Home Buying in 32738>Question Details

Rj, Both Buyer and Seller in 32738

I will be buying a 2000 sq ft new house in Deltona, Florida for $150,000. Should I have waited another year?

Asked by Rj, 32738 Sun May 18, 2008

before buying as there is a glut of foreclosures here and list prices are still declining?

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Answers

5
RJ- I understand your apprehension. But there's really no way of knowing for sure. But I don't think the home values in Central Florida are going to go much lower. I think we're very near the bottom of the downward slide. Unfortunately, we can't control the insurance companies and the lenders. Right now, it's what they do that will affect our future real estate values.
0 votes Thank Flag Link Wed Jun 4, 2008
RJ,

You are purchasing a home in the best selling price range in the area. In Daytona Beach, almost 60% of the homes sold are sold for less than $200,000. Inventory at that price level is much lower than inventory at higher prices.

Prior, to the crazed speculation that hit our area, financial planners were advising not to buy a home unless you planned to stay about seven years. This is right in the range that Bill mentioned below. The reason - with the cost of buying and selling, and under normal appreciation, you will not break even until the fifth or sixth year.

No one can call the bottom of the market. If you are in a good popular neighborhood and stay for awhile, you should be fine.

CenterPointe Realty
386-566-7503
lynn@lynnbyrne.com
Web Reference: http://www.lynnbyrne.com
0 votes Thank Flag Link Mon Jun 2, 2008
Yes, wait. This is the worst credit crisis, commodity crisis, oil crisis, housing crisis, ethanol misconception, presidential crises, war crises we have seen in many decades, at least in my 59 years. Bush has run our once great country into the ground and continues to deepen the hole daily and McCain is trying to continue the Bush trend into the future. Never take advice from someone who stands to gain from information they give eg. real estate agents. These people are professional inductive reasoning experts. They will tell you the market is picking up every step of the way. They NEED to convince people houses are selling in order to create a false sense of comfort. Just as CNBC creates a continual false sense of urgency in the stock market. It's not important to them whether you prosper or not, only that the ball keeps moving. So is the housing market with Realtors at the helm. Look around at the increasing monthly foreclosure rate. Make your own decision. Don't let others do it for you. It's obvious we are heading into recession and possibly worse. Have you EVER seen so many things as bad as they are at the same time? Each thing affects the other and the whole deal collapses slowly until it finally implodes all at once. Cash is king. Hold onto it, you might just need it soon enough. Ricko
0 votes Thank Flag Link Tue May 27, 2008
I agree with Bill. If you are investing in a home for yourself, this is a great time to buy. A lot of inventory to choose from and some attractive financing available. Trying to predict the bottom of the market is impossible. Before you know you are there, prices are on the rise and inventory drops. Most experts who watch trends have identified several recent occurrences which in the past have foretold of rising markets on the way.
0 votes Thank Flag Link Thu May 22, 2008
Rj,
No......That is, if you can consider yourself in it for the long haul-5-10 years. The problem today is immediacy. If you can maintain the course you will make out fine. However, if you remain in the "flip" mentality, as so many people have, you will opt out before you get a chance to recover.

Stay the course and you will be a winner, waiver and loose.

Good luck,
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net
0 votes Thank Flag Link Sun May 18, 2008
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