What is the "Best Time" to purchase a single family in PGI? (flat fee, 2013) - Punta Gorda - Port Charlotte - Florida (FL) -Charlotte County - Page 2 - City-Data Forum

SJNE17 · 03-30-2015, 07:49 AM

Totally agree. I think that is an idea long overdue in the RE industry: an "open," as it were (i.e., full disclosure via electronic communication) auction-style bid process. It is such an archaic, closed, semi-monopolistic (in some areas) industry that at some point, a disruptive technology or process will come along and completely change the business model.

We passed on a house where the selling agent kept telling us there was a bid in front of us and we needed to incrementally move up if we wanted it. The smell test was she was an unethical p.o.s., and that was confirmed in talking with others.

Quote:

Originally Posted by quattrohead

I think they should take the first at asking price or have all bids open for everyone to know about, a property will still sell for what the market dictates.

Macgregorsailor51 · 03-30-2015, 08:04 AM

I agree the "real" deals ended 2 years ago on most properties.. The market will continue to strengthen for awhile.
Sooner will be better than latter. Too much later "could " see you buying and then having the market once again make a downward turn / correction? Market Pressure backing off when the snow birds leave? I didnt know we had that many SB's that rented for the season.. There are none of those in our general neighborhood. We looked year round until we found what we wanted. We were fortunate and deals were still scattered around. Nothing like what we bought for the price we paid exist now. The market moved +or - $50K The real value came with our improvements and those cost us money to make and go unseen until we put it on the market. BUT if we dont sell for 20 + years this house will once again need to be updated by the new owner, just as it did when we bought it.
Property value increases? I guess its a double edged sword.. Yes to some extent your taxes go up ..But there are limits if its your primary home. Some of us a few or maybe many of us, may well have One More Move to make .. We will sell when we no longer use the boats or feel we need or want a Single Family Water Front Home. We knnow of numerous folks who moved off water and smaller. At That time we hope the new market value works to our advantage.

snowtired14 · 03-30-2015, 11:27 AM

Quote:

Originally Posted by SJNE17

good question, but context is needed as to intended use since there are so many variables. is it for retirement? if so, here's my $0.02: the best time to buy is when, after a ton of searching, you've found your dream house (or close to it) and can afford it.

in that scenario, it's really not rocket science, as much as the industry and markets make it out to be.

besides, you can't take your house with you.

Man, that's an excellent point! I think all too many people panic and that contributes to driving up prices, then they panic again when the market falls and dump it at rock bottom prices. Waiting for the right time takes some of the emotion out of the decision making equation. We are a couple years away from making our move, we've planned on it for quite a few years, but we're not ready yet, at least until we sell our current home, so as you say, we can't afford to buy even though sooner is better than later. Will I lose sleep over it? Probably not, I'd rather face price increases and buy what I can afford at that time, than to get in over my head now.

froglipz · 03-30-2015, 12:17 PM

After the last winter in the NE, my feeling's are there will be more people looking to move into the area and away from the bad winter weather. Prices in this area are a bargain compared to NE / Canadian prices, selling there and taking the equity will create more all cash buyers. Without bank appraisals (comps) keeping pricing in check, prices will climb as demand outstrips supply. This activity will help contribute to inflating property prices. Housing value is relative to what you get as far as size, quality, features, and location here compared to where you originally come from.

alkaleka · 03-31-2015, 04:00 PM

Quote:

Originally Posted by snowtired14

Man, that's an excellent point! I think all too many people panic and that contributes to driving up prices, then they panic again when the market falls and dump it at rock bottom prices. Waiting for the right time takes some of the emotion out of the decision making equation. We are a couple years away from making our move, we've planned on it for quite a few years, but we're not ready yet, at least until we sell our current home, so as you say, we can't afford to buy even though sooner is better than later. Will I lose sleep over it? Probably not, I'd rather face price increases and buy what I can afford at that time, than to get in over my head now.

I so agree with you. We in Maine are 2 to 2 1/2 years away from retiring and buying a home in SWF. Our home here needs to be sold first, as we can't afford to keep two houses, either. Meanwhile, we are gathering information, researching, and reading all we can on these blogs. It will happen when we are ready. We will not rush into it because we are afraid of prices rising. We will wait until we find our just-right "forever home."

Vikingen · 04-04-2015, 02:13 PM

Quote:

Originally Posted by alkaleka

I so agree with you. We in Maine are 2 to 2 1/2 years away from retiring and buying a home in SWF. Our home here needs to be sold first, as we can't afford to keep two houses, either. Meanwhile, we are gathering information, researching, and reading all we can on these blogs. It will happen when we are ready. We will not rush into it because we are afraid of prices rising. We will wait until we find our just-right "forever home."

Do you really expect house prices in SWFL to fall within the next two years? I don`t see any reason why you should wait. We are not talking about panic here, but if you are EVER so luck to find your dream home - you need to move. Waiting is not always the best move. It is now that you are at work, can pay upgrades and mortgage rates are low. When retirement comes - you want to enjoy.

We purchased for three years ago and it was like winning a lottery. Best thing we EVER did. Retirement is 4 years down the road for us, but you need to be prepared and ready for when that happens.

If you find the RIGHT house - you gotta move.

alkaleka · 04-04-2015, 04:02 PM

That means TWO houses to insure, pay taxes on, keep up, etc. Do you rent your new FL house while you are still working? If we buy now, we don't save money, as we'd planned. All that money would be going to pay the mortgage, etc. on the FL place instead. We do see a few homes we absolutely LOVE, though!

Vikingen · 04-05-2015, 04:15 AM

Quote:

Originally Posted by alkaleka

That means TWO houses to insure, pay taxes on, keep up, etc. Do you rent your new FL house while you are still working? If we buy now, we don't save money, as we'd planned. All that money would be going to pay the mortgage, etc. on the FL place instead. We do see a few homes we absolutely LOVE, though!

Yes, we do rent it to short term vacationers. This way we can control our own use. And by using it ourselves every 3 month or so - you can keep up with the maintenace.

We must have looked at a million houses before we purchased. Yes, there is a lot of houses for sale - but a lot of junk too. And inventory is much lower now.

But of course it is up to what you can afford, and also if you plan to keep it as a second home or permanent home.

snowtired14 · 04-05-2015, 05:52 AM

Quote:

Originally Posted by Vikingen

Do you really expect house prices in SWFL to fall within the next two years? I don`t see any reason why you should wait. We are not talking about panic here, but if you are EVER so luck to find your dream home - you need to move. Waiting is not always the best move. It is now that you are at work, can pay upgrades and mortgage rates are low. When retirement comes - you want to enjoy.

We purchased for three years ago and it was like winning a lottery. Best thing we EVER did. Retirement is 4 years down the road for us, but you need to be prepared and ready for when that happens.

If you find the RIGHT house - you gotta move.

Unfortunately, that was the attitude in Florida during the early 2000's, when mortgages were there for the taking and model homes lined the streets and lured winter weary northerners. People saw double digit appreciation and thought that if they didn't get in then, they would get priced out of their dream of retirement there. Luckily, we didn't buy a house, but we did buy a building lot in 2004 for about 25K, two years later I was offered over 40K for the same lot and we thought what a smart move we made. Here we are 10 years later and it's worth 6K maybe. Is it going to be cheaper to buy a home today than tomorrow? Probably, but it's likely real estate in my northern state will go up too, so it's kind of relative. I won't be buying again until I'm ready.

JERSEY MAN · 04-05-2015, 06:37 AM

We wanted to buy 2/3/4 years ago but couldn't sell our large home in NJ at the time. We were able to sell it last summer and bought a smaller one in NJ and one in Punta Gorda in December to snowbird in. It's up to each person and their bank accounts. Some can afford to buy anytime, some can't.