T
ampa, Florida - A Brandon home with four bedrooms and two bathrooms is on the market for $450,000. The 2,600 square foot property has a lot to offer, according to real estate agent Bettina Geel.
The current state of the housing market in Florida is a major topic of discussion. According to Redfin, there are over 172,000 homes available statewide, with more than 24,000 in the Tampa Bay area and over 17,500 from Orlando. This marks a 22.7% increase from last year, reaching its highest number since 2012.
Geel notes that local sales have been slow due to rising insurance costs, taxes, and stagnant salaries compared to the economy. As a result, homeownership is becoming less attainable for many Floridians. With more people opting for rentals, homes are staying on the market longer, potentially being bought by investors or out-of-state buyers.
Severe weather events like hurricanes have also impacted the housing market, with some homeowners selling due to insurance challenges. Additionally, condo owners are facing increased costs following new safety regulations in Florida. Geel believes we're in an unprecedented time for home sales, with COVID-19 having a lasting impact on the market.
"We're not seeing a lot of movement from Florida," Geel said. "The answer is not a lot of people who can afford to buy right now." Realtors are preparing for a sluggish housing market that shows no clear sign of an end in sight.
