[sunrico90]

In a recent article in the Sun-Sentinel, families are spending 50% of their income in housing expenses, see link.

Moderator cut: copy writed

[MrTudo]

Originally Posted by sunrico90

In a recent article in the Sun-Sentinel, families are spending 50% of their income in housing expenses, see link.

Moderator cut: copy writed

Thanks Sunrico, that was in the news today, including the NY Times.

We decided to NOT pursue the house I mentioned. I agree that there are many underlying negatives which will continue to haunt housing prices and am not motivated to part with the cash unless it's a much much better than average discount. I thought I was willing to make an offer on that house for roughly 87% of the asking price but frankly, I'm just going to pass. If it's still vacant in a few months we may revisit.

In the meantime I've talked my Wife into looking elsewhere just for the heck of it.

Several trillion dollars in ARMS will reset at highet levels in the next 2 years by the way.

[mcbadhair]

Yea why buy now. THere is no reason too sense price coming down. THe prices hit a high and wont be going up for awhile. The reason ARMS. There will be more forclosure and more for sale sign when they can not pay the new interest rates. In 2yrs house price will probably be close 2000 prices.

[Prichard]

Without their work and the information they share via MLS boards the general public would be flying blind.

Although MLS is ok, the information is only available to Realtors. And, it is restricted by small regions. In other words a Realtor from Central Florida cannot get MLS information from South Florida or from other states. This is done in order for Realtors to have a propriatory lock on listing information.

So, for those people who want to sell their homes "By Owner", MLS really does not good. I've heard that there are several projects being undertaken to compete with the MLS Monopoly on listing services. It's only a matter of time until the internet makes MLS obsolete.

[Shores9]

Although MLS is ok, the information is only available to Realtors. And, it is restricted by small regions. In other words a Realtor from Central Florida cannot get MLS information from South Florida or from other states. This is done in order for Realtors to have a propriatory lock on listing information.

So, for those people who want to sell their homes "By Owner", MLS really does not good. I've heard that there are several projects being undertaken to compete with the MLS Monopoly on listing services. It's only a matter of time until the internet makes MLS obsolete.

Prichard

Definitely off topic here and my only response on this.

There are things I don’t like about many organizations Realtor Boards/Associations included. But what MLS does do is bring a level of organization to what would otherwise be disorder and confusion.

Imagine if you had a hundred shares of Microsoft to sell. You could sell it to the guy standing next to you based on the price you see quoted in the paper (yesterday’s news). Problem is you wouldn’t be getting the most up-to-date information possible and may be selling yourself short.

The FSBO can use other sources [instead of hiring a Realtor] like county records or internet companies to guesstimate their value but are relying on dated or faulted information (basically yesterday’s news).

Realtors offer up-to-date information on the market today not weeks or months ago. They work pretty hard at what they do to gain the information they share . Do you think a stock trader, auto mechanic, doctor (or you) should work and/or share your knowledge for free?

Problem is you don’t think realtors are professionals or don’t see the value they offer. Next time your out looking try going it alone! Travel to all the houses you can find FSBO or otherwise and when you’re finally done hope that you haven’t missed something or that new home, better, and cheaper hasn’t become available! Good Luck!

[RAINBOWWAVES]

We have a bunch of brand new houses here...we went to look at a couple. One is really big, 3/2/2 with vaulted ceilings and a lake in the back, has a patio...really gorgeous, $250,000...the other is a really nice house, also 3/2/2 $220,000. It is perfect here and we're just 10 mins from the beach and 2 mins from a river..great fishing.

[lulu]

Rainbowwaves...
Forgive me for asking...where are you in Port St. Lucie?? A friend of mine is interested and talking about it the other day, but I know nothing about the area. They want to be close to the beach/fishing and nature...but I think (not positive) that psoldtimer had mentioned that he was not close to the beach?? What's the difference, you think, between your area & his??

Thanks..

[josephhawkinson]

It is not a good time to buy now despite the recent declines in prices that may mislead you to think you are getting a bargain. 2005 was way over-priced to start with so a tiny drop in pricing is not going to cut it. And I know you will hear the "it has already hit the bottom" "They are not making more land" "it is the time buy there is lots to choose from" BS from a lot of realtor however the truth is I have been hearing the same things every month and prices are STILL going down and looks like it is actually picking up momentum now. and dont bash the media you RE guys you loved it when they were all for your favor. They are simply reporting what is happening.

Comparing FL market to CA or anywehere else in that regard is silly because each region has their own fundementals that shape the RE market. and do I have to say those underlying causes for RE price changes are quite different between CA and FL.

Job market is not strong, especially in FL where now a big chunk of employement is RE related one way or another. Builders, realtors, insurance and mortgage industry all struggling at the moment and they make a big portion of the work force. If houses dont sell (like now) they dont make money.

Bottom line it is NOT the time to buy now, you are looking at at least another 6 months of sharp declines and overall depreciation may be for another two years. Expect 3%+ average declines monthly, which will translate to 18-20% drop in prices from today's prices. Some areas already experienced 10% + declines so it is not a long shot. Prices has to go back to 2001-2002 levels to make sense. Sellers may not like to hear it but this is the way it is going.

Wait for a little while and you wont regret it.

[scamutz]

Originally Posted by josephhawkinson

Bottom line it is NOT the time to buy now, you are looking at at least another 6 months of sharp declines and overall depreciation may be for another two years. Expect 3%+ average declines monthly, which will translate to 18-20% drop in prices from today's prices. Some areas already experienced 10% + declines so it is not a long shot. Prices has to go back to 2001-2002 levels to make sense. Sellers may not like to hear it but this is the way it is going.

Wait for a little while and you wont regret it.

I may have said this before....but many local builders (Tampa) are giving a six month guarantee that prices will not go down any further or the homebuyers will be reimbursed the difference.

In a case like that, where's the harm in buying now? I can tell you from personal experience that in new home communities where the inventory is sold out, prices have already gone back up a bit.

[Need_affordable_home]

Originally Posted by scamutz

I may have said this before....but many local builders (Tampa) are giving a six month guarantee that prices will not go down any further or the homebuyers will be reimbursed the difference.

In a case like that, where's the harm in buying now? I can tell you from personal experience that in new home communities where the inventory is sold out, prices have already gone back up a bit.

How do we know they will make good on their guarantee or properly assess the house value at the time you bought it and 6 months later? They can hire someone to give a bogus value!