Fort Lauderdale area Housing Market (Coral Springs, Plantation: mortgage, real estate, for sale)

[happymccamper]

Okay so what s the real verdict? My hubby and I are renting right now in Coral Springs we are looking to move to Plantation or Davie...but still want to rent to make sure that s where we really want to be...but today at a work function everyone was telling us we should buy! But I thought prices were still going to decline...it would be nice for us to have at least another year to determine where we officially want to buy and save $$...are we making a mistake?

[Kurt]

Howdy! I am in Pensacola. The real estate market has yet to bottom out. Give it another 1-2 years and you will see prices drop further. But if you are unhappy renting, then follow your dream. God Bless.

[AJ1972]

But, I haven't seen any drops in prices in a few months now. It looks pretty stable right now. I hope it drops more, but I don't see it dropping quickly if it does. I agree that if it still has yet to bottom out, it will be a few years.

[Wild Style]

^^

falling home prices does not equal stabilization. Look up home sales in Broward. A lot of people owe more than their mortgage is worth. They can not afford to lower their prices in some places unless the bank accepts a short sales. From what a Realtor friend of mine told me, a lot of banks are refusing the short sale.

[casualobserver]

Unless and until someone posts the 3 key statistical trends that will objectively demonstrate the bottom of the market, it is otherwise just a bunch of cocktail party swag info being passed around.

1. If the available inventory of houses for sale decreases for two consecutive months, line up your pre-approval.

2. If the gap between original listing price and closing price decreases for two consecutive months, start visiting houses.

3. If the days on market starts decreasing for two consecutive months, start making offers.

[Wild Style]

^^

even that isn't a good measure. The same thing happened in the 90s in the north east. By the same thing I mean a housing bubble bust. During that time you would have a few months were things would seem to "stabilize" and they they would continue to fall.

[casualobserver]

I'm not saying there might not be something a "false bottom" scenario this time either, because there are always some buyers out there that actually need to buy and they can't stay on the sidelines forever. But no one has even shown that a temporary bottom has been established using objective statistics. What people set as their asking price is not the most reliable indicator..........they can keep those asking prices relatively stable yet you see how the actual selling prices can be 75% of those asking prices.

[Wild Style]

I agree 100% with you. In Brooklyn you are seeing this same "silly seller" mentality. They are asking for a ton of money, homes are sitting there and sales are starting to drop off drastically.

[acegolfer]

Time to buy? is not a simple question to answer. It depends on many personal factors.

Are you buying a house for investment? If yes, then the answer is no. Wait for at least 1 year.

Did you find a dream home to live? If yes, then buy now. When the market turns around, you won't be able to get your dream home. Right now, there are very few buyers out there and many houses to choose from.

A house is for both investment and consumption. You will have to balance between these two.

[fauve]

Remember to consider interest rates as well. They reached a bottom of 5 1/2% on a 30 yr fixed about 2 weeks ago. Bernanke is going to have to pull back after at most 9 months when I believe inflation will become the bigger problem. I think the end of this coming summer (September) will be the best time to buy as far as combination of low rates and low price. Prices will still drop further, but low rates will be history by 2009.