Share
Newsweek
Amid an ongoing insurance crisis and lingering high mortgage rates, Florida homeowners are slashing prices to make their properties more appealing—with nearly 25 percent currently selling for less than they originally asked for.
Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors® (NAR), previously told Newsweek that Florida homeowners' willingness to sell—even at a lower price—might be due to the home appreciation the state has seen since the pandemic.
"Florida had the highest home price appreciation over the past three years, and some people may be cashing out," Yun said, adding that the higher insurance premiums in the state might also be playing a role.
"Property insurance readjustments—like any other added cost of ownership—will induce some additional sellers," he said. "Some retired homeowners on fixed income could be forced to sell."
