|
Momma_bear is correct that the market in West Broward is declining, in fact, every part of Broward is experiencing a declining market. But the market is not dead. The worst hit areas are those where the prices were truly ridiculous - for example, a Broadview Park home, 2/1 with a converted carport, and a pool, sold for $255,000 in 2006. Its now on the market as an REO for $74,000. You do not climb out of a real estate market unscathed with scenarios like that popping up everywhere. The old motto, real estate is local, is true, and I see it everyday.
Broadview Park is not Weston, nor is Weston, Galt Ocean Mile! Each of those areas are suitable for different economic situations, and each one is feeling its own pain. Since my office is in Weston, I know the numbers for Weston - the summer was very healthy, with inventory dipping down to 12-14 months. A healthy inventory drifts between 6-10 months. By the way, the January 08 inventory number was 42 months!! That is a huge change for the positive.
The last 2 months of 2008 were hard on prices, with alot of price reductions occuring. But I also saw homeowners refuse to move on their initial listing price. Here is where some of the problems are, homes are listed for sale at either too high a price or never change. Those homes are not selling, and they are not going to. Case in point, 2 homes in Weston Hills, different models, one is more refined than the other - both listed at over $1.1 million dollars. One aggressively reduced its pricing and finally sold around $850,000 in October. The other is still on the market, and just this week moved its price down to $875,000. They missed the market, and they are probably still missing it. Its an aggressive market, and if you have to sell it will leave a bad taste in your mouth - just as buying a home did back 2004 -2006.
Each potential buyer has to evaluate their place in life at the time they buy. How is the market, how is the economy, what does buying a home mean to them and their finances? If you are in this for the long run the thinking is you will be just fine. If its a short term situation, you will lose.
By the way, if a realtor does try to put a pretty face on any situation, then they are just in the business to sell you and move on. Well, move on to someone else before you end up in a home they sold you based on false pretenses. Set a budget, don't fudge a dollar from it. AND, know what it will really cost to live in the property once you buy it.
|
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Linear Mode
