Has the market rebounded? (bank owned, for sale, foreclosures) - Orlando - Florida (FL) - City-Data Forum

sp2007 · 03-05-2010, 03:27 PM

I keep read crap reports about housing rebounding in FL but I don't see it. We tried to sell our house in 2008, starting at $230k and gave up after 18 months and dropping it $60k. Now we are trying to sell it again and the first Realtor told us to sell it for $105k or just go delinquent on our mortgage. What???

Just really frustrated and I am looking for advice. Thanks.

Mike Rogers · 03-05-2010, 03:43 PM

What's happening here in Florida is by far as bad as any state in the U.S. Home prices on the average have dropped around 50% in the last 4 years. And according to any experts that you listen to, Florida is still not out of the woods yet. Home prices are expected to fall more during 2010 and 2011, and then we will start to see very small gains after that. What the banks and other lenders did giving mortgages to anyone with a pulse created this mess. It was in the Sentinel today that Countrywide bank remains in very bad shape because of all the bad loans that they gave out, resulting in thousands of foreclosures. Because banks like this did a horrible job in giving out loans that should have never been given out, we the citizens of this state have lost half the equity in our homes. These banks might as well have reached into our pockets and robbed us, because it amounts to the same thing. Meanwhile our government continues to bail this slime balls out with our tax money. It will be many years before Florida rebounds from this horrible housing market and our 12% unemployment.

beckycat · 03-05-2010, 04:07 PM

I think things will get better once all these forclosures clear out. I did notice on CD there are several ppl moving here. That maybe a good thing. I'd say it can't hurt to put it on the market and see what kind of bites you get. I'd do a market analysis in your area to figure a price to list it. Remember, the extra tax credit is good til the end of April.

AJ1972 · 03-05-2010, 04:09 PM

I think it is starting to look a little better. My realtor is seeing less foreclosures in our area, and homes are selling for minimally more than they were 6 months ago.

cfIfan · 03-05-2010, 04:18 PM

We are seeing that the aggressively priced bank owned REO and regular sale homes are actually going pending within 7 days. The market has really picked up in the last month or so. Homes which are not selling are the Short sales simply because there are so many uncertainties and also the length of time they are still taking.

Generally speaking, the people saying the market hasnt picked up are the people who can not sell their homes. Now when I say the market has picked up that doesnt mean prices are going up, it means we are seeing alot more sales of those homes which are priced right. If you are trying to sell you home for an amount which is well over what it is worth, it wont sell in this market. That doesnt mean the market isnt moving, all it means is that your home still is not worth what you want or need to sell it for.

StreetSmarts · 03-05-2010, 04:55 PM

92% of homes for sale are short sales/forclosures. And there are a lot of them. so when those sell, I think things will pick back up, but until then...

StreetSmarts · 03-05-2010, 04:58 PM

And most new homes have gone down by 50% (as someone mentioned). So if you owe more than what your house is worth, it might be best to cut your losses, try and sell at whatever you can get for it, and move on. That's if there's a need to move.

In my neighborhood in 32828, there are 3 homes for sale in a row. Including mine. My home is priced really low for a quick sale, and we have had offers. The houses in my area can sit for a year or two if you're trying to get what you paid for it in 2004/2005. It's not going to be even close. Unless you put a lot of money down on it. Homes in my subdivision that were in the low to mid $400's are selling for the low $200k's. And some are still sitting.

stars99 · 03-05-2010, 05:02 PM

Quote:

Originally Posted by ComSense

92% of homes for sale are short sales/forclosures. And there are a lot of them. so when those sell, I think things will pick back up, but until then...

That's what I heard also . And then there's the shadow inventory. Plus more strategic defaults if the economy doesn't pick up this year.

StreetSmarts · 03-05-2010, 05:11 PM

The strategic defaults are supposedly going to be more of a problem this yr than the last one.

stars99 · 03-05-2010, 05:14 PM

Quote:

Originally Posted by ComSense

The strategic defaults are supposedly going to be more of a problem this yr than the last one.

That's what I've heard too. It sounds like you're doing the right thing by pricing your house aggressively. Maybe you'll end up getting more for it than someone who hangs on endlessly waiting for a miracle buyer.