Good article on Orlando Real Estate Market (Sarasota, Lake Mary: foreclosure, insurance)

[nk0171]

I came across this and thought that potential out-of-state buyers may benefit reading this article from the Orlando Sentinal. Just cut and paste this link
http://www.orlandosentinel.com/orl-forsale1906jun19,0,3658182.story?track=rss (broken link)

The article states how us Floridians can not be greedy when selling our home
and if we FINALLY give in and LOWER our prices (i went down on my home to $205,000 in Seminole County) then BINGO the homes WILL sell again. Like i have said time and time again, we can't be greedy!!!

[Jewels36]

NK0171-


The link will most likely be edited out of your post. You may want to provide us with info on locating the article without the link.

[nk0171]

I cut and pasted, will this be edited, too? Just trying to inform people...Here is part of the article, it's kind of long so i clipped the rest.


Home buyers and home sellers are in a virtual stalemate in Central Florida, with housing prices holding at lofty 2005 levels while more properties are hitting the market and lingering longer.

Who will blink first?

[Marka]

Originally Posted by Jewels36

NK0171-


The link will most likely be edited out of your post. You may want to provide us with info on locating the article without the link.

No, the link won't be removed. Not all links are removed. It's better to quote a few sentences from an article and then post a link to it (provided it's free) then cut and past whole articles.

[davidjdj]

There are several reasons that real estate is slowing.
Investors are getting out of the market.
Intrest rates are rising.
Appreciation was not realistic in the last few years.( Too High)
Thousands of new homes have been built.........still are.
Insurance is getting too expensive.........if you can get it at all.

[Dee2e]

Originally Posted by davidjdj

There are several reasons that real estate is slowing.
Investors are getting out of the market.
Intrest rates are rising.
Appreciation was not realistic in the last few years.( Too High)
Thousands of new homes have been built.........still are.
Insurance is getting too expensive.........if you can get it at all.

Would be investors are getting out. Real investors are still buying. Investors know there is no quick buck to be made and that when you buy, you have to fund the investment until it's profitable. Many would be investors bought new homes and condos and now they can't sell. Many will go into foreclosure because of their lack of funding to keep the investment afloat.

You are right about the fact that appreciation can't keep up like it has in Florida the past five years.

Interest rates are still great for those with a good deposit and good credit and still under 7%. I'm old enough to remember home interest rates of over 18% in the 80s. No economists think we'll go beyond 7% this year in Florida.

Insurance hikes are due to hurricanes. No one can help those. However, my insurance is less than $900 for full coverage and I live in a 2800 sq ft house on a lake with a pool in Seminole County. I'm pretty happy with that rate.

[mich2fla]

Originally Posted by Dee2e

Would be investors are getting out. Real investors are still buying. Investors know there is no quick buck to be made and that when you buy, you have to fund the investment until it's profitable. Many would be investors bought new homes and condos and now they can't sell. Many will go into foreclosure because of their lack of funding to keep the investment afloat.

You are right about the fact that appreciation can't keep up like it has in Florida the past five years.

Interest rates are still great for those with a good deposit and good credit and still under 7%. I'm old enough to remember home interest rates of over 18% in the 80s. No economists think we'll go beyond 7% this year in Florida.

Insurance hikes are due to hurricanes. No one can help those. However, my insurance is less than $900 for full coverage and I live in a 2800 sq ft house on a lake with a pool in Seminole County. I'm pretty happy with that rate.

Dee2e-

How old is your house? We are looking into Lake Mary in Seminole County. That insurance rate you mentioned sounds fair and reasonable.

Thanks!

[sunshine girl]

You guys are the most sane folks on this forum. Thanks for bringing sanity back to this site. I completely agree with Dee and her posting about interest rates of ago and true investors. And insurance rates are higher on pre Andrew age homes, so try to find houses built with the stricter building codes to not have so many problems finding insurance. The housing market here is stabilizing, and there are some areas that still have lowering prices and some that are somewhat going up. Not like the past two years, but like a normal year should. Thanks again to all of you for keeping it real.

[sunshine girl]

Oh yeah, and here in Sarasota, where most think only the rich live (not true, I'm a paycheck to paycheck) I pay $1300 for 1600 sf, pool & lake. Mention this for comparison purposes. It's not all bad out there!

[mich2fla]

Originally Posted by sunshine girl

You guys are the most sane folks on this forum. Thanks for bringing sanity back to this site. I completely agree with Dee and her posting about interest rates of ago and true investors. And insurance rates are higher on pre Andrew age homes, so try to find houses built with the stricter building codes to not have so many problems finding insurance. The housing market here is stabilizing, and there are some areas that still have lowering prices and some that are somewhat going up. Not like the past two years, but like a normal year should. Thanks again to all of you for keeping it real.

What year did the stricter building codes come in? Was it After Hurricane Andrew back in 1992? So look for homes built after 1993 to get the stricter codes and hopefully reasonable insurance?