BOYNTON BEACH, Fla. — The combination of soaring housing prices and fewer home insurers has more and more people facing a tough question: Are they out of paradise now?
“It’s incredibly frustrating, not everything is available. There’s such an influx of people coming to Florida because that’s where everyone wants to be,” said Joe Lafauci, who is struggling to to find accommodation.
The 24-year-old moved from Tampa to Palm Beach County to start his career in finance, but the current domestic market has left his hopes dwindling.
“We’re just getting started, we don’t have a money base like New Yorkers, Californians like other people who move here. So when we’re beaten by a cash buyer, it’s practically hopeless at this point,” Lafauci said.
Lafauci said the rental market is just as tough and he was forced to stay in an Airbnb for 6 months.
“Four walls and a roof at this point, a fridge a stove and a washer-dryer, that’s honestly the bare minimum of hard-to-find things,” Lafauci said.
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Peter Conn, real estate advisor at Compass, said Palm Beach County remains a seller’s market.
“Hundreds of people, we get calls daily from people moving from Chicago, Cailfornia, New York, all over the tri-state area, who kind of start their search trying to figure out where they want to be,” said Conn.
Conn recommends homebuyers have their tax returns, pre-approval, and other documents ready to go and find a good broker.
“We’re in the market, we’re constantly communicating with our colleagues, so a lot of what happens happens off-market or happens instantaneously,” Conn said. “If you’re relying on a real estate aggregator to give you information, it’s not going to be fast enough.”
Conn said he works with insurance agents and mortgage brokers to help his clients settle, but suggests doing their research before making an offer so you don’t get caught off guard. insurance premiums among other costs if you find your dream home.
“If you want to buy a house now, it’s not necessarily an easy thing. But it’s something that can be accomplished,” Conn said. “Leading towards speed is the way to win in this market.”