[JBtwinz]

What we are seeing in most cases is a retreat back to realistic prices. Those crazy over asking prices are starting to dramatically disappear in most areas.

In the past it was realistic to see one to three percent appreciation in a year and maybe 60 days on the market.

So many have bought in to these Zillow and Trulia appraisals.

Homes and stocks have the value of Monopoly money until that day you actually cash out.

[Barbara]

Originally Posted by beach43ofus

We bought in SW FLA 5 yrs ago, our home doubled in value, then in the past year, it fell back to just under that.

Our $550k home's now worth ~$1M...an 81% increase in value....we're up $450k (if we were to sell today), based on comps.

Repair & replacement costs have increased by ~25%, due to inflation over the past 3 yrs.

So, of course, & our insurance went from $1,200 to $1,800 in the past 3 years too...big whup.

$450,000/5yrs=$90,000/yr. in appreciation, versus $600/yr. higher insurance cost...who wouldn't take that tradeoff?

If you are smart about buying the right home, in the right place, FLA insurance can be affordable.

I've posted here, & in the Sarasota-Bradenton forum, at least 20x during the past 5 yrs. how to get affordable insurance in FLA, but you may need to make sacrifices to do so.

If you buy an old frame home in a bad flood zone, with a gable roof, far from a fire station, your gonna pay massive insurance costs.

Yes, I agree with everything you're saying and for now is still doable. But Florida is becoming an alarmingly high risk state fast and the future may be very different. Insurance companies know what's coming and you almost can't blame them. A few more catastrophic weather events could change everything from real estate values to rental incomes, insurance of all kinds to Florida's economy, etc. Those are the things several of my friends who were once leaning towards Florida are taking a hard look at. Especially with real estate being so high at the moment for them, it's just too risky with no solutions in sight.

[Corrie22]

where I live in Florida...house prices are going up even more

[LKJ1988]

Originally Posted by Corrie22

where I live in Florida...house prices are going up even more

Not where i am on the gulf. Down like a rock.

[City Guy997S]

Originally Posted by MOforthewin

My mom died and thinking about selling my house. My 4 bed 2300 SQ house valued on Zillow is only 405k now!! With others in the area selling for around the same price. Earlier this year going for 465k range!

Thanks Democraps and Biden's high interest rates.

Im seeing 68 to 201 days sitting on the market in my area and 40k price cuts!

Stop..............zillow is a website that has never been in your home. Call a local realtor and see what its worth. People are still buying/selling and historically 6-7% rates are normal, 2% rates were not. Your own estimate indicates 13% drop in value.

Also if your moving (by your theory) shouldn't prices be cheaper where your going?

My street: Neighbor bought a new house, did NOTHING and just sold it for 350K more. Sold in one day.

[City Guy997S]

Originally Posted by LKJ1988

Not where i am on the gulf. Down like a rock.

Historically is it still 300% better than what it was 10 yrs ago?

[beach43ofus]

Originally Posted by Barbara

Yes, I agree with everything you're saying and for now is still doable. But Florida is becoming an alarmingly high risk state fast and the future may be very different. Insurance companies know what's coming and you almost can't blame them. A few more catastrophic weather events could change everything from real estate values to rental incomes, insurance of all kinds to Florida's economy, etc. Those are the things several of my friends who were once leaning towards Florida are taking a hard look at. Especially with real estate being so high at the moment for them, it's just too risky with no solutions in sight.

If people are poor or scared, do not move to Florida...those days are long gone.

Manhatten had more costs and risks than Florida for decades, yet look at what Manhatten has become.

If Manhatten gets hit by a CAT4 hurricane, it will be submerged...so better leave now.

[MOforthewin]

Originally Posted by beach43ofus

Sorry to hear about your loss MO.

Reading your posts, you seem to want to leave oldsville (Pt. Charlotte) & move back to SW Missouri.

Life's too short to sit 'round here waiting for the prices to climb back up to the all-time highs...which may not happen for years.

Maybe rent it out for a year, move back to MO, & rent there, as a trial run...then make the final decision.

If I were a Single guy <50 yrs old like you, this is the last place you'd catch me. I'd move to the Tampa Bay area in a flash.

Good luck on whatever you decide. While deciding, I suggest getting the house looking as good as it can look.

Hey there. Punta Gorda actually so a bit better than Port Charlotte. Everyone in my sub division also saying all those new cookie cutter developments in Port Charlotte, North Port and now in my area once again are hurting the used house marker. Builders offering better financing rates and prices.

Southwest Missouri, and also northern Arkansas looking at. My cousin and aunt live at Bull Shoals in far southern Missouri a couple miles from Arkansas. I'm looking at the Mountain Home area because it's a bigger town. Where my cousin lives I'd have to drive to Mountain Home for most stuff anyway, plus the houses on the Arkansas side are better too!

I like the Branson and Table Rock area, but house prices there have been shooting up. That too is a major old folks area now. Branson in the summer and fall also has horrific traffic as well. Worse than Sarasota because you have basically ONE main street.

In the Bull Shoals area around the lake you can easily buy a house in cash there and have more land. I would never have a house payment again.

My cousin is 56. He was down here too when mom was in the SICU and we went out to eat at Fisherman's Village. He also made a comment how old the people were lol. Way older than him. He said he at his age couldn't live here. He's very active and looks young for his age.

It seems the housing market in Lee and Charlotte counties has gone down, different than Sarasota county, especially the northern part.

I have to wonder if there is a hurricane Ian effect here too with the prices in Lee and Charlotte counties, two hardest hit counties.

[LKJ1988]

Originally Posted by City Guy997S

Historically is it still 300% better than what it was 10 yrs ago?

Well in 2010 my house was worth 20k. It cost around 5k a year to Insure it and flood was 900 a year so now you guys know why i have gone bare for 19 years. My area was the hardest hit in the country and cost the most to insure as no Ins comp would touch a house west of US19 other than the state run Ins. Big homes on the gulf that were going for 600k were not selling for 150k.

No clue what i could get for my house today maybe 150k? This area is all section 8 in west Pasco with 90% low class renters so this is why homes are 3 times cheaper than anywhere else in the state.

[otterhere]

Originally Posted by gypsychic

Actually, you probably couldn't get any insurance at all. All homes have to pass a four point inspection also.

Not having insurance would be your biggest savings. Pay cash and be fatalistic about it.

OP, your home value may have dropped, but I'm sure it's still tons higher than what it originally sold for, so count your blessings.