-rj4ty]

So true there are so many idiots out there calling Cape Coral Florida when they just got hit with a massive hurricane and their beaches, Sanibel and Fort Myers Beach are also decimated. You can’t compare the whole peninsula to Cape Coral.

[@y_o_oj754]

Same thing that happened in 2007,08,09 u will have alot of people scare they will sell and within 3 to 5 years the prices will go up right again ....... u think these improvements are not implemented for a reason. These equity firms and hedge funds will buy up everything and remember they are maximizing their profits they won't put themselves in something that will fail

[@shanerogers9386]

Anyone want to buy a $2MM home that was just $500K 2-3 years ago? There are plenty available. We remain in the biggest flipper and investor driven bubble in history

[@eduardocorrea530]

People who believe this is sustainable (including Katrin here) are being very shortsighted. The median prices are being inflated bacause luxury SFH are still selling. But Income to price ratios are way off, higher insurance and higher taxes and higher mortgage rates are all going to drive prices down. She keeps denying a crash, but the last crash happened the same exact way. I sold my first house at the peak, eight months after I sold the market crashed.

[@Mr-mopar]

I have seen a bunch of new houses where they are about a quarter built and looks like they walked away from completing them.

[@endofsociety]

Most of these home prices are largely dependant on out of staters buying these homes. Fact is, 2/3 of the workforce population is still making under 50k a year per individual. Everywhere you shop and eat, ask those people how much they make. Or even those that do lawn care, or the average delivery person. Most are well under 50k. 50k or less wont even get you a decent apt here in swfl, unless you're sharing with someone with a second income. Hell, ive even seen apts in the middle of nowheresville fl rents higher than what the average person makes for that area. Its a shame. The balance is way off.

[@knahknoh]

Might be the best review of Florida I’ve heard (especially point about “getting local” and the proliferation of KZbinrs that focus on quantity of videos (and not quality )

[@katrinstake]

Thank you so much 😊

[@emptybuddha5308]

Your channel is more important than ever now!

[@jugeerivera4916]

I'm in Chicago and Ive been reading a lot about builders of complete neighborhoods walking away from unfinished projects in Florida to cut their loses. Apparently the migration to Florida has settled and certain builders have overestimated the demand.. Normally I would brush that off as something probably isolated to one county or city but then I saw a list showing 5 of 10 of the fastest depreciating places are in Florida .. I can't speak on anything but I'm just throwing that out there..

[@JBird-b8l]

Why are people selling? Is it high crime locations?

[@katrinstake]

A lot of reasons. Snowbirds are selling, downsizing, leaving state, moving to another location etc.

[@pj5306]

Best balanced analysis on YT! Subbed!

[@katrinstake]

Thank you for watching and subbing!

[@Tito-ff7gb]

The bubble is bursting!!! Total crash in home prices...

[@katrinstake]

Why do you think that?

[@SPenninah0425]

@@katrinstakeIt’s already going down madame.

[@AlanGallardo-rj4ty]

Thank you for being the first realtor that I’ve actually seen acknowledge that a hurricane hit Cape Coral and that’s why that anomaly exist

[@katrinstake]

Thank you for your kind words ;)

[@thierrysf]

I agree with what you said about the current situation and the nefarious behavior of some YT influencers. However my understanding is that a nation-wide recession is on the horizon that will force not so well-off home owners, like those on limited fixed income, to sell their house/condo to move to more affordable places. I therefore think it makes sense to wait another six months to a year to make a purchase.

[@katrinstake]

Thankyou. If it does not feel right to someone, they should definitely sit it out and wait.

[@PianoMatronNeeNee]

Thanks Katrin for your expertise ❤.

[@katrinstake]

Thank you for tuning in and your kind words. Do you go by NeeNee?

[@PianoMatronNeeNee]

@@katrinstake yes 😊

[@LevityBrevity]

Built in 1950s. Concrete foundation. NO CENTRAL AC. 651 square feet, purchased for 35,000 in 2001. Being sold in 2024 for 200k😂😂😂😂 Reduced by 30k for 170k. Small town Florida. 2 hours from nearest beach. Its insanity.

[@ThatGuy1of1]

$261/sqft is wild! That's more than here in NY

[@katrinstake]

Nice chunk of $ for you.

[@LevityBrevity]

@@ThatGuy1of1 it's actually crazy what's happening down here

[@jacktyler7599]

Each market dynamic you've mentioned is being reflected here in Babcock Ranch and nearby area, Katrin. You're spot on. And where Ian had a major impact - e.g. Ft. Myers Beach - recovery is being retarded by the double whammy of state condo inspections plus large condo assessments for uncovered building repairs. One unique twist being tried at BR - for the young family buyer who can't finance but is seeking a single family home - is a new neighborhood of exclusively SFH rentals, called the Flat Woods. A question for you: Are you planning to cover the NAR settlement & changes in buyer agent commissions as they impact FL? Too soon to know?

[@katrinstake]

Jack, thank you for your input and also sharing local market input. It is too early re: NAR settlement changes. I'll be sure to report on it as soon as we have a better idea of how it changes buying and selling behavior.

[@duncan1234able]

No one wants to buy a condo or hoa where you are subject to a 100,000 special assessments at will. 300,000 dollar condo is really only worth 150,000 due to an expected 100,000 special assessments fee.

[@awoehler]

Florida Real Estate: Pessimists selling to optimists

[@daveaz9962]

It’s because investment companies have continued to snatch up homes. That’s what is causing the demand.

[@TheTruthSeekerMe]

Realtors still “unsure” if the market is crashing. Meanwhile all houses in my area are sitting on the market for months and prices are being reduced like crazy. One I’ve been monitoring was reduced by 100k!

[@katrinstake]

Where do you live?

[@TheTruthSeekerMe]

@@katrinstake Daytona Beach

[@RootBeerGMT]

We have a Florida real estate broker of over 25 years in the family. She would easily confirm that the market is all but dead. The current listing prices are way too high. Insurance and taxes are insane. The deviation between median income and median home prices is simply too great to bear. How many working people have 3.5k after taxes to pay for an average home in Florida?

[@katrinstake]

Those people are unfortunately pushed out of the real estate market :(.

[@nildalindsley2727]

Yes! Let it fall!

[@stevec5671]

Nope, prices still good in Bonita. Building strong

[@JohnDoe-bi4ho]

I love these videos. These people seem to think that the housing markets gonna bust. You’re trying to force the housing markets to bust yourself, but it’s never gonna happen. It’s done welcome to the million dollar homes it’s never gonna change.

[@katrinstake]

I never said the market will bust anytime soon in FL. ;)

[@Wealth82]

great insight 👏

[@katrinstake]

Thanks for watching!

[@ALCH2112]

Its all about JOBS JOBS JOBS. Unemployment needs to spike to ar LEAST 7% for any meaningful price declines.

[@katrinstake]

👍

[@RidingwithDRod]

many condos will see huge assessments coming their way as buildings look to remain compliant with the new surfside bill. Property insurance, or the lack of getting one, should also be a deciding factor when purchasing real estate in Florida. Insurance premiums alone, and the changing climate conditions are driving people to sell.. Plenty of new construction and congestion taking its toll. All things to consider.. Florida no longer what it used to be..

[@melgray4530]

People in Miami Beach are paying $200,000 dollars in assessment. That's ridiculous👿👎. On top of 1500 dollar dollars a month.

[@maddcharity1721]

Yes I can’t wait!

[@georgedoolittle9015]

There is no market if there is nothing claimed to even be on the market today just a *"number"* that is for sale so no this is not a correct *APPRAISAL* of the ongoing buyer's market ramping up far bigger now as interest rates suddenly plunge across the board as do energy prices as well😊

[@ExpeditionNomadicAdventures]

Please Cite your research sources.

[@NBTP747]

It’s the economy.

[@katrinstake]

?

[@ronperotti6608]

And soon facing what weather experts say may be one worst hurricane seasons on record , and another hurricane like andrew hits , that will exasperate the end of already nearly unaffordable homeowners insurance as even Florida Governor Desantis has said citizens( alternative government insurance for hard to place risks ) is nearly insolvent .. so the question is this may be what is the " last straw" before the crash .. and florida homeowners and what's left of insurers sell for what they can and flee florida

[@livingmybestlife365]

If anyone thinks the whole entire state of Florida prices will come crashing down, you’ve lost your mind. So you’re telling me I can get a home in delray beach or Jupiter for half off ?? Really 😂😂😂😂. Every market is different. A lot of these areas have people with too much money for this to happen. The institutional investors will snatch them right up and bid the price up

[@PianoMatronNeeNee]

I live in WPB for many decades and saw many housing “corrections” . Regardless, these prices are unsustainable. Factor in job loss and a good hurricane and NOone will be buying. Florida has historically had highs and lows in migration, and transplants will always have the desire to return “home” once they realize Florida not what they thought it was. That will never change.

[@shanerogers9386]

Palm beach county is the biggest bubble in the US. When 50-75 of all sales are flippers and investors playing hot potato you got a big problem. How long can they keep flipping the same homes?

[@livingmybestlife365]

@@shanerogers9386 so you’re telling me I can get a house in Jupiter for a crash price??? When can I expect this ? I’m ready to buy. What’s your crystal ball telling you?

[@shanerogers9386]

@@livingmybestlife365 it will end when the flippers and investors start losing money. I love Jupiter. But I’m not gonna pay $2MM for a house that was $500K in 2021.

[@livingmybestlife365]

@@shanerogers9386 when can I get a 700k house for half off? I’m waiting for someone to tell me that since you guys are saying it’s going to crash. I’m ready to buy when that happens so I need y’all to tell me when

[@ronie6773]

Also rents are slighly decreading in many places in Florida

[@katrinstake]

That’s true…and in some areas it’s going up

[@williamlutsch4259]

The consumer knows that the housing market will crash, thats who knows. The interest rate tells all. Im moving to Melbourne in 18 months and i think itll be pretty prime prices by then

[@JT-go2ms]

Everyone is talking the same smack the doom sayers we’re talking not that long ago and that hasn’t materialized. I call BS. The current numbers don’t do anything but support a continued strong market. 5-6% down vs a year ago is nothing and inventory isn’t going to increase. approximately 77% of homeowners are locked in with a rate at 5% and below. That’s going to keep inventory tight, who wants to swap a 4% mortgage for 7% one?

[@katrinstake]

I agree, that any drop will likely be short-lived.

[@steveweiner95]

Why will prices crash 1- inventory 2- insurance 3- Taxes 4- Interest rates 5- FEAR !!!!!

[@quartytypo]

So many people are going to leave Florida that the state will put up picnic tables and barbecue pits along i-95.

[@godembassyministries7603]

What are earth are you talking abut when you say demand is lower than supply. I have builders begging me to finally buy.

[@TonyLambshanks]

This lady reminds me of The Big Short. It's just the gulley.....it's just the gulley

[@haddiejonesy]

my view, world is a different place than in 08, men couldn't have babies back then. Inbound migration has not stoped, slowed, but not stopped. Bordain said it best - good is good forever. Good homes will stand out in a high inventory market and still go, Sure, there maybe 4000 SFH listed, but after you narrow them down to what you want, maybe 5-10 and those 5-10 will go fast and go high.

[@ronie6773]

Ofcourse you are biased , you want ppl to buy bcs you are a realtor

[@katrinstake]

Then a doctor wants people to get sick…of course not , I want people to buy if it’s the right time for them and it makes financial sense

[@TonyLambshanks]

@@katrinstake It's just the gulley.....

[@TascamTascam]

Another person who has no idea what she’s talking about

[@Getthefukouttahere]

Don’t listen to her. Condos in Florida is a joke. Florida used to be affordable. Not anymore. Prices is Florida will drop 30-50%