Housing Bubble Popped but why aren't the prices reflecting it? (Tampa: credit, real estate)

[nychiefsfan]

Originally Posted by Mike Peterson

If I have a home that is worth $200,000 and list it for $800,000 and then it sells for $200,000 it only proves one thing. It was listed at too high a price.

You didn't show where homes like it had sold for more previously. I am not saying they didn't but there is nothing in your post to show that.

.

I asked SRQ Single this, but she didn't respond. I'm really curious what your opinion is Mike:

Let's say you bought $10,000 worth of Brand X stock.

Scenario A: The stock does very well over time, with gradual increases and an ocaasional split. You've done very well with this stock.

Scenario B: The stock takes a dump and your stocks value drops to $5,000. You can't try to sell it for the original $10,000 that you bought it for. You either ride it out and hope it bounces back or sell it for market value.

Is that relative to the housing market?

[lostbuyer]

mike you cant be serious your a real estate agent ?? and you need proof houses were selling for more than they were worth??are you serious???

[MrTudo]

Originally Posted by Mike Peterson

Please show me where in his post he showed that they used to sell for more.
He showed where it was listed at too high a price but not that they used to sell for 30% more.

Hey Mike, mine is an actual situation. Care to comment ( if theres enough info). We are 1 hour away from the subject house.

( while we're here, does anyone know if Comcast is available in Lake Placid??)

[nychiefsfan]

Originally Posted by MrTudo

That would be good. We are interested in buying a house in the Lake Placid area. We don't need to sell out house in Port Charlotte but have a lot of equity in it ( 6 figures ), despite the downturn and can think of a LOT of other places the money would do better for us rather than as a potential rental nightmare which I have no interest. Last night we were thinking about what we paid for it in 2003, what the house we are interested in Lake Placid cold for IN 2004 and how much room there might possibly be in order to make us happy and also make the appropriate offer to the seller there. They have a listed price of DOUBLE what they paid for it.

Now we'd be tickled to death to get double what we paid. But that ain't gonna happen. The house in LP has been listed for 7, going into it's 8th month. It's waterfront. Only issue is, does this house in Lake Placid have comcast cable. If so, and if the seller wakes up and decides to be realistic, then the seller and real estate person there will likely make a new sale.

What's realistic?

Now to find a realtor in that area and let the joust begin.

We're experiencing the same increases (doubling in a few years) in the Tampa area. That's why I asked Mike how long be believed it would take for a house to double in price. Housing prices can only remain at what is affordable to the buyer. Plain and simple.

I have a Master's degree and struggle to make $40k in the Human Services field. I love doing what I do, but I'm considering a career change for monetary compensation. Fortunately, my wife is an RN and makes a lot more than me.

My point is, Florida wages make it difficult for a middle to upper middle income family to buy a house at today's prices.

You should be able to wait this out. Renting would be a nightmare. You'll most likely end up compromising on both ends, somewhere in the middle.

[Mike Peterson]

Originally Posted by nychiefsfan

I asked SRQ Single this, but she didn't respond. I'm really curious what your opinion is Mike:

Let's say you bought $10,000 worth of Brand X stock.

Scenario A: The stock does very well over time, with gradual increases and an ocaasional split. You've done very well with this stock.

Scenario B: The stock takes a dump and your stocks value drops to $5,000. You can't try to sell it for the original $10,000 that you bought it for. You either ride it out and hope it bounces back or sell it for market value.

Is that relative to the housing market?

It is relative in a very basic mathematical sense.

I think the housing market would be better compared to the commodity market.

[lostbuyer]

check this article out..its a good read...Irvine Housing Blog » Blog Archive » Houses Should Not Be a Commodity

[bls5555]

Originally Posted by nychiefsfan

1) real estate expert NO
2) real estate intermediate NO
3) real estate novice YES That's why I read as much as I can and study the market to the best of my capabilities.

do you think you can predict the bottom in the market that you live in?
No one can predict the bottom until it's already passed.

if someone offered to sell you a house today at your predicted bottom price, would you feel confident enough to buy it? Definitely. I firmly believe that prices will drop to 2003-04 ranges. I'm willing to pay a little more than that, but not where they are right now.

I am not from Florida so please inform me on what prices were like in 2003 and 2004? I was actually still in college so I wasn't all that interested in Real Estate at the time. Thanks.

[Mike Peterson]

Originally Posted by lostbuyer

mike you cant be serious your a real estate agent ?? and you need proof houses were selling for more than they were worth??are you serious???

Don't try and belittle me when it is obvious you did not even fully read my reply. What I stated was that you showed no proof that homes in that area had preciously sold for more. You only showed where someone listed the home too high.

"You didn't show where homes like it had sold for more previously. I am not saying they didn't but there is nothing in your post to show that."

[Mike Peterson]

Originally Posted by MrTudo

Hey Mike, mine is an actual situation. Care to comment ( if theres enough info). We are 1 hour away from the subject house.

( while we're here, does anyone know if Comcast is available in Lake Placid??)

Really all I can say for your situation is, if you will be happy with what you can sell your house for and what you can buy the other house for then you should go for it.
Which ever way the market goes it will affect both areas, maybe one area not as much as the other but if you are going to be happier in the other house that should be the main goal.
I am not near those areas so I can't really give any thoughts in regards to the actual market there.

[lostbuyer]

Originally Posted by Mike Peterson

Don't try and belittle me when it is obvious you did not even fully read my reply. What I stated was that you showed no proof that homes in that area had preciously sold for more. You only showed where someone listed the home too high.

"You didn't show where homes like it had sold for more previously. I am not saying they didn't but there is nothing in your post to show that."

I dont have the details on that house,I didnt post that house info originally,I think it was SKBs post,anyway your missing the whole point it doesnt matter if other houses sold for the higher price or not ,his point was they were listed high,didnt sell, now listed 30% less...how is that not proof the market is struggling ?? you and I know houses sold for almost anything sellers asked for in 05,things have changed...and you want proof...just look around mike...