Condo financing continues to be an issue. Even with the FHA change that allows a higher percentage of investor owned units, many banks don't want to finance condos.
With interest rates likely to rise, prices already rising, yesterday was a better day to buy than today and it's a good bet that today is better than tomorrow.
Future Home Realty
So bottom line it is supply and demand that determines the market price.
Factors that affect demand are the ability to obtain financing. Many owners who may want to buy a 2nd lower priced home may be unable to because lending guidelines have gotten very strict so even if they plan to rent out their existing home they cannot include the rental income--unless they have at least 30% equity. Many people have zero or negative equity.
So the only way I see out of this Real Estate pit is either hyper inflation or if our "leaders" do something very creative like immediately open up our borders to higher net worth immigrants with the requirement they must buy a property.
So unless something is done (or inflation goes sky high) my guess is we will continue to see real estate prices decline for many years to come.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Many banks got burned multiple ways lending on condos--especially in FL, CA, AZ, and NV--so they're leery about lending on them. In cases where they're willing to lend on them, I've seen several ask the borrowers to put down at least 20% to 30%. Your mileage might vary.
Good morning. New Port Richey was â€˜hitâ€™ no harder that any other Community/town within the area. Also keep in mind there are several different Community types located in NPR from in-City Single Family, the Waterfront/Boating Communities of Gulf Harbors to the West and the â€˜Trinityâ€™ areas to the East.
Regarding Condo prices, this also depends on the area of NPR that you are referring to- again, in-land or Waterfront.
Yes, prices have gone down, and may continue into the second and third quarter, but if you are considering buying, depending on your desired price-point, a 10-20% drop will well make itself up when the market rebounds for its always better to buy on the way down, that on the way up.
Please feel free to contact me directly if I can assist you further.
Steven Zimmerman Realtor ABR GRI / GULF HARBORS Resident & Specialist / Belloise Tropical Realty