Homes going up or Down in Price? (Cape Coral, Lehigh Acres: loan, purchase)

[London Guy]

Originally Posted by Enolihi

I talked to my realtor yesterday, having a hard time selling my house in PA even as a short sale. My realtor has to get out of the business because she is not selling enough to pay for her realtor fees. She said housing will continue to fall in prices and does not see it getting better for a few years. Jobs are declining. The unemployment statistics do not give a true picture of how many people are out of work. Things will not get better until we have more jobs in USA. That is the bottom line.

I may be English but PA isn't FL is it?

[equalrightsforeveryone]

Originally Posted by Enolihi

I talked to my realtor yesterday, having a hard time selling my house in PA even as a short sale. My realtor has to get out of the business because she is not selling enough to pay for her realtor fees. She said housing will continue to fall in prices and does not see it getting better for a few years. Jobs are declining. The unemployment statistics do not give a true picture of how many people are out of work. Things will not get better until we have more jobs in USA. That is the bottom line.

People just wont face the facts.
On Fox news the talk was this morning that the real estate market has collapsed in Nevada, and other regional markets including FL
And people still believe because this is SWFL they are immune which I do not understand at all.
US Vacancy rate is at all time high at 8% nationally (though i haven't found out how they are counting the vacancy, but they did say it includes rental properties.

[hiknapster]

There are markets that are up and markets that are down.

Knoxville is flat. It went up a bit during the boom and barely dropped and has remained stable.

Texas looks good.

Ocala is very bad as is parts of Maryland and West Virginia. Toledo, Ohio is awful, down almost 15 percent. Youngstown-Warren-Boardman, Ohio-Pa. down almost 14 percent.

Upstate New York looks really good. Great time to put the house on the market, Faithful Frank.

Fort Myers doesn't look great in values from 2009 to 2010 but that's probably only because they seem to be recently turning the corner.

Q4 2010 NAR best housing markets

http://www.bankrate.com/finance/mort...some-thaw.aspx

"The healthier local housing markets are also experiencing favorable local employment conditions," Yun says.

[equalrightsforeveryone]

More bad news for the real estate market.
"Home prices falling in most major US cities"
Form the AP.
Home prices falling in most major US cities - Yahoo! News (http://news.yahoo.com/s/ap/20110329/ap_on_bi_ge/us_home_prices - broken link)

[rikoshaprl]

Originally Posted by equalrightsforeveryone

More bad news for the real estate market.
"Home prices falling in most major US cities"
Form the AP.
Home prices falling in most major US cities - Yahoo! News (http://news.yahoo.com/s/ap/20110329/ap_on_bi_ge/us_home_prices - broken link)

You should sell!

[nhkev]

from that article just linked


By contrast, the housing market is coming off its worst year in more than a decade for sales of previously occupied homes and its worst in a half-century for sales of new homes.
High unemployment and tighter lending requirements have kept many people from entering the market. A record number of foreclosures and short sales — when the lender agrees to accept less than what the buyer owes on the mortgage — are pulling down home values.


so they're saying this is why the "national" housing market is bad. SWFL had it's worst sales in 2007, it had the record amount of foreclosures in 2008. Why is it so hard for you to comprehend that SWFL isn't immune... they caught the cold first, went through it already, the rest of the country is experiencing what we already went through. the sales over the last 3 yrs were the highest in history never mind the decade. foreclosures now are lower than they have been since the recession began. SWFL should be the model of what the country can expect to come not vice versa.

I'll try to explain this for the simple minded.... say there are a line of cars at a car wash .... the front one goes through and gets sprayed with water , moves on and gets sprayed with soapy foam..... the second car moves in gets sprayed with water. The first car gets a rinse, the 2nd car then gets soapy foam, 3rd car now gets initial water. first car gets blow dry, 2nd car gets rinse, 3rd car gets soapy foam , 4th car gets initial spray.

because 4th car is headed for soapy foam does not mean car #1 is going to get soapy foam next , car #1 is gettin open road.

this is like the real estate cycle. Sales drop....as a result inventories build..... prices drop. eventually prices hit a low that is irresistable to buyers, When that happens inventories stabilize, eventually start to drop and when the hit a healthy level prices begin to rise. It is NOT going to Happen simultaneously in every city throughout the country at the same time. but it is happening in SWFL

[equalrightsforeveryone]

Originally Posted by rikoshaprl

You should sell!

That's funny

[Texabama]

I really do believe the SWFL real estate has turned the corner - only because retired folks are a large % of home buyers in this region. If not for them, SWFL would be just like most of the rest of the country - a long decline in prices.

[nhkev]

I have explained before that I do not follow the National real estate market remotely the way I follow Cape Coral specifically. sometimes when researching a lot of the data lumps in cape coral with the rest of lee county so it is hard to at least not take notice of some of the other lee markets from time to time.

Well..... there seems to be a split between the three biggest submarkets Cape coral, lehigh, and ft myers. I have been saying that the cape's inventories have been decreasing very rapidly over the last 60 days, and I mean rapidly... to the tune of over 20% reduction in inventory. (and if you don't think this is going to lead to higher prices then put the crack pipe down) . Anyway, surprisingly Lehigh Acres is even reducing inventory faster than Cape Coral... yes that is what I said Lehigh. in an even more ironic twist.. Ft myers inventories have been "rising" in this time period.

To be fair I haven't been tracking the other two markets and that person that came up with this research lumps condos and single family residence together so with ft myers having so much more condos than the other two it could explain the difference but Lehigh's reduction has been fast and furious.

[hiknapster]

People shop at Walmart because they think they are getting a bigger bang for their buck. Sometimes they are, sometimes not. They bring their car to the Jiffy Lube and end up paying a higher price in the end. Seafood from Asia, heck drywall from Asia...some things are not worth the discount or end up costing you more in the end.

It's not going to stop people, though. I wonder how many of those homes are investors renting out to the lowest common denominator. It would be great to see nice folks moving into Lehigh and maybe that is happening but I'm not holding out huge hope.

It doesn't surprise me about Fort Myers.

Good and interesting info, though.

Originally Posted by nhkev

I have explained before that I do not follow the National real estate market remotely the way I follow Cape Coral specifically. sometimes when researching a lot of the data lumps in cape coral with the rest of lee county so it is hard to at least not take notice of some of the other lee markets from time to time.

Well..... there seems to be a split between the three biggest submarkets Cape coral, lehigh, and ft myers. I have been saying that the cape's inventories have been decreasing very rapidly over the last 60 days, and I mean rapidly... to the tune of over 20% reduction in inventory. (and if you don't think this is going to lead to higher prices then put the crack pipe down) . Anyway, surprisingly Lehigh Acres is even reducing inventory faster than Cape Coral... yes that is what I said Lehigh. in an even more ironic twist.. Ft myers inventories have been "rising" in this time period.

To be fair I haven't been tracking the other two markets and that person that came up with this research lumps condos and single family residence together so with ft myers having so much more condos than the other two it could explain the difference but Lehigh's reduction has been fast and furious.