According to a new report released by Florida Atlantic University’s College of Business, buyers in Jacksonville are paying 23% more money than they should be for homes. Homes in Tampa are overpriced by 32%, Orlando by 21% and Miami homes and 16.9% overvalued. One real estate economist is urging Floridians to rent because homeownership is too expensive right now.
Low inventory, low interest rates and historically high demand for homes have created a housing market that hasn’t been this overpriced since the leadup to the 2008 economic crisis.
|