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Old 07-16-2016, 08:33 AM
 
7 posts, read 7,642 times
Reputation: 20

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My husband and I moved from DC in December and we've been searching for a house. We've been watching the market and prices for about a year and it makes us so nervous to purchase a home here. We have a combined income of $190k and 20% down for a home. We want a home under $420k, but watching prices jump over 30% over the past year gives us anxiety. We lived in Tampa 8 years ago...yes I know times have changed since then....but it's kind of crazy to see what people are listing some homes for. The quality of most homes just isn't there. And sellers are unwilling to budge even a little on price and even overpriced homes (based on looking at sales from past 3 mos) go so quickly. We also can't seem to get any decent help from a realtor. Anyone else feel this way? I wish there was an end in sight.

 
Old 07-16-2016, 09:13 AM
 
Location: FLORIDA
8,964 posts, read 6,230,728 times
Reputation: 3375
Wait it out
 
Old 07-16-2016, 09:15 AM
 
13,572 posts, read 9,262,199 times
Reputation: 4364
It's a repeat of 06 all over again. At least my area has not seen prices go up much at all.
 
Old 07-16-2016, 09:23 AM
 
Location: Central Mexico and Central Florida
7,091 posts, read 3,439,857 times
Reputation: 10136
Definitely a seller's market. A bubble?? One never knows until it bursts.
 
Old 07-16-2016, 09:24 AM
 
Location: Spring Hill Florida
12,135 posts, read 13,221,587 times
Reputation: 6009
Quote:
Originally Posted by dctotpa View Post
My husband and I moved from DC in December and we've been searching for a house. We've been watching the market and prices for about a year and it makes us so nervous to purchase a home here. We have a combined income of $190k and 20% down for a home. We want a home under $420k, but watching prices jump over 30% over the past year gives us anxiety. We lived in Tampa 8 years ago...yes I know times have changed since then....but it's kind of crazy to see what people are listing some homes for. The quality of most homes just isn't there. And sellers are unwilling to budge even a little on price and even overpriced homes (based on looking at sales from past 3 mos) go so quickly. We also can't seem to get any decent help from a realtor. Anyone else feel this way? I wish there was an end in sight.
What is it that you are striving to obtain?

Real estate took a huge dive after climbing for years. Now there are 2 types of seller. Those who bought in the midst of the boom and paid way too much. The other is those who held on to real estate during the boom.

The first type of seller wants to minimize the losses when they need to sell. The other wants the highest price possible especially if the need to sell isnt there.

Both sellers push up prices.

Boom, no boom, a house is worth exactly what someone is willing to pay for it and it is most likely going to stay that way for a while.

If I were a buyer today, I would buy a lot and have a custom home built on it.
 
Old 07-16-2016, 09:32 AM
 
22 posts, read 18,036 times
Reputation: 39
Quote:
Originally Posted by dctotpa View Post
My husband and I moved from DC in December and we've been searching for a house. We've been watching the market and prices for about a year and it makes us so nervous to purchase a home here. We have a combined income of $190k and 20% down for a home. We want a home under $420k, but watching prices jump over 30% over the past year gives us anxiety. We lived in Tampa 8 years ago...yes I know times have changed since then....but it's kind of crazy to see what people are listing some homes for. The quality of most homes just isn't there. And sellers are unwilling to budge even a little on price and even overpriced homes (based on looking at sales from past 3 mos) go so quickly. We also can't seem to get any decent help from a realtor. Anyone else feel this way? I wish there was an end in sight.






















































































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Indeed you are correct, and not dreaming. It's a seller's market. Yes we are at the bubble...again. You want to see crazy prices ?? drive down to Sarasota and Manatee Counties. The real estate carnival barkers have no reason to resist inflating and talking up the market, they make more money on a higher list/sale price, so they tend to be "boosters" not anything else. They are used car salesmen with licenses...no different. They are not fiduciaries or acting in your best interest. The market is due for a correction. Hold off, I believe you'll see more reductions by September. You might consider waiting until after the election.I wouldn't touch the market in Tampa and especially south to Naples.
 
Old 07-16-2016, 10:12 AM
 
Location: SW Florida
1,141 posts, read 771,169 times
Reputation: 1928
Quote:
Originally Posted by TheShyster View Post
************************************************** ******************************
Yes we are at the bubble...again. You want to see crazy prices ?? drive down to Sarasota and Manatee Counties. The real estate carnival barkers have no reason to resist inflating and talking up the market, they make more money on a higher list/sale price, so they tend to be "boosters" not anything else. They are used car salesmen with licenses...no different. They are not fiduciaries or acting in your best interest. The market is due for a correction. Hold off, I believe you'll see more reductions by September. You might consider waiting until after the election.I wouldn't touch the market in Tampa and especially south to Naples.
. Housing prices are continuing to rise. If you wait until Sept you will see the cost per sq ft. go up. Prices are predicted to rise another 20% before they level off. Another bad winter up north will have house prices jumping up sooner rather than later.

Last edited by Sunscape; 08-11-2016 at 04:22 AM..
 
Old 07-16-2016, 10:32 AM
 
7 posts, read 7,642 times
Reputation: 20
This is just our first house. I think we have a decent combined income for the area, although now I'm not so sure.
 
Old 07-16-2016, 10:35 AM
 
Location: Not the end of the Earth, but I can see it from here
3,562 posts, read 3,668,473 times
Reputation: 3338
I would wait until after Labor Day, when the rush to relocate for people has died down. Prices should soften a bit at that point based on the inventory in the market.

Another thing to consider is when you buy - if you have the ability, wait until the holidays, starting around mid-November. A lot of properties that are listing then are forced sales for whatever reason, and it's a really crappy time to be selling as most people aren't looking for homes around the holidays.

Best piece of advice, although it can suck:

Be willing to walk away.

This is especially important when you're not competing for a property. Put your price out there, make a best/final offer stating you won't consider counters and be willing to move on.

If the seller is motivated and the market has slowed, or the property has been on the market for a while, they're more likely to accept. If you have all your ducks in a row such as financing and can promise a quick closing, it's all the more attractive.

The house I'm currently living in was purchased in just that manner. We made one offer, told the seller we would not consider counters, and had financing and everything else ready and waiting and could close in two weeks or less.

They threw a hissy fit when their agent called us at the last minute to negotiate and we told them to go away. But - within an hour we had an accepted offer.

It's tough, emotionally draining, and not a lot of fun, but even in a good market you can take the upper hand in some situations and make a deal.

As I like to say, we always forget what a nightmare buying or selling a house is until we do it again...

RM
 
Old 07-16-2016, 10:42 AM
 
Location: Not the end of the Earth, but I can see it from here
3,562 posts, read 3,668,473 times
Reputation: 3338
Quote:
Originally Posted by dctotpa View Post
This is just our first house. I think we have a decent combined income for the area, although now I'm not so sure.
You have an excellent combined income for the area, and are probably in the top 10-20% I would guess.

You haven't gone into details about what your criteria is, but maybe you need to adjust it. For example, considering older homes, or homes in older areas. Everyone wants new construction, but there is a good market for "older" homes built in the 1990s in established and stable areas, for example.

Fixer-upper? Don't turn up your nose at a house that might need a roof or a new AC unit. You can easily wrap this expense into the mortgage as well as use it as a negotiating point, too. Homes that are a decade or two old can often need a facelift while costing less than a newer home. You can use some of your purchase monies for the makeover and get the house you want in the process.

Just some random thoughts.

RM
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