Florida Real Estate Market Report

Buying power took another hit this week, and that can change what a home feels like it costs from one week to the next. Hey, I'm James Schlimmer, broker at HomeJam. In the next five minutes I'll make sure you know exactly what's happening in your Florida real estate market and what it means for you. Before we start, this report is brought to you by HomeJam. If you're buying or selling a home now or in the next year, go to homejam.ai. You'll pay a lot less to sell than the traditional way, you stay in control of every step, and you choose how much help you want. Buying works the same way, and it costs you nothing. Okay, let's get to the data.

Mortgage costs moved up again. The daily Optimal Blue index had the 30-year at 7.37% on Thursday, October 1, up from 7.24% a week earlier. Freddie Mac's weekly average had the 30-year at 7.28% on Thursday, October 1, up from 6.34% a year ago. The 10-year Treasury, the rate the government pays to borrow, which mortgage rates follow, closed at 5.24% on Thursday, October 1, up from 5.18% a week earlier. Buyers are still applying, but a little less, with the Mortgage Bankers Association saying purchase applications for the week ending September 25 were down 4.3% from the prior week and down 14.2% from a year ago. At about $380,000, the typical sale price across our three markets, principal and interest, before taxes and insurance, looks very different depending on the rate. FHA, 3.5% down, is about $2,575 a month at 7.37%; about $2,449 at 6.87%. Conventional, 20% down, is about $2,098 a month at 7.37%; about $1,996 at 6.87%. Conventional a year ago at 6.34% was about $1,890 a month. At HomeJam, we want buyers and sellers to see the numbers clearly. For sellers, when rates rise, fewer buyers qualify for your home at the same price.

Let's look at our three markets: Southwest Florida, Tampa Bay and Orlando. I'll use one number a lot: months of supply, which is how long it would take to sell every home on the market at today's pace. Under four months favors sellers, over six favors buyers. In Southwest Florida, the typical sale price is about $380,000, up 1.2% from a year ago. Southwest Florida has 6.3 months of supply, so Southwest Florida is in a buyer's market. Tampa Bay has a typical sale price of about $365,000, up 1.1% from a year ago. Tampa Bay has 4.3 months of supply, which puts Tampa Bay in a balanced market. Orlando's typical sale price is about $398,000, down 0.7% from a year ago. Orlando has 4.7 months of supply, so Orlando is also in a balanced market.

Right now, 57% of the homes for sale in Tampa Bay are priced below their original asking price. That means buyers may have more room to negotiate, and sellers need to be realistic from day one. HomeJam helps with buying or selling by putting the numbers and the paperwork in one place.

First, price it right the first time. In Tampa Bay, 57% of homes for sale are below their original asking price, and that tells you buyers are pushing back. Next, make it easy for a serious buyer to say yes. With the daily Optimal Blue index at 7.37% on Thursday, October 1, payment pressure is real, so a clean, simple deal matters more. HomeJam helps sellers handle the estimate, the net sheet, the contract and the closing while staying in control and paying a lot less than the traditional way.

Start by knowing your real payment before you shop. On a home at about $380,000, conventional, 20% down, is about $2,098 a month at 7.37%, and that can shape what feels comfortable. Then use the price cuts to negotiate. In Southwest Florida, 48% of homes for sale are below their original price, which can give you room to ask for better terms. HomeJam helps with buying or selling by letting buyers search, make offers and sign in one place at no cost.

If you're new here: HomeJam is a licensed Florida brokerage built around you, the buyer or the seller. You decide how your deal runs, from handling it yourself to having an agent by your side, and selling costs a fraction of the traditional way. Buyers search, make offers and sign in one place at no cost. The estimate, the net sheet, the contract and the closing, all in one platform, with real people behind it when you need them. Sell. Buy. Close. One platform. Go to homejam.ai and pull your live estimate today, and I'll see you next Monday.