Is Sarasota in a bubble (Tampa, Daytona Beach: lenders, cheap home, inspector)

[MOforthewin]

Originally Posted by Jensen440

There is no shortage of stupid people who want to move to Florida, and that's a fact it seems to many of us.


I learned a long time ago, that there is no status in paying too much. Using flimsy arguments to support getting hosed in an inflationary environment is sophomoric, but entertaining.

Why are there so many stupid people? I hate to say it but down here in FL I just run into it a lot. I mean, people just not the brightest. Not trying to sound mean or put anyone down but the amount of stupid just boggles my mind sometimes.


it's just like the idiots who line up for 48 hours to be the first in line to buy a stupid iPhone when it first hits the shelves instead of just pre ordering it.

[kramco]

I've been reading this topic here carefully and appreciate the back and forth on whether the bubble is going to burst or not. I'm looking in the under 500K market and paying cash, and have found a place and put an offer on it. Now I need a home inspector. Can anyone here recommend one? I don't want to use my realtor's agent, just in case there were to be conflict of interest.

[Sunshine Rules]

Originally Posted by kramco

I've been reading this topic here carefully and appreciate the back and forth on whether the bubble is going to burst or not. I'm looking in the under 500K market and paying cash, and have found a place and put an offer on it. Now I need a home inspector. Can anyone here recommend one? I don't want to use my realtor's agent, just in case there were to be conflict of interest.

Most buyers agents will suggest professional inspectors that are thorough at what they do. However, I do understand your concerns.

A basic home inspection should cover both the interior and exterior of the home - structural, mechanical, AC/heat, plumbing, electrical, roof, etc. The inspector should note issues defects, both minor and major. A typical inspection report should also cover the age of major appliances and components and give you normal life expectancies for those items. After the inspection, a report is prepared by the home inspector for the buyer. However, it is in you the buyer's best interests to attend the home inspection in person so you can follow along, ask questions, see in person the issues and defects the home inspector has found.

A home inspection can't identify everything that may be wrong with the property, the home inspector inspects what he/she can see visually. A home inspector gives general information but may suggest you consult a roofer, a licensed plumber, or other expert in a particular field for further investigation of an issue found. Besides a home inspection, you may also want to bring in additional inspectors to check for issues such as termites, mold, septic tanks (if applicable).

I generally suggest to most buyers that when you call for quotes for a home inspection, also ask about having a 4 Point Inspection and a Wind Mitigation Inspection done at the same time (when applicable). Generally home inspectors will give a discount if you have all 3 done at once.

The 4 Point Inspection -- if you are purchasing an older home, most insurance companies will want to see a 4 Point Inspection report that covers the roof, plumbing, electrical and HVAC system. All of those items are expected to be in working condition. Insurance companies differ on what they consider an older home -- for some it's any home 15 years or age or older, for others it's 30 years plus. I have seen insurance companies ask for 4 point inspections when a property was barely 10 years old but had been used previously as a rental.

The Wind Mitigation Inspection -- A wind mitigation inspection (also called a windstorm mitigation inspection) is when a certified inspector inspects your home for wind-resistant features. These features can be anything from door/window coverings (hurricane shutters) to the way your roof is attached to your home to how your roof is sealed to prevent water from entering. Though a wind mitigation inspection is not required to get Florida homeowners insurance, it can result in savings. The Uniform Mitigation Verification Inspection Form is a standardized form that can only be completed by inspectors that are certified to complete the forms, not all home inspectors are certified for Wind Mit.

So how do you select a home inspector? Home inspectors vary greatly in experience and ability. Buyers should seek out qualified home inspectors with good credentials, experience and good references. One group you may want to check into is the American Society of Home Inspectors (also known as ASHI). This group has an in depth process to obtain full accreditation for it's members. You can read more on ASHI and find a list of local ASHI home inspectors at https://www.homeinspector.org/

A number of the home inspectors on my short list are ASHI members.

[Mathguy]

The fed is expected to do many more interest rate hikes this year to combat inflation.

That will slow the US market considerably.

[beach43ofus]

Originally Posted by Mathguy

The fed is expected to do many more interest rate hikes this year to combat inflation.

That will slow the US market considerably.

True, but interest rates do not impact this forum areas housing market nearly as much as the U.S. market as a whole due to cash purchases.

One recent report showed that of this areas sales, 42% of SFH's were cash, & 56% of condo's. So, in total ~50% are cash sales. Nationwide, its ~30%.

https://www.sarasotamagazine.com/hom...-november-2021

Our activity is decreasing now because there are so many less people here now...the snowbirds have left.

We also are coming off a white hot market due to covid, so of course, we'll see softening when we compare year-to-year same-month stats.

No doubt rising interest rates will have some impact here, but with rental prices so high, I don't see any cost-effective alternative to buying, and paying ~5.5%, which is still historically low.

[Jensen440]

Florida doesn't drive the national housing market OR the economy. The nation is too interconnected now, so the Fed's actions will have a dramatic effect in any backup.

[Jensen440]

Originally Posted by kramco

I've been reading this topic here carefully and appreciate the back and forth on whether the bubble is going to burst or not. I'm looking in the under 500K market and paying cash, and have found a place and put an offer on it. Now I need a home inspector. Can anyone here recommend one? I don't want to use my realtor's agent, just in case there were to be conflict of interest.

Better hope they reject your offer, you'll be a grateful and happy camper that you are forced to back away slowly, to live to fight another day - cheaper prices will be out there.

[Trying941]

Originally Posted by beach43ofus

True, but interest rates do not impact this forum areas housing market nearly as much as the U.S. market as a whole due to cash purchases.

One recent report showed that of this areas sales, 42% of SFH's were cash, & 56% of condo's. So, in total ~50% are cash sales. Nationwide, its ~30%.

https://www.sarasotamagazine.com/hom...-november-2021

Our activity is decreasing now because there are so many less people here now...the snowbirds have left.

We also are coming off a white hot market due to covid, so of course, we'll see softening when we compare year-to-year same-month stats.

No doubt rising interest rates will have some impact here, but with rental prices so high, I don't see any cost-effective alternative to buying, and paying ~5.5%, which is still historically low.

Agreed. Rising interest rates will have an effect. Locals with a 3.25% interest rate will not move up if they need a new mortgage at 5.25% or more. But the perverse impact is that this limits supply!

I expect to see fewer transactions and slight upward movement overall in prices to match the rate of inflation. Some price points will go up, and some down. Cash purchasers are not affected. Renters are being priced out and pushed to buy even at higher rates. Lots of cross-winds.

[Trying941]

Originally Posted by Jensen440

Here's a distilled OPINION:


1) Market was/is overpriced....


2) Inflation is a bad cancer which will help drive down purchasing decisions


3) The Fed is slow, The Fed is behind the curve, The Fed will TIGHTEN more


4) The Administration is inep - Spending is out of control...duh


5) The Budget deficit is scary stupid


6) The Trade deficit is scary stupid


7) The 10 yr UST will drive Mortgage Lending well above the now > 5% level


8) Banks are reviewing A/L gaps - many are mismatched or will become moreso


9) Baby boomers are DYING, they had the money and purchasing power. Many people even on this forum will be incapacitated in a LTC unit/immobile, or dead within 5-7 years.


10) Younger couples can't afford even a stater home - they don't exist


11) First-time buyers are the lifeblood of the real estate total market. They are absent-totally


12) Everyone will not continue to "move to Florida"...duh. The music always stops.


13) It's a SELLER's market

14) Only stupid idiots that have moved here for under 8 yrs, or are moving here from awful, poorly run, CRIME-ridden, high tax, cold states, think that the housing market is fairly priced or "cheap". These are the ones that actually think that a 250k house is worth 500k within one year. Blame them for being stupid, with more money and visceral decisions than common sense. It's not simply an issue of "supply and demand", it's more like "locusts, supply, demand and stupidity" transplanted from "up Nawth".




15) SEE NUMBER 2




Slow the invasion of stupid legal migrants, and stupid illegal immigrants to Florida, then the infrastructure will survive and the QOL will remain positive. Invest in sensible, practical housing options. If not, all bets are off.


I guarantee that if out of control migration ceases/slows, most prices will be normalized. I agree that most of the people now all over Florida now, are more stupid than ever.

You consider the above distilled?

[Jensen440]

Dumbazz, gray-haired "GrandMa", er the Secretary of the Treasury FINALLY


publicly admitted yesterday that she made a MISTAKE declaring that inflation would be


"TRANSITORY" ( she screamed late last year that it would be temporary )







What a foolish, dumb, out of touch of reality, so-called, econ/market-savvy EXPERT.




It's like folks who believe that these housing prices are not backing off, or even will back off





Yep, in my OPINION, the market is a SHORT. The Fed is going to put more shockwaves in the housing market.


By the way, any local and longterm resident of this area KNOWS that the area is much much less "snowbird". It's not Myrtle Beach. These people now are mostly becoming fulltime residents - moreso in Manatee.


Just wait, in a couple of weeks. Watch the Fed, Watch the bonds - they will tell you the absolute truth about trajectory.


Again, my opinion based on my own experience. GrandMa was/is wrong....I have been proven to be far more correct. We shall see. Don't watch the stock market. The stock market is never the economy - never.