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Looking to buy a small ranch home (3 bedroom, 2 bath) in the nokomis beach area of Florida. of course realtors all say the housing market has hit bottom and now things are actually increasing in price.. Just wondering how true this is?
As a shopper, I would say new listings seem to be priced lower than a few months ago. I notice that houses have been selling quickly, but sellers have accepted lower prices. The sellers who have not reduced their prices are still sitting on their homes.
Nothing scientific here, just an observation from a shopper. I notice the new listings seem to be coming on the market priced closer to what they will sell for.
Houses are definitely selling and I would guess they are close to bottom or beginning to rise. Realtors would have better information.
Yes, the prices have been going up in this area since last winter. Also our inventory of homes has gone done. We will soon be winding down with the busy snow bird season, so things may change a little over the summer months. It gets very competitive at times. If you see something you like, you need to jump on it because someone else will get it. We are still having multiple offer situations on many homes. I recently had a short sale listing that got 4 offers in one day. Some bank owned homes get as many as 18 offers. There still are some great deals out there though.
Something I have to point out which is why I truly 'wonder' how much faith I can put into feedback from real estate agents, etc. is this. And please "no offense" to any real estate folks here, you are very helpful and spend a lot of time sharing information and helping others on this board, I appreciate that tremendously... with that being said I also know your job is to 'sell homes'.. of course real estate agents will make the picture look 'rosy' because after all, who in their right mind would be able to sell something they say "is still going down in value".. but here are my points that I have yet to see anybody on this forum and certainly not anybody in the media address..
I am from the northeast, I own a home up here, I am self employeed, work in the cosmetic and pharma packaging industries, I do a lot of work with manufacturing. So I am exposed to all sizes of companies, from Fortune 500's down to small 50 person type businesses.
The media wants everybody to believe that things are just great and rosy and the economy is rebouding, employement is dropping, people are spending, yada yada. Okay we know this was going to happen, even last year anybody that does their true research knew this was going to happen, it's election year, our current president has zero to run on, he NEEDS to pain the picture this year that the economy is improving, that unemployement is dropping, that the stock market is rising.
Well if you pay any close attention to the stock market, the Federal Reserve, the big banks and really dig into the details of what is currently happening, you will find that it's all a hoax, it's all being propped up on new printed money that the Fed is handing over to the big banks, the banks are allowed to keep 2 sets of books, everything we hear out of washington/main stream media is a bunch of garbage designed to get the common folk to 'think things are really improving and then go out and spend more money', run their credit cards up higher, go buy new cars, houses, etc. IF they can get the credit.
Now let me ask you all something.. IF things are really getting better, then please answer me the following questions..
1.) Why are national home prices continuing to fall quarter after quarter, despite for the last 3 years the media keeps telling you we are 'at bottom'?
2.) Why are the banks so leary to give our mortgage loans, especially when these banks are sitting on 'billions' of new money from the Federal Reserve?
3.) Does anybody here really 'believe' the unemployment rate is at 8.3% ? really? Do you know the difference between U3 and U6 unemployment numbers? is it any wonder why the government keeps 'cooking the books' to paint a rosy picture when the 'true' unemployment rate is really closer to 17%
4.) Being the 'youth' unemployment rate is much higher than the national average, in the 25% range and continuing to rise, please explain to me, who is going to buy the inventory of homes in the next 5 years? the youth can not afford to nor do they have decent incomes to afford homes, they will just stay living at home with their parents and/renting. So what does this do to the pool of potentional 'home buyers' that we need to come into the market?
5.) nobody mentioning 'inflation'. Well guess what, we haven't even begun to see real inflation yet. The Federal Reserve in just the last 3 years has printing multiple TRILLIONS of new dollars (Quantitave Easing 1,2 and 3). Can anybody explain to me how inflation is not going to continue and actually get worse? what's going to happen when prices of food 'double' from where they are today? how about when gas goes over $5 a gallon? How is this going to affect the people are 'fixed incomes'? Who is going to buy their homes when they need to sell them to 'downsize' due to their fixed income being eaten alive by inflation? Well if you listen to the government, just this month they came out and said inflation is running at around 2%.. hahaha really? well go figure, they remove the prices of food/energy from their inflation readings. Put those 2 components back in, we are running closer to 10% true inflation. I'm sure anybody that buys food or puts gas in their cars can confirm this.
6.) then we get into the inventory of current 'foreclosures, short sales, bank owned' properties. I would love for a realtor to give an honest answer on what they thing is going to happen when 10's of millions of new homes come to market as 'foreclosures'? How about the millions of more homes in 'shadow inventory' which are deliquent but the banks have not yet put them up for sale (the banks have to control the flow of homes coming into the market, right now if the banks dumped all their distressed properties on the market I would imagine a repeat of the great depression happens immediately).
These are just 'some' of the bullet points of the 'true' economy. I don't care what the media or government reports says, they are all a complete bag of lies. If you are truly working in the economy and you deal with many other businesses, just start asking around, how are things going? are your revenues increasing or decreasing? are you hiring people? are you giving raisies/bonuses to people?
What's really happening in this country is that the middle class is being eaten alive. Over the last 10 years wages have been stagnant but yet the inflation has eaten us all up continuously year after year. That's why there are more and more each month on food stamps or some form of government assistance.
Take all of this into account, really think about it for a moment, then please explain to me 'how the housing market is really recovering and will continue to sustain this supposed recovery?" maybe I'm just all wrong in my views, maybe I'm just too negative in my thoughts, I don't know.. all I can tell you is that for the last 3 years I keep waiting for that 'bottom in real estate' and each quarter the values of homes keep sinking more and more.
Last week while driving around the Sarasota/Nokomis/Venice areas of florida, I could not believe how many 'for sale' and 'foreclosure' homes I saw with signs in the front yards. If things are getting better, why so many homes for sale? Why sell your house if the economy is improving, unemployment is falling, and your housing value is increasing in price? that sort of seems ass backwards to me! I think any 'smart' person would continue to hold onto their homes waiting for the values to recover back to 2005 year levels and then sell if they wanted to move. But wait... "these people can't afford to keep paying their homes, but how is that??? the economy is healing, jobs are being created, business is booming... uncle same tells me all this stuff every day on tv" I just shake my head in disgust as how 'brainwashed' people are by the media.
I'm asking, please somebody here, make me a believer, tell me I'm wrong and give me the facts to support it, I will willfully admit that I have it all backwards if true facts can prove my above points to be false.
Something I have to point out which is why I truly 'wonder' how much faith I can put into feedback from real estate agents, etc. is this. And please "no offense" to any real estate folks here, you are very helpful and spend a lot of time sharing information and helping others on this board, I appreciate that tremendously... with that being said I also know your job is to 'sell homes'.. of course real estate agents will make the picture look 'rosy' because after all, who in their right mind would be able to sell something they say "is still going down in value".. but here are my points that I have yet to see anybody on this forum and certainly not anybody in the media address..
I am from the northeast, I own a home up here, I am self employeed, work in the cosmetic and pharma packaging industries, I do a lot of work with manufacturing. So I am exposed to all sizes of companies, from Fortune 500's down to small 50 person type businesses.
The media wants everybody to believe that things are just great and rosy and the economy is rebouding, employement is dropping, people are spending, yada yada. Okay we know this was going to happen, even last year anybody that does their true research knew this was going to happen, it's election year, our current president has zero to run on, he NEEDS to pain the picture this year that the economy is improving, that unemployement is dropping, that the stock market is rising.
Well if you pay any close attention to the stock market, the Federal Reserve, the big banks and really dig into the details of what is currently happening, you will find that it's all a hoax, it's all being propped up on new printed money that the Fed is handing over to the big banks, the banks are allowed to keep 2 sets of books, everything we hear out of washington/main stream media is a bunch of garbage designed to get the common folk to 'think things are really improving and then go out and spend more money', run their credit cards up higher, go buy new cars, houses, etc. IF they can get the credit.
Now let me ask you all something.. IF things are really getting better, then please answer me the following questions..
1.) Why are national home prices continuing to fall quarter after quarter, despite for the last 3 years the media keeps telling you we are 'at bottom'?
2.) Why are the banks so leary to give our mortgage loans, especially when these banks are sitting on 'billions' of new money from the Federal Reserve?
3.) Does anybody here really 'believe' the unemployment rate is at 8.3% ? really? Do you know the difference between U3 and U6 unemployment numbers? is it any wonder why the government keeps 'cooking the books' to paint a rosy picture when the 'true' unemployment rate is really closer to 17%
4.) Being the 'youth' unemployment rate is much higher than the national average, in the 25% range and continuing to rise, please explain to me, who is going to buy the inventory of homes in the next 5 years? the youth can not afford to nor do they have decent incomes to afford homes, they will just stay living at home with their parents and/renting. So what does this do to the pool of potentional 'home buyers' that we need to come into the market?
5.) nobody mentioning 'inflation'. Well guess what, we haven't even begun to see real inflation yet. The Federal Reserve in just the last 3 years has printing multiple TRILLIONS of new dollars (Quantitave Easing 1,2 and 3). Can anybody explain to me how inflation is not going to continue and actually get worse? what's going to happen when prices of food 'double' from where they are today? how about when gas goes over $5 a gallon? How is this going to affect the people are 'fixed incomes'? Who is going to buy their homes when they need to sell them to 'downsize' due to their fixed income being eaten alive by inflation? Well if you listen to the government, just this month they came out and said inflation is running at around 2%.. hahaha really? well go figure, they remove the prices of food/energy from their inflation readings. Put those 2 components back in, we are running closer to 10% true inflation. I'm sure anybody that buys food or puts gas in their cars can confirm this.
6.) then we get into the inventory of current 'foreclosures, short sales, bank owned' properties. I would love for a realtor to give an honest answer on what they thing is going to happen when 10's of millions of new homes come to market as 'foreclosures'? How about the millions of more homes in 'shadow inventory' which are deliquent but the banks have not yet put them up for sale (the banks have to control the flow of homes coming into the market, right now if the banks dumped all their distressed properties on the market I would imagine a repeat of the great depression happens immediately).
These are just 'some' of the bullet points of the 'true' economy. I don't care what the media or government reports says, they are all a complete bag of lies. If you are truly working in the economy and you deal with many other businesses, just start asking around, how are things going? are your revenues increasing or decreasing? are you hiring people? are you giving raisies/bonuses to people?
What's really happening in this country is that the middle class is being eaten alive. Over the last 10 years wages have been stagnant but yet the inflation has eaten us all up continuously year after year. That's why there are more and more each month on food stamps or some form of government assistance.
Take all of this into account, really think about it for a moment, then please explain to me 'how the housing market is really recovering and will continue to sustain this supposed recovery?" maybe I'm just all wrong in my views, maybe I'm just too negative in my thoughts, I don't know.. all I can tell you is that for the last 3 years I keep waiting for that 'bottom in real estate' and each quarter the values of homes keep sinking more and more.
Last week while driving around the Sarasota/Nokomis/Venice areas of florida, I could not believe how many 'for sale' and 'foreclosure' homes I saw with signs in the front yards. If things are getting better, why so many homes for sale? Why sell your house if the economy is improving, unemployment is falling, and your housing value is increasing in price? that sort of seems ass backwards to me! I think any 'smart' person would continue to hold onto their homes waiting for the values to recover back to 2005 year levels and then sell if they wanted to move. But wait... "these people can't afford to keep paying their homes, but how is that??? the economy is healing, jobs are being created, business is booming... uncle same tells me all this stuff every day on tv" I just shake my head in disgust as how 'brainwashed' people are by the media.
I'm asking, please somebody here, make me a believer, tell me I'm wrong and give me the facts to support it, I will willfully admit that I have it all backwards if true facts can prove my above points to be false.
Thank You all!
I think the agents on here have done an excellent job & usually have been spot on with their assessments.
There are facts that usually back up what they say. I relied on this board before purchasing last July and haven't regretted it. I couldn't find what we wanted then, now in the area we wanted, at a similar price today.
This is what backs up what they say for the most part:
very good post HenryHelm, thank you for the information. Can you tell me what markets and price ranges you are investing/buying single family homes in?
I'm looking specifically west of rt. 41 in the Nokomis beach area..
I'm looking for sub 200k homes.. 3 bedroom, 2 bath, 1+ car garage. I do NOT need a pool and I do NOT need waterfront.. you can basically walk to Nokomis beach from this whole area.
I found this post quite interesting, I just wonder why there hasn't been any discussion about the March 15 report by Realtytrac that foreclosures in Florida are on the rise. If you read the full article in the March 15 Sarasota Herald-Tribune titled "Southwest Florida Foreclosures Fall in February" by Kevin McQuaid & Michael Braga you will see the real estate experts warned that the decline is likely only an aberration and that foreclosure filings would likely climb for the balance of 2012.......
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Realtytrac Foreclosure Report
