Miami’s Unsold Homes Spell Trouble For Owners
Florida homes are sitting on the market longer than they are in most other large metropolitan cities. According to a new Realtor study, the median days a home was on the market nationwide was 70 days in December. The number was 79 in Miami, 78 in Jacksonville, and 72 in Tampa.
*Florida Weather
*Story Of Falling Temperatures
Although there is no specific information about why this spread exists, there are likely two reasons, both of which have to do with the environment. One is the risk of home damage. The other is the increase in insurance rates that comes with this.
Most of the damage done by hurricanes this year was along the Gulf Coast, which means that Tampa took the brunt of Hurricanes Milton and Helene. Based on the source, damage ranged into the billions of dollars. Some estimates take into account long term damage to the local economy.
Florida’s East Coast has also been hit by dangerous storms–Hurricane Jeanne (2004), Hurricane Frances (2004), and Hurricane Andrew (1992)
Hurricanes Worsen
The likelihood of storms on each coast has risen along with the potential strength of those storms. Much of this has to do with record warm water in the south Atlantic and in the Gulf of Mexico
Florida home prices have started to fall because of the weather threat. Some homeowners cannot afford rising insurance. Others do not want to risk going through another storm. And, the sale of houses is affected by the fact that weather risk has made insurers leave some areas completely. No insurance usually means no mortgage. No mortgages undermine demand.
The real estate market in the US is likely to get worse.
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