U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-27-2007, 01:19 PM
 
1,023 posts, read 2,996,213 times
Reputation: 271

Advertisements

Quote:
Originally Posted by MINNIEMEME View Post
This whole thing is one big mess .And it 's a real shame how could you even think of buying a home you could not afford .
I agree with you, however you must not put all the blame on the consumer. When you live in Florida, and you can NOT find a home that is affordable b/c the investors/speculators/foreign money/builders etc. jacked the prices up so fast...and you have all the banks telling you it's smarter to buy, and "look what you CAN afford", people bought into it. We have to put some of the blame on the other parties who got us to this point in the first place. Most homebuyers (maybe naive) believed the crap being thrown at them by lending institutions....they are the true cause of the problem with the foreclosures. You can't convince me that Mr. Mortgage Broker TRULY thought Mr. and Mrs. Smith, making 50K per year, could ACTUALLY afford a 450K home. That's just plain 'ol garbage! They made their money, and could care less that Mr. and Mrs. Smith will be living in a box within 5 years. Granted, the Smith party should have researched, but in the same token, they were in the same sinking ship as MILLIONS of other American's being snowed by the sub prime market. For a solid 4 years you were made to feel like a loser if you rented vs. buying a home. Thus, many unknowing souls jumped from the pan to the fire, and here we are today. BUT, I do agree that the whole "keeping up with the Jones's" mentality of the US is a little ignorant. Buy what you can afford, or LESS than what you can afford....you'll be safe even if the economy dives.
Reply With Quote Quick reply to this message

 
Old 11-27-2007, 02:24 PM
 
548 posts, read 392,374 times
Reputation: 126
Quote:
Originally Posted by LewLew View Post
I agree with you, however you must not put all the blame on the consumer. When you live in Florida, and you can NOT find a home that is affordable b/c the investors/speculators/foreign money/builders etc. jacked the prices up so fast...and you have all the banks telling you it's smarter to buy, and "look what you CAN afford", people bought into it. We have to put some of the blame on the other parties who got us to this point in the first place. Most homebuyers (maybe naive) believed the crap being thrown at them by lending institutions....they are the true cause of the problem with the foreclosures. You can't convince me that Mr. Mortgage Broker TRULY thought Mr. and Mrs. Smith, making 50K per year, could ACTUALLY afford a 450K home. That's just plain 'ol garbage! They made their money, and could care less that Mr. and Mrs. Smith will be living in a box within 5 years. Granted, the Smith party should have researched, but in the same token, they were in the same sinking ship as MILLIONS of other American's being snowed by the sub prime market. For a solid 4 years you were made to feel like a loser if you rented vs. buying a home. Thus, many unknowing souls jumped from the pan to the fire, and here we are today. BUT, I do agree that the whole "keeping up with the Jones's" mentality of the US is a little ignorant. Buy what you can afford, or LESS than what you can afford....you'll be safe even if the economy dives.
Very good post. There is plenty of blame to go around.

Many Americans will have to learn an old school lesson, you can live on less than you make and save a little, some how, some way. We must return to the days where people lived on 90%, at the most, of their take home pay, instead of 105% like many do now with credit card balances.
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 03:07 PM
 
Location: Heartland Florida
9,324 posts, read 23,814,761 times
Reputation: 4901
It will be even worse when the "Baby Boomers" realize that they have no retirement income! A lot of their future is tied up in property and investments that will be devastated by the comming energy crisis and hyperinflation. On the plus side they will live longer getting all that exercise doing their own work..LOL!
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 03:09 PM
 
Location: East Tennessee
3,926 posts, read 10,318,692 times
Reputation: 5217
Default CitiGroup Hacks Homebuilders

I, too, am enjoying this thread...especially all the great links. One of my would be buyers from Canada sent this one to me today:

"Citigroup has thrown in the towel on U.S. home-building stocks, saying that despite already depressed prices, it can no longer see the bottom for the beleaguered market segment..." reportonbusiness.com: Citigroup hacks home builders (http://www.theglobeandmail.com/servlet/story/LAC.20071127.RHOUSING27/TPStory/Business - broken link)
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 03:57 PM
 
8,997 posts, read 2,782,685 times
Reputation: 5492
Default Question regarding house for sale

I'm looking at a house for sale in the Northern Florida area. It's a beautiful marshfront home, though it's slightly less than 2000 square feet. The sellers are asking around $325K. From what you all read, do you think this is a fair price? They are also willing to negotiate. What do you think?
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 04:38 PM
 
Location: America
6,987 posts, read 15,491,161 times
Reputation: 2067
Quote:
Originally Posted by trobesmom View Post
I'm looking at a house for sale in the Northern Florida area. It's a beautiful marshfront home, though it's slightly less than 2000 square feet. The sellers are asking around $325K. From what you all read, do you think this is a fair price? They are also willing to negotiate. What do you think?
i wouldn't buy it, not given the fact you know prices are going to fall even more. Not unless its just absolutely beautiful and you are lusting after it.
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 05:18 PM
 
Location: East Tennessee
3,926 posts, read 10,318,692 times
Reputation: 5217
Default Start a new thread

Quote:
Originally Posted by trobesmom View Post
I'm looking at a house for sale in the Northern Florida area. It's a beautiful marshfront home, though it's slightly less than 2000 square feet. The sellers are asking around $325K. From what you all read, do you think this is a fair price? They are also willing to negotiate. What do you think?
Hi trobesmom,

Try posting your question on the Real Estate Professionals forum along with the MLS Number so we can look it up. We are an opinionated bunch, but you might not get much response if no one knows the market area.
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 06:27 PM
 
1,023 posts, read 2,996,213 times
Reputation: 271
Quote:
Originally Posted by trobesmom View Post
I'm looking at a house for sale in the Northern Florida area. It's a beautiful marshfront home, though it's slightly less than 2000 square feet. The sellers are asking around $325K. From what you all read, do you think this is a fair price? They are also willing to negotiate. What do you think?
Buying any home is very subjective. One person loves it, another hates it etc. etc. That is why appraising homes is an art form, not a science. A home is only worth what someone is willing to pay for it. I live in Jacksonville, and something marshfront for 325, and negotiable sounds like a pretty good deal. However, that is somewhat small. What I would do if you love the home, is offer what YOU are comfortable paying, and what you can afford whether or not prices go down. Thus, if they say negotiable....they probably are. Offer low, but not ridiculous as although the market is soft, people aren't giving away their homes in North Florida...YET. So, do your research on other homes, ask a realtor to pull some comps, and offer what is comfortable and affordable to you. If they don't accept...move on...there are PLENTLY of other great deals to be had. Good Luck
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 06:43 PM
 
2,141 posts, read 6,349,758 times
Reputation: 588
I agree with LewLew. This is a little on the market and the prices. I don't know alot about that area but prices have come down in alot of areas and will do so for some time. But if you like the home make an offer. What harm will that do.

Record home-price declines as all top cities turn sour: study - MarketWatch
Reply With Quote Quick reply to this message
 
Old 11-27-2007, 07:00 PM
 
548 posts, read 392,374 times
Reputation: 126
Quote:
Originally Posted by trobesmom View Post
I'm looking at a house for sale in the Northern Florida area. It's a beautiful marshfront home, though it's slightly less than 2000 square feet. The sellers are asking around $325K. From what you all read, do you think this is a fair price? They are also willing to negotiate. What do you think?
There is a more scientific way to tackle this. Find out:

1. What is the sales history of the house?

2. If you wanted to rent a comparable house, what would the rent be?

3. What is the median income of the area? What about the neighborhood, what sort of work do the neighbors do?

Once you gather this information, you can make a smart decision. Lets say you find comparable houses for rent for $1500. It would not be smart to pay more than 120-150 times monthly rent for that house. 150 is the very upper end, if you really love the house....(something I think is a mistake as you can make bad decisions using emotions, but so be it).

It would also be risky to pay more than 3 times median area income for the house. If most of the neighbors are middle class, making $50,000 or so, you would be silly to pay $325,000 in that area.

You don't care what someone else paid for their house in that area 2 years ago...or last week. Those comparables could be totally worthless, maybe they over paid by a ton.

All you care about is what the fundamentals are. Rent of a comparable house and median income give you a good starting point.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top