Buying Real Estate in Florida: End of 2024 or Wait Until 2025?

[Jorge Vazquez]

Buying Real Estate in Florida: End of 2024 or Wait Until 2025? I think now is a great time to buy real estate in Florida. With high interest rates, there's less competition and more stable prices. You can refinance next year when rates drop, which could lower your mortgage payments and give you some extra cash. Plus, insurance premiums are expected to decrease, and there are cool opportunities in Tampa for ADUs and tiny homes. It's smart to invest now and be prepared for any market changes.  

What is your opinion? 

[Nick C.]

Jorge, I love Florida RE as much as anyone, but I would not count on insurance premiums decreasing, let's just try to get through hurricane season unscathed. And even if we do there's still a lot of work to do on those insurance premiums. 

[Jorge Vazquez]

I understand your point, but many people do not realize that the reason for the increase in insurance premiums is due to fraudulent claims. We have always had hurricanes, yet we have never seen a 300% increase in our premiums in the past. This issue, due to new legislation, is now solved. We no longer have "ambulance-chasing" lawyers who can sue insurance companies for anything. 21 years monitoring it! 

[V.G Jason]

It's smart to invest when you're financially strong enough to not need to do anything, but always could.

Florida is literally the definition of a falling knife in some pockets.