Tampa takes the title of the nation's healthiest housing market (Wesley Chapel: apartment, rental)

[themosthigh]

Bring on the next crash baby! Only way I will consider buying something. Think it's pretty foolish to purchase in this inflated market. Was talking with a coworker who just paid almost 200k for a 900 sq/ft place in the Tyrone area of St. Pete. Friggen nuts.

[gypsychic]

Originally Posted by themosthigh

Bring on the next crash baby! Only way I will consider buying something. Think it's pretty foolish to purchase in this inflated market. Was talking with a coworker who just paid almost 200k for a 900 sq/ft place in the Tyrone area of St. Pete. Friggen nuts.

I think you are in for a long wait. There is incredible demand for places here, and doesn't show signs of slowing anytime soon.

[Pragmaticus]

Originally Posted by Swimmom32

whitee your right..we are buying in this market and as a Realtor I am not happy about it..However it is what it is and we don't have a crystal ball as to what is going to happen in the next 5-7 years...Hopefully it plummet like it has in the past..

You are buying in what you think is sellers market and at the top of the market, and are hoping that that housing price will plummet in 5 - 7 years? And you are a real estate agent?

[Pragmaticus]

Originally Posted by gypsychic

I think you are in for a long wait. There is incredible demand for places here, and doesn't show signs of slowing anytime soon.

^This. Nothing we see indicates an imminent collapse of the market based on our crystal ball

[Swimmom32]

Originally Posted by Pragmaticus

You are buying in what you think is sellers market and at the top of the market, and are hoping that that housing price will plummet in 5 - 7 years? And you are a real estate agent?

PLEASE READ....I NEVER said they were going to plumet, what I said was no one has a crystal ball and we have no idea what the market will do..Right now its a seller market, the trend usually is 5-10 years and no one knows what the Economy and Interest rates will look like in the Near Future...So if someone is buying in a high market that is the chance you take if the MARKET takes a downturn..WOW

and yes I am a Realtor and very good one at that!!!

[whitee]

Very, very few saw or understood the previous bubble in real time either. I'm not making predictions, but my interpretation of current events (disconnect between income rise & housing expense rise) suggest that this is not sustainable, and history always repeats it self.. market cycles, etc, etc..

[John Alecci]

Sure I think the market is a little high and has gone up to fast to soon, but what is the alternative. To pay the crazy rent? Your rent will cost more than your mortgage on a similar house right now due to the low rates. So even if your house drops 10% each year for the next couple of years, you aren't ahead of the game by renting. The rent you pay is gone. If the house value holds or the market continues up you are even more behind. Sure I think we are due for a fall, but no one knows for sure when. I was going to rent 2 years ago because I was worried about the market falling, but bought instead after I ran the numbers. I would be out $45k over those last 2 years in rent. Now I am looking to sell my home for $40k profit after living here for 2 years. You can't perfectly time the market. I will say coming from the northeast, this area is VERY affordable to what my home cost me in the northeast even 6 years ago.

[071402]

Originally Posted by whitee

Very, very few saw or understood the previous bubble in real time either. I'm not making predictions, but my interpretation of current events (disconnect between income rise & housing expense rise) suggest that this is not sustainable, and history always repeats it self.. market cycles, etc, etc..

Doing some math. How much is an average home in TB, St pete..... let's say 200k. Nothing fancy. 30 year mortgage. 4.5% interest... what is the mortgage payment, 20% down? Taxes probably close to 2k, annual, and insurance probably at least $1500.

Are most new homebuyers two income familes now? I think so. Still probably cheaper than renting a home, unless you go small condo.

[Pragmaticus]

Originally Posted by Swimmom32

PLEASE READ....I NEVER said they were going to plumet, what I said was no one has a crystal ball and we have no idea what the market will do..Right now its a seller market, the trend usually is 5-10 years and no one knows what the Economy and Interest rates will look like in the Near Future...So if someone is buying in a high market that is the chance you take if the MARKET takes a downturn..WOW

and yes I am a Realtor and very good one at that!!!

PLEASE READ...I NEVER said you said they ARE going to plummet. I said that you ARE HOPPING that it will. I quote your entire message. Unless you are doing a trump, it is clear what your wrote .

[Pragmaticus]

Seems we are getting advice on flipping......

I tracked many homes in my neck woods in the last bubble cycle. A lot of them sold at the top of the market, to buy right back an inflated price few miles down the road, now extending themselves and leveraging more than what they were before.. as any saving from sale goes to a down payment to their now bigger home. Add to that a 10% transaction cost. A slight correction in the market and one of them loosing a job (since most would use 2 income to afford what they can't afford) would throw them off to foreclosure.

Moral of story-don't flip and supersize during a boom, between transaction cost, and high leverage in your new bigger home, it is asking for trouble. I guess people really have short memory.