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Old 03-15-2008, 08:22 PM
 
10 posts, read 25,891 times
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Currently negotiating a house in Seven Oaks(WesleyChapel). Would you consider 345000.00 for a 2880 sqft. house, 5 bed/3baths a good price in the current market? The original price was 456000.00, but has been coming down steadily since the housing slump. Do you think I should hang on longer? I really love the house. My husband has no emotional attachment to it so he says wait.
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Old 03-15-2008, 08:28 PM
 
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how long has the house been on the market already
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Old 03-15-2008, 08:39 PM
 
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its a new inventory home. I guess it is about 6-8 mos. They need to get ride of a few more houses, about 4 to finish phase 1.
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Old 03-16-2008, 05:32 AM
 
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Depends on location of the sub community, lot, builder, upgrades, etc. Without knowing this I would still offer less. Is it in Copperleaf, Knollpoint or Willowstone or another sub? There are some sub. communities with many empty lots and you ahve to be sure the contracters have been paid off so there won't be a lien on the home because the builders hasn't paid them off.
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Old 03-16-2008, 06:24 AM
 
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The sub is Grassglen and they are selling off about 3 more lots , there are also 3 house already built which they are selling(one of them is the one I am looking at). The lot is 65 x 115(conservation lot with view of pond),granite, nicer tiles in bathrooms, stainless appliances, 5 bedrooms, 2 car garage.
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Old 03-16-2008, 06:26 AM
 
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THe builder is McCar.
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Old 03-16-2008, 06:49 AM
 
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Most experts that i've read, think the real estate market will go lower as bigger banks fail.

Most think the first quarter of 2009 will be when housing picks back up.

The fundamental reasons we are in the mess have not run their course yet.
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Old 03-16-2008, 01:17 PM
 
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I saw the McCar inventory homes in Grassglen a while back. Personally, I would wait. One of the homes was recently reduced by $100K over a weekend last month. Let your Realtor or new home sales associate know of your interest and they will contact you when another super sale occurs. Of course you realize you risk losing the sale to another buyer. That's the hard part! If it's any consolation, the developer has not yet released the next phase to the builders. Seven Oaks will be under construction for quite a while.

Last edited by TampaKaren; 03-16-2008 at 01:29 PM..
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Old 03-21-2008, 09:42 AM
 
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here's my 2 cents: the "value" which is what is important to you is going to go lower in the next 12 months. especially where a neighborhood has desperate developers trying to keep afloat. If you feel that you can keep this house for at least 2+ years before you expect any appreciation and are ok with hearing that your neighbors house sold for a ton less then you think yours is worth... then go for it. if you can get by the downturn without caring that you are upside down in your house then you will be fine. but if you easily get upset that you are upside down.... don't do it. It's the same thing as playing the stock market.... just because everyone else sells off a stock doesn't mean that it won't ever come back... it just takes time.

1 of 2 things will happen - you will look back in 5 years and think you got a hell of a deal or you will need to sell within 5 years and won't be able to. If you think you may need or want to sell within 5 years, I suggest you rent for a year or 2.
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Old 03-21-2008, 10:50 AM
 
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If you are buying for investment purpose I can't suggest. But if you are buying for living probably this is a not a bad time to buy. May be not the bottom, but are you trying to "time" the bottom in real estate? Then good luck!

My experience while buying my home (recently, couple of months back) was that we were getting very good deals on inventory homes. Right now on inventory homes you can negotiage to not pay lot fees, lot of upgrade fees and such things. Obviuosly you can't change much in inventory homes so you have to like what they have in it. There is probably no set rule, but while searching what I found was that we were able to negotiate about 15-18% lesser from the listed price. Obviously that didn't happen right away but after negotiating for a couple of months we were able to get there. You do risk losing the house if someone gives better offer. We didn't use realtor but that's a personal choice. If you know the "stuff" you can go by yourself but if you aren't sure, its better to go with Realtor. You can go to pasco appraiser website and find out on the same street how much others have paid for similar floor plan. http://appraiser.pascogov.com . Go to their record search section.

Also, check out this link and see if any in your community got sold recently, and if so , at what price: Pasco County Home Sales . There is one more : House Values and Sold Homes

One more thing you can do is, go to Real Estate on Yahoo! Real Estate Homes for Sale, MLS listings & more! and register there. You can see all MLS listings there for free. You don't need any realtor to send you the list. You can find out how many pre owned homes are in the market in that sub division by the same builder (it may be different community in sub division by the same builder) and compare prices.

In current real estate market I think buying a house is very personal decision. Purely from appreciation point of view this may or may not be right time to buy. If you are real estate investor, then you may tie your concepts of buying shares with buying house but not necessarily otherwise. Mortgage rate are currently at pretty low (though it came back up a bit in last month). One misunderstanding many (including me in past) has is because Fed cuts rate mortgage rates go down. That is not true. For example, just recently Fed cut rates and fixed rate mortgages still went up. They are not always in line. We got interest rate of close to 5.2% on our house. Sure, prices may fall further but will interest rates fall? Then the new place you are moving to - what schools you have if you have kids, how convinient is it for school and work commutes, what kind of social life is there if you like to mingle with your neighbors. Not to say that buying now is the way to go but there is more to it than just appreciation in value.

Anyways, to get back to your question, please check the links that I mentioned. It may be helpful in researching sale price of other houses in your community.
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