Is Tampa Bay in housing bubble? (foreclosed, good credit, loans)

[Leenme]

Perfect example. ChicagobywayofTampa
In the average sustainable neighborhood in the nation (no tourist no retiring flocks) within a 60 minute commute, a 6 year property price increase Over $179 would be +/- $33k @ 3% annually, bringing the price to $215ish. In your example the property inflated nearly 6%. Many properties were gobbled up by asset management companies after the crash, and still today they are adding property to their portfolio on speculation. This speculation puts pressure on supply & demand forcing prices upwards.

Originally Posted by ChicagobywayofTampa

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.

[Pragmaticus]

Originally Posted by ChicagobywayofTampa

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.

what other things your realtor see through the crystal ball?

[Pragmaticus]

Bubble or not prices seem to be out of whack compared to the regional income. I look at regional economic outlook for a living and household incomes in the Bay area are way lower, still depressed. Not sure who is the target of all these high cost new construction homes.

[Pragmaticus]

Originally Posted by EngGirl

Well, bentlebee is a realtor so as some of his other family members, but let's be fair, he might be good at what he is doing.
I was fighting with him more than once, but after talking to some people not too long ago I realized some people really need a help of realtor to get through this process. I mean, some people need one. Period. Do I hate realtors change % and are everywhere? Yes, but some people are better of using them. Bentlebee's posts are helpful sometimes, and he has years of experience in the area, so he might be good at what he is doing.


What I really like to see if either realtor's service not to be tied to % of the sales price or have an option to have one or not and see this difference in the price. Sellers are loosing money big time. One of my family members is planning FSBO soon and wants to offer flat fee for buyers agent, not 3% - take it or leave it. We will see how it will go. The problem I see if the average realtor shares a half of his fee with his broker... It's very nice business model

It is a she...

[EngGirl]

Originally Posted by Pragmaticus

Not sure who is the target of all these high cost new construction homes.

Pretty much any professional with the income I think. 350K house with 20% down is under $1400 in mortgage. When homes are renting higher than that and apartments are the same or even higher, and none are vacant, you would think there are people who can afford it. If it wasn't the case you wouldn't see so many new construction homes being sold.

[EngGirl]

Originally Posted by Pragmaticus

It is a she...

want to bet?

[Iching]

Originally Posted by ChicagobywayofTampa

With the growth we are currently seeing from people like myself who are moving from high tax, high debt states like Illinois it's going to be a sellers market for the foreseeable future. I just hate the thought of buying at the top of the market. Yet, the apartments here are built with paper thin walls and are full of people who have n clue what "noise consideration" means.

Buy a nice and small block house. Why would you move down here and live in an apartment?

[Iching]

Originally Posted by Pragmaticus

Bubble or not prices seem to be out of whack compared to the regional income. I look at regional economic outlook for a living and household incomes in the Bay area are way lower, still depressed. Not sure who is the target of all these high cost new construction homes.

It's the same in Denver, Seattle or NYC and NY burbs. You don't think locals are buying all those houses, do you?

[EngGirl]

Originally Posted by Irishiis49

We have been trying to sell our home for 60 days...we haven't had an offer...we are in the over 500k range and our realtor said on listing day we could expect it to take 5 months!!! We are downsizing and looking at the mid 300's to buy...that price range is moving very quickly but again the price appeals to a broader group of buyers...if the home is highly updated and in mid to high 300's to low 400's I have seen them go to contract in a week!!! Our home appeals to a certain niche buyer and needs some updating... we will likely have to lower our price...5%! I don't think this is like 04-07 when buyers were overpaying by crazy amounts...but these are just my observations of the northern Pinellas area...

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?

[Irishiis49]

Originally Posted by dothetwist

Any home properly priced right should sell in almost any market under 90 days. At some point you may have to give up on that "special buyer" and move on with your lives. If you didn't buy with resale in mind, you will have to compromise on price.

Everyone should always think resale resale resale, even if when they buy a house they are certain it'll be their very last, never-gonna-move home. Things change.

I disagree that things slowed around Mother's Day, at least in Pinellas. If you home is that 'unique' it may be hard to do comps and that's why it's not selling. How long has it been listed...if it's been 45 days, it's time to reduce, probably 10%

Here in Gulfport (and Dunedin and Safety Harbor), if a house sits more than 45 days it's a very very bad sign. And I'm talking about the downtown areas...not cookie cutter houses, all are unique. But all are selling very fast unless dramatically over-priced.

Trust me we are not dramatically over priced but it is a house that has a layout that works for very few buyers...our home was a custom build and not cookie cutter...luckily we bought in 2009 and bought low...we are really priced way below low per square foot but it's not as though we have to sell...so we are willing to drop it but not by 10%...Not sure if most sellers(not desperate) that after 45 days on the market would reduce asking price by 10%...we are using one of the top agents in our area and actually have used her in the past...