[shokwaverider]

Tell me about it.... I am renting a place that would cost me at least 2 x what I am paying in rent to buy. Before Taxes and Association fees!

I am looking to buy but plan on making offers 25 - 35% less than advertised based on the property. I am a cash buyer in no hurry to pay those high taxes.

SWR

Originally Posted by JimKing

Buyers are faced with paying higher taxes and insurance and also have a ton of rental options. Many buyers have to pay less than 2004 prices because they will have much higher insurance and taxes than the current owners do, and those costs eat up what they can afford to pay for a principle and interest.

I would suggest not chasing the market down. By that I mean don't slowly lower the price each month or two. You usually end up always being above the market.

Your house is worth what a buyer will pay you for it, not what Zillow or a realtor says. Be frank and honest about what a buyer will pay you in today's market and take it.

And to the above poster...if you are showing your home that many times and not getting legitimate offers, your price is too high. It is really that simple.

[jaxcurious]

Be patient. Things will change. Front page story in todays Boston Globe is "Housing Market Gains Momentum." As the north recovers, they will be down here with plenty of jingle to buy your house.

[killaloe]

I think not...we just sold our house in the Northeast, it is definitely recovering. But planning on renting in Florida...I think the correction has a ways to go there yet, the SOH/Insurance mess is keeping things on a downhill slide.

[SKB]

Originally Posted by jaxcurious

Be patient. Things will change. Front page story in todays Boston Globe is "Housing Market Gains Momentum." As the north recovers, they will be down here with plenty of jingle to buy your house.

Excuse me but where on today's front page do you see the headlines "Housing Market Gains Momentum" on the Boson Globe?

http://www.boston.com/news/globe/

[killaloe]

http://www.boston.com/business/ticke...p1=MEWell_Pos3

[shokwaverider]

Not so sure I agree.

I think buying a home in today's market is a 7 - 10 year investment. to recoup your money and perhaps make about 5% per year on average. The average home where I live here in NE Florida is about $400k give or take. I would be in the $500k market if I were to buy now.

When the time comes, Selling it at 6% Commission = $30k + closing. Real Estate Taxes are ~ $10k per year. ($833 pm + Association about $250 on average) so that is $1k before you start. Say you have a $250k Mortgage That will be about $2k or so per month. Utills average out at about $300 pm. (Very rough estimates no calculators or hard numbers here please)

So, If I have not forgotten anything, the Monthly outlay before you start will be $3300 pm. Oh, and insurance about $3500 per year, let us not talk about that. Now, Personally I retired 4 years ago went traveling and settled in FL about 2 years ago. Been paying about $1k pm rent for a 3 be 3 bath on the river in St. Augustine (No Garage ) The home is about a 1600 sq. ft. Condo. Very comfortable but I would prefer 2200 + a 2 car Garage. Being Retired I am on a fixed income ~$5k per month (Post Tax). If I bought the house outright I would get less income. I am 53 so no SS or pensions. The other $1600 does not go very far. Only the rich people will be able to afford that.

If reasonable homes were in the $200k range it would be better. Homes here for sale under $200k sell in a snap. Most people live in modular homes on nice trailer style lots. Not for me. So 'a renting I will stay till things get better. I have $4k out of my $5 left after accommodation with plenty left over for buying Wine over priced gasoline and other such luxuries, so I can drown my sorrows that I am not a home owner and can't have a fancy car. But I have money in the Credit Union Getting 6.25%.

Not about to go back to work at least not because I have to.

Anyone got a good reason for me to buy? Other than a garage, but I could always rent one .

SWR

Originally Posted by jaxcurious

Be patient. Things will change. Front page story in todays Boston Globe is "Housing Market Gains Momentum." As the north recovers, they will be down here with plenty of jingle to buy your house.

[cmj_fla]

My parents are wanting to move out of their super busy neighborhood in the downtown Kissimmee area and would like to sell but are wondering if it would be better to try to rent out their house for now. Their real estate agent is, of course, wanting them to sell but I am just wondering if he is looking out for himself and not them. Any advice on this issue?

[firemed]

The good news of a few sales is from Boston NOT FLORIDA.
The Palm Beach Post reports from Florida. “How about an early peek at March sales of existing homes, which come out this week? You’ll have an insider’s position for a day, the official Realtors report comes out Tuesday. An early report gives us a heads-up on what Wednesday’s headlines are probably going to say.”

“‘The combination of plunging sales and rising inventories is a symptom of a very, very sick housing market,’ said housing economist Thomas Lawler.”

“Single-family homes: Inventory: 15,028 for sale, compared with 12,737 in March 2006. Sold: 716, compared with 956 in March 2006. Backlog: 21 months, compared with 13 months in March 2006. Condos: Inventory: 17,368 for sale, compared with 13,413 in March 2006. Sold: 640, compared with 1,082 in March 2006. Backlog: 27 months, compared with 12 months in March 2006.”

“‘There is a high likelihood that prices will decline fairly significantly during the remainder of this year,’ Lawler said.”

[Willow1]

[quote=Turtle;612340]I appreciate everyone's replies, but really, I am not so much looking for advice as someone who can sympathize in a similar situation.

I can SYMPATHIZE.... my house has been on the market for 6 months and we have had 6 people look at it. I am by far the lowest in my neighborhood and we just lowered AGAIN...

Yes Florida is great, but I want my house SOLD and I want to be out of here!

Good luck to you (and to me )...

[LS40095]

If I were living in Florida and selling, I would definitely price the home to sell (thousands below comparable s on a percentage curve per each 100k of value) because what you may think is a fair or poor price today is going to look good in the next 8 to 16 months. The insurance industry is primarily responsible for a crisis in Florida that will take any political platform years before relief will be seen.

Securities analysis and in risk management past 14 years living up north but ready to buy Fla waterfront within 8 month window. I receive "daily" updates of between 80 to 140 new and reduced foreclosures/ REOS in Florida alone. Realtors, title companies, and other RE related business are laying people off. Insurance rates are outrageous and could get worse if just one of 5 projected named storms creates destruction this year. Sub and Mid prime debt has hit a wall since they changed bankruptcy laws about 18 months ago and most realtor's are still pricing property's too high, afraid to lose listings.

All of this has begun to create a "landslide" of inventory. Banks are concerned about growing inventory's of REOs. Brokers who once flipped property's for a living are busting out, builders and developers are hitting walls. NOTHING IS SELLING, NOBODY IS BUYING and for me and what I project, prices are still too far away on most propertys to even make reasonable offers but we will get there. Florida property prices will be back to the early 90s before this is over sometime in 2009. I just recently started to evaluate two property's that are old and in flood zones. The listing broker has priced them out "as is" and around $79,000. I plan to make "cash" offers on both. One around $33,000 and the other $44,000. They are both a few streets away from river front and my plan is to not insure, rebuild if necessary.

GLTA