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Owning a condo in Florida is becoming less attractive: Redfin

Housing Wire

Meanwhile, homeowners association (HOA) fees multiplied for many condo buildings in the aftermath of the 2021 Surfside condo collapse. In May 2022, the Florida Legislature introduced a new condominium safety law, which mandates more rigorous inspections and stronger financial reserves for HOAs.

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South Florida 2023 Year in Review

Lamacchia Realty

That said, the number of homes sold is down year over year, so it’s a true sign that the voracious buyer activity has slowed down and that this region is a bit ahead of the North in the market adjustment cycle. And some are not able to sustain the rising HOA fees and insurance rates. South Florida Sales Decline by 17.5%

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Will Springer Realtor - Untitled Article

Will Springer Realtor

SETTLEMENT FOLLOW-UP A judge has preliminarily approved the $418M antitrust class-action settlement involving sellers’ compensation to brokers/agents in residential real estate sales. News of the settlement and its impact topped last month’s newsletter. Details still need to be ironed out, but U.S. .”

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February 2023 South Florida Housing Report

Lamacchia Realty

New listings and pending sales are also down year over year as many sellers are hesitating to put their homes on the market, so less homes are being placed under contract and inevitably less homes are closing. Sellers, the sooner you put your home on the market, the more it will sell for !

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June 2022 South Florida Housing Report

Lamacchia Realty

It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market. Broward County single family and condo/townhome closed sales, new listings, and pending sales decreased. With fewer buyers in the market (i.e.,

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Signs of Inflation Expand Well Beyond Housing Prices

Will Springer Realtor

More buyers are making larger down payments. Buyers in the U.S. >> Through February, the number of existing home listings across the U.S. offers made on every sold home in February, NAR reported, and properties across the nation are currently finding a buyer in a record-low 20 days on average. >>

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RISING INFLATION, RATES TRIP UP HOUSING MARKET

Will Springer Realtor

Even stock investments, the source of many down payments for buyers, have taken a heavy blow. Any prospective home buyer working outside the tech sector may be watching from the sidelines until the economy becomes less volatile. FOR FIRST-TIME BUYERS, NOW WHAT? The portion of first-time buyers among the pool of U.S.