THE TRUTH About How Hurricane Ian Will Devastate The Florida Housing Market Into A Market Crash!

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1. If you want to learn about hurricanes, watch this video for a crash course and precautions to take: https://youtu.be/fdnhJALf6d8
   
   Also, there are many people in distress due to the damage the hurricane caused. Please think about helping in the form of product donations, $ donations, and just lending a helping hand. To donate by phone or to get assistance with your donation, please contact the American Red Cross at 1-800-HELP NOW (1-800-435-7669). #Floridastrong .

2. I agree with your observations. 18,000 years ago during the last Glacial Maximum Florida was over twice the size it is today, by the end of the century 70% of what is left will be a Sandbar at low tide. This is a cycle that repeats itself about every 100,000 years or so we just happen to be around as this current interglacial period is peaking. In 15 to 25 years max that 70% will be uninhabitable unless your ok living in a home that floods up to your windows every time a hurricane hits or worse. It's not just the coastline either look at what's going on all along the St. Johns river. Most of Florida will disappear soon whether you want to believe that or not. I lived there for over 15 years and loved every minute of it but these are the a reasons I choose to sell and not stick around for my retirement. Most of Florida will disappear soon whether you want to believe that or not.

3. Homeowners Insurance is in Crisis mode here in Florida, if you are moving here , be prepared to pay $4000 to $9000 per year , plus your real estate taxes. Living expenses in Florida are among highest in America, and jobs do not pay well here. Nice video

4. Sad , people die and you focus on the bottom line…….all of you realtors are vultures

5. Sarasota county just saw a nearly 5% price decline month over month and September's numbers are not in yet. Year over year, the numbers are still up, but that will be shifting with each passing month.

6. Everyone talks about home price but no one is talking about homeowners insurance. Florida is going to get to the point where the norm will be $10k annually for insurance. This will create a big impact on whether or not people will continue to move there. Right now the average is $4,6k and people are already panicking at having to pay that.

7. People have short memories and the believe what they want to believe. When they think Florida, they think endless vacation vibes and look at no income tax and call it a day. They don’t want to look at the insurance issues or flood issues or heat issues…. That would make them uncomfortable. The sad part is these are expensive mistakes. To go and buy a property blindly without looking carefully at insurance rates, HOA fees, flooding etc….it’s just asking for trouble.

8. Good

9. For
   Flood and home owners insurance will go up 30 40 percent plus interest rates up lot of buyers won't qualify.

10. People don’t move to Houston to live near the coast on beaches like they do in Florida. Many people moving to Houston are from Louisiana which also get hit. Irma was not that devastating in Florida to cause people to stop moving to Florida. I think presenting data from Michael and Andrew is more equivalent to Ian’s impact as a hurricane.

11. Predict 20% down a year from now. What you also have to consider is a considerable amount of money has been lost in the stock market which ties directly to one's line of credit. Less buying power and less liquidity to purchase big ticket items. So yes, Florida housing market will crash.. Then recover with time.

12. Many homes here in Florida are still waiting for roofs since Harvey Marie Irma. Many buildings are being ordered to vacate since the building collapse in South Florida. Rents are extrenely high. Areas where Andrew touched are still rebuilt. And where they do rebuild they are over building which stresses infrastructure. Even if you live in a home built to new codes – when given the order to evacuate if you stay you will go through an ordeal you may regret. I personally think the next migration in real estate is to other countries.

13. The economy and interest rates will impact Floridian home prices more than hurricane fear.

14. Hurricane Ian not only flooded but it totally demolished destroyed homes !!

15. Florida is rated one of the top destination state and some believe it's #1 in that list. Potential sellers are still holding, being fearful that they will not find the home they want, so they are staying put in their current home. So resale supply is critically low. Also there is currently a construction labor shortage, which will also effect supply. Most forget about the continued rising rent prices and the shortage in available rentals. Meanwhile, the last of the Baby Boomers from the NE, mid west, Calif and the NW of the country are retiring and panic selling in hopes to retire and find a home in Florida before prices go out of sight and before interest rates go up to numbers like they did back in the 80's. So this winter real estate season will see a short squeeze upwards as people panic buy here in Florida, regardless of the damages that hurricane Ian cause (mostly on the barrier Islands of SW FL) and also regardless of rising interest rates, since they will focus on retirement homes that are not on barrier islands and a few miles inland. Also they all know they can Re-Fi once rates come back down. Besides, they are selling the larger properties up north and buying more modest homes here in FL to retire in. So there will be no slowing down in prices here in Florida for now or in the coming year.

16. After Hurricane Charlie the housing prices went up in the Port Charlotte and Punta Gorda areas. Supply and demand. The supply is less and the demand does not fall off equal to the reduction in supply so prices escalate.

17. To many want to rebuild . Go figure !

18. Nice job!

19. Even if I was rich or had the money I wouldn't buy Florida real estate. Florida coasts will be going under water.

20. Do you think desirable central Fl. inland locations, will benefit? Popular places such as The Villages. Fl., will continue to build out, with escalating prices? Subbed, and always a hubs up!

21. I thought after Dorian wiped out the Abacos that it would be very difficult to rebuild especially since it’s hard to get supplies in the Bahamas. But they are building back daily. Same thing happened in punta Gorda after Charlie and when Andrew hit Miami. Both places got rebuilt with better and higher quality building standards. People will always want to live in Florida and having a boat on a canal is a huge draw.
    I see the area getting built back better with more storm resistant homes. It will probably make the area more exclusive and expensive.
    The USA is accumulating more debt and the money printing continues which ultimately makes the dollar buy less and less thus I don’t see a fire sale in real estate.

22. What about flood/wind insurance costs which has dramatically increased? Many insurance companies have left Florida. After hurricane Ian, it will get even more expensive. Thus far, many people who have filed claims for Ian damage have been rejected by these companies. This topic needs to be fully explored and explained to people. They need to understand the limitations of insurance and have their expectations realigned to the reality of what insurance actually covers.

23. I do not agree with this rosy picture. Insurance premiums way up + interest rates on mortgage over 7% + high property taxes in FL + incoming recession nationwide in 2023 + low paying/low quality jobs in FL will result in a major price crash in most of Florida. If you want to buy in FL just hold off for another 12 months to get deals that reflect the real value of RE. Right now RE is grossly overvalued in most of FL.

24. Why would anyone want to live in Florida??? The state is poor… extreme poverty, homelessness out of control, a bunch of old people who contribute nothing to the state's economy, poor job market, terrible mosquito problems, hurricanes, floods, subject to sea rising …etc…

25. It's not the hurricane that will end the housing market but it's the insurance premium that will be problematic

26. I’m from California and was considering moving to Florida, but after watching the destruction of Ian I am scared out of that idea. Hurricanes are so frequent now in Florida. Seems like every couple of years they are hit hard. According to the governor, this hurricane was more devastating than previous ones. And they are getting worse with global warming of the oceans.

27. You Blood sucking Realtors

28. The question will be whether or not the direction the insurance moves. If they refuse to sell then it will be difficult for people to rebuild. As usual, Florida will get another Federal bail out and in time things will return to normal.

29. Alligators, hurricanes, lightning, heat and humidity six months, high insurance, it is better to rent than own a place there!

30. Very valuable update. Never buy a house in low lying areas, not built for hurricane without concrete walls. It's said that even a blind donkey wouldn't fall in the same hole twice. Federal and state governments do their jobs to regulate where you can build and how you can build. I do not feel sorry for people falling in same hole more than once.

31. I don't think she believes this is going to be like 2009.. half price sale

32. I remember Loma Prieta earthquake stopping the housing market COLD way back in 1989. The Bay Area residential market was on a tare until that day. But it wasn't down for long and just came right back at a more sustainable pace. Certainly New Orleans and Galveston have seen their growth decline due to storm losses. But Houston just keeps on bigger and bigger.

33. the time to buy is now LOL LOL LOL. spoke buy a true agent. people aren't that stupid. the market is falling and will be for some time.

34. Sorry … I basically know not one person who has this money or credit to get a mortgage. And I'm 67.

35. The insurance will be the bigger issue because many insurance companies were ready to leave Florida.
    Yes, they will rebuild but the insurance and building requirements will force people to sell.

36. Its different this time. FLORIDA RE IS UNINSURABLE

37. I'm shocked that mobile homes are still allowed in this state. 2' x 4' gotta go. Concrete. I am told I'm not in a flood zone. I have flood insurance. Ponds, lakes, rivers, pools – I trust no one and I have flood insurance.

38. Where can I invest to help Floridians and also get a rate of return?

39. What a clear and unbiased explanation of how the weather, the financial situation and the general national situation influences house prices. Very in depth and understandable. 👍 🇳🇱 🙋‍♀ 🇳🇿

40. I think people will move a few county’s north

41. Coming from NY, I was not oblivious to the possibility of hurricanes. Especially moving to the coast (Englewood). While it is the not so nice side to tropical living, NY had a rough time with Sandy. I was in a high risk flood zone in NYC. And. more notable, I believe that statistically, you probably have a much greater chance of dying from violent crime in NYC than you do from a hurricane. That would be my best guess.

42. It also depends upon where we are in the economic cycle: Elevated Housing values, Rising Interest Rates, Recession (Already in one) Unemployment (mortgage lenders have already laid off employees as well as tech companies as it is a lagging factor. These all affect Supply and Demand as well as increased cost of Insurance and taxes, which will play a major factor. Prices is the areas that were most over priced will decline significantly.

43. The financial impact is the high interest rate and insurance rate increases, no longer a sellers market .

44. California and New a york can’t sell for what they need or want now !

    Migration is and has and will continue to slow as a result. Also many walking from contacts on new homes with insurance and % rate hikes with Tess’s sessions and coming stock market correction along with price to earnings ratio earnings ratio in florida .

    Could see 40% correction.
    Inventory will skyrocket in next 12 to 18 mo .

    Need to look at more factors than historical states as this is a different environment for reasons above .

45. The prices skyrocketed during COVID. Those people moving in were not familiar with hurricanes. People moving to Florida, move for warm weather, not jobs. Comparing Florida to Houston I don't think it makes sense because people moving to Houston are moving for jobs. I know I will not move to the hurricane state at an inflated price, especially when insurance is crazy high.

46. I have already noted price reductions (slight) on Zillow for many homes in the Ian affected areas that were not individually damaged by it. A lot of the pluses for living in those areas will take a few years to come back (businesses and thriving downtowns) so I think those areas will see the greatest reductions in the short term. My wife and I rented in Sarasota in 2010 after the bust and people used to come up to us in Pelican Cove (on little Sarasota Bay) and ask if we wanted to buy their condo home. Since then, the prices there and locally have shot up like a rocket but the same can be said for many areas of the USA. It will be interesting to see what happens because as you mentioned people will gravitate toward less flood prone areas but also toward newer construction that are more hurricane damage proof. We ended up retiring in SoCal in 2017 but I really liked Sarasota and the sunsets over the Gulf (Siesta Key) were a religious experience. My son from PA is down there now tarping roofs after Ian and if he decides to move there with our first grandchild we may be enticed to rethink our situation. For the price, the homes there are palaces compared to ours in SoCal, although I am not complaining as this area is very nice also.

47. Question is, will most be able to get and or afford home owners insurance after this?

48. Don’t worry honey we have federal bailouts coming so these homes will be worth a lot more on year from now

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