Market Conditions in 32792>Question Details

Jay, Home Buyer in Orlando, FL

We have been looking at homes in the Lake Howell High School district. This area covers parts of

Asked by Jay, Orlando, FL Mon Apr 21, 2008

Winter Springs, Oviedo, Casselberry, and Winter Park. I understand that this is a large area and home prices can vary greatly, but it seems that this area is behind other areas in the home price decline. My question: Is this area historically more stable or is it just lagging. Having moved from Lake Mary last year I know that the Lake Mary area has been hit hard, and I am just not seeing the same reduction in prices in our target area. We are looking at 4 bedroom, 2 bath, 2 car garage, pool homes. I have seen everything from $165 a sq. ft. to $106 a sq. ft. with recent sales being the $106. Realtors are of course upbeat about the area for the sake of making a sale declaring that we are at the bottom and there is no where to go but up. I do not believe we are there yet.

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It is important to realize that Real Estate is Local, by that I mean what is going on in one area may not be the case across the street.
Every area seems to have been hit with declines,are we at the bottom.I sure do not know. I hope we are,but more importantly what are your needs.Where do you need to be relative to schools,work,shopping etc.
Find an area you like and do the research. Then go look for the best deal. Selection is good right now.
Hope this helps.
0 votes Thank Flag Link Fri May 23, 2008
When looking at single family homes in Seminole County, it seems that all areas are on the same timeline. There are just some areas that are hit a little harder than others.

I would tend to agree with you, that we aren't yet at the bottom, but it seems as if we're nearing it, because sales are picking up, as well as pending sales. Only time will tell.

If you're trying to time the market, be careful, because even a 10% additional drop in prices will on average be offset by only a 1/2% increase in mortgage rates.
0 votes Thank Flag Link Mon Apr 21, 2008
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