Have we lost the opportunity? (Orlando, Lake Mary: real estate, foreclosures, jobs)

[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.

[mich2fla]

It depends on many factors such as gas prices, lack of jobs, rising interest rates, folks can't sell their homes before moving, etc. Good luck though!

[DailyJournalist]

The bubble has popped, people are looking for bargains. You are probably better off renting than selling, unless you are willing to sell at a bargain price.

[GregTraub]

The opportunity to sell at a higher price has passed most likely. Eventually that time will come back around, however it could take many years. Buyers in this market are both usually, afraid of the market, and the only thing that can get them over that fear is a bargain price.
You really have to price ahead of the curve or fall into the trap of chasing the maket down. Same principal as pricing a little higher than comps in a sellers market. Make sure your marketing your home well, it shows great, and good luck!

[rholborn]

the homes in lake mary that are selling are the homes that are 250,000 and below. unfortunetly, the ones that are higher in price are taking much longer to sell. i hope that helps!

[pianogal]

Originally Posted by rholborn

the homes in lake mary that are selling are the homes that are 250,000 and below. unfortunetly, the ones that are higher in price are taking much longer to sell. i hope that helps!

This agrees with what a real estate agent in my community in South East Orlando told me. She said "Good homes under $200K are going quickly. Every thing else is just sitting."

[beckycat]

I'm just wondering if the prices in the near future will be back to 2005-2006 prices. Everything has dropped about $40-$50K. I know they are prediciting for it to drop another 15-20%. They are predicting after the prices drop more, it won't be until another 2 years to get back to where we are. So, I'm wondering, is it better to sell now or wait it out? It's just very upsetting when you see the value drop little by little every day.

[pianogal]

Do you NEED to sell? If not, I would just wait it out....BUT realizing it may be another 5 years if not longer before things bounce back. Remember how quickly this happened? When or IF financial conditions improve and Florida manages to stay clear of hurricanes for a few years, it could turn around in a hurry.

However, there will still be a huge inventory to work through. This is just on a personal note, but my son is 25 and has a number of single and married friends. They are ALL saving and looking to buy a house while the market is down. There are a lot of people I know on the sidelines waiting, when it looks like things are going to turn around, they are going to be ready to jump in and buy. Who knows when that will be.

[beckycat]

I don't need to sell, I'd just like to. The thought of waiting another 5 years is frustrating. My son is going into high school in the fall and I wanted to make the move at that time. The way it looks, it will be once he graduates high school and is off to college.

[pianogal]

I understand. If it's that important to you and you can afford it, I would go ahead and sell. If you have to sell for even $50K lower than before - at least you will spend the next few years happy and satisfied.