Silicon Valley Bank's collapse has impacted Florida's real estate market, causing decreased sales and a shift towards a buyer's market, according to Sandals Realty Group broker, Amanda Glass. Despite this, Florida's influx of new residents has resulted in $24 billion of new recurring wealth coming into the state, driving down living costs for young families.
Silicon Valley Bank's collapse has impacted Florida's real estate market, causing decreased sales and a shift towards a buyer's market, according to Sandals Realty Group broker, Amanda Glass. Despite this, Florida's influx of new residents has resulted in $24 billion of new recurring wealth coming into the state, driving down living costs for young families.
The collapse of Silicon Valley Bank (SVB) in California has sent shockwaves through Florida's real estate market, causing a cooling down of sales and a shift towards a buyer's market. According to Amanda Glass, a broker at Sandals Realty Group, SVB's insolvency has resulted in bank-run contagion fears, causing instability in the economy and mortgage rates to plummet. This has led to decreased sales, a surge in the number of real estate agents leaving the industry, and concern over the affordability of mortgages for homeowners looking to sell.
Despite a surge in new residents moving to Florida, Glass advises homebuyers to lock in 30-year rates today to avoid likely rate fluctuations. While the real estate market may be shifting, nearly 1,000 new residents are moving to the Sunshine State every day and will need homes to live and thrive in. Florida Chief Financial Officer, Jimmy Patronis, notes that this influx of new residents has resulted in $24 billion of new recurring wealth coming into the state, compared to California's loss of $18 billion in recurring wealth, which has resulted in a drive down of living costs for young families in Florida.
Source: https://www.foxbusiness.com/real-estate/florida-red-hot-real-estate-market-cooling-down-bidding-wars-broker
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