Happy Wednesday!

There’s so much great news in Florida this week that I almost didn’t know which topics to pick!

It’s no surprise that Florida is one of the best places in the U.S. to retire—and that hasn’t changed! Plus, we’ve also been seeing a lot of wealthy millennials moving into our area, so our market is about to boom.

We’re also taking a look at how sellers working with an agent earn an average of almost $80k more than FSBO.

—Sean

🧓 Tampa Bay Cities Among Top 10 Best Places to Retire

Driving the news: Several Tampa Bay cities have once again ranked among the top 10 places to retire in WalletHub’s annual Best Places to Retire rankings.

Details: WalletHub's rankings evaluated 182 U.S. cities based on four key categories:

• Affordability (25 points): Cost of living and tax-friendliness.
  

• Activities (25 points): Availability of recreation like music venues and museums.
  

• Quality of Life (25 points): Walkability, weather, and population over 65.
  

• Health care (25 points): Access to facilities, quality of health systems, and life expectancy.

By the numbers: Florida, known for its senior-friendly policies, claimed five of the top 10 spots. Tampa secured the No. 4 spot, excelling in activities (No. 9) and quality of life (No. 28).

St. Petersburg ranked No. 8, praised for its affordability and quality of life. Florida's favorable tax policies—no income, estate, or inheritance taxes—make it a senior haven.

Why it matters: For retirees on a fixed income, finding a balance between affordability and quality of life is crucial.

Tampa Bay cities not only offer a cost-friendly environment but also provide ample opportunities for recreational activities and comfortable living conditions.

The rankings reflect the region’s attractiveness to those seeking a fulfilling retirement.

The bottom line: Tampa Bay's combination of affordability, activities, and quality of life continues to solidify its position as one of the best regions in the U.S. for retirees.

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💸 Florida Leads the Nation in Gaining High-Income Millennials

Driving the news: Florida is attracting more wealthy millennials than almost any other state, according to a SmartAsset report.

High-earning millennials, particularly those earning over $200,000 annually, are leaving states like New York and California in significant numbers, favoring Florida as their new home.

Details:

• Florida gained a net of 11,219 wealthy millennial households (ages 26 to 45) between 2021 and 2022.
  

• On average, these households earn $430,957 annually.
  

• 20.2% of all Florida households earning more than $200,000 include these high-earning millennials.
  

• California saw the largest exodus, with a net loss of 9,181 wealthy millennial households, followed by New York with 4,251.

Why it matters: The influx of wealthy millennials brings increased spending power and disposable income to Florida’s local economies.

These newcomers may boost real estate markets, support new businesses, and increase demand for premium goods and services, reshaping the state’s economic landscape.

The big picture: As more states like New York and California face a departure of high-income millennials, Florida’s tax policies, climate, and lifestyle continue to appeal to those seeking financial flexibility and a desirable living environment.

What’s next: Florida’s continued appeal to high-income earners might prompt other states to reconsider policies and incentives to retain young professionals and mitigate economic losses from migration.

🏡 Home Sellers Without Agents Leave $79K on the Table

Driving the news: According to Clever Real Estate's survey of 654 Americans who sold their homes in 2023 and 2024, those who worked with real estate agents earned $79,000 more on average than those who sold without representation.

This gap in profit is drawing attention as many sellers who chose the FSBO (For Sale By Owner) route now express regret over their decision.

Details:

• Profit difference: Sellers with agents averaged $207,500, while FSBO sellers earned $128,500.
  

• Common FSBO reasons: Avoiding agent commissions (30%), speeding up the sale (29%), or the home being in poor condition (28%).
  

• Seller regrets: 54% of FSBO sellers wished they had used an agent, particularly as 49% said they regretted how they priced their home.

Why it matters: Working with an agent can maximize the profit for home sellers. Agents help by accurately pricing homes, navigating the negotiation process, and reducing unexpected costs.

With 73% of represented sellers crediting their agents for the right price, the guidance agents offer is invaluable, especially in an unpredictable market.

The big picture: While FSBO sellers might close faster, nearly 48% believe they would have sold quicker with an agent. In addition, 47% think they would have earned more money.

FSBO sellers, on average, reduced their listing prices by $11,000 more than those with agents, contributing to their overall lower profits.

Between the lines: Beyond just profit, sellers with agents faced fewer unexpected expenses. Represented sellers reported only 13% in unforeseen costs, compared to 27% of FSBO sellers.

These include moving costs, repairs after inspections, and closing fees—items that agents often anticipate and help clients plan for.

What’s next: The impact of recent changes in how buyer agent commissions are discussed may further drive this shift, with 50% of FSBO sellers saying these changes make hiring an agent more appealing.

The bottom line: Selling a home is a complex process, and while avoiding commission fees may seem tempting, the potential for greater profit and fewer headaches often lies in partnering with a professional real estate agent.

📊 Our Current Local Market Data:

The Tampa and Pasco markets are still hot as fall approaches.

I am happy to help you create a real estate strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

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:

• Tampa Awarded $1 Million USDOT Grant for Transit and Housing Needs
  

• Tampa Bay mortgage rates are down. Is it a good time to buy?
  

• Free Leadership Training for Tampa's Neighborhood Leaders

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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