Home Buying in Panama City>Question Details

Valeriya, Home Buyer in Panama City, FL

Is it a good time to buy a house in Florida now?

Asked by Valeriya, Panama City, FL Thu Dec 27, 2007

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17
Valeriya - you are asking people that make a living selling real estate. Most of us will answer "absolutely", but it really depends on your particular situation an how long you want to hold the property for.
Trump says....."buy when no one else is buying".
4 votes Thank Flag Link Thu Dec 27, 2007
Y E S !

There really is NEVER a bad time to make a good decision.
3 votes Thank Flag Link Thu Dec 27, 2007
Of course it's a good time to buy a house in Florida .. would you expect any realtor to tell you anything different.? .l.o.l..

I lived there for 17 years so It depends on where and what area ... East coast West coast.? Miami living, or the traffic soaked area's of Orlando, or maybe those great quality golf courses in the panhandle.?

As far as "real cost" .. the cost of insurance premiums is one big number because of the hurricanes that battered the state in 2004/2005 -- they didn't call it the "blue roof state" for nothing.!

What you need to check first is the cost of homeowners insurance, flood insurance and hurricane coverage .... folks that were paying $700 a year are now paying $1,900+ .. other folks that were closer to wet areas were paying $1,200 a year are now facing $4,500+ a year and the deductibles runs high -- plus renewals go up, not down ..... so look hard and look long.


Good luck.!
2 votes Thank Flag Link Tue Jan 8, 2008
Valeriya,

I think it depends on where and what you are buying. Right now, in North Port you can get a 3/2/2 with almost 1700 sq ft under air, garden tub, walk-in shower, high ceilings, big lanai, fence yard, built in 2002 for $130,000. In my opinion, that is a great deal!

The question is, how much lower are that prices going to drop? I don't think anyone knows that answer to that right now.
Web Reference: http://www.twomoores.net
2 votes Thank Flag Link Mon Dec 31, 2007
Valeriya, RIck and Ines really hit the nail on the head. You are asking Real Estate agents who get paid when you close if it is a good time.
My suggestion is ask around Panama City for a Professional FULL-TIME Realtor who has been doing this for a long time. In every market their are great buys but it comes down to you have the proper representation to identify when it truly is a great buy.
1 vote Thank Flag Link Sat Dec 29, 2007
Now you can find very good deals. I live in Maryland, but I paid $29K in March 2010 for foreclosed 2beds/1bath condo in the Residence Condominiums, Residence Dr, Fort Myers and rented it out. This condo was built and sold in 2005 for $125K and was assessed for tax at $147K in 2006. You can find good SFH at a little higher price still under $50K. I can not imagine that prices can be better for buyers than now. Anatoliy
0 votes Thank Flag Link Mon Mar 28, 2011
Yes, it is a good time to buy a house in Florida!
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Fri Oct 15, 2010
There is much debate over the question, is now really the time to buy? In Southwest Florida, yes it is. It is definitely a buyer's market. Interest rates and home prices are extremely low. There are short sales, foreclosures and normal sales. There are plenty of homes to choose from in a variety of price ranges. Whether you are a local, an investor, a snow bird, a retiree, a first time home buyer - there is something for everyone.

Another question that comes to mind is, should you rent or should you buy? Some people say you are throwing your money down the drain when you rent. But there are some instances when you have to rent. Some people can never qualify for a mortgage and others are just not meant to be a home owner. Overall it is almost always better to own your home rather than rent. You build equity and you can write off your mortgage interest.

People that lost their homes to a short sale or foreclosure will not be able to buy for another 2-5 years and are forced to rent. A lot of other people are also choosing to rent rather than buy. This is having an enormous effect on economic recovery. What is holding them back? People need to be able to save enough money for a down payment and qualify for a loan. Some people are looking for a new job, a better paying job, or waiting for a promotion or raise.

If you are thinking about buying now, meet with a lender to see if you qualify. Then take that leap while the market is good for buyers. Again, interest rates and home prices are the lowest they have been in years. Now is the time to buy in Southwest Florida.

Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL - tammyhayesre@gmail.com
0 votes Thank Flag Link Fri Oct 15, 2010
Great question Valeriya. I wrote a four part blog on this question -- whether it is the right time to buy. It is not Florida-specific but rather gives insight into the entire decision making process to help you come up with a well-considered answer that works for your situation.

Link below. Good luck!
0 votes Thank Flag Link Tue Oct 12, 2010
Right now it is a great time to buy. This is a buyers market. A lot of inventory and good prices.
0 votes Thank Flag Link Tue Oct 12, 2010
posted, Thu Dec 27 2007, 09:27 - Panama City....?
0 votes Thank Flag Link Thu Jun 26, 2008
Valeriya you only have to find a profesional realtor to provide all the information you need, depending what area you are looking to buy ( Orlando, Davenport, Celebration, ) this areas are very close from Disney, 50 minutes from the Beach.
Dacia Dixon
321-437-6205
diselad@aol.com
0 votes Thank Flag Link Thu Jun 26, 2008
Valerija,
Even though Mott has recieved more than his share of "thumbs down," I agree with his simple but so true statement. As a clarification, Mott is saying regardless of market conditions there are opportunities that represent value. If you are a smart buyer, the condition of the current market can be minimized and value realized......
0 votes Thank Flag Link Sat May 24, 2008
Buyers are starting to buy here in Cocoa Beach. There are twice as many pending and closed sales in the Cocoa Beach area now. Please visit my blog at http://whatshappeningnowincocoabeach.blogspot.com for more details.

If you are interested in Florida's Space Coast property, call the McCoy-Freeman Group, the number 1 sales team in the Cocoa Beach area for professional market advice.

Thanks,
Bobby Freeman
McCoy-Freeman Group
RE/MAX ELITE
321-693-1694
info@brevardrealtyconnection.com
0 votes Thank Flag Link Sun Apr 20, 2008
Absolutely! Especially in Panama City Beach. You can get more for your money than you have been able to get in 5 years or more! For example, you can buy a 2 bedroom beach front condo in a NEW complex around $300,000. You can buy a 2 bedroom beach front condo in an older complex in the lower $200k's! If you're interested in the Panama City Beach area give me a call, or check out my web site.
Web Reference: http://www.amandacorbin.com
0 votes Thank Flag Link Sun Apr 20, 2008
Valeriya, this is a GREAT time to buy in Florida. If you are interested in an area that is more rural and only one hour to Orlando, Daytona and Ocala, please visit my website. I specialize in Lake County real estate and we have many homes to choose from. There are lakefront homes, equestrian property, resales in subdivisions and more. I would be happy to send you an information packet about Lake County. You can email me at ljones@neilfischer.com and I can put one in the mail to you to help acquaint you with my area. Good luck in your search!
0 votes Thank Flag Link Tue Jan 8, 2008
Valeriya, I am a full time real estate professional in Panama City, FL. It would be my pleasure to assist you in making the best possible decision for YOU. I've been in real estate in Panama City for a long time... been a resident here since 1984. The decision when to buy is totally up to you... the thing that I can give you is complete detailed information and negotiating strength. This will help you to make the right decision and get the new home you want at the best price.
0 votes Thank Flag Link Sat Jan 5, 2008
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