Are housing prices going down yet? (Orlando, Tavares: mortgage, relocate, fsbo)

[lisads]

We listed our house on the market about 2 weeks ago and was really bummed to see comparable sales for our area. We live in a pretty upsale subdivision and listed our house $20,000 less than our neighbor's sold for 1 1/2 years ago. We could have listed it higher but it would sit and my husband is being relocated soon. So much inventory right now.

[UKmartin]

Hi,
I think if you find it buy it, house prices have come down, but are in some areas starting to rise.
I have a 3/2 with pool for sale at 220K down 25K the area Southern Dunes is moving again I will be raising my price soon.As most other have started to ask around 235-255K.

[Need_affordable_home]

Prices have gone down alot in south FL and still going down. I think we are far from the bottom. Prices used to be much better several years ago, let the bubble deflate and prices become half reasonable again. As for a pool, we have one and only my mom swims in it. Huge moneypit. I do NOT want a pool and they are useless anyway up north.

[Floridian to relocate]

i think they are as far down as they are going. but people still think they will go down more. they will get a shock when they go back up any house market in the world does this go up a lot come down a bit go right back up a lot more. we are in west orlando (gotha ) and they are still building $1 mill plus house as fast as they can so for us thats great will only push our house up which we have for sale at the moment . so if it does not sell we will take it off the market when the 1m house are done just but it back on for more money it is only a matter off time before they go back up . the same thing happend in ca now look at the house prices there

[Jammie]

Fl to Relocate, if you have an expensive home, it probably won't be affected much by the downhill market. I was just reading on CNN Money that the expensive homes don't really go up that much or down that much during a bad market. I guess it's probably because the people who can afford million dollar homes won't have to struggle with property taxes or insurance or house payments. Your home should sell as easily now as a year ago.

It'd be really nice to have a crystal ball and know what will happen with the market. That way you wouldn't have to worry about paying too much now OR having to pay more later.

[dreamofmonterey]

Originally Posted by Need_affordable_home

Prices have gone down alot in south FL and still going down. I think we are far from the bottom. Prices used to be much better several years ago, let the bubble deflate and prices become half reasonable again. As for a pool, we have one and only my mom swims in it. Huge moneypit. I do NOT want a pool and they are useless anyway up north.

Location and neighborhood is important. a pool is NOT. Ask anyone in Boca Raton.

sunny

[dreamofmonterey]

Everyone would love a crystal ball. That is so unrealistic.

[pianogal]

Originally Posted by sunnyhelena

Everyone would love a crystal ball. That is so unrealistic.

Obviously it's unrealistic..I think Jammie was just wishful thinking...she is such a positive and helpful person.

All I can comment on is the assessed value for tax purposes on my home for 2007. I was told by the Orange County property appraiser's office that assessed value is based on local sales figures. Last year (2006) our assessed value went up 70K and we did not yet qualify for SOH - so our taxes went up significantly! When I called and complained I was told that ALL property value in Orange County went up significantly based on sales prices. Which really made no sense because it was the summer of 06 and we all know that by that time...real estate had pretty much stalled out. I'm assuming it was based on 2005 increases.

This year (2007) the working column for our assessed value was DOWN 2K at the end of last year - however in the last couple of weeks it has RISEN 9K. So as it is based on percentage increase and/or decrease in local sales figures - it stands to reason that sales prices are on the increase.

[Floridian to relocate]

jammie our house is nothing special worth about 390k i was just saying about what is going on they would not be building 1m plus house if there was no market for them which where i live is only going to push prices back up

[Jammie]

Relocate, I'm sorry I misinterpreted your post. Since you mentioned million dollar homes I thought you meant your neighborhood. I guess it's just so hard to tell what it will do for sure. Even the realtors and newspaper articles don't agree on what it will do. The buyers hope houses are going down so they won't buy and end up losing money if it drops again. The sellers are hoping their homes will sell for the same price they were selling for a year ago. I personally don't have a stake in it because we will be renting when we move to Fla. The only way we'll be affected is if houses soar and make apartment rentals escalate. Oh yea, and we'll definitely be affected in what insurance does down there. Of course, taxes would have a bit to do with rental fees also. I personally don't think houses have hit bottom or will be heading upward for the present time, but Florida is a desirable enough area that there will always be people who will buy homes. I really wish you good luck in getting your home sold. Have you posted about it in the advertisement section at the bottom of this site?

Pianogal, thank you for the compliment. You are so sweet.