Are housing prices going down yet? (Orlando, Seminole: insurance, budget, for sale)

[clarabell]

Hey everyone, we're looking to buy later this year in Seminole County if we find something. Are listing prices going down there yet? I know there have been some price reductions but it seems as if sellers are still being stubborn. Can anyone give me an idea of the current market and what people are saying will happen in the next 3-6 months? Thanks!

[Jammie]

Well, until someone "in the know" comes along, I'll share with you what I've observed. We have been watching a few homes in specific areas for quite some time now. I know for a fact that some of these homes (Mostly condos) have been on the market for over a year now. Occasionally I find one that has slashed their price, but it appears that some of the sellers still think the market is strong. I really believe that buyers are holding out and will continue to do so until the market adjusts to a more reasonable price. Since the high home prices add up to high taxes and high insurance costs, I think that a lot of people are a bit apprehensive of buying right now. But let me add, this is just my opinion.

[amax41]

since we are house shopping the latest from my realtor -

Orlando is about 1% from stable, not a lot of change, market is about 75 days on average.

As buyers, yep we are very apprehensive... my concern...this is a false plateau...the bottom make squak loose later this year.

[Jammie]

Let me add that a few weeks ago there were posts on here about houses being auctioned in Fla. We have also seen this in our area and that's very strange because they stopped doing that years ago. Also, if you check out Ebay you will see that some people have their homes listed on there. It's always been quite common to see mobile homes listed there, but not houses.

[clarabell]

Thanks for the replies! I'm hoping there will be some price reductions. The kind of house we want is just about $25,000 over our budget so some reductions in your market will help when we go to buy later this year.

[Floridian to relocate]

we are working wit a realtor tell us that condos are down but houses are are at the bottom now. so its up to you do you take the chance they come down more or on the other hand it can turn and they go right back up .this always happens . we are selling our house and have come down 30k and that is it we can just sit and take the time till they go the other way we are in west orlando and have seen house prices go up by 40 50 k a year

[Floridian to relocate]

clarabell you can not bank on the price going down for you to afford the house you like,. florida is not cheap you pay for what you get

[Prichard]

I have no dog in this fight as to whether the market has bottomed or whether it's still got room to go. All I can tell you is that I know more people looking to pick up residential rentals (small 3/2's or dueplexes) in Greator Orlando "cheap", than I know people who are willing to sell them "cheap". The Fed is not likely to raise rates in the near future. The State is doing something about Insurance. The State is also trying to do something about taxes. The wolves are already knocking at the door.

The way I see it, there is a window of maybe 4 months to 9 months before people look back and say "THAT was the time that I should have bought something!"

[clarabell]

Originally Posted by Prichard

I have no dog in this fight as to whether the market has bottomed or whether it's still got room to go. All I can tell you is that I know more people looking to pick up residential rentals (small 3/2's or dueplexes) in Greator Orlando "cheap", than I know people who are willing to sell them "cheap". The Fed is not likely to raise rates in the near future. The State is doing something about Insurance. The State is also trying to do something about taxes. The wolves are already knocking at the door.

The way I see it, there is a window of maybe 4 months to 9 months before people look back and say "THAT was the time that I should have bought something!"

Well we are in that window and I'm not kidding myself. I know Florida is not cheap. That's why I started this thread to see what everyone thought about the market. We will buy regardless just wanted to see if people felt the market may go down more or not so we budget correctly. So thank you for your honesty!

[Dalt10]

I think it has been steady for the last 6 months. Hasn't really gone up alot or gone down alot. I think most people are asking to much for their houses so that's why they take so long to sell. If you bought something in the last few years and try to resell of course your not going to make any money. Most people think they are going to walk away with some money. If you ask a reasonable price your houses will sell within a couple of months. 45 to 60 days used to be the norm. I paid $79,000 for my house 12 years ago. They sell in my neighborhood for $230,000 to $265,000 now. My house goes up for sale March 1st. $249,900.