Market Conditions in 33706>Question Details

John Brink, Real Estate Pro in Sarasota, FL

Do you feel that we have bottomed out on home prices yet?

Asked by John Brink, Sarasota, FL Tue Jun 9, 2009

According to the National Association of Realtor's Chief Economist, the Florida Real Estate market has found a bottom within the $150,000 (or less) home price category.

Help the community by answering this question:

Answers

6
Timely question so today, November 11, 2011 there are still a few unkonowns that could lower our prices again. We know that the banks are holding on to inventory they foreclosed on earlier. So even though our current inventory appears to be stabilizing in pricing we must watch carefully to see what the banks are planning to do with their inventory. Two weeks ago I did some research and found 84 properties over the price of $500K along the beaches (from Passe-a-grille to Madiera) that are in the foreclosure process but have not yet been taken over by the banks. How those properties are going to affect property prices remains to be seen. I think we can all say that if prices are lowered the percentage of decrease will not even come close to what has already happened between 2008 and today.
0 votes Thank Flag Link Fri Nov 11, 2011
Hi John,

A broker I once worked for gave me this piece of advice. "You can tell when we hit the bottom once were back on top." I'm not sure about the market in Florida but in California unemployment is on the rise and so are mortgage defaults, I think prices might just dip a little more in the future.

Thanks!

Chris Blasic
Realty World & Associates
0 votes Thank Flag Link Sat Aug 7, 2010
Hi John. I'm with Sherry. Never ask a real estate agent that question. They will pull every published indicator off the shelf to show you how wonderful the market is with prices 'just about ready to jump'. BS, plain and simple. Just like Sherry writes, it's all about jobs. And Senor Obama is not having success at creating any. Thank G-d he's a one-termer, then maybe things will start to turn around.

So the answer is NO. We have not bottomed out on prices yet. I see 100-200 price reductions per day in my little area.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Sat Aug 7, 2010
Hi, Come on - really?!? Let's look at this article just posted a view days ago where a LARGE employer is laying off over 500 workers in Tampa becuase they are outsourcing to India. These are people making over 100 thousand per year. Do you think there are any place for these folks to go - no. Great job Obama. Change!!??!?! I'm sorry to report that the economy is not turning around. Hang tight to your money - it's about to really get ugly. Trust me. http://www.tampabay.com/news/business/pricewaterhousecoopers…
0 votes Thank Flag Link Sat Aug 7, 2010
John, that does appear to be the million dollar question. Here in Pinellas County there are solid indicators that some areas and segments have detected bottom. I am seeing this reflected in multiple offers for listed homes AND destressed properties selling at or near the price of non-distress homes and decreasing inventory. Some select commuities are actually exhibiting improvement. Market segments such as Townhomes and Condos are not shining brightly at this time.
If we actually see the Tax Credit monetized and some real mortgage restructure options for the distressed homes on the horizon...things should be getting better.
Annette Lawrence
ReMax ACR Elite Group, Inc
727 420-4041
0 votes Thank Flag Link Tue Jun 9, 2009
Well John, your guess is as good as mine. Here in St.Pete Beach, Treasure Island and Madeira beach inventory is flying off the shelf. We have a ton of Waterfront homes and condos under contract and they will close soon. Doesn't matter what statistic I look at, they all show in increase of sales over the last few month. Great deals, Short sales and pre foreclosure properties are getting less and less. I think prices have bottomed out but we will probably not see it until all the under contract homes and condos have actually closed and the sales prices are reported.
0 votes Thank Flag Link Tue Jun 9, 2009
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