8 responses to “Titusville, FL Housing Market Faces High Risk of Price Decline, CoreLogic Predicts”

1. 

   JEFFREY ALAN SWANSON

   June 7, 2024 at 3:15 pm

   I lost confidence when I read “Additionally, Titusville’s housing market has been experiencing a supply shortage, with the number of available homes on the market dwindling in recent months, further exacerbating the issue.” Economics 101 supply and demand says just the opposite. So who writes this stuff? Who believes it? Sad.

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2. 

   Chester Leckner

   June 7, 2024 at 3:55 pm

   Laws of supply and demand have made this article probably wrong! Although I do see a huge amount of apartments, condos and homes being built and wonder who is going to live in them!

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3. 

   Dee

   June 7, 2024 at 5:11 pm

   I agree w above and let’s not forget that in Brevard the amount of single and multi-family dwellings? That in itself? Will probably make this article completely nill n void by the first quarter of 2025.
   Supply??? Will be plentiful and although we aren’t going under the “mass migration” that we all witnessed in latter 2022 n 2023, people arr still.coming here in droves. Regardless what the numbers, predictions state? The overall market in Brevard will be stable for years to come. There would have to be a total shut down for this market to suffer anymore than it did overall in the past 18 months. Lol

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4. 

   Carlo E.

   June 7, 2024 at 7:19 pm

   The market cannot keep rising. Everything that goes up must come down.
   Prices have increased since rates were low and the monthly payment was cheaper than renting. However the rates being as high as they are has left many people out of the market.
   The incomes locally cannot keep up with the prices of homes. That means the monthly payment is too high for the incomes in Florida.
   People buying out of state have also increased the prices.
   Investors bought a large amount of homes that they are renting.
   The rents have increased to where again incomes cannot keep up with the rents.
   Several things here:
   Investors will dump the homes when they cannot rent them for what they want or can’t afford it. That will force owners to lower the price.
   Drive around, how many homes do you see empty from investors sitting on them? If the market is adjusted in Florida it will be adjusted everywhere. That means that some investors will not be able to afford the Florida home or investment and will have to sell.
   Home insurance has increased.
   Car insurance has increased.
   Food has increased so the budget for a home payment has decreased.
   Homes are sitting longer on the market because buyers are not willing to pay for over priced homes or they cannot afford the current prices which will demand a price correction.
   Incomes cannot keep up with the price of homes.
   New home construction has increased substantially so there are more homes in the market today than 3-4 years ago.
   Interest rates are not coming down any time soon and definitely to where they were in 2%-3% range so the prices must adjust.
   The prices have to adjust so the people that actually live in the area can afford those homes with their incomes. Only time will tell. The article is just giving people a high probability of what will happen in the near future so they can prepare accordingly. They did not just look at todays numbers or 2 years ago. The data goes back to 1976. They look at everything. They could be wrong or off on the percentage. Real Estate goes up and down. It’s been going up so the down turn will come.

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5. 

   Dave

   June 7, 2024 at 7:48 pm

   Market has not reached its peak. I have seen it happened in other States where people were saying the same about locals not being able to afford. Prices literally doubled at a minimum over 5 years. The space industry is growing like never before and a lot more smart well paid people are moving here. Once locals are out and the area is gentrified, all will be very nice.

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   1. 

      Nina Siniard

      June 7, 2024 at 9:01 pm

      Once locals are out? The space industry has been run by locals in this town for decades. What an ugly thing to say. You’re saying, “All will be nice” when families with two professional incomes can no longer afford to own properties that have been in their family for decades? When teachers, police officers, mail carriers, firefighters, among many other respected professions are forced to leave their home? Does that make you feel smart or powerful to be so shallow and cruel?

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      1. 

         Susan Canada

         June 9, 2024 at 10:41 am

         I’ve seen employees in the fields you’ve listed where both spouses must work to afford to have necessities. As stated in another comment home insurance, car insurance, groceries, utilities and home repairs are now extremely high and so what are those we depend on suppose to do? There are a few other states where the above are cheaper.
         As for the space industry when the shuttle program was active I met many while working there from this area. Now I see many from out of the area with mostly subcontractors from this area. The companies go for the best workers whether from this area or out of this area.

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6. 

   Logan

   June 24, 2024 at 10:24 am

   If anything, there has become a significantly larger increase in supply YoY. According to redfin Analytics, the space coast has seen a significant decrease in home sales with a significant increase in supply, further supporting corelogics claim. Inflated prices were a result of limited supply. With record high interest rates, over inflated home prices, and the massive increase in insurance costs in the area, most homebuyers are completely priced out. Factor in the ending of ARM loans and adjustable mortgage rates with YoY wages that are not increasing with these prices, expect tp see an increase in foreclosures further increasing the supply count. If a correction doesn’t occur soon, we could face a dramatic crash in pricing.

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