It's real estate bottomed out and rebounding in this area of Florida?

[Sunshine Rules]

Rushmore, I understand the points you are making. There are actually a number of buyers that are pre-approved for mortgages in our area that are having difficulty purchasing a home right now because they keep getting beat out by cash buyers. I know because I keep in contact with several mortgage brokers as well as a number of agents on a regular basis. So having less cash buyers may not necessarily mean another slowdown.

[gettinoutofjersey]

sales might just go into the tank based on the CBO report. it looks like the biggest problem is the incurred debt. if tax cuts are approved for the end of the year it may help, but the debt is going to be a long term issue. yah i think we needed a few more stimulus bills.

CBO sees worse economic wreckage from fiscal cliff | Reuters

[rimc]

It's amusing to watch everyone trying to make predictions about the future real estate market, especially about a real estate market as irrational as Florida's.

[Rushmore]

Originally Posted by Sunshine Rules

Rushmore, I understand the points you are making. There are actually a number of buyers that are pre-approved for mortgages in our area that are having difficulty purchasing a home right now because they keep getting beat out by cash buyers. I know because I keep in contact with several mortgage brokers as well as a number of agents on a regular basis. So having less cash buyers may not necessarily mean another slowdown.

This is a pretty glass-half-full scenario you're painting. You're essentially saying that when the current influx of cash buyers is reduced, that there will be ample pre-approved mortgage candidates to compensate for the loss of the cash deals? The pre-approved people are NOT buying anything, they're just waiting for the cash buyers to wane so they can slide in and buy?

I would hope you're right, but as a layman, I must say that sounds far-fetched.

[Rushmore]

Originally Posted by rimc

It's amusing to watch everyone trying to make predictions about the future real estate market, especially about a real estate market as irrational as Florida's.

It's great you're amused. You should stay tuned to this thread for more hours of hysterical fun.

I assume you understand that anything that has a changing value will be, necessarily, speculated upon, right? Or did you think everyone just sits back and ignores the market entirely, buys when they feel like it, sells when they want, regardless of the value or potential value of the item they are trading in? Yes, the market is ERRATIC (a property or a market has no ability to be rational), but that doesn't mean people won't try to look at it and analyze it a bit. Amusing.