The Florida real estate market is experiencing a significant transformation, moving from the pandemic-driven frenzy to a more balanced landscape.
“This Week in Jacksonville: Business Edition” host Kent Justice recently spoke with Tim Weisheyer, president of Florida Realtors, the largest realtor association in the United States. He offered a nuanced perspective on what homebuyers and sellers can expect.
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“We represent over 220,000 realtors,” Weisheyer explains, “but what we’re really representing is over 220,000 small businesses. We understand that every decision we make impacts 1/5 of the state economy and every community across all 67 counties.”
The market is stabilizing after the white-hot pandemic years. “We were really a white-hot real estate market coming out of COVID-19,” Weisheyer notes. “There was a major influx of people moving into our state that drove up sales and home prices.”
Key market characteristics:
- Single-family home prices have leveled off
- Approximately 5.5 months of inventory for single-family homes
- Condominium market experiencing strategic adjustments
“Buyers right now are in one of the best positions they’ve been in in the last handful of years,” Weisheyer emphasizes. “There’s enough inventory to where a buyer gets to pick and choose what home they really want.” Legislative Innovations Recent reforms, particularly in the condominium sector, have introduced new transparency measures.
“We were successful in getting an additional layer of transparency,” Weisheyer says. “It ensures that condo associations provide meeting documents and finances to home buyers early in the process.”
Weisheyer’s advice is direct: “Don’t think you should wait, because waiting always ends up costing you money. Home prices are not going to come down.” Hurricane Preparedness With Florida’s unique environmental challenges, preparation is key.
“We understand that if we have to pay for storm damages after the fact, it’s more costly and disruptive,” he explains.
“Marry the home and date the rate,” Weisheyer advises. “Pick the home and live in it. As interest rates change, you can always refinance and adjust.”
So what’s the long-term vision?
“Home ownership is one of your number one wealth builders,” Weisheyer concludes. “It’s the place where you grow your family, live your life, and achieve your individual dreams.”
As a disclaimer: Market conditions vary. You really should consult a local real estate professional for specific guidance.
