Foreclosure in Florida>Question Details

Kevin, Home Buyer in Melbourne, FL

Prediction for the bottom?!

Asked by Kevin, Melbourne, FL Fri Sep 28, 2007

Based on your expert knowledge, when do you think Brevard county real estate market (Viera, Suntree, Bay Tree, Melbourne) would hit the bottom? Why?

Thanks,
Kevin

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9
You don't know you hit bottom until you can see it behind you.
1 vote Thank Flag Link Sun Jan 20, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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The "bottom" is a regional thing. There are already locations within the country where we are seeing appeciating values. As a point of reference, a couple of months ago, "Forbes" magazine identified the metropolitan area of Tampa, coming out this "correction" during the first quarter of 2008.

One might speculate, based on this, that NOW might be as good a time as ever. By waiting you could end up missing the boat.

Don't over look the Venice area, that is regularly recognized as one of the top locations in the entire country to relocate....based on quality of living: jobs, education, social & cultural experience, climate, etc. etc.
Contact "The Ecklet Team"
941-408-5363
1 vote Thank Flag Link Sun Jan 20, 2008
It is very hard to predict the bottom. However, please read the article at the following link to get some insight on the 2008 housing prediction from the National Association of Realtor's chief economist: http://www.floridarealtors.org/NewsAndEvents/n2-111407.cfm. Why are you interested in finding out when the Brevard County market will hit bottom? Are you waiting to buy? Are you in the market to sell? Palace Properties International is headquartered in Indian Harbour Beach, FL, and we specialize in the Viera, Suntree and Melbourne areas in addition to the beach side. Feel free to contact us.
Best,
Mark Palace, CEO/Founder
Palace Properties International, Inc.
http://www.PalacePropertiesOnline.com
321.773.5611
321.704.9305
1 vote Thank Flag Link Sun Dec 2, 2007
"you won't know the bottom until its behind you..." In other words, just buy! don't think about it just buy!!!

hilarious!

lets examine some facts:
1. continued job losses. (slower job losses still = still job losses, and climbing unemploymnet, not good for housing)
2. Increasing foreclosure filings.
3. HUGE state budget crisis in Florida (where these posters are, AZ, California, etc.) State budget cuts will lead to more job losses, more foreclosures down the road.
4. The highest number of vacant homes in history.
5. The highest percentage of rental vacancies since record keeping began, and established patterns of rental reductions in most areas.


No way in hell price drops are over. Maybe they slow down for spring, with the $8K incentive and foreclosure moratoriums, but expecting short term factors to completely reverse long term problems is blindly optimistic.
Yeah I know, nobody has a crystal ball. Judging by most opinions, apparently not many can understand simple economics either...
0 votes Thank Flag Link Mon Jul 13, 2009
Kevin, I'm in Daytona, so I'm only about an hour away from most of the locations you listed. I believe we're very close. For Daytona Beach, I expect to see it happen by summer. We've been steadily receiving more buyer calls since right after Christmas (2007). The sales have not increased yet, but just the fact that buyers are calling is a very good sign since all last year, the phone hardly rang at all.

Of course, the buyers are still expecting a deal. Nobody wants to overpay, and there's still a lot of uncertainty as to the true value of real estate. Your question is the perfect indication of that.

Nobody ever knows when we're at precisely the top, or the bottom. If we knew that, we could all be millionaires. But for "most" of Central Florida, I believe we're VERY close! And that's just my opinion.
0 votes Thank Flag Link Mon Mar 31, 2008
Kevin, This is a real tough question. The reason is by the time everyone realizes it hit bottom it maybe to late to get in. Right now inventory is at a peak. If you are thinking long term now maybe a great time. Also rates have dropped.
If you add the two together even though lets say in 1 year the property might drop a little more but the rates are higher bottom line your payment most likely will be higher than today.
0 votes Thank Flag Link Sun Dec 2, 2007
Hi Kevin.

Is the cup half full or half empty in concern to real estate values? I am believing it is half full and that the market will get better. I believe we have just about hit bottom and it's near time that the market will improve.

Generally real estate values increase at about 6 percent per year on average. In the 2005 market, my area saw an approximate 32 percent increase in values. Now, the market is trying to correct itself.

During the hot markets of 2004 & 2005, it was a sellers market. This was the result of very little inventory combined with many active buyers. (The buyers moved the market.)

Prices rose quickly, maybe a little too quickly.

Now that we are in a buyers market, we are seeing very little buyer activity. Ironic, isn't it? A buyers market with no buyers!

I believe one step towards getting out of this slump, is for any seller who does not need to sell now, to take their home off the market. Believe it or not in today's market, I've come across some sellers who want to test the market. They are not interested to sell now while our inventories are sky high. We can't test that. We need to sell that inventory.

Sellers now need to move the market.

When inventories go down, buyers come around.
Web Reference: http://www.MichelleCard.com
0 votes Thank Flag Link Fri Nov 9, 2007
Man if you ask me i think we're at the bottom now. I don't really know how much lower we can go at least in my area of the Northeast. The national average for decrease is 9.8% and in my area its closer to 11% but we're still selling realtively well and if you look at the data, its still the 4th best year in real estate since they started tracking the numbers going back to 1952. I think 2009 starts another good market. Maybe not exactly the 300% gains but definitely gains.
Web Reference: http://www.agentjustin.com
0 votes Thank Flag Link Tue Oct 2, 2007
Hello Kevin, I just wonder why everyone looking for the bottom?
As much as house prices are going down, there's never a bottom if you know and invest wisely.
Prices went down and will drop probably another 5-10%.... which you can negotiate with the help of a "Wise" Realtor!
Don't discard foreclosure or fixer-up if you're looking to invest.... ultimately check me out: http://www.hothomespot.com or check reference link.
0 votes Thank Flag Link Tue Oct 2, 2007
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