Have we lost the opportunity? (Orlando: homes, price, community)

[ItsAboutTime]

Maybe you could rent it out? The rental market seems competitive right now, as we are looking, and houses seem to disappear within days!

[iuki001]

Originally Posted by beckycat

With the way the market is dwindling down, has the time passed to sell our house in Lake Mary? It seems like the prices are dropping and there is alot of competition with foreclosures. I know this is a very desirable area, but are people afraid to buy the way the market is? Or, are they just looking for a steal? We are in the low $200K range.

We are in the process of selling our home in Washington State and plan on relocating to the Orlando/Oviedo area. When our home sells, we will be paying cash for our home in the $200,000 to $275,000 price range.

Personally, we prefer not to purchase foreclosure properties since many times the previous owners are so angry they hide damages that show up later - not to mention liens added to the cost of the home.

I wouldn't let foreclosure competition keep you from selling. If you have a nice home priced reasonably, you shouldn't have a problem selling it.

Good luck.
iuki

[Wilshire81182]

I moved here from WA state and love it here. It fits me much better. I hope you love it as much as I do! Congratulations on your move!

[tworent]

[SIZE=3]If you are going to another house why does it matter what your house was worth 2 years ago the house that you go to buy also went down from 2 years ago. If you wait the house you’re looking at is going to go up also.[/SIZE]
bob

[iuki001]

Originally Posted by Wilshire81182

I moved here from WA state and love it here. It fits me much better. I hope you love it as much as I do! Congratulations on your move!

Thanks!

Looking forward to the move.

iuki

[beckycat]

Im looking to go to NC and actually those houses have gone up. They have a much better market than FL.

[GregTraub]

Originally Posted by iuki001

We are in the process of selling our home in Washington State and plan on relocating to the Orlando/Oviedo area. When our home sells, we will be paying cash for our home in the $200,000 to $275,000 price range.

Personally, we prefer not to purchase foreclosure properties since many times the previous owners are so angry they hide damages that show up later - not to mention liens added to the cost of the home.

I wouldn't let foreclosure competition keep you from selling. If you have a nice home priced reasonably, you shouldn't have a problem selling it.

Good luck.
iuki

In FL when a bank sells a home it has foreclosed on, they issue you title insurance assuring the buyer there are no liens attached to the property. Now if your looking at short sales, that raises a few more concerns about associated liens. That being said, many of the buyers I work with say they would love to consider bank foreclosures and short sales, however once they see the reality of the work required to bring these properties into their "perfect house" picture, they quickly dismiss them, even though I beleive them to be great diamonds in the rough with a little elbow grease and a getting it for a great price. Today the best buyers are looking for the finished product...which most foreclosures are not. So as long as your home shows well, you don't have to worry too much about competing with foreclosures.

You still have to price competitively to sell anything in this market.

As far as waiting, real estate cycles typically last 7-10+ years. I'd say the current down cycle started around 2006. I'd give it 5-12 months for prices to stabilize, then it could be as long as 4-5 years for home prices to appreciate again to today's levels.

[pianogal]

Originally Posted by GregTraub

As far as waiting, real estate cycles typically last 7-10+ years. I'd say the current down cycle started around 2006. I'd give it 5-12 months for prices to stabilize, then it could be as long as 4-5 years for home prices to appreciate again to today's levels.

Greg....did you mean to say 4-5 years before prices appreciate to TODAY's levels?

[beckycat]

How many years does that mean to get back to 2006 prices?

[rholborn]

the last predictions i heard were around the years 2012-2016.