Real Estate Bubble Poll (Tampa, Sarasota: second mortgage, credit, loan)

[Need_affordable_home]

Originally Posted by firemed

since September 2005 everything forcasted has been wrong. I think it will be alot longer. I would say 8 years if the numbers are right. This is a link to the Fort Myers news press from this week if the numbers are right its a hard correction



http://www.news-press.com/apps/pbcs....611120405/1076

Do you think I should just buy a cheapo house for like $50k and wait for house prices to drop(ok so my $50k house will become $40k) then "upgrade" to a much nicer house at a discount, also ill have more money to pay for a bigger house in the future? Do you think house prices wont drop much if they are cheap, like a $50k house and more expensive houses like that $200k house in Georgia may drop to like $130k-$150k?

[firemed]

Originally Posted by Need_affordable_home

Do you think I should just buy a cheapo house for like $50k and wait for house prices to drop(ok so my $50k house will become $40k) then "upgrade" to a much nicer house at a discount, also ill have more money to pay for a bigger house in the future? Do you think house prices wont drop much if they are cheap, like a $50k house and more expensive houses like that $200k house in Georgia may drop to like $130k-$150k?

If you look at history after a boom it's 8-10 years. But this was history in it's own. The only history in Florida to what the past 5 years % of homes built would be the Miami boom of 1926. I would rent and wait for the home I wanted.

[Need_affordable_home]

Ill probably move to either OH or WV, maybe elsewhere if I can get a good deal. If I were to stay in Florida, I would just buy some land for cheap in north Florida and get a mobile home for almost nothing and plop it onto my land. Much cheaper than the $1000+ rent for an apartment.

[j in florida]

I voted hard correction, and it may take as long as a decade to stablize, depending on your location. In those areas with heavy investor/speculator activity, it will be worse. In those areas that did not go through that, it should be more stable.

[sunrico90]

Originally Posted by j in florida

I voted hard correction, and it may take as long as a decade to stablize, depending on your location. In those areas with heavy investor/speculator activity, it will be worse. In those areas that did not go through that, it should be more stable.

The expensive areas of Central and South Florida will be affected the greatest.

[kar]

Originally Posted by pianogal

I agree that your taxes will be about 5K. You insurance can vary greatly. We are in a 2 year old 3200 square foot home with a pool in Orlando and our insurance went up this year from 700.00 to 1800.00. Our old company quit doing business in Florida and we went to State Farm. However our agent told us the only reason he could take us was because we have had our car insurance with them for 30 years and our home is fairly new. They are writing for current customers and homes that are 1-3 years old ONLY. We are not happy about the price increase but feel thankful to find insurance at all and at a fairly reasonable price compared to what some are paying. Since you are closer to the coast in Pinellas, I would count on the insurance being higher.

Your home owners insurance is ONLY $1800.00 per year? You got a GREAT price on your policy. How in the world did you get that price? Most of us were paying $3500.00 plus.

[Muggy]

Benchmark (rounded to nearest whole):

No Bubble 2%
Soft Correction 37%
Hard Correction 46%
Crash 15%

Not much change. Hard correction has increased slightly while crash decreased a little. No Bubble and Soft Correction holding steady.

[Muggy]

[Muggy]

[Muggy]

You can buy this (with $40k/down) and pay roughly $1,300/mo., or rent down the street for $650.