Are housing prices going down yet? (loan, relocate, appraise)

[Floridian to relocate]

need go right ahead and see where the prices are in 09 i will bet anything you like they have gone way back up by then . not trying to be rude here but if people can not afford a 300k home they should not be wishing the price down they should get better jobs to pay for it. because its not just the houes note but taxes and insurance will kill you in fl

[firemed]

Originally Posted by Floridian to relocate

need go right ahead and see where the prices are in 09 i will bet anything you like they have gone way back up by then . not trying to be rude here but if people can not afford a 300k home they should not be wishing the price down they should get better jobs to pay for it. because its not just the houes note but taxes and insurance will kill you in fl

I don't think we are at the bottom yet. Real estate takes time to rise and drop. Despite what people might say in terms of the bottoming in the housing market, if we are at the bottom, we’re not going to get off this bottom for at least a year or two,

[missy sissy]

lot of inventory now in windermere you can buy a new house cheaper than old houses in windermere starting at 280,000 everything included really nice

[Floridian to relocate]

firemed i think you are right will take time to come back up but they will. now is a very good time to buy if you are looking for a home and are going to stay in it a few years . if you are looking to make a quick buck not a good time. what i was trying to say about prices and jobs was just because the price came down and you can buy it now it will still be expencive to live in there taxes will go up insurance, hoa , so if you are buying at the max you can afford with the price drop you will still find it hard to get buy

[carolac]

While there are a lot of houses on the market, we've noticed prices seem to be holding here in Orlando, too, except for those who are having to get out. We have a 4/1-1/2 in the Conway area we're going to be selling at the first of next year to move to Tennessee, unless something happens to change our minds. Like you, we understand things will pick back up from the end of the year to the first of next. We have a painting/restoration business and renovated a lot of apartments that turned condo, particularly in the Disney area. I was astounded at the selling prices, how little was done to restore or upgrade the units and how fast they were being sold--people from the UK were snatching them up. Now the complexes are trying to rent out the unsold units. Lots of apartments available in Orlando now, when just a few months ago reporters were showing families trying to find places to live. One complex we paint for is running move-in specials. My real estate paralegal and realtor friends all think the beginning of 2008 will be the turnaround time.

Originally Posted by Joe S

Prices seem to be holding in the Central Florida area. There are a lot of motivated sellers who's houses have been on the market a long time. I have seen several sellers accept much lower offers. If you like a house and its been on the market for a while make an offer for what you think the house is worth. Your realtor can help you to determine the current market value of a house or condo. I think prices will slide a little as we go into spring and summer when the selling season heats up and start to raise again as the current inventory starts to go down. The experts are saying the market should start to stablize the latter part of the year. Find a good realtor and follow their direction. Good luck.

[Need_affordable_home]

Originally Posted by firemed

I don't think we are at the bottom yet. Real estate takes time to rise and drop. Despite what people might say in terms of the bottoming in the housing market, if we are at the bottom, we’re not going to get off this bottom for at least a year or two,

The experts believe the bottom will be in early 2009 and then prices will raise 3-5% a year(not 15-20%!) so the days of investing/speculating/flipping are over, at least till the next housing bubble but that could be decades in the future. If the majority of Floridians cant afford a house then prices will rise only if rich people from other states and countries buy in FL and if FL doesnt get hit hard by hurricanes. At the current prices houses are, I would not get excited at all, I would not rush to buy in FL. If you insist on living in FL, either rent or buy a handyman or foreclosure special that way you should at least break even.

[clarabell]

All of your replies have been very helpful. Since we are in no real hurry to buy there until my husband has a job in place, we can wait to see what else happens to the market. I am a realtor here in Vancouver, WA and although I don't have experience with the general Orlando market, my feeling was that prices would still go down due to the amount of inventory out there and the lack of buyers. So, we'll see what happens! Although now we are looking into the Jacksoville area where prices for homes are much more affordable and I like some of their master planned communities there that have waterparks, baseball/soccer fields, etc...although you pay for those with huge CDD fees. But with housing being more affordable, even with those CDD fees, we may still be better off in Jacksonville.

[amax41]

all in all reality is hitting realty. Our area is loaded with 300K+ homes...from my comparisons in a lot of cases the sellers are attempting to sell like it was still the bubble, then getting upset and renting it out. When looking at the tax records...one simple question - isn't making $150K enough??? even 100K...some of these people IF they got their price would be making over 200K. That is totally rediculous, it's not the market it was.

Others we have found are buried and are about to get reamed. I feel sorry for them BUT if you can't swing the payment in less than 2 weeks pay - don't buy it!!!

I just got finished with a marital arguement because we were preapproved for over $500K...my wife thinks we get to spend it...I said NO -try spending somewhere near half of it. This market is not done settling yet, and if it is too expensive no one will want to move to Florida - which I think is the point to keep in mind - BALANCE

[Floridian to relocate]

amax41 there is nothing wrong in profite if thats what the house is worth . you would be so happy if your stocks and shares gave such a great return in a few years . people got in to the house with the prices low and selling high the same thing as stocks ect
ps now is a good time to buy as prices are down in fact well down from o5 06 but still very expencive but hey thats orlando

[amax41]

no there is nothing wrong with profit....if your home is overpriced then there is an issue.

I would also disagree no may appear as a good time....not yet. This market has not yet bottomed. Gut tells me there is yet another wave soon to come.