I’m in FL, in St. Petersburg, and the purchase market has slowed down to almost a halt over the past 6 months.
Florida, like most places in the country, had experienced a tremendous growth in value, but also in development over the past 5 years.
We’ve been hit with some pretty big insurance increases because of the hurricanes, and also taxes have increased significantly over that time (we don’ t have a state income tax).
Are you experiencing a similar effect in your state for the sale of SFRs/condos, etc?
I live in Flordia also. So I can sympathize with your Starke. My question is what do we as investors do now? I know there are tons of opinions out there. So lets hear a few.
Part of the company that I work with owns a HomeVestor franchise, so they’ve been experiencing a little glut in inventory as well… they have held back their purchasing unless someone really “begs” them to buy their home.
We’ve been doing a little more of the lease-to-own type of purchases, and working with sellers for seller held seconds…
Even then though man, it’s tough to get anyone to commit… then we have to get them a mortgage.