Soaring Home Prices in Trinity, Wesley chapel and Land O Lakes (Orlando: sales, real estate market)

[Swimmom32]

Just my Observation....I am a Realtor here in NJ and Real Estate and We too have such low inventory for certain areas and the prices have just gotten out of Control..Now for Florida We started looking in these Areas: Trinity, Land O Lakes and Wesley Chapel online back in August of 2016 after making our visit, now that we are actively looking I can't believe how much the prices of homes has and Is Rising along with the Interest Rates....I also see alot of low inventory for what we are looking for and it seems everyone is looking for the same lol...

We are heading down beginning of May to try and buy something, I am just hoping that the prices don't continue to rise too much and hope we can find what it is we are looking for..

[071402]

I dont understand it Swimmom either. Multiple posts about lack of jobs in the area, low paying jobs so how are homes being bought within 3 days of listing and prices bid up.

[Swimmom32]

Originally Posted by 071402

I dont understand it Swimmom either. Multiple posts about lack of jobs in the area, low paying jobs so how are homes being bought within 3 days of listing and prices bid up.

Exactly I just don't get it...Now I attribute it too all of us Relocating, but it is very disheartening...I know what I want to spend and am truly not happy with going over my budget, but honestly I do not want bidding wars and don't want to over pay for a home that heaven's forbid the market goes way down again because the prices are going up too fast again just my opinion, and be stuck that in 6 years or so if we go to sell the house won't be worth what we paid

[Swimmom32]

I think all of us moving to the same the Area, should have a meet up after everyone is settled and we can discuss the home buying Experience LOL

[lluvia]

Originally Posted by Swimmom32

Exactly I just don't get it...Now I attribute it too all of us Relocating, but it is very disheartening...I know what I want to spend and am truly not happy with going over my budget, but honestly I do not want bidding wars and don't want to over pay for a home that heaven's forbid the market goes way down again because the prices are going up too fast again just my opinion, and be stuck that in 6 years or so if we go to sell the house won't be worth what we paid

Have you considered renting for awhile and waiting out the inevitable bubble burst?
That way you could get a better idea of where you want to live.

[071402]

Originally Posted by Swimmom32

Exactly I just don't get it...Now I attribute it too all of us Relocating, but it is very disheartening...I know what I want to spend and am truly not happy with going over my budget, but honestly I do not want bidding wars and don't want to over pay for a home that heaven's forbid the market goes way down again because the prices are going up too fast again just my opinion, and be stuck that in 6 years or so if we go to sell the house won't be worth what we paid

Ya, maybe rent for a bit? Maybe large corporations (blackstone?) are buying up homes in the area.

[071402]

and the rents are high as well! But better than purchasing now and regretting it, ime.

[EngGirl]

I assume you all refer to very specific price range if you see low inventory. Getting something for what prices were 5 years ago from now is unreal. There are plenty of houses in 400K range though in mentioned areas both new and resales. And people keep buying it. The mortgage payment for 400K house with 20% down is $1600 a month. Some of new apartments in Wesley Chapel go for $2000 a months, so no wonder people are buying. Not to mention all apartments are full and have waiting lists!!!


Honestly I didn't see much difference in pricing for the last 1,5 years. And we will see more homes hitting the market as Spring gets here which is natural for real estate market.


I think we had a thread here from 2012 when we expected bubble to start busting, but instead sales and renting is going well!

[FLHfan]

Originally Posted by EngGirl

Honestly I didn't see much difference in pricing for the last 1,5 years. And we will see more homes hitting the market as Spring gets here which is natural for real estate market.


I think we had a thread here from 2012 when we expected bubble to start busting, but instead sales and renting is going well!

Home prices have increased dramatically in the last few years. A house down the street that sold four years ago for 155k sold last month for 220k and it wasn't a re-hab. My neighbor bought her house six years ago for 140k and she's thinking of selling. It appraised for 235.
We bought 18 months ago and have seen the value go up by 18 to 20%. The only thing not going up are empty lots unless they are on a canal.

I have been closely following home prices since I retired in '09 and I wish I would have bought then. Could have bought a house for next to nothing.

There won't be a bubble bursting like last time because a good majority paid cash for their houses since then. House prices could slow and even drop slightly but I bet we won't see huge depreciations.

[Spring Hillian]

Good ole' supply vs. demand at play. A friend bought a house in Orlando a couple of years ago for $155k. He says the current market there would allow a listing price around $250k.