[JimKing]

Who said this? A long time Century 21 broker, the last person you would expect to admit it.

""Sheryl Jones of Century 21 had 60 single-family homes to rent last year. This year? She has 130.

"It's a buyer's and a renter's market in Florida now," she said.""

Another Florida broker turned real estate investor said:

""To compete in this market, real estate investor Fred Myers has to keep rents low, negotiate for less than his monthly costs and even offer the first month free.

"I've got mortgages for $2,700 a month, and I'm renting a 3,000-square-foot (house) for $1,200. I'm upside down," Myers said.""

Like I have been saying folks, be very careful buying right now.

[cmj_fla]

At the same time tough you can find those people who have gotten in over their head a few years ago and want out and are selling their houses below market value. The house we are purchasing is a 3 bed 2 bath 1250 sq on 1/4 acre that has a market value of 199,000 and we are getting it for 169,000 and at a below prime interest rate. My point is, there are some great deals out there right now - brand new homes in our area for around 200,000 that were 250,000 a year ago. Sellers are getting a little desperate and that means negotiating a price for a buyer is easier. Yes, renting would probably be cheaper (but not much in my situation) but there is nothing to be said of the pride of ownership and no greater investment then into your home. This is just my 2 cents as a current buyer who is very happy.

[tallrick]

Originally Posted by cmj_fla

At the same time tough you can find those people who have gotten in over their head a few years ago and want out and are selling their houses below market value. The house we are purchasing is a 3 bed 2 bath 1250 sq on 1/4 acre that has a market value of 199,000 and we are getting it for 169,000 and at a below prime interest rate. My point is, there are some great deals out there right now - brand new homes in our area for around 200,000 that were 250,000 a year ago. Sellers are getting a little desperate and that means negotiating a price for a buyer is easier. Yes, renting would probably be cheaper (but not much in my situation) but there is nothing to be said of the pride of ownership and no greater investment then into your home. This is just my 2 cents as a current buyer who is very happy.

If you find a house for 169,000 and are earning 50,000 a year family income you're doing AWESOME! Youi can't even find a ghetto condo for that price in south Florida.

[Floridabound09]

Finally I see this posted. Thank you!
I have been thinking with dropping prices and too many homes being built, something had to give.
It's a buyer market and will be far better later on in the year. But yet they are still building. Definetly an advantage for a buyer!

[kel3420]

I am surprised to see how few buyers incentives there actually are. Sellers that offer incentives either to homebuyers or agents will have more people thru their homes and in a faster period. If and when we decide to move to Florida, I will definately offer an incentive. In a buyers market, you need something that makes you stand out, whether it is money towards closing costs, plane tickets, something - to get people to the house. Ideally, offering a certain amount of money for the agent who gets a contract that closes within a certain amount of time has worked in the past. I just don't know if I am comfortable rewarding the agent and not the buying homeowner.

There was something on CNN just this morning, about real estate. It stated, to expect the market to drop another 20% in Florida - so now I am really leary about buying there and perhaps just sitting on my house here for awhile longer.

[macguy]

Originally Posted by kel3420

I am surprised to see how few buyers incentives there actually are. Sellers that offer incentives either to homebuyers or agents will have more people thru their homes and in a faster period. If and when we decide to move to Florida, I will definately offer an incentive. In a buyers market, you need something that makes you stand out, whether it is money towards closing costs, plane tickets, something - to get people to the house. Ideally, offering a certain amount of money for the agent who gets a contract that closes within a certain amount of time has worked in the past. I just don't know if I am comfortable rewarding the agent and not the buying homeowner.

There was something on CNN just this morning, about real estate. It stated, to expect the market to drop another 20% in Florida - so now I am really leary about buying there and perhaps just sitting on my house here for awhile longer.

Isn't this a national thing? You figure to lose more on your current house as well as time go by.

[geee]

Originally Posted by macguy

Isn't this a national thing? You figure to lose more on your current house as well as time go by.

I actually think it really depends on the area. The problem/good thing about Florida is that there is still land to be built on in the future. Due to that fact, there is still lots of new construction and almost new resales. Where I live (Long Island, NY) land and property is finite (I know, I know it's finite everywhere - but I mean built out) - and there are still people who want to live a "desireable" areas - sooooo - if your house is priced correctly and it very good condition - it WILL sell. I'm sure this goes for many areas - not just here. This being said - the most important thing is that you MUST correctly price your home. The change in market is effecting everyone - but to varying degees.

[Floridabound09]

Buy in a low end market and sell now in the high end market.

Low end markets will catch up with the high end as it comes down to earth.

Many markets in Central Florida are still playing catchup with the coastals, with the coastal areas now coming down it will stop the over pricing of markets in central Florida.

There should be some great buys in Florida come summer time.

I am mapping prices in several locatins right now to see what goes on.

[SKB]

The way things are going sellers need to offer an incentive just to get people to look at their house.

I will take free airfare in exchange for wasting my time looking at their overpriced POS.

The real incentives will come this fall when we are looking at 50% price slashing.

SKB

[Floridabound09]

Originally Posted by SKB

The way things are going sellers need to offer an incentive just to get people to look at their house.

I will take free airfare in exchange for wasting my time looking at their overpriced POS.

The real incentives will come this fall when we are looking at 50% price slashing.

SKB

Exactly. Those people who have high end properties that were falsly overvalued need to sell while they are up and not wait until they crash.

Buyer can get in the mid markets right now if they want to stay inland. Looking at prices every day, I am like you summer or fall, you will be able to grab in areas you just cannot buy in right now.