Robert, Both Buyer and Seller in 11552

Need help analysing Wesley Chapel housing market.

Asked by Robert, 11552 Wed Apr 15, 2009

I have been studying the property market in Wesley Chapel in preparation for a relocation in the next 3 - 6 months. I have mainly been using websites such as Trulia, PascoGov, CnnMoney, etc.

Best I can tell, prices have dropped about 30% since mid 2006 and nicer houses are going for around $80-90 per sqft.

Given this, I would expect to pay around 300K for a newer 3500sqft house that sold for around 450K at the peak of the market (oversimplification, I know).

However, I am still seeing most of these type of houses listed in the high 300s, sometimes over 400K.

Is my analysis way off? Or are sellers still asking too much? Given the recent sales figures, I can't imagine that a lender's appraisal will come close to these numbers, especially when prices are forecast to continue dropping for at least another year.

Is there a huge difference between asking price and sale price?

(And please don't tell me to contact a realtor - I already know I need to do that!!!)

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Answers

6
It depends on the neighborhood, I have found that Seven Oaks has held its value better than most neighborhoods, could that be part of your confusion?
0 votes Thank Flag Link Mon Jul 6, 2009
Ha....I love the last line. Do we say that too much?

Anyway, the best thing to do is exactly what you have been doing, research!! If we are guilty of claiming that the market is turning, it is because we are optimistic, but I am attaching the numbers for you via a Link.

http://www.mfrmls.com/documents/4YrBoardStatHistory_TPA.pdf

Take a look for yourself and see what you think. The June numbers will be out on about the tenth and this same link should take you to them. As the inventory shrinks, the sales prices will improve, and so on. But if the inventory grows again, then we stay where we are.

I hope this helps and good luck.

Gary De Pury
Broker-Owner
Bay Vista Realty
Tampa, Florida
0 votes Thank Flag Link Mon Jul 6, 2009
Hey Kimberly,

It is really refreshing to find a realtor willing to concede that the market is still in bad shape. I am finding posts as old as 2007 claiming the market has bottomed out. Yet, the actual sales data shows that prices are still going down (even in desirable areas) and foreclosures are still high. I want a realtor who understands this and can find me a real bargain, even if that means I should wait another 6 - 12 months.
0 votes Thank Flag Link Sat May 2, 2009
It depends on the neighborhood, Seven Oaks is holding it's value where other neighborhoods have had bigger declines in their prices. I hope this info helps, please let me know if you have any other questions.
0 votes Thank Flag Link Wed Apr 15, 2009
Robert,
I won't tell you to contact a realtor considering I am a realtor in Wesley Chapel.
The sellers in our area are still asking too much for their homes in this market. The average home right now is on the market for 6 months to over a year due to overpricing. I have seen price reductions over $150,000. Also the sales price to final (last) listing price is about a 10-20% reduction depending on the area the home is located. All a buyer can do on the overpriced homes is make an offer comparatable to what other homes in the area are selling for. Your Realtor would do a CMA to give you an idea of fair market value and give you an idea of around what you should be paying for a particular home based on the current market situation. If I can be of any further assistance please let me know. My website link is below

Kimberly
Web Reference: http://www.kmillhomes.com
0 votes Thank Flag Link Wed Apr 15, 2009
Robert,

What you are finding on the websites you are visiting is "lump-sum" statistics. Real estate is still location, location, location. What you need to do to get a very good approx. of what is happening in the area you want to be living is get the statistics at a subdivision or development level, not a city or area or county one, which is what you are getting with the websites you mention. Their job is to get you to sign up with them. Only a knowledgeable and responsible realtor that has patience will be able to give you what you need to know. It looks as if the subdivision you would like to be in is one of those that is called "desireable", which means location, location, location and where the properties are not dropping as much as in other areas.

Please let me know if we can help further.

Bill Szydlowski
The Szydlowski Team
Future Home Realty
813-323-4443
Web Reference: http://www.tampamyhome.com
0 votes Thank Flag Link Wed Apr 15, 2009
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