Buy or wait

[58robbo]

Originally Posted by mrshvo

I have been living in SWFL for 4 years now and have been renting, due to the fact that we couldn't afford to buy. We have put in a bid, received a counter, countered the counter and waiting for acceptance or counter on that one...and that is because prices are at an all time low. I am not playing the waiting game and see if they go lower. I know what they have been, and know that I cannot take the chance that they go back up to normal, so if I were you, I would buy.

have you bought yet?

[bluewaterfever]

Yes there is a lot of invntory out there right now and when it is adsorbed, or at least showing signs of substantial adsorption, the prices are going to climb again. The prices that things are selling for now are 30 - 40 percent less than what it would cost to build it today and steel, copper, lumber, shingles ...... are still climbing in price. Impact fees are higher than they have ever been and labor is going to go up just to keep pace with inflation. The beaches are still here, the water is cleaner every day, the airport is growing, the college is growing, and the boomers are just beginning to retire so the wave is still coming. Do your homework, work several different properties at once, be pre-qualified, and secure something within the next 12 months if you can. It may be longer than that before the prices begin to accelerate but if you wait till you see the turn, it will be too late. There are a lot of great deals out there right now for those willing to work at them. Short sales, foreclosures, and just desperate people that bought years ago, have moved and now need to sale without making a killing.

[Favre4311]

I purchased a home in SW Cape in April. I will not be moving down until mid-June, but I feel confident we purchased at the right time. The home is beautiful - pool and lanai, on a freshwater canal that connects to five lakes. We got a steal. We are not retirement age yet (I'm 42 and hubby is 53), but we feel we made the right choice at the right time. The cold is just too much for us, and we want to garden all year around. We fell in love with the Cape when we visited in April, and made a purchase that same weekend, with no regrets because the area is so beautiful. Home prices will soar again there!

[Donna-50]

My feelings are that now is a good time to buy. As I have been looking most of the prices are at 2000 - 2001. If I was in the market I would be buying but I already have a house. They may go a little lower but I don't think it will be to much more. I have been noticing that starter homes have been selling now, haven't noticed much on larger move up homes yet tho.

It is true that homes are selling for a lot cheaper than you could rebuild it.

Take all things into consideration before you purchase to make sure that you could afford it and don't buy more than you can comfortably afford. Insurance seems to be coming down also and that is a good thing.

[firemed]

Things may look ok but the home sales numbers are still very low. We are not at the end of this mess. Lee County has one of the highest concentrations of subprimes in the country, ranking 16th, according to data from the Federal Reserve Board of New York, which compiles the information for the nation. By comparison, San Bernardino County in California is No. 1 with 84 homes per 1,000. Other Florida hot spots include St. Lucie, third with 79 homes per 1,000 and Miami-Dade, 14th, with 63 homes per 1,000. New York City has only 1 subprime loan per 1,000 homes. Prices will still go down but so will the taxes and HOI.



Lee County's subprime holes may deepen | news-press.com | The News-Press

[58robbo]

Originally Posted by Favre4311

I purchased a home in SW Cape in April. I will not be moving down until mid-June, but I feel confident we purchased at the right time. The home is beautiful - pool and lanai, on a freshwater canal that connects to five lakes. We got a steal. We are not retirement age yet (I'm 42 and hubby is 53), but we feel we made the right choice at the right time. The cold is just too much for us, and we want to garden all year around. We fell in love with the Cape when we visited in April, and made a purchase that same weekend, with no regrets because the area is so beautiful. Home prices will soar again there!

this real estate bull market was a once a century opportunity. home prices will not soar like they have for many decades. the current real estate mess has almost brought this economy to its knees. we might be in the middle of a 'bear market rally' but i can assure you that the next time real estate starts to climb uncontrollably, the fed will respond with interest rate hikes.

[hiknapster]

Originally Posted by Favre4311

I purchased a home in SW Cape in April. I will not be moving down until mid-June, but I feel confident we purchased at the right time. The home is beautiful - pool and lanai, on a freshwater canal that connects to five lakes. We got a steal. We are not retirement age yet (I'm 42 and hubby is 53), but we feel we made the right choice at the right time. The cold is just too much for us, and we want to garden all year around. We fell in love with the Cape when we visited in April, and made a purchase that same weekend, with no regrets because the area is so beautiful. Home prices will soar again there!

If you are not retired I hope you have jobs...

Oh, and how much did you pay for the house?