Sadly in SoFlo, the democrat tax&spenders and the insurance disaster have made it impossible for many new prospective buyers to enter the market. A new buyer is hit with astronomical taxation compared to those who bought at a much lower price earlier and were sheltered while property taxes reached tyranical levels. One could end up paying 5 or 6 times the amount of property tax as their neighbor because too many socialist democrats in local government went wild when they decided to abuse the temporary rise in housing values.
SoFlo can't recover until they get rid of their socialist democrats. We're done down here.
Insurance is another major pestilence, but the Florida Repukeblicans (think along the folks who brought you "Mel 'I don' see no illeeegals' Martinez" )are as much to blame as the brainless socialist dimwitocrats.
So now when the buyer calculates the mortgage and sees that it works out to a reasonable payment, the check out the taxes and insurance on top of it. Suddenly they realize it's almost as much as the mortgage. Tennessee and the Carolinas suddenly seem much warmer in the winter...
That is what I see in my part of the Midwest. Median income is about $50K. Homes around $150K don't have trouble selling. It doesn't matter whether it is POS or not. More expensive older homes in town seem to be taking quite a bit longer to sell.
Oh, wouldn't THAT be nice!
susie
Why are insurance costs the result of the government?
Are you just complaining that the taxpayers in the rest of the country are not subsidizing your insurance costs?
If you want to live where there is a good chance of hurricanes, your insurance should reflect that cost.
bttt