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Hurricane Milton and its affect on Florida Real Estate market

According to Vaster in an article about the Impact of Hurricanes on Florida Real Estate, hurricane Milton is already having a notable impact on Florida real estate market, especially on regions like Tampa. New listings and pending sales have dropped sharply, as many people are prioritizing evacuation and storm preparations over property transactions. The market slowdown is partly driven by the inabilty to finalize insurance deals once a storm is named, creating hesitation among buyers and sellers.

Historically, major hurricanes like Milton have led to short-term disruptions in the real estate market, followed by longer-term challenges in recovery and rebuilding. After hurricanes such as Andrew, Irma, and Michael, property values in severely impacted areas often declined, while insurance premiums inscreased significantly due to heightened risk. These storms also prompted the implementation of stricter building codes, which have helped make newer properties more resilient, though they come with higher construction costs.

Looking forward, the extent of hurricane Mitlon's impact will depend on the severity of the damage. If property losses are significant, it could lead to a downturn in home prices in affected areas, similar to past storms, while demand for hurricane-resistant upgrades and properties in safer areas may rise. 

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