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n the Southeast, a rare phenomenon is unfolding: a buyer's market. Five pandemic boomtowns are experiencing a surplus of homes, forcing sellers to cut prices and giving buyers more bargaining power. Florida's Miami, Jacksonville, and Tampa, along with Memphis, TN, and New Orleans, LA, have seen a post-pandemic housing surge that has left some homeowners reevaluating their decisions.

    Builders overreacted to increased demand, flooding the market with new homes, while others who flocked to these areas are now experiencing buyer's remorse. Some newcomers discovered downsides like flooding risks, higher crime rates, or how quiet and isolated neighborhoods really are. "Some of the strongest buyers markets are in the Southeast, where builders have been able to keep up with demand," says Zillow Senior Economist Orphe Divounguy.

    In Miami, homes take nearly three times longer to sell than nationally, giving buyers ample time to consider their options. Unsold listings mean sellers are more likely to drop prices – a quarter of Miami homes received price reductions in February. However, buyers should be aware of the risks associated with flooding and natural disasters.

    New Orleans boasts significantly more homes on the market today than before the pandemic, with 11 percent more for-sale listings than last year. This vibrant city offers a rich history and culture, making it an attractive option for potential buyers who can negotiate prices. However, New Orleans is below sea level, surrounded by levees, and prone to hurricanes.

    Jacksonville, FL, has seen a 26 percent increase in homes on the market this year compared to last year. Nearly 30 percent of sellers dropped their asking price, giving buyers a chance to snag a deal. However, the city's flooding after severe storms and high crime rates are concerns for potential residents.

    Memphis, TN, offers an affordable option, with the typical monthly mortgage payment being about $1,200 compared to over $1,400 in rent. Buyers have nearly a month to decide on a home before it goes under contract. However, Memphis struggles with poverty, vacant homes, and abandoned buildings, making it a high-crime city.

    Tampa, FL, has seen discounts on the market, with nearly one-third of all for-sale listings taking a price cut this year. Buyers also have more options, with inventory about 20 percent higher than last year. However, Tampa is oppressively humid and a high hurricane risk city.

    The South's favorable tax rates are attracting Americans fleeing the crippling cost of living crisis. Florida, in particular, boasts a better quality of life, lower cost of living, and no income taxes, making it an attractive option for those seeking financial advantages.