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Old 07-23-2016, 07:49 PM
 
3,313 posts, read 4,290,432 times
Reputation: 1835

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Quote:
Originally Posted by ChicagobywayofTampa View Post
Just moved here from Chicago and was thinking of buying but can't stomach the fact that the house I was looking at went for 179k back in 2009 and is now priced at 250k. My realtor told me that we are due a hurricane and that might cool prices down a bit once people realize the reality of living in Florida.
This is the thing, you cannot compare prices to the bottom lowest they have been between 2000 and now. Prices might never get to that point again. Prices were low because a lot of people ended up without job, the economy was not great. Is it possible we will see prices dropping that much again? Maybe, but the reasons will not be pretty (bad economy, poor quality of homes, much higher interest rates). Are you OK waiting 10 years? Not talking about you, but for the average family with kids 10 years are a lot, in 10 years kids will be older, so for the next 10 years the only option will be to live in rentals and waste the time you can use for making memories?
I know I am in minority here, but I don't see process going down anytime soon. Based on existing sales, these prices are well supported so no need to have any decrease. It will get slower towards winter time, with both lower inventory and no increase in prices, but it will pick up in the Spring again.

 
Old 07-23-2016, 07:59 PM
 
Location: tampa bay
6,584 posts, read 6,793,119 times
Reputation: 9833
Quote:
Originally Posted by EngGirl View Post
You are absolutely correct, it's not line in was in 04-07. And your price range is on the higher end of the average range of home prices, so it is harder to find someone and takes longer to sell. I don't know your area and your house, but if it possible to build new for this money, most people will be looking into new constructions. Instead of lowering the price, offer some money towards whatever needs to be upgraded because some people might not like something, but if they learn you will be giving them money for needed update/upgrade, they might look at your home differently. Do you have a lot of showings?
That is a good idea about buyer incentives for upgrades!!! The family that built our home originally in 2002 paid over 700K!!! They sadly divorced and took a bath when we bought it for 385K!!! I think they walked away with only 13K after all was said and done...but I guess it could have been worse for them...To build this house today in our area would be in excess of a million...we have over 4700sq.ft...but the new build would have all the upgrades...we have granite,stainless and hardwood but I'm a sure buyer would like new carpet allowance and $$$ to update fixtures(some brass in master bath)! Will speak to our realtor about it! Thanks!
 
Old 07-23-2016, 08:35 PM
 
33 posts, read 40,794 times
Reputation: 43
Quote:
Originally Posted by Pragmaticus View Post
what other things your realtor see through the crystal ball?


I know it's hard to convey sarcasm over the internet but it was a tongue in cheek sort of thing.
 
Old 07-23-2016, 08:49 PM
 
3,313 posts, read 4,290,432 times
Reputation: 1835
Quote:
Originally Posted by Irishiis49 View Post
That is a good idea about buyer incentives for upgrades!!! The family that built our home originally in 2002 paid over 700K!!! They sadly divorced and took a bath when we bought it for 385K!!! I think they walked away with only 13K after all was said and done...but I guess it could have been worse for them...To build this house today in our area would be in excess of a million...we have over 4700sq.ft...but the new build would have all the upgrades...we have granite,stainless and hardwood but I'm a sure buyer would like new carpet allowance and $$$ to update fixtures(some brass in master bath)! Will speak to our realtor about it! Thanks!
You are welcome! Hopefully you house will sell quicker.
I would also change wall colors to neutral if you have anything not neutral. And I would change bathroom and kitchen faucets too, and even update lighting features - these are cheap and easy to do, but can make house look more updated.
 
Old 07-23-2016, 08:50 PM
 
3,313 posts, read 4,290,432 times
Reputation: 1835
According to realtors there is no wrong time to buy homes
 
Old 07-24-2016, 04:49 AM
 
13,572 posts, read 9,237,936 times
Reputation: 4360
There is no bubble in west Pasco.
 
Old 07-24-2016, 05:10 AM
 
131 posts, read 107,248 times
Reputation: 147
True, a projected 2.3% increase compared to St Petersburg's 4%


Quote:
Originally Posted by LKJ1988 View Post
There is no bubble in west Pasco.
 
Old 07-24-2016, 06:05 AM
 
131 posts, read 107,248 times
Reputation: 147
If Pinellas is such a desirable location why are the folks along the shoreline selling out?
The map does tell a story.
Pinellas County FL Single Family Homes For Sale - 3,631 Homes | Zillow
 
Old 07-24-2016, 06:26 AM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,352 posts, read 723,203 times
Reputation: 1295
Quote:
Originally Posted by ChicagobywayofTampa View Post
Just moved here from Chicago and was thinking of buying but can't stomach the fact that the house I was looking at went for 179k back in 2009 and is now priced at 250k. My realtor told me that we are due a hurricane and that might cool prices down a bit once people realize the reality of living in Florida.
Are you aware of the condition of the home in 2009 and what improvements may have been made since then? Just asking as many homes sold for a "bargain", but were left in shambles as people were foreclosed on. These homes often required substantial investment to repair and/or improve them.
 
Old 07-24-2016, 06:43 AM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,352 posts, read 723,203 times
Reputation: 1295
Quote:
Originally Posted by EngGirl View Post
I know I am in minority here, but I don't see process going down anytime soon. Based on existing sales, these prices are well supported so no need to have any decrease. It will get slower towards winter time, with both lower inventory and no increase in prices, but it will pick up in the Spring again.
I guess I'm in the minority too as I agree with you. The housing "bubble" of 2008 was caused by many factors, but mostly due to poor credit standards. Banks, through the US Administration, were encouraged to make loans to anyone (Obama thought that all Americans deserve the opportunity to own their home). Standards became VERY loose, no down payment, no income verification, sub-prime lending, etc. This then lead to a feeding frenzy as anyone who "deserved" to own a home, did. With $$$ in their eyes they thought it was the easy road to riches with 10-15% returns "guaranteed".

We all saw what happened, those who had no money in the home bolted. Those who had no income bolted as well. Those who had sub-par credit had really nothing to lose either and bolted too.

On the other side, most who had put a substantial down payment, had reasonable income (and savings) and good credit all did what they needed to - they had "skin in the game" and didn't want to lose it.

Prices are "up" over the prices in the low of the housing crash but still below the historical "bubble" for most homes. I'm sure some are above a reasonable market but by and large most are getting back to their "normal" market levels - as long as reasonable credit standards remain in place the market should hold it's own.
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