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.
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Mark Palace, CEO/Founder
Palace Properties International, Inc.
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...
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.
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.
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.
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.