Now is it a great time to buy? Based on prices it is, if you slice out '03, '04', '05, '06, '07 and the first half of '08 and slide the second half of '08 back to '02 you have homes prices where they should be.
I have a buyer who placed an offer on a home (damaged) listed at 220,000 and we placed an offer of 180,000 with 30,000 in escrow 2 week close. This is an REO (bank owned) they came back with "Send us your highest and best", alright lets go 184,000 with 30,000 in escrow and 2 weeks to close, again asked for highest and best, I recommended we move on, the buyer did.
.60 on the dollar on this one would be 132,000 - wonder why the BANK didn't take .836364 on the dollar (give or take .10 cents) ?
Now did you hear that Fannie, Freddie and Citi are working out over 1.2 million distress loans as of Tuesday? That is what this industry needs to stop the slide, and we need first time buyers, move ups and downs and relocation moves to get this inventory down and again stop the low ball offers from investors.
Realtor's are not making up the sold home numbers of the last few months, we cannot make buyers sign a mortgage note, they see opportunity and that is smart buying.
And as far as pricing is concerned I don't understand the honesty thing as I can show you thousands of honest Realtor's who "UNDERSTAND THE MARKET", and that is what I think you meant instead of the word honest.
You best Real Estate Agent is one who is a full time agent, understands the market, researches daily and expands their knowledge by attending classes and seminars and reads their trade mags and has listings and is selling more than a home here and there.
Broker, GRI, e-PRO
Heirloom Rose has some rather large homes(4000'+) originally they were selling upwards of 600-800k and are now priced in the low 400's. Some believe the market is still falling but I contend if a neighborhood has already resold most of the homes it will be largely over for that area. When the short sales and foreclosures stop in a community the prices will stabilize and even climb.
Everyone wants to buy low and sell high in reality only one person will achieve that perfectly. Right now the low on Heirloom Rose for the big homes is $395,000 with the next lowest at 419k. Do I think rates will fall below this? probably not but who knows? It is a nice area with beautiful homes. The people living there take pride in the area and keep up the community.
Is there something "wrong" with the area no it's pretty normal and an upscale community in Oviedo which has the best schools in the area. It is a great choice for many. Here are some possible cons, it is a bit rural for those that like to be closer to the city. It isn't close for those that work at Disney or Universal so some commutes would be long.
Oviedo has the best schools in the area
new and very clean
Closer to the Eastern Beaches
and remember Oviedo has the Chickens
Sanctuary in Oviedo is one of the top neighborhoods, Live Oak is also very nice as are a few select others. For homes in the 200-500k range, from 1500'-4500' it offers a lot.
All the best,
Apexone Realty, Inc
The things mentioned are true and they are bad for the market. However it's the same stuff we've been hearing for the past 2 years now. ARM's resetting, and lenders staying away from subprime....Lenders haven't touched "subprime" in years, ARM's have been re-setting for years and will continue to. With the exception of the fact that like broker dave said, all these lenders are actively starting to modify every loan that looks like it could be in risk...turning those ARMS into fixed rates owners can afford.
Will prices keep heading south for the next few months, YES and no. The only two factors you have to look at to see where prices are being pushed are supply (number of homes for sale) and Demand (number of people buying). In the bigger picture, talking about the Orange and Seminole County area's together there are still 10-14K more homes on the market than there would be in a stable market. And there are a bit over 1300 people buying every month, you can do the math from there.
It's my opinion that he past 12 months was probably the worst part of the price drops. Banks were slowly having to foreclose and got more and more cash strapped, dropping their REO homes prices quicker and quicker to raise capital they desperately needed. Bringing the whole market down with them. Now they are getting bailed out, and actively trying to stave off foreclosures they could have avoided, you actually aren't seeing banks accept offer for .60 on the dollar....maybe from peak prices, but those prices are irrelevant anyway, they are looking for as close to TODAY"S price as possible and now have some breathing room to wait for them. Nonetheless Prices are still being pressured downward due to high inventory. On the smaller picture, locally, there are area's with a very good balance of inventory and demand. Particularly area's that weren't overbuilt during the boom, with great schools, and prices already inline with incomes. Many right here in Orlando, that I don't see further price declines likely at all.
On the bright side, the demand part of the equation is coming back pretty well. Sept of 07 barely 900 homes sold, Sept 08 up to 1300+, Oct 07 - 1090 homes sold, oct 08, even with ALL the news coming out about a bad economy, stock prices PLUMMETING and bailouts Galore, buyers were still up to 1199 sold. There is a pent up demand out there, once something breaks in buyers minds the sales numbers will grow and the inventory will be eaten up quickly. When that happens who knows. What I do know that is a TON of the inventory out there is "bad", bad condition and/or bad location. Those properties will be the last to go.
So if you were looking for a place to call home for the next 5+ years, NOW is the time to buy. Not because you will make a ton of money when the market snaps back (I don't think a "snap" will happen anyway), but because you actually have the choices out there right now, and usually some time to think over the choice, to pick your HOME. Whether it be the perfectly manicured, upgraded, and upkept house you can move right into, or the run down foreclosure at a great price you can put some elbow grease into.....You have choices.
(though on the run down house end, you have even more the luxury of waiting for the one in the best location)
Plus prices in some area's have gotten so low, investors can actually cashflow rental properties they can buy with a decent amount of $ down. Once real investors start picking off the low lying fruit you'll see a solid bottom in prices. And that's already starting to happen. I've read several articles of "vulture funds" coming together to start buying rental properties. People aren't making money in stocks or bonds anymore, some will go back to owning Real Estate.
You may see prices drop another few % over the next 2 years, but in my opinion, from what I see in the market the drops probably won't be big enough to worry about, and won't be so severe you won't make up the appreciation over the next 3-4 years. Just don't buy more than you can afford!
Anyway, that's my biased "Rosed colored glasses" view of things. If Unemployment hits 15% or the banks start failing again, all bets are off. Nothing is 100% a sure thing. Just telling it the way I see it.
I wish I had your crystal ball.
Also wish I had bought gold at $950.00 an ounce a couple of months ago when the sky was falling then and every TV commercial and pundits on TV said the end was near. Gold today is $744.43
Just watched the head of C-21 on CNBC and they asked about the market, is it going lower or have we hit bottom, he also stated if he had a crystal ball to see this he would give exact information but can't, can only give what i happening today and quote historic data.
What industry do you work in nonrealtor?
Broker, GRI, e-PRO
"I am sOOOooooo tired of the rose colored glasses that are being worn by the RE agents. I would like to know how many of them are taking this AWESOME opportunity to buy all they can? Are they not reading the economist's reports? It seems that everyone in this country knows it's going to get worse but the real estate agents. Wonder how that happend?
We have all the worst factors coming together at once. Alot of ARMs are resetting, homes that aren't worth what they originally appraised for 2-5 years ago, and Lenders that are being leary of subprime. Not to say it is
" The Perfect Storm" but it's starting to look like one.
I am not saying you can not get a good deal right now. I am in Orlando, Florida and am seeing banks nervously dumping properties as low as 60 cents on the dollar. Would I buy at 10% below an appaisal value = NO would I buy at 60 cents on the dollar .... OF Course!
The jury is still out on the question that whether or not the realtors are being misleading to move inventory or just plain "they don't understand"
WELCOME â€¦welcome to Florida. You certainly made the right choice considering purchasing a home in Seminole County. I sell homes in many of the local counties, but I always love to come home.
I live in The Sanctuary. I love it.. The amenities provide an outlet for me and my family to have quality FUN time. Nothing is wrong with this community. As others have stated when the market peaked in 2005 it was a buying frenzy. Just as in other communities the purchase prices increased and investors/buyers were using creative financing to obtain loans for multiple homes. By the time the construction of the home was completed the market cooled off and the investor were in a bind. So here we are today with buyers like yourself being able to purchase these lovely homes in this desirable neighborhood.
You will find majority of the owners in the Sanctuary are more than satisfied. Of course there are always those few who will never be happy.
Please give me a call or e-mail. It would be a pleasure to assist you and your family in finding the perfect home.
Rachael Wilson â€“Realtor
Coldwell Banker Residential Real Estate
400 Park Avenue South, Ste.210
Winter Park, FL 32789
There are many nice neighborhoods in Oviedo, with the Sanctuary being one with some of the newer homes. Live Oak Reserve, built by Engle, is also a very nice community, although the homeowners in there have just been hit with a special assessment.
If you are not working exclusively with a realtor right now, I would be happy to help you find your next home. I can be reached at email@example.com or at 407-760-4573. Hope to hear from you soon!
To help in researching take time to visit http://two4oneoforlando.com where you can search REAL TIME MLS, giving direct access to all resale homes listed for sale in the Orlando area. While your there get a 'Free Market Snapshot' on any Central Florida neighborhood, this should help with your home buying process.
Broker / e-PRO
The Sactuary is a rather new development and has had its share of investor foreclosures ( as most places have). Like many newer communities there were a lot of investor activity and now that the market had changed there are many homes either in foreclosure or distressed.This is most likely what you are seeing. It is a great community.
Check out this link to the Sanctuary.
Karl "Doc" Mooney
Sand Hill Property Partners
an affiliate of ParkLand International Realty, a full-service real estate brokerage
1000 Drift Creek Cove
Orlando , FL 32828-6183
I was just showing homes in there on Sunday! There are a few homes for sale but it's also a very large community so the amount of available inventory isn't at all out of line with the market in general. I can tell you that I had a client who was relocating from Charlotte and The Sanctuary was their favorite neighborhood in Oviedo. The biggest problem we had was that every house they had on their list of favorites sold rather quickly and none were still for sale when they got a contract on their current home in NC!
The area has great schools and good access to major roadways. There's plenty of shopping and restaurants and a regional Mall (Oviedo Marketplace) within a very reasonable distance. I have dozens of clients who have chosen to call Oviedo "home" and I've never had anyone say anything but positive things about living in this city or in The Sanctuary.
I included a link to the Crosswinds web site which is loaded with links about anything you'd like to know about the community and the area! Copy and paste this in your browser if it's not a "hot link" when you see it on Trulia. http://www.crosswindssanctuary.com/
Please let me know if you have any additional questions.
Marty Hunt, RealtorÂ®, ABR, CRS, GRI, e-PRO
Realty Executives Orlando
Office: (407) 869-7779 Cell: (407) 619-2640
Toll Free: (888) 412-8681 Fax: (407) 478-1351
Web Site: http://www.MartyHunt.com
It is still a very nice community (I personally like Live Oak a little better though), good schools, low crime, new construction. It was just one of those communities hit a little harder than others. I personally think it would be a great time to buy in there because as soon as all those foreclosures have worked their way through the market (which they certainly will at the prices they are approaching), the neighborhood will come back, and you would have bought while the prices where still depressed below fair market value because of the current conditions.
I've seen alot of interest in The Sanctuary and Live Oak in just the past few months and many of those foreclosures/short sales are selling relatively quickly, a few with multiple offers. I'm sure there will be deals to be found around Oviedo for the next 6 months or so, but I'd certainly be kicking myself if I missed a good foreclosure deal and no more where coming on the market in the area I liked.
Just my two cents.
As far as the Sanctuary, there is nothing "wrong" with the community. Like many other communities built in the mid 2000's when speculative buying was rampant and consumers were qualified for homes more than they should have been, this community was where many investors purchased and where Buyers chose to build.
Now that the market has softened and some homeowners have adjustable rate mortgages that they can no longer afford or investors have not been able to sell their investment homes, you will find that there is more for sale...not just in the Sanctuary, but in many newer home communities.
When you do purchase, it is important that you have a Buyer's Agent, who can provide professional representation and can share with you the trends for the community and help you to make an educated offer. I have successfully represented many Buyers in the Seminole County area and would be happy to guide you through the process.
If you are not currently working with an agent, I'd be happy to schedule some time so that we can talk over the phone or meet in person to discuss your timeline, expectations and financing abilities.
I can be reached at LaShawn@LaShawnNorden.com or at (321) 377-0157.
Have a great day!
LaShawn Norden, PA, REALTOR, ALHS
RE/MAX Central Realty
"The Only Florida Native You'll Need!"