Home Buying in Tamarac>Question Details

ltrivone, Home Buyer in Tamarac, FL

With the real estate market down right now, do you think it pays to look for a place and hold onto it for about 8 years?

Asked by ltrivone, Tamarac, FL Wed Mar 6, 2013

We are thinking about retiring to Tamarac, Fl. I am now 53 and have about another 9 years to work. With the real estate market down right now, do you think it pays to look for a place and hold onto it for about 8 years? We will be relocating from New York.

Help the community by answering this question:

Answers

10
A very good time to buy! You cannot go wrong. The real estate market has been coming back for sometime now. Remember you buying something that appreciates. Not like a car that depreciates the minute you drive it off the lot- ouch! ;)
0 votes Thank Flag Link Sat Mar 9, 2013
I think it is a great time to buy. I believe in 8 years home prices will be much higher.
0 votes Thank Flag Link Thu Mar 7, 2013
Sounds good to me. Eight years, you'd've paid off 20% of the mortgage . . . actually, your tenants would have helped you pay off 20% of the mortgage, plus you could have some serious tax advantages . . . call your CPA tomorrow and talk it over!
0 votes Thank Flag Link Thu Mar 7, 2013
Which real estate market is down ? Right now every home listed in south FL that is nice and under $300,000 is getting multiple offers in a few days. With prices going up and mortgage rates going up it is definitely time to buy.
Web Reference: http://www.GaryLisa.com
0 votes Thank Flag Link Wed Mar 6, 2013
Great question and I am asked this a lot,
The ideal situation is 'buy low' - 'sell high'.
With our inventory being low in many parts of Florida coupled with the declined market, it's still a great time to invest. Holding for 8 years is your personal choice but I can tell you that if you're from the 'big apple' purchasing in 'sunny south' , you may want to keep this home for much longer since at retirement age we tend not to bother moving every 7-8 years. Once your home is paid off, it becomes an investment to hand down as I have experienced with my other NY clients.
Good luck!
0 votes Thank Flag Link Wed Mar 6, 2013
Yes absolutely, especially if you are going to either use it yourself for vacations, etc and or rent it out.
0 votes Thank Flag Link Wed Mar 6, 2013
Sounds like a good plan to me
I bought my 1st rental in Sunrise in 1987 and still own it (among other properties I bought along the way).....

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com
0 votes Thank Flag Link Wed Mar 6, 2013
At this time, many Florida real estate locations are demonstrating value increases. Homes in locations that benefit from proximity to water, golf courses and attractions, or possess exclusivity such as gated, high end communities are fully recovered. (Take a look at my "Market In A Minute" Report for Scotsdale Bluffs in my blogs) .Scotsdale is just a well maintained community that lacks ALL of the aforementioned attributes. The real estate fire sale if Florida ended over a year ago.

Whether buying and holding for 8 years will prove profitable depends on the property you choose. If you buy a cheap property, it will be cheap when you go to sell at some time in the future. Buy quality real estate now, while prices are lower (they will continue rising) or wait 8 years and buy at the fully recovered prices.

You do not disclose if you are looking for a single family home or a condo in a 55+ community. The property you choose will dictate the best strategy. A solid single family home in the right location that you can rent for 8 years, then fix up for your retirement enjoyment would be an EXCELLENT approach.

You should give a Tamarac Fl real estate pro a call. If you are serious, call.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420. 4041

Home tour Scotsdale Bluffs
http://youtu.be/KTuVUxNDpOQ
0 votes Thank Flag Link Wed Mar 6, 2013
Hi,

That all depends on whether you're planning to rent it for the next several years or use it as a vacation property. Many communities have restrictions on how long you must own the property before they permit you to rent it.

Another thing to consider is although the market may be down now, none of us has the crystal ball that shows us what will happen tomorrow or 5 years from now.

Are you looking for a single family house, condo, or townhouse? What is your budget and how large a place are you looking for?

Please contact me directly and I will be happy to help you find something that you like.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Wed Mar 6, 2013
That is what most of my clients are doing. The answer is a big Yes. In most cases you can't build homes for what some are going for. Note that prices are increasing.

Best of luck,
Nancy
0 votes Thank Flag Link Wed Mar 6, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer