Home sellers in Southwest Florida are slashing their asking prices at rates unseen since the years that followed the economic downturn of late 2007 to 2009, according to real estate professor Shelton Weeks.
“It’s probably been over a decade since we’ve seen a situation like this,” Weeks, who teaches at Florida Gulf Coast University, told Florida-based WINK News. “You know, you have to get back to the recovery days coming out of the Great Recession in terms of price discounts and stuff we’re seeing in the market.”
Newsweek contacted Weeks for comment by email on Wednesday morning.
Why It Matters
The Sunshine State’s housing market boomed during the pandemic, when an influx of out-of-state newcomers moved to many of its cities seeking good weather, more affordable housing and lower taxes…