The One Ocean Group Market Update
June 2026 Real Estate Newsletter
A Potential Game-Changer for Florida Homeowners?
A new proposal to expand Florida's Homestead Exemption is creating significant discussion among homeowners, buyers, and real estate professionals throughout the state.
Governor Ron DeSantis recently proposed increasing Florida's Homestead Exemption from $50,000 to $250,000 as part of a broader property tax relief initiative.
While the proposal would still require legislative approval and a vote by Florida residents before becoming law, it has already sparked conversations about affordability, property taxes, and the true cost of homeownership.
What Does This Mean?
Currently, homeowners who qualify for Florida's Homestead Exemption can reduce the taxable value of their primary residence by up to $50,000.
Under the proposed plan, that exemption would increase to $250,000 for homeowners who establish homestead residency before January 1, 2027.
Example:
Home Assessed Value: $500,000
Current Exemption:
Assessed Value: $500,000
Homestead Exemption: $50,000
Taxable Value: $450,000
Proposed Exemption:
Assessed Value: $500,000
Homestead Exemption: $250,000
Taxable Value: $250,000
This could reduce taxable value by $200,000 and potentially result in meaningful annual tax savings depending on local tax rates.
As this proposal develops, I will continue to keep you informed about how it may impact homeowners and buyers throughout South Florida.
Understanding Today's Market
One of the most common questions I hear is:
"How's the market?"
The truth is, there isn't just one market.
There is:
The first-time buyer market
The cash buyer market
The move-up buyer market
The investor market
The luxury market
The new construction market
The resale market
Each is behaving differently right now.
A first-time buyer trying to make a payment work at today's interest rates is experiencing a very different market than a cash buyer purchasing a second home or investment property.
National Market Snapshot
Recent housing data tells an interesting story:
Existing home sales remained relatively flat at a 4.02 million annual pace.
Inventory increased to approximately 1.47 million homes.
Housing supply rose to 4.4 months.
The median existing-home price reached a record April high of $417,700.
At first glance, more inventory sounds positive.
However, affordability remains a challenge.
Higher mortgage rates combined with elevated home prices continue to place pressure on many buyers.
Who Is Buying Right Now?
Recent statistics show:
First-time buyers represented 33% of home sales.
All-cash buyers accounted for 25% of transactions.
Luxury and higher-end properties continue to outperform many other segments.
This tells us that buyers with cash, substantial equity, or strong incomes remain active, while payment-sensitive buyers continue to face challenges.
What Does This Mean for Sellers?
The market is not frozen.
Homes are still selling every day.
However, today's market rewards:
Proper pricing
Professional marketing
Strategic positioning
Strong negotiation
Buyers have more options than they did a few years ago, which makes presentation and exposure more important than ever.
The homes that are priced correctly and marketed effectively are still attracting serious interest and achieving successful sales.
What Does This Mean for Buyers?
While interest rates remain elevated compared to recent years, opportunities do exist.
Buyers today often have:
More inventory to choose from
Increased negotiating power
Opportunities for seller concessions
Builder incentives on new construction
For many buyers, today's market offers less competition than the bidding-war environment we experienced previously.
My Take
The market isn't simple, and broad headlines rarely tell the full story.
The reality is that every neighborhood, price range, and property type is performing differently.
That's why local expertise matters.
Whether you're considering buying, selling, investing, or simply want to understand what your home may be worth in today's market, I would be happy to provide personalized guidance based on your specific goals.
As always, thank you for your continued trust and referrals.
Warm regards,
Jordan Sorman
The One Ocean Group
Signature International Real Estate
Your Trusted South Florida Real Estate Resource