TAMPA, Fla. \u2014 Florida may be the hardest place in the country to sell a home right now, according to a recent ranking by Underwood Law Firm. This comes as affordability concerns weigh on buyers and sellers in the Tampa Bay area.<\/p>\n
The ranking compiled real estate data to compare state housing markets and placed Florida last for sellers. Texas and South Carolina were also listed among states facing challenges.<\/p>\n
Vincent Arcuri, a Realtor with Real Broker LLC, said that homes he has been showing have stayed on the market longer than expected.<\/p>\n
\u201cYou\u2019ve got everything against the real estate. You\u2019ve got higher interest rates, you\u2019ve got skyrocketing insurance costs, and obviously, you\u2019ve got property insurance that\u2019s doubled in the last five years,\u201d Arcuri said.<\/p>\n
Arcuri said Florida\u2019s ranking makes sense because rising costs are affecting what buyers can afford.<\/p>\n
\u201cMy first reaction on that are the property taxes that seem to be skyrocketing like a runaway train,\u201d Arcuri said. \u201cAnd that\u2019s something that factors into the affordability equation because people \u2014 it\u2019s all about how much they\u2019re going to put down and what their payment going to be.\u201d<\/p>\n
Redfin data also points to a slowdown in Tampa Bay. Pending sales are down 5.9% year over year, and homes are sitting on the market for an average of 70 days.<\/p>\n
Lawrence Yun, chief economist for the National Association of Realtors, said the slower market may benefit buyers who are still able to afford a home.<\/p>\n
\u201cHomes are sitting on the market for longer, so those who are still financially capable, it is a great time to take advantage of the buyer\u2019s market that is developing,\u201d Yun said.<\/p>\n
Arcuri said sellers are feeling the shift in demand.<\/p>\n
\u201cThe bidding wars of the COVID era are gone, and your people are happy to get the one offer on their property today,\u201d Arcuri said.<\/p>\n
A Pinellas County home Arcuri has been showing has already had several price drops while on the market.<\/p>\n
Some homeowners trying to sell said they are putting the process on hold until November, when they will learn whether Amendment 3 passes. They said the measure could provide tax cuts for homeowners.<\/p>\n","protected":false},"excerpt":{"rendered":"TAMPA, Fla. \u2014 Florida may be the hardest place in the country to sell a home right now,…\n","protected":false},"author":2,"featured_media":418756,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[16022,27812,274,558,7143,1644,2200,146935,115,135,137,136,278,2032,835],"class_list":["post-418755","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tampa","tag-app-housing","tag-app-latest-housing-stories","tag-app-top-stories","tag-business","tag-economic-development","tag-housing","tag-instagram-bn9","tag-jt-lynch","tag-news","tag-tampa","tag-tampa-headlines","tag-tampa-news","tag-top-stories","tag-trending-topics","tag-vod"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/418755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=418755"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/418755\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/418756"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=418755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=418755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=418755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}