Are housing prices going down yet? (Orlando: relocate, real estate, foreclosures)

[Floridian to relocate]

need a h you got it right cant afford . no one said a bubble just that house will rise .and no i am in no rush to sell thats why i will not drop the price anymore than we have . just sit here till it sells . if you toldsomeone ten years ago gas would be 2 . 50 a gallon what do you think they would say i am not paying that will wait till it goes down just because you can not afford what you like or would like to have is no reason to run everything down . i suspect that you are a bit upset because you missed the boat on buying in 02 to 03

[jbravo]

Originally Posted by Floridian to relocate

jbravo only time will tell . i have seen this happen in a few places before and hey have always gone back up past the prices they where when everyone thought they will still go down. now if you are in a place like mi , la, ms, that may not be true . but people will always move to fl it is peoples dream place . it will come back to a supply demand thing and fl will always be in demand . i do think condos will take a very long time to go up because of the price of them . you can still buy a very nice house 3 4 bedrooms pool for 300 400 k range which is what thet are trying to sell some condos at

Can't argue with your logic. If prices hadn't shot up so dramatically in 2000-2006 (120% +-) I would'nt even open my mouth. There's logic in what you say, even if the U.S. goes sour on Fl, there's an international market. So, I grant you, there's logic in what you say. The numbers, nevertheless, are quite dizzying: 16+ months inventory for Orlando, over 2 years supply in Miami and that's for houses, not condos, add to that ARMs that are resetting and were bought at 100% financing, thus the byers have now no equity and no reason for not walking away from the property, you add all that (and a little bit more) and well, it doesn't look good.
For my part, I'm selling, I do not have a mortgage and do not need to sell. First half decent offer I get and I am running out the door and renting.
Yes, time will tell which one of us was right.
gl, whatever happens.

[ottomobeale]

>we are working wit a realtor tell us that condos are down but houses are are at the bottom now<

The realtor may be correct. OR NOT. Remember their view is a bit stilted. Many said house values would not go down at all.

Just be wary.

[Need_affordable_home]

Originally Posted by Floridian to relocate

need a h you got it right cant afford . no one said a bubble just that house will rise .and no i am in no rush to sell thats why i will not drop the price anymore than we have . just sit here till it sells . if you toldsomeone ten years ago gas would be 2 . 50 a gallon what do you think they would say i am not paying that will wait till it goes down just because you can not afford what you like or would like to have is no reason to run everything down . i suspect that you are a bit upset because you missed the boat on buying in 02 to 03

I understand. I just want to let you know you could be living in your house 5, 10, 15 or more years. If you are in no rush then it doesnt matter how long, right? Yes its a bubble, house prices rose too fast, too much. Now prices are correcting themselves and have a long way to go before they are back to realistic levels like they were several years ago.

Your logic of gas to house prices is apples to oranges. Everyone that drives needs gas unless you wanna walk or ride a bike(possible if you live in a small town or your job is around the corner) People dont have to put up with overpriced houses, they will just rent, buy a mobile home or relocate. This is what ill be doing. If I have to stay in south FL because I found a high paying job that I cant find elsewhere like in Texas where houses are correctly priced($100k for a nice one) then I will just buy a mobile home for $20k-30k and stay a few years till I have enough money and my home business is advanced enough for me to move somewhere like Oil city where I can get a nice 4 bedroom house for $50k and work on my internet business at home. I dont care even if I won the lottery I am not paying those prices people want in Florida, its just insane!

[carolac]

Originally Posted by Need_affordable_home

. . .the experts arent expecting another house bubble for at least 20 years. There is no rebound. The bottom will be in early 2009 then prices will just stop dropping and stay flat and inflation will catch up, making houses cheaper because of that.

This is interesting. Would you mind sharing what you base this information on? Thanks in advance.

[amax41]

bottom isn't there yet.... a house nearby was at 379K (in an area of 350-450K comparables) they dropped it to 325K took a couple of week but now it's sold. It had upgrades, etc.

FTR - just a mention on that appraisal thing...we've been dealing with 5 different lenders (playing them against each other for %) all 5 said - appraisal at accepted offer price.....even though all 3 houses we are looking at will definately appraise at least 50K higher.....so go figure.

and lastly....what I think is the reality - My Dad and Grandfather always said - it's only worth what someone is willing to pay for it.

[Floridian to relocate]

amex so why have you not jumpen on the houses if you can buy them 50 k below their value .still looking for them to drop more

[amax41]

FTR - that is exactly it...... and I'm sorry I forgot to mention "below their value" per them realtors..... my view ok there is 1 that I could say might be in that scenario....however - no updates in it - so by the time I'm done bringing it up to where it should be there goes the 50K.

I'm comfortable with waiting, I definately have the buying power.... and...what does a realtor really know....just as much as we do when it comes to price and where that price/value will go.

[rholborn]

Yes! They are! I am a realtor here in Seminole County and I am also a resident! I believe May will be the time the market will turn around, at least that is the current prediction. Homes are "on sale" right now, and everything is up for negotiation! Moderator cut: soliciting business. Hope this helps! Take Care!

[Floridian to relocate]

well amax i just hope you do not miss the boat . yes now is a good time to buy . but it can turn the other way as fast as they came down . as i say we have our house for sale and will not come down any more . w would like to move but do not have to go anywhere wil just stay till the market goes back to a sellers market. any homes in a ok city or town have never lost value over 5 or 10 years . good luck to you hope you get what youare looking for