Florida Housing Market: Prices, Insurance, and Opportunity

You've heard it before: a picture is worth 1,000 words.

There's great power in displaying information in a way to make it easier to understand. 💪

This week, I've got two powerful visuals that will help you become more of an expert on Florida real estate with almost no effort at all.

Let's go!

Rising Insurance Costs

If you were to ask me what weaknesses I see in the real estate market, I'd tell you I didn't see too many, but one would be rising insurance costs.

This is affecting existing and new homeowners as insurance premiums are increasing all over the state. 🥵

Reasons for the rise in costs include excessive litigation against the insurance companies, losses due to storms, and a declining number of companies offering insurance in the state.

This map helps us put Into perspective how costs vary across the state by county.

Interestingly, south Florida and some panhandle counties have double the cost as central/northeast Florida counties.

Here's a breakdown of the highest cost and most affordable areas:

The top 5 most expensive counties are:
1️⃣ Monroe: $7,584
2️⃣ Palm Beach: $5,710
3️⃣ Miami-Dade: $5,665
4️⃣ Broward: $5,519
5️⃣ Martin: $5,157

The most affordable counties are:
1️⃣ Sumpter: $1,651
2️⃣ Marion: $1,894
3️⃣ Baker: $1,906
4️⃣ Hernando: $1,961
5️⃣ Wakulla: $2,023

Home Prices Across Jacksonville

I help Realtors through my coaching membership and private presentations.

Above, is a graphic from my recent MarketPulse 360 presentation which can give you a better idea of the type of information we cover in both the coaching and presentations.

This wasn't published on social media so thank you for subscribing to the email updates! 😉

It displays the average price by zip code of sold properties across Jacksonville so we can see which areas are more and less affordable.

One thing that stands out is that there are plenty of zip codes that are affordable by traditional measures.

Rather than saying there's no affordable inventory, we have to recognize the true challenge:

How can we help buyers open up to the available inventory and overcome their objections on location and condition? 🤔

It's not an easy problem to solve, but it's the difference between helping them accomplish their goal of owning a home and getting stuck as a long-term renter.

Finding Opportunity 

As we get into the final quarter of the year, it's time to do business planning and set goals for 2024.

One of the questions you should ask yourself is what are you going to do differently to stand out and grow next year?

Remember, if you don't make changes, you'll get the same or worse as you've always gotten.

I'd recommend you make a commitment to regularly using market stats in your business and becoming a Market Insider. 💡

Here's a few examples of how I'm coaching my clients to use these type of resources provided above:

1. Reach out and build referral relationships outside your local market (both other states and places like Orlando and Miami) to capitalize on relocating buyers. The insurance map could establish you as an expert to the referral partners outside our area and help you advise their clients on the more affordable parts of the state.
   
   
2. Further, the map can serve you by going into a relocation package that helps people outside the area better understand our market. Just think if you established yourself as a "relocation specialist" and created a buyer presentation specifically for relocating clients...
   
   
3. The average price points piece could either flow into the relocation kit or simply go into your normal buyer/listing presentations to give your clients an in-depth look at the market that few agents are offering.
   
   
4. I'd use the map to see if I could find opportunities of nicer areas that seem undervalued (think the blue zips right next to the orange ones) and target those areas to build a farming strategy around.
   
   
5. Finally, both these graphics would work well as marketing tools to your database. They're visually engaging and unique information that is better than just a table of prices that is usually sent out.

The opportunities are limited only by our imagination of how we can apply these resources to our business. 

The bottom line: the most successful Realtors of 2024 will be those that are continuing to reach out to their database, provide value, and embrace a data-driven strategy to help their clients make smarter moves (regardless of rates and other outside factors). 😎

Now, it's time to start planning your business! 

Dr. Alex Stewart
Founder

Whenever you're ready, there are 3 ways I can help you:

1. 🎯 Market Insiders Coaching Membership: Join an exclusive group of Realtors focused on becoming experts in their local market. This membership gives you access to monthly live coaching from yours truly, a member-only community for private updates and discussions, and additional resources to address clients questions and supercharge your business.
   
   
2. 👩‍💻 How to Use Market Stats in Your Business: Accelerate your business growth by learning how to use data. This course will help you more easily understand the market, improve your client presentations, and increase your conversion rate with clients.

   Rated 9.84 out of 10 for value to their business by 100+ Realtors.
   
   

3. 📊 Schedule a live presentation: Want to learn in person? I offer the MarketPulse 360 presentation that connects all the dots (national to local) so you get a comprehensive breakdown of today's market.
   
   **I've only got 1 spot remaining for an early November MarketPulse 360, so request before they run out.**