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Old 07-26-2012, 02:06 PM
 
5,453 posts, read 7,754,034 times
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I hope people stick to what their WALLET can bear, and not what the media feeds! The MEDIA, or the RE is not going to PAY those people's MORTGAGE!

That was how we got into this mess the first time. Personally I see NO valid reason for a 2/3 1600 sqf in a good area to sell for more than $185k with pool. To try and sell me a 3 bedroom house for more than that is ridiculous. Unless you have a $2500 3 bedroom by the beach...I see ZERO reason for anyone in their right mind to spend more than that on a 3 bedroom. Logically if a 3 bedroom spikes like that, what's a 4 bedroom to go for? and now you're talking "families" with children and other expenses besides a MORTGAGE, like swim classes, dance, soccer crap of that sort...so bumping up prices again is a huge mistake and I truly hope people don't start that crap again. This economy cannot withstand another bubble.

There's a tiny 3 bedroom listed for $230k around the block here which is ridiculous. The bedrooms can't even fit a twin bed and a dresser, they are THAT small, and the master bath doesn't even have a tub! I think they are INSANE to ask such a price for it, as literally this house is worth not more than $175k.
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Old 07-26-2012, 02:19 PM
 
Location: Spring Hill Florida
12,135 posts, read 13,203,256 times
Reputation: 6009
I hope people stick to realism too. A lot of folks got in too deep in the boom and well, look at what we have now.


The bottom line is: A house (or anything else for that matter) is only worth as much as someone will pay for it.




Quote:
Originally Posted by algia View Post
I hope people stick to what their WALLET can bear, and not what the media feeds! The MEDIA, or the RE is not going to PAY those people's MORTGAGE!

That was how we got into this mess the first time. Personally I see NO valid reason for a 2/3 1600 sqf in a good area to sell for more than $185k with pool. To try and sell me a 3 bedroom house for more than that is ridiculous. Unless you have a $2500 3 bedroom by the beach...I see ZERO reason for anyone in their right mind to spend more than that on a 3 bedroom. Logically if a 3 bedroom spikes like that, what's a 4 bedroom to go for? and now you're talking "families" with children and other expenses besides a MORTGAGE, like swim classes, dance, soccer crap of that sort...so bumping up prices again is a huge mistake and I truly hope people don't start that crap again. This economy cannot withstand another bubble.

There's a tiny 3 bedroom listed for $230k around the block here which is ridiculous. The bedrooms can't even fit a twin bed and a dresser, they are THAT small, and the master bath doesn't even have a tub! I think they are INSANE to ask such a price for it, as literally this house is worth not more than $175k.
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Old 07-26-2012, 02:46 PM
 
Location: Toledo, OH
1,725 posts, read 2,988,093 times
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Actually many three bedroom homes in certain areas sell for a LOT MORE than 185K. It depends on what you are looking for, it always does. Will there be people that buy what they can't afford? Sure they will. To make a blanket statement that nothing is worth more than XXXX isn't realistic. There are families with the income and well paying jobs that can afford these places, that is why they are built in the first place.
What is good for some, doesn't apply to all.
People that made bad decisions are the ones renting now. They are also the ones that have allowed MANY people to buy Short Sales at good prices. Not saying it is right or not. I am actually indifferent over the entire process. If that is the law, I follow it. I used to be hard over on people owning up to their responsibilities, but my morale compass isn't for anyone else, but me. But I still explain to people that are getting a mortgage that will use up more than 25% of thier income.
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Old 07-26-2012, 02:57 PM
 
5,453 posts, read 7,754,034 times
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I disagree with you here a bit:
Quote:
Originally Posted by gulfer View Post
There are families with the income and well paying jobs that can afford these places, that is why they are built in the first place.
Just because someone has a certain income that doesn't mean that 1. They have to blow it all on a house, or 2. that they should overpay for a house. I gave you specifics regarding square footage...my beef is with space over price...a spacious 3/2 is one thing, but a small 3/2 1600sqf is unrealistic to be sold to someone for more than that. Its common sense.
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Old 07-26-2012, 02:58 PM
 
485 posts, read 843,163 times
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What about Zillow? Any progress on determining whether it's a reliable barometer of the real estate market? I know people have been bashing it or hyping it for years. But has it gotten any better at sizing up the market and price trends? I know Realtors hate it. But let's face it, everybody uses it, especially buyers.

I ask because if the OP is correct, then her observations are consistent with Zillow. I check Zillow once a month, and ALLEGEDLY, according the Zillow, the value of my house has been going up every month. Which would track with what the OP and others are saying.
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Old 07-26-2012, 02:59 PM
 
2,708 posts, read 4,384,866 times
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Quote:
Originally Posted by floridagirl777 View Post
Has anyone else noticed the change in the market? I started seeing it turn just before summer. It seems much harder to find a really good deal on a home in a good area now. Prices are going back up and good homes are being snatched up much more quickly. In the neighborhood in which we are buying I've seen houses sell for around 200K in early spring. Similar homes are now going for 275K! What is going on? Are we going to see a new housing bubble happen?
Did anyone wonder we are going to get more rain in Summer? .

Of course, I am kidding.

It is called seasonality. In order to get a clear picture any variable that is seasonal (which means it has different mean and standard deviation for a given month that is statistically different from other month), you would have to remove the seasonality. Like Karen above gave some example, spring and summer sales are going to be higher for one or other reason. You would have to compare a number of summers and get a full picture and the same thing for other seasons.

Also, I think you are basing your statement by observation on Safety harbor that is too small of an area and had low inventory for years. That won't be a general statment. There is always will be enough demand to satisfy a small area.

Algia mentioned what a 3 bed room should cost in her opinion. Normally, unless at least a median household income enable one to buy a median house, it is not going to be sustain from simple demand and supply point of view. You can't just rely on external money like some Canadian buying a retirement home no matter what the local economy is.

But one thing is for sure, in my neck of woods the short sales and foreclosures are now less and less compared to several months before. For example, there is no 3/2/pool house that sells below 200K except the short sale and bank owned. That wasn't the case a year ago, for example. But whether this makes a trend or not, it is really early to tell and most "expert" will tell you once we are out of it as usuall. So, your observation and conclusion is as good as anybody else
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Old 07-26-2012, 03:04 PM
 
5,453 posts, read 7,754,034 times
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Prices are up. I can tell you that too because there's a short sale here that sat at $199k for MONTHS, we were still in PA when it was first posted, and then it went off realtor.com for like 2 weeks and it came back at $210k. But aside from that, there are other places I have been watching on all three, trulia, zillow and realtor.com that have had price hikes. For no apparent reason. All but 1 house have gone up, and I am starting to think there's something wrong with it cause otherwise it should have been sold a long time ago.

Just like the gas went up, and we didn't even had a serious thunderstorm.


Quote:
Originally Posted by planedition View Post
What about Zillow? Any progress on determining whether it's a reliable barometer of the real estate market? I know people have been bashing it or hyping it for years. But has it gotten any better at sizing up the market and price trends? I know Realtors hate it. But let's face it, everybody uses it, especially buyers.

I ask because if the OP is correct, then her observations are consistent with Zillow. I check Zillow once a month, and ALLEGEDLY, according the Zillow, the value of my house has been going up every month. Which would track with what the OP and others are saying.
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Old 07-26-2012, 03:37 PM
 
485 posts, read 843,163 times
Reputation: 469
Yeah, I don't see how Realtors and people can completely disavow Zillow when if you follow it, it's pretty close to ballpark trends.


By the way Algia, maybe where you live a 3-bedroom shouldn't be worth more than 200k, but it all depends on location. A 3-bedroom in Greenwich Village would cost millions, same goes for a 3-bedroom in La Jolla, Calif.

In the Tampa area, there are many neighborhoods (NOT on the water) where people pay well over 200k for a 3-bedroom JUST TO TEAR IT DOWN and build a 2 million dollar mansion.
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Old 07-26-2012, 04:10 PM
 
15,112 posts, read 31,000,924 times
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Quote:
Originally Posted by planedition View Post
In the Tampa area, there are many neighborhoods (NOT on the water) where people pay well over 200k for a 3-bedroom JUST TO TEAR IT DOWN and build a 2 million dollar mansion.
Same here in Sarasota. The value is in the location.
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Old 07-26-2012, 04:28 PM
 
1,106 posts, read 1,946,699 times
Reputation: 954
The president of the Florida Realtors herself states that there is a run on properties and that the economy and the real estate market is getting ready to take off. Here is a recent propaganda piece republished by the Tampa Bay Times, complete with unverifiable "statistics" such as Days On Market, etc.

Home sales and prices rise in Florida and Tampa Bay area - Tampa Bay Times

I would love to know where she is getting her "strengthening" economic data and her happy pills. I want some of those.
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