-
- My Homes
- My Tours
- My Favorites
- My Searches
- Sign In
- Register
MORTGAGE AFFORDABILITY CALCULATOR
Quite affordable.
By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.
Don't miss MY BLOG
Why are so many people leaving Florida?
Why are so many people thinking about leaving behind the sunshine state? In this video, I’m going to discuss why people are currently leaving Florida But since the pandemic when we saw people moving to Florida in droves, things have changed dramatically. As someone who helps people move to or within Florida on a daily basis, you may wonder why I would want to make a video like this. I’m always looking out for buyers and sellers alike and I never want anyone to move blindly into a situation that may become more than they can handle. My name’s Krista Taurins and I’m a realtor helping people just like you move to the Central Florida area since 2009. Let’s dive into these reasons for why some people are choosing to leave florida Reason number one: the magic has worn off. Many people moved here during the pandemic when they realized – why am I working from home in New Jersey? What is stopping me from moving to FL and enjoying better weather and no state income tax? But day to day life is certainly different from a brief vacation, and for many people the family they left behind or maybe the office now being re-opened seems more appealing than sunny weather. Reason number two: Most people have a TON of equity in their home. Yes, for those who moved here in 2020, the average home price in Florida was about $290,000 – a relatively affordable price. Now the average home price is $415,000. It’s tempting to take that $125,000 in equity and see what you can get elsewhere and for many people that’s enough to spur a move. Reason number three: Insurance costs. Insurance has absolutely skyrocketed in Florida since Hurricane Ian. This is normal, whenever a big storm blows through and there is a lot of damage, some carriers will simply phase out of the state. This causes a bit of a crisis as there is less competition, and rates increase and there are limited alternatives. Even worse, some homeowners are finding that their homes no longer can get any insurance. Things like outdated wiring, rotten wood which is pretty common in Florida, or insurance carriers expecting a new roof even when one isn’t exactly needed are all causing pain for homeowners. Coastal homes have always paid high premiums, but now it seems to be across the board. The average florida homeowners insurance premium now stands at over $6000 per year. A looming condo crisis is also going to cause many people to sell their homes. After the tragedy in miami when a 12-story beachside condo collapsed in Miami in 2021, new legislation was put into place forcing condo associations to maintain reserves to repair their buildings. The new laws will almost certainly reduce the likelihood of another Surfside tragedy. But in the process, the laws may force owners to sell if they cannot afford higher assessments. Some owners may sell because they simply do not want to pay higher assessments. Purchasers will have to consider cost of funding structural integrity reserves as part of a buying decision. And in still other buildings, the land value may be greater than the repair value, forcing the condo building to be torn down and the land redeveloped. Structural integrity reserve reports for condos higher than 3 stories are due by the end of the year for the nearly 70% of florida’s condos that are over 30 years old.
Why You're Struggling to Buy a Home -- And Why It's Not the Interest Rates
Afraid You’ll Never Be Able To Afford To Buy a Home? Why You Might Be Right Hey everyone! Let's dive into some eye-opening stats about home buying. Did you know that in a recent poll, 61% of renters said they don't think they'll ever be able to buy a home? Yikes, right? Many folks are quick to blame the recent surge in interest rates, which hit their highest levels in over two decades last fall. But then, some people will remind you that interest rates in the 1980s were much higher. True, but the 1980s housing market was a whole different ball game, and today, I’m going to show you why. So, why are people shying away from the American dream of homeownership? To understand this, we need to look at some data over time. But, a quick heads-up: depending on where you look, the stats can vary. I’ve picked the most commonly available ones, but hey, I don't have a time machine to redo these polls, so let's roll with what we've got. You can't swing a cat these days without hitting a realtor or lender telling you not to worry about the current 7% interest rates, claiming they're nothing compared to the 1980s. I get it, it's what the news is preaching to us too. And yeah, I might be guilty of it myself sometimes. But in this post, we're going to talk about why, despite the 18% interest rates of the 1980s, homebuyers today might actually be facing tougher challenges. A Look Back in Time: 1970 Let’s jump all the way back to 1970. The median income was $9,870, and the median house price was about $17,000. Most people rented for 2.6 years before buying, and the average home buyer age was about 30. In 1970, you could buy a home for about 1.72 times your annual (single income) salary. Homeownership was within easy reach. HOAs weren’t really common yet, so you didn’t have that financial strain, and property taxes were low to incentivize homeownership. The 1980s Housing Market Now let’s jump to the often talked about 1980s. Things got a little ugly. The median income was $21,000, and the average home price had jumped to $47,200, which puts us at 2.25 times the median income. Your average buyer was still around 30 years old, but they were renting for a bit longer, about 5 years. Not only did interest rates jump up to 18 or 19%, at the peak in that decade housing jumped to 3.7 times more expensive than annual wages. A healthy price-to-income ratio is 2.6, but the nationwide price-to-income ratio hasn't been healthy since the late 1990s. This is a gauge of how long it will take home buyers to save for a down payment, and whether they’ll be able to afford their monthly mortgage payments. The Present-Day Reality Right now, the average home buyer is 42 years old. In fact, the average first-time home buyer in 2024 is 35 years old. The real median household income is now $75,000, and the median home price is $420,000. Do you see why people are older? Because home prices are now a whopping 5.6 times income. A healthy ratio is 2.6 – this means your home should cost 2.6 times what you are making. If the average home price this year is $420,000, you should be making $161,000. Or you should be buying a $195,000 house. Comparing Numbers Adjusted for Inflation Let’s make this easier to compare by looking at the numbers in today’s value. I’m going to adjust all those numbers I gave you earlier, for inflation. 1970: Average salary $9,870 in today’s money is $80,000. $17,000 in 1970 adjusted for inflation is about $137,000. 1980: $21,000 in today’s money is $80,000. $47,200 house is about $180,000. 2024: Median income is $75,000, and the median home price is about $420,000. A 1980s home adjusted for inflation to $180,000 even with an 18% interest rate would cost you about $2,400 per month and require $36,000 to be saved up in order to put down 20%. A $420,000 house today will require you to save up $84,000 in order to put down 20%, and your monthly payment is coming out to about $2,800 per month. But that 20% down is sure going to be difficult when it’s now equaling or even more than a whole year’s average wages. Additional Financial Strains Today’s buyers have other pressures such as HOA costs that we didn’t have to contend with in the 1980s. According to the Foundation for Community Research, in 1980 there were 36,000 HOAs nationwide; today there are ten times that number. HOAs are going to have a bigger impact in states like California and Florida which each have about 50,000 homeowners associations. They have a wide range of costs depending on amenities. Homeowners insurance also affects Florida heavily and dramatically. Insurance costs have jumped about 20% over the past two years and are expected to rise another 6% in 2024. The average home insurance cost soared to $1,905 in 2023 from $1,272 in 2019—a 50% increase. The Current Market Although mortgage rates have dipped a bit recently, economists believe home prices might not budge much. It's a tough market out there, especially for young, first-time buyers. They're trying to save for a down payment and build their credit scores, all while Baby Boomers hold onto their large homes, making it even more challenging. And when inventory is low, prices are up. Real estate is hyper-local, and that might not be the case in your market. In Florida, where I am located, for example, inventory is up 60% over June of 2023. That’s not the case everywhere. Conclusion If you’re struggling to buy a home and your family, parents, grandparents can’t wrap their heads around why you are still renting, that’s probably why. Hopefully, you can now set the record straight with them. Even though our 80s homebuyers went through a period of insane interest rates set in order to curb crazy inflation, it was still more affordable relatively speaking to buy a home. And another thing to bear in mind is that interest rates can be renegotiated through refinancing. The purchase price and the down payment, well, not so much. Right now, I don’t know of anyone who is expecting rates to fall back down into the threes like they were a few years ago.
Why Are People Leaving Florida?
Why Are People Leaving Florida? Why are so many people thinking about leaving behind the sunshine state? In this video, I’m going to discuss why people are currently leaving Florida. But since the pandemic when we saw people moving to Florida in droves, things have changed dramatically. As someone who helps people move to or within Florida on a daily basis, you may wonder why I would want to make a video like this. I’m always looking out for buyers and sellers alike and I never want anyone to move blindly into a situation that may become more than they can handle. My name’s Krista Taurins and I’m a realtor helping people just like you move to the Central Florida area since 2009. Reasons Why People Are Leaving Florida 1. The Magic Has Worn Off Many people moved here during the pandemic when they realized – why am I working from home in New Jersey? What is stopping me from moving to FL and enjoying better weather and no state income tax? But day to day life is certainly different from a brief vacation, and for many people the family they left behind or maybe the office now being re-opened seems more appealing than sunny weather. 2. Equity in Homes Most people have a TON of equity in their home. Yes, for those who moved here in 2020, the average home price in Florida was about $290,000 – a relatively affordable price. Now the average home price is $415,000. It’s tempting to take that $125,000 in equity and see what you can get elsewhere and for many people that’s enough to spur a move. 3. Insurance Costs Insurance has absolutely skyrocketed in Florida since Hurricane Ian. This is normal, whenever a big storm blows through and there is a lot of damage, some carriers will simply phase out of the state. This causes a bit of a crisis as there is less competition, and rates increase and there are limited alternatives. Even worse, some homeowners are finding that their homes no longer can get any insurance. Things like outdated wiring, rotten wood which is pretty common in Florida, or insurance carriers expecting a new roof even when one isn’t exactly needed are all causing pain for homeowners. Coastal homes have always paid high premiums, but now it seems to be across the board. The average florida homeowners insurance premium now stands at over $6000 per year. 4. Condo Crisis A looming condo crisis is also going to cause many people to sell their homes. After the tragedy in Miami when a 12-story beachside condo collapsed in Miami in 2021, new legislation was put into place forcing condo associations to maintain reserves to repair their buildings. The new laws will almost certainly reduce the likelihood of another Surfside tragedy. But in the process, the laws may force owners to sell if they cannot afford higher assessments. Some owners may sell because they simply do not want to pay higher assessments. Purchasers will have to consider cost of funding structural integrity reserves as part of a buying decision. And in still other buildings, the land value may be greater than the repair value, forcing the condo building to be torn down and the land redeveloped. Structural integrity reserve reports for condos higher than 3 stories are due by the end of the year for the nearly 70% of Florida’s condos that are over 30 years old.
Power, Corruption, and HOAs: New Florida Laws Shake Up Homeowner Associations
Power, Corruption, and HOAs: New Florida Laws Shake Up Homeowner Associations Introduction Big changes are here for Florida homeowners! Starting July 1, 2024, new HOA laws are shaking up how you manage your property. Stay tuned to learn what these updates mean for you! Overview of the New HOA Laws As of July 1, a new law limiting what homeowner associations in Florida can do to their members went into effect. This legislation is designed to increase management availability and transparency, aiming to address ongoing issues faced by many residents. Watch the Video The Reality of HOAs in Florida I know from my comments that many of you are categorically anti-HOAs. I want you to know that the comment section is a safe space for you to share your horror stories. Feel free to vent; we will read them, get angry on your behalf, and send you love. However, HOAs are hard to avoid in Florida, with roughly 50,000 of them. We are second only to California in terms of the number of HOAs. Why HOAs Exist Homeowner associations (HOAs) were not created for nefarious reasons. They were established to maintain standards, uniformity, and a sense of community while collecting dues to pay for common areas, services, and general neighborhood improvements. Ideally, if you move into an HOA, you should know what you're getting into, including access to the rules and regulations beforehand. Common Complaints About HOAs Despite their intended purpose, many people who have lived in an HOA have horror stories about petty or arbitrary fines, harassment, and overly restrictive rules regarding the appearance of homes and lawns. The saying "Absolute power corrupts absolutely" seems to apply here. The new laws aim to address these issues, focusing on increasing the accountability of Home Owners Associations. Key Changes in the New HOA Laws Let's dive into the main changes introduced by the new laws and what they mean for you. Holiday Decorations and Parking Rules Two headline-grabbing changes are: Homeowners cannot be fined for leaving up holiday lights or decorations past the HOA’s deadlines without prior notice. Homeowners will have one more week to take them down. HOAs can no longer ban homeowners or their guests from parking vehicles that are not commercial vehicles anywhere the state allows. This includes pickup trucks and first responder vehicles. The Ubiquitous Trash Can Rule HOAs can’t fine you for leaving your trash can on the curb if it's within 24 hours of scheduled trash collection. Vegetable Gardens and Clotheslines You can now have a vegetable garden as long as it can’t be seen from your neighbor’s property, an adjacent common area, or a community golf course. The same rule applies to clotheslines. Fair Enforcement and Interior Modifications HOAs cannot enforce rules on some residents but not others. They also can’t limit what you do inside your house as long as it’s not visible from the street, a neighbor’s property, an adjacent common area, or a golf course. This includes restrictions on AC units that aren't visible. Changes to Fine Limits HOAs may not impose fines over $100 per violation or over $1,000 total if they are imposing them daily. They cannot put a lien on your property for a fine of less than $1,000. If you fix the violation before a hearing, the fine cannot be imposed. Foreclosure Proceedings Even if the HOA initiates foreclosure proceedings, your mortgage remains in the first position. This means the HOA cannot take possession of your home or receive any money until your mortgage has been paid in full. Increased Transparency Requirements HOAs now have to maintain transparency with rules and meetings. Every HOA must keep its official records (bylaws and amendments, articles of incorporation, declaration of covenants, current rules, meeting minutes, insurance policies, contracts, financials, budgets, tax returns, voting records, etc.) for at least seven years. Destruction of accounting records within that time is a first-degree misdemeanor. Conclusion These new laws mark significant changes in how HOAs operate in Florida. While some of the changes may seem minor, they collectively aim to increase transparency, fairness, and accountability within HOAs. As a homeowner, it’s crucial to stay informed about these changes and understand how they affect your rights and responsibilities.
# Don't Move to Florida in 2024 Until You Watch This Video
# Don't Move to Florida in 2024 Until You Watch This Video Moving to Florida in 2024? Before you pack your bags and head to the Sunshine State, there are a few important things you need to know. Here are eight crucial factors to consider to ensure you have an accurate picture of what to expect. ## 1. Average Home Prices: Florida's Housing Market in 2024 Florida has long been a popular destination for those seeking affordable housing. However, the influx of out-of-state transplants has driven up housing prices, leaving many local Floridians struggling to find affordable homes. Despite an increase in inventory, with a 60% rise from a year ago, prices are still on the rise, albeit slowly. In May 2024, the median sales price for all property types across Florida was $426,581. Here's a breakdown of median prices in major areas: - Orlando: $450,000- Deltona-Ormond Beach-Daytona: $365,000- Ocala: $289,900- Miami-Fort Lauderdale-West Palm Beach: $640,000- Gainesville: $353,000- Pensacola: $335,000- Tampa-St. Pete-Clearwater: $424,000- Jacksonville: $405,000 ## 2. Homeowners Insurance Crisis Florida is currently facing a homeowners insurance crisis. Securing insurance isn't as simple as calling up a provider. For most homes, you need a 4-point inspection report (covering AC, wiring, plumbing, and roof) and a Wind Mitigation report (assessing roof durability against water intrusion and high winds). Coastal homes, those in flood zones, and older properties without updates face the highest insurance costs. New construction homes tend to have more reasonable insurance rates. This situation is evolving, with new insurance providers entering the market, potentially offering relief. ## 3. Builder Incentives for New Homes Builders in Florida are eager to sell newly constructed homes, especially completed ones. They offer attractive incentives like 4.5% interest rates, covering nearly all closing costs, and occasionally reducing prices. These incentives are strategic, allowing builders to entice buyers without affecting future appraisals. The best deals are often found on homes that need to be sold quickly, such as those where previous buyers couldn't secure financing. However, be cautious if you plan to sell your home within a few years, as competing with builders can be challenging. ## 4. High Car Insurance Costs Car insurance in Florida is among the highest in the country, averaging $3,945 annually for full coverage as of June 2024. Contributing factors include a high number of uninsured drivers, frequent litigation, extreme weather, and varied driver profiles. Bundling car insurance with homeowners insurance can sometimes offer discounts. ## 5. Property Taxes: What You Need to Know Understanding property taxes in Florida is crucial. The taxes paid by the current owner have no bearing on what you'll pay as a new owner. The Save Our Homes Act limits annual increases in assessed value for long-time homeowners, but this resets when the property changes hands. Use property tax calculators to estimate your taxes based on your purchase price. Keep in mind that the millage rate can change, though it's also limited in how much it can increase each year. ## 6. Condo Market Changes If you're considering moving into a condo, especially an oceanfront high-rise, be aware of significant changes due to new legislation. Many condo owners are trying to sell quickly, leading to potential firesale prices. Watch my in-depth video on the condo situation in Florida to understand the risks and what you need to investigate before buying. ## 7. No State Income Tax: A Financial Advantage One of Florida's major draws is its lack of state income tax. This can save you a substantial amount of money, especially if you're moving from a state with high income taxes. Florida also exempts retirement benefits from state taxes, including income from part-time work, social security, pensions, 401(k), and IRA distributions. Additionally, there is no inheritance tax in Florida, providing significant savings for residents and their heirs. By considering these factors, you can make a more informed decision about moving to Florida in 2024. Be sure to watch the video linked above for a deeper dive into these topics and more.
Discover Sanford, FL: Your Affordable Gateway to Central Florida Living
Are you considering a move to the Orlando area but don't have a million-dollar budget? Allow me to introduce you to Sanford, FL, particularly the thriving east side, which is experiencing remarkable growth. In this video, we'll delve into why Sanford could be the perfect location for your new home. **Watch the video version of this blog post [here].** Before we dive in, don't forget to subscribe to our channel and give this video a thumbs up – your support helps us reach a broader audience. I'm Krista Taurins, a local top realtor in Central Florida, guiding individuals and families in their move to this vibrant region since 2009. Sanford, located in Seminole County, boasts one of the top school districts in the state, a crucial consideration for parents. Even if you don't have school-aged kids, the quality of schools can positively impact your property values. With a variety of educational options, including magnet and charter schools, Sanford caters to diverse needs. Plus, proximity to the University of Central Florida makes it an excellent choice for families with college-aged children. Exciting developments are underway, including the arrival of a Publix, a significant relief for locals who no longer want to drive 25 minutes for their favorite pub sub. Embracing the local culture, such as enjoying a Publix sub, is a sign that you're truly becoming a part of Florida. Despite Sanford's explosive growth, some concerns have emerged, particularly related to drainage issues affecting existing homes. Florida's intense but brief rainstorms have led to challenges in managing stormwater. However, the new construction is thriving, with renowned builders like Toll Brothers, Landsea, DR Horton, Ryan Homes, Starlight, and Pulte contributing to the community's development. Looking ahead, Pulte's townhome community, Skylar Crest, and Toll Brothers' Skyway Landing are poised to bring more housing options to the area. Keep an eye out for updates on prices and availability. In the single-family home category, Starlight is unveiling a community off Celery Ave in March 2024, with specifics still under wraps. DR Horton has three ongoing communities – Eastgrove, Cove at Riverbend, and Concorde – each offering unique features and starting prices. Take advantage of attractive incentives, including up to $20,000 toward closing costs and competitive interest rates when using DR Horton's lender. For any inquiries or to learn more about these communities, feel free to reach out to me at krista.taurins@gmail.com. Sanford, FL, is not just a location; it's a community on the rise, offering affordable living with proximity to Orlando's attractions. Stay tuned for more updates as Sanford continues to flourish as Central Florida's hidden gem.
Ready to get started?
I'm your dedicated real estate expert, and I'll personally navigate you through the buying or selling journey, tailoring every step to your unique needs for an unforgettable experience.
Contact Krista
