As of January, Florida reported 212,437 active listings, a 19.4% increase year-over-year, suggesting a transition to a buyers' market. Despite increased inventory, high mortgage rates around 7% are limiting buyer participation. Redfin highlights that bidding wars are now rare, with homes needing to be in pristine condition to attract buyers. Contributing factors to the rise include a surge in homebuilding, homeowners selling due to rising HOA dues, and migration pressures from changing insurance costs due to natural disasters. Record-high listings are noted in several metropolitan areas.
"Active listings landed at 212,437 at the end of January, a staggering 19.4% year-over-year jump. Redfin agents in the state say that it's now a buyers market where sellers have to make concessions to bring buyers to the table."
"Bidding wars are very rare these days, said Jacksonville-based agent Bryan Carnaggio in a statement. With this many houses for sale, a home basically needs to look like it's out of a magazine and be priced fairly to get multiple offers."
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