T
he Hernando County Chamber of Commerce held its monthly breakfast meeting at the Sand Hill Scout Reservation on Wednesday. Century 21's Broker-Owner Marilyn Pearson-Adams kicked off the event by discussing her firm, which sponsored the meal. She emphasized that "family first" is their motto and highlighted the importance of building relationships with clients.
Pearson-Adams noted that Century 21 has been in business for 45 years and boasts knowledgeable realtors who are dedicated to helping clients achieve their goals. She stressed that having a friendly relationship with one's realtor is crucial in navigating the home-buying process.
Following Pearson-Adams' introduction, Dr. Brad O'Connor, Chief Economist of the Florida Association of Realtors, took the stage to discuss the state of the Florida housing market. One notable trend he highlighted was the significant increase in "housing inventory" across the state, with a 50% year-over-year rise in single-family homes and a 75% increase in townhouses and condos.
Dr. O'Connor alleviated concerns that this surge in inventory might lead to decreased property values, as it did during the late 2000s housing crash. He attributed the current situation to a return to normal levels after years of low inventory. However, he noted that listings have not increased, contrary to expectations. Instead, sales have slowed due to rising interest rates on mortgages, which are unlikely to decrease in the next two to three years.
Other factors contributing to the slowdown include increasing property insurance rates, slowing rent growth, condo reserve requirements, and decreased migration rates. Dr. O'Connor pointed out that Florida's population is still higher than pre-pandemic levels, with many people drawn to the state's attractions. Despite a national decline in home purchases, Florida remains at 90% of its previous sales levels.
The Chamber of Commerce has several upcoming events, including the ribbon-cutting ceremony for Paint EZ of North Tampa on November 1 and the next monthly membership meeting on November 20.
