Sarasota named No. 1 housing market to watch (Tampa, Orlando: for sale, real estate market)

[wondermint2]

For full article:

https://www.businessobserverfl.com/n...-market-watch/

A new study named Sarasota the top housing market to watch in the U.S.

Insurify’s 2023 Home Market report pointed to a 24% increase in new housing units under construction, a growth anticipated by developers as population continues to grow. Despite high home insurance costs, the mortgage-to-income ratio in Sarasota is only 19.5%, well below the national average of 23.3%, according to a 2023 report from the National Association of Realtors.

Insurify, an insurance comparison shopping website, pulled data from the U.S. Census Bureau, Zillow and their internal database of home insurance quotes to conduct the study.

The report shows that the average home value in Sarasota is $458,659 with average insurance costs hitting $3,264.

The homebuyers may not be residents, though.

According to the study, homebuyers aren’t just competing with other homebuyers. Investors snatched up 26% of all single-family home purchases in June 2023.

[MOforthewin]

Investors, I mean the large ones, not the ones that just own a couple units are a HUGE factor across the country driving up cost. Didn't Blackrock buy like literally most of the houses in a new development in Orlando or something I recall recently.

That's a factor in the high rent prices and low inventory as well. See a lot of houses for rent, Air BNB but not so much for sale.

The likes of Blackrock are just as bad as the chinese buying up real estate and land in the US. Austin and places in the Bay area of California it's pretty bad too.

Santa Clare County (uber rich county) just hit median home price of 1.875 MILLION dollars and houses don't even last on the market long there.

My area of SWFL the real estate market has really cooled off. Ian could be a factor too so people are buying up closer to Tampa versus down here in SWFL.

That 26 percent of investment firms buying up homes is quite alarming though. When these large firms buy up the market they can dictate the price and make it artificial.

They want us to be a nation of renters. Not just housing, but retail, and commercial space as well.

If you need to rent always rent from the little guy. Usually they're a lot more reasonable with their rental rates than the big companies.

The international groups buying the property isn't shocking as well as the US economy is generally more stable.

[beach43ofus]

I'm watching it, & its leveled off, & maybe dipped a bit. I'm still seeing plenty of new home construction...as much as labor and materials will allow.

I'm still seeing homes at $1M+ go pending....its just taking longer, an they are not getting over asking price anymore, unless they have a uunique property...like waterfront.