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HOA Fees Surging in the Sunshine State 

Appraisal Buzz

In Tampa, FL, the median monthly homeowners association (HOA) fee jumped 17.2% HOA fees also rose in West Palm Beach (12.8%), Jacksonville (7.6%) and Miami (5.7%). It’s common for HOA fees to increase over time as property prices increase, but that’s not what’s happening in Florida. That’s the steepest increase among the 43 U.S.

HOA 370
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Double whammy: Florida condo market grapples with rising insurance costs, milestone inspections

Housing Wire

Inventory has gone from a three-month supply a year ago to at least six months, so really we are into a buyers’ market now.” What is happening with condos is that we have the condo safety act that was implemented, and the milestone inspections, and then the reserve fundings that are going to be required,“ Pithers added.

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Buyers backing out of purchase agreements at elevated rates: Redfin

Housing Wire

Record-high home prices and elevated mortgage rates are prompting buyers to back out of home purchase agreements at elevated levels. Redfin ’s newest housing market report shows that buyers backed out of 56,000 purchase agreements in June, which constitutes 14.9% of buyers canceled in June. of homes that went under contract.

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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.

HOA 501
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Buyers Retreat as Home Prices Hit All-Time High in June

Appraisal Buzz

Buyers are getting more and more selective,” said Julie Zubiate, a Redfin Premier real estate agent in the San Francisco Bay Area. Buyers often back out during the inspection period because they find something they don’t like, but affordability is really the underlying issue. of homes that went under contract. June 2024 U.S.

Buyers 396
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Going to Extremes

Appraisal Buzz

Couple that with the new Florida regulation requiring HOAs to maintain reserve funds for future expenses related to maintenance and inspections, and it’s no surprise that HOA dues are soaring. And in some condominium markets in Florida, home values are taking a hit as insurance premiums skyrocket.

HOA 370
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11 Things to Consider When Buying a Home in Raleigh NC

Raleigh Realty

One of the largest reasons some buyers walk away from a home purchase feeling remorseful is because they don't consider everything about purchasing real estate before they jump into it. There are common buyer mistakes we address with all of our buyers upfront so they have a highly successful transaction.

HOA 148