Happy Friday!

We’re officially in 2025, and I hope you had a great New Year!

To keep the New Year’s energy going, let’s take a look at some news that promises a lot for the year ahead.

10 laws discussed in 2024 are now coming into effect in 2025, ranging from keeping children safe online to protecting first responders—check them all out!

Also, Florida’s economy is expected to get a boost this year, surpassing and standing out above the national average.

Don’t miss the real estate trends set to take center stage in the coming months. Can we expect some relief? Read to the end to find out! 😉

Hope you enjoy!

—Sean

⚖️ New Year, New Rules: Florida’s Top
10 Laws for 2025

Driving the news: As Florida welcomes the new year, ten laws passed during the 2024 legislative session take effect on January 1.

These changes touch on diverse areas from social media to public safety, political affiliations, and construction standards.

Details:

1. Social Media Restrictions for Minors (HB 3): Children under 16 cannot open social media accounts without parental consent.

Platforms face penalties up to $50,000 per violation and lawsuits if they violate these rules.

2. Adult Content Verification (Part of HB 3): Websites with adult content must implement age verification.

Some major plataforms have preemptively blocked Florida users.

3. Buffer Zones for First Responders (SB 184): Makes it a misdemeanor to approach within 25 feet of first responders after a warning.

4. Political Party Consent (HB 135): Prevents changes to political party affiliations without written consent from the individual.

5. Building Code Changes (HB 267): Mandates the Florida Building Commission to revise codes for replacement windows, doors, and garage doors.

6. Guardianship Reforms: Enhances oversight of professional guardians to protect vulnerable individuals from abuse.

7. Insurance Fraud Crackdowns: Implements stricter penalties for staged auto accidents.

8. Telehealth Regulations: Expands the list of approved telehealth services to increase healthcare access.

9. School Safety Measures: Requires active shooter drills and enhanced reporting systems in public schools.

10. Firearm Storage Requirements: Establishes rules for safe gun storage to reduce accidents and unauthorized access.

Why it matters: These laws reflect Florida's focus on balancing public safety, individual rights, and governance.

From keeping children safe online to protecting first responders and tightening guardianship laws, the state is addressing critical issues that affect daily life.

For local residents, these laws offer tangible benefits:

• Parental empowerment: Giving parents more control over minors' online presence.
  

• Safer streets: By deterring fraudulent practices and better protecting first responders.
  

• Home safety and savings: Updated building codes improve storm readiness and property resilience.

The big picture: While some measures, like social media restrictions, face legal challenges on constitutional grounds, they highlight Florida's ambition to regulate evolving societal issues.

Simultaneously, policies on insurance, telehealth, and school safety aim to create immediate, practical impacts.

What’s next: Expect further legal battles, especially concerning free speech and privacy.

Meanwhile, state agencies will work to implement these measures effectively, with adjustments likely as outcomes unfold.

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📈 UCF Economist Predicts Bright Future for Florida’s Economy in 2025

Driving the news: University of Central Florida economist Sean Snaith predicts that Florida's economy will grow faster than the national average in 2025.

Despite potential challenges, such as a slightly higher unemployment rate and uncertainties in national policies, Florida's growth trajectory remains strong.

Details:

• The pandemic has boosted migration to Central Florida, fueling the local labor market.
  

• Key sectors like construction, professional services, and hospitality are expected to experience robust job growth.
  

• Significant investments in the hospitality industry are setting the stage for sustained expansion.

Why it matters: Florida's economic strength translates into more opportunities for residents and businesses.

Continued growth in sectors vital to the local economy means a brighter future for Central Floridians, with better job prospects and infrastructure development.

The big picture:

• National Trends: On a national scale, uncertainty around economic policies and rising national debt looms. However, a focus on domestic energy production and regulatory adjustments could support growth.
  

• Consumer Spending: Slower inflation has stabilized household finances, but high debt levels may temper spending in some demographics.
  

• Housing Affordability: Addressing the housing shortage remains a critical challenge that policymakers and the construction sector must tackle.

What’s next: Experts anticipate a gradual deceleration in growth rates post-2025, but Florida is positioned to maintain a lead over the national average.

Eyes are on the federal government’s ability to implement policies that mitigate debt concerns and stimulate long-term economic health.

The bottom line: Florida’s expanding population and strategic investments make it a hub of economic resilience.

While challenges remain, the state’s growth is a promising sign for residents and businesses alike.

😮‍💨 Is Relief in Sight? 2025’s Housing Affordability Dilemma

Driving the news: The housing market in 2025 is poised to tackle two dominant themes: affordability challenges and seller activity.

With mortgage rates exceeding 7% and home prices creeping upward, affordability remains at crisis levels.

Meanwhile, sellers are cautiously returning, hinting at a potential shift in market dynamics.

Details:

• Mortgage rates: Rates remain high, with the typical monthly payment for a homebuyer hitting $2,290, the highest ever recorded.
  

• Home prices: National median home prices have risen 4% year-over-year to $395,000.
  

• Inventory: Currently, 651,000 single-family homes are unsold, a 2.5% decline from last week but expected to rise by February as demand remains tepid.
  

• New listings: There was a 33% increase in unsold new listings this holiday week compared to last year, suggesting seller activity might normalize.
  

• Pending sales: Contracts for single-family homes are up 4.25% from the end of 2023, though they remain 30% lower than early 2022.

Why it matters: High home prices combined with elevated mortgage rates are squeezing affordability for buyers, with few signs of relief in sight.

However, an uptick in new listings and slight growth in pending sales could indicate stabilization.

For local markets, increased seller participation might help restore balance, offering potential buyers more options.

The big picture: Despite affordability constraints, the housing market has shown resilience. Prices rarely drop significantly due to psychological and structural factors, such as seller reluctance and legal hurdles.

However, sustained high rates could dampen the budding sales momentum seen at the end of 2024.

What’s next: Watch for potential rate changes in 2025, with forecasts hinting at a possible decline to below 6% if economic conditions improve. This would alleviate affordability issues and spur buyer activity.

Additionally, keep an eye on inventory growth and price reduction trends as leading indicators of market shifts.

The bottom line: The 2025 housing market will be a balancing act between high costs for buyers and tentative optimism for sellers.

Affordability will remain the key challenge, but increasing seller activity could provide a glimmer of hope for a more dynamic market ahead.

📊 Our Current Local Market Data:

As we begin 2025, Tampa's real estate market continues to present opportunities for both buyers and sellers.

Recent data indicates that the median sale price of homes in Tampa is approximately $450,000, reflecting a modest 0.2% increase compared to the previous year. Additionally, homes are spending more time on the market, with an average of 44 days before sale, up from 27 days last year.

For sellers, this underscores the importance of a well-crafted strategy to effectively showcase properties and attract potential buyers. For buyers, the current market conditions offer a window to explore available properties before any potential increase in competition.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Three Tampa redevelopments to watch in 2025
  

• Tampa Bay Area events in 2025
  

• Florida property insurers logged epic gains in 2024 in post-crisis rebound

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team

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