[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!

[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.

[Ghaati]

Real estate investing isn't the same as homeownership.

If you're considering moving, and living in another home somewhere, the only things you really need to worry about are:

How much can you get for it compared to how much you've paid into it so far = how much profit you can walk away with

and

What can you buy with the proceeds of the sale.

If the prices dropped wherever your destination is proportionate to the sales price of your current home, then it doesn't matter that the prices dropped. Your affordability doesn't change at all.

As for WHY home prices are dropping, it's a combination of things. Interests going up, and Florida's insurance scams driving people to leave, lowering their home prices to make quicker sales.

[Barbara]

We bought a condo in Southwest Florida 7 years ago. While currently it's still worth more than double what we paid for it, with the increase in weather related catastrophic events combined with Florida's huge insurance issues, it might be time to rethink owning property in Florida before it's too late. These issues are fast becoming factors in Florida's real estate market. I know several people who were planning on moving to Florida and are now looking elsewhere.

[LKJ1988]

Originally Posted by Barbara

We bought a condo in Southwest Florida 7 years ago. While it's still worth more than double what we paid for it, with the increase in weather related catastrophic events combined with Florida's huge insurance issues, it might be time to rethink owning property in Florida before it's too late. These issues are fast becoming factors in Florida's real estate market. I know several people who were planning on moving to Florida and are now looking elsewhere.

Ins cost will crash it here.

[Barbara]

Originally Posted by LKJ1988

Ins cost will crash it here.

It's already happening. A few more bad storms and it's over. Are there any real solutions? This should be the top priority of every elected official in the state.

[beach43ofus]

Originally Posted by Barbara

We bought a condo in Southwest Florida 7 years ago. While currently it's still worth more than double what we paid for it, with the increase in weather related catastrophic events combined with Florida's huge insurance issues, it might be time to rethink owning property in Florida before it's too late. These issues are fast becoming factors in Florida's real estate market. I know several people who were planning on moving to Florida and are now looking elsewhere.

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.

[LKJ1988]

Originally Posted by Barbara

It's already happening. A few more bad storms and it's over. Are there any real solutions? This should be the top priority of every elected official in the state.

Go bare is the only way out. I have saved over 100k going bare on the gulf the last 19 years.

[wizrap]

If you have a mortgage, you really can’t go bare.

Here in Gainesville, our home is up 50% in value, if you believe Zillow. We bought in late 2017.

Our taxes, homeowners insurance and car insurance have gone up, but still nothing like South Florida levels. Of course, real estate values in South Florida also increased significantly.

For example, we paid a tad more than $200k for the home we bought in Weston in 1996. We thought we were geniuses when we sold it for a bit more than $500k in 2016. During the real estate downturn, it was valued at about $350k as per Zillow. So we thought we were selling at the peak.

We were wrong. The Zillow value is nearly a million dollars (!!!!). Is it a million dollar home? Despite having owned it in the past, I think not.

Would prices drop by 50% or so? I can see them dropping, but not by that much.

[gypsychic]

Originally Posted by beach43ofus

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.

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