[Songbird42]

I just went to Zillow.com to check home prices in my area, prices are way down, about $45,000 per house from this past summer......homes that were
over $200,000 are posted at $150,000. Should I be concerned or were the house prices over inflated to begin with? You with think that if the prices are coming down that everyone would be buying. Any thoughts?

[riveree]

Zillow is not a reliable source, they've been getting a lot of flack lately for their inaccuracies.

Your county property appraiser's website should be able to provide you with recent sale prices, also your local paper will list them.

I've viewed trulia.com and they seem to list the actual listing and sale prices per neighborhood...not sure of their overall accuracy, but they seemed to be correct for my own neighborhood.

[MyHomeIsInOcala]

Songbird,

Outside of hiring a professional appraiser for a current value, you can call three or four local RE agents to get a free CMA. This will give you a current selling price for your property.

County Tax Assessor’s are not always correct, they have been known to be off, but can give you a general idea.


PS: if you do request CMAs (comparative market analysis) from multiple agents, it is highly possible that you are going to get a different price from each! Also, CMAs have NO OBLIGATION to the agent attached to them.

[tallrick]

Property values going down are always a good thing. Unless the property tax situation is fixed they will continue to go down. The lower limit is 2001 property values, so if you bought then or before, you are guranteed not to lose, ever!

[Arrgh]

That drop in property value is about right. The market took a 25-30% hit since the peak of 2005. I guess this is what everyone is calling the crash but I see it as an overdue correction. When the pizza delivery guy is building a spec house, then you KNOW it is out of control. The market is now on the way to stabilizing or geting into balance. Our local rag reported a strong upturn in sales for the Sarasota-Bradenton market. It is not THE turn around, that will take another year or so but I believe the buyers are beginning to realize that we are at or within a few percentage points of the bottom.

I agree with tallrick re the taxes, local govt are drowning in money, time to give some back, and anyone who bought in 2003 or previous to that is still and will continue to be a winner. The days of a 3-2-2 for 80K are long gone and will not return. There is quite a bit of pent up demand, buyers waiting for the bottom, and when the herd decides that we are at the bottom THEN you will see activity increase and prices will atabilize with next year bringing modest appreciation.

[Retiredcoach]

Originally Posted by Arrgh

That drop in property value is about right. The market took a 25-30% hit since the peak of 2005. I guess this is what everyone is calling the crash but I see it as an overdue correction. When the pizza delivery guy is building a spec house, then you KNOW it is out of control. The market is now on the way to stabilizing or geting into balance. Our local rag reported a strong upturn in sales for the Sarasota-Bradenton market. It is not THE turn around, that will take another year or so but I believe the buyers are beginning to realize that we are at or within a few percentage points of the bottom.

I agree with tallrick re the taxes, local govt are drowning in money, time to give some back, and anyone who bought in 2003 or previous to that is still and will continue to be a winner. The days of a 3-2-2 for 80K are long gone and will not return. There is quite a bit of pent up demand, buyers waiting for the bottom, and when the herd decides that we are at the bottom THEN you will see activity increase and prices will atabilize with next year bringing modest appreciation.

I am one of those potential buyers waiting in the wings. I will not even consider making a move until opportunity outweighs the risks. Your state economy is a mess and housing prices are greatly overinflated. California and parts of New York/New Jersey are on a similar plane, but middle class opportunities far exceed most areas of Florida. Throw in one hurricane of significant consequence, and any buyer may not be able to find/afford the next round of insurance increases. I will be punished for moving with taxes that will exceed most of my neighbors (significantly). I will be lucky to find a job to pay just my taxes, as the only real job opportunities are at or near minimum wage. Personally, I believe if one does not have a great job, you should wait until prices reach a more reasonable level, to compensate for all the risks that buyer will be forced to absorb. Unfortunately for many of the Floridians who have all of their hopes and dreams attached to their homes, I believe that further rocky times are forthcoming.

[121804]

Originally Posted by Retiredcoach

I am one of those potential buyers waiting in the wings. I will not even consider making a move until opportunity outweighs the risks. Your state economy is a mess and housing prices are greatly overinflated. California and parts of New York/New Jersey are on a similar plane, but middle class opportunities far exceed most areas of Florida. Throw in one hurricane of significant consequence, and any buyer may not be able to find/afford the next round of insurance increases. I will be punished for moving with taxes that will exceed most of my neighbors (significantly). I will be lucky to find a job to pay just my taxes, as the only real job opportunities are at or near minimum wage. Personally, I believe if one does not have a great job, you should wait until prices reach a more reasonable level, to compensate for all the risks that buyer will be forced to absorb. Unfortunately for many of the Floridians who have all of their hopes and dreams attached to their homes, I believe that further rocky times are forthcoming.

Due to a job promotion that was not able to be passed up, my family & I move the SW FL last month. While my husband's company is one of the largest window/door companies in the US, I'm losing sleep about the economy here & the company closing his branch or moving from the area. Just b/c his company moved him here doesn't mean that won't change their businesses practices, etc.

We found a great, & I mean great home & price in a great neighborhood, but we just can't seem to move on it. The fear is that if something happens to his job (since it does deal w/ construction), there is no place to look for similar income.

While I feel that home prices & property taxes here in SW FL are no different than MANY other other in the US, there is no economy here unless one is in the medical field or can somehow manage to live on minimum wage.

I just don't know how people are doing it here & I guess that is why foreclosures are so high.

It is a shame so much overbuilding & home price inflation is having such a bad impact. I sincerely hope that hurricane season is not that bad or else I dread what is going to happen to insurance.

People can price to the bottom line but paying $3-$4k for insurance is going to kill the average folk.