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Florida’s Changing Real Estate & Home Insurance Markets

Our market is changing and that may or may not matter to you.

Life brings us circumstances and we are compelled to move.

For many of our clients, love has been their motivation. Some of our clients purchased and moved into their home within a month of giving birth to their first child. Others set the goal of buying a home and moving in before their wedding. Others wanted to downsize and give themselves a better lifestyle, smaller mortgage, and more entertainment.

Whatever the circumstance we find ourselves in, we draw strength from knowing this is our home. The familiarity of those walls feels good and means so much to us.

Then, something changes and it’s time to say “thank you” to that place for taking care of us as we begin the search for our next home. The feeling of transitioning from this current home that’s familiar into a new place that is unfamiliar can be difficult. But, that is the price we pay for growth. Moving forward in life sometimes comes with moving locations, and that’s ok.

Sometimes where you are is the right place for a season, and seasons change. No matter what’s going on in your life, if moving is going to be part of the equation – for you or for the people you care about – we’re here to be a part of it with you.

Home Insurance in Florida

Insurance is changing in Florida and we’re all along for the ride. Here’s the most recent shift in insurance we’ve experienced in our office:

Matt and Gina moved into their remodeled home last month. During the remodel, they were required to have a Builder’s Risk insurance policy for $320 per month.

Last week, they began shopping for regular homeowner’s insurance. They tried to get the bundle deal through Progressive, but they’re unable to insure their home. State Farm told them they no longer insure homes built before 2003 – 2003!?

The reality is multiple insurance companies are either pulling out of Florida or reducing their exposure here by not writing any new Homeowner Insurance Policies.

They’ve insured their home through Citizens – the insurance company started and run by the State of Florida. Their premium is $2,100+ with a $2,500 deductible. This was the lowest policy they could find for the coverages they wanted.

August 2022 Clermont Market Update

Last month, the number of homes listed for sale was down 31% over August 2021. As of September 1st, there are 220 single-family homes for sale in 34711 and 162 homes under contract. Homes are taking longer to sell, though home values remain high. Buyers are being more selective about what they’re willing to pay for and have more room to negotiate.
Clermont, FL (34711) August 2022 vs 2021: Year-over-year comparison of number of new listings, days until contract, and median sold price.

4164 Foxhound Dr Clermont, FL 34711

4 beds/3 baths with private pool | $699,000

Breathtaking pool home in sought-after gated Hunters Run! Characterized by bright open spaces, modern finishes and a backyard oasis – you must see it for yourself.

15738 Bay Vista Dr Clermont, FL 34714

3 beds/2 baths | $355,000

Beautifully maintained home in the gated, family community of Weston Hills with a newer roof (2018), recently replaced windows (2021), a fresh coat of interior paint (2022) and a new stainless steel fridge (2021)!

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