Here comes the home price freefall!

[NY62]

Originally Posted by SoFLGal

Very true--lots of contracts falling apart due to financing and then the home ends up being placed back on the market.

This is true but you can check sales on the tax role, and homes are selling in lee. and not just cheap forclosures.

[firemed]

What would be a freefall? The market has changed alot in the last year. As real estate sales in Lee County dwindled over the past two years, the inventory of unsold homes swelled to almost 16,000 _ seven times what it was in 2005 at the height of the market when buyers outnumbered sellers. Nearly 5 percent of the total housing units in the county are for sale. Wow 5% !!!!!!!!
Cape Coral had the most houses for sale: 5,011. That's followed by the Fort Myers/south Fort Myers area at 3,173 and Lehigh Acres at 2,547. Short Sales are all over.
"The pace of sales is picking up, but it's short sales and foreclosure sales that make up the bulk of what's selling now because they're generally priced below other comparable listings, she said. "Buyers are making offers on short sales."



Lee County housing market clogged | news-press.com | The News-Press

[justNancy]

Thanks for the article, firemed. One thing we should keep in mind is that the broker this article is quoting who predicts all new inventory will be sold out by the end of the year wouldn't want to say "Don't buy a home yet" would he? After all, he is trying to sell out an entire community in Cape Coral.


I just talked to a real estate agent this morning who told me there is at least 3 years of inventory on the market and to wait. She has nothing to gain by telling me this, unless she doesn't want me to move out of the duplex she manages for the owner, since she can sell me a home anywhere in Florida.

Last summer I signed onto a web site and the agent phoned me. She kept calling to tell me prices had dropped so low that they could only go up. I finally just said I decided to move out of state so she wouldn't call me any more. (Actually I've been seriously considering it.) The same house I saw listed in Punta Gorda in Sept has dropped by about $20,000!