What is up with housing? (Miami: foreclosures, evictions, lenders)

[404 Native]

Is there any chance of
finding any?
There aren't many in Miami
and it's getting very expensive
as well as crazy.
Our realtor is dragging
their feet finding places
to check.
We might have to leave
to get a better place.
We don't want to be in
the place we are in any
longer.

[kidyankee764]

Now is not the time to be a home buyer unless you’re okay with offering over asking price the day the home hits the market. Any homes you see sitting on the market today for longer than a week seem to be insanely overpriced or have major issues (structural, mold, etc).

[AlexRodriguez]

Originally Posted by kidyankee764

Now is not the time to be a home buyer unless you’re okay with offering over asking price the day the home hits the market. Any homes you see sitting on the market today for longer than a week seem to be insanely overpriced or have major issues (structural, mold, etc).

Agreed! Don't buy right now. Prices are inflated due to lack of inventory but things will change once foreclosures and evictions resume.

[WrongStreet]

Yup, prices are crazy, the market is way too hot. I would wait it out for prices to plateau a bit and inventory to increase.

Great time to be a seller though.

[MOforthewin]

Originally Posted by AlexRodriguez

Agreed! Don't buy right now. Prices are inflated due to lack of inventory but things will change once foreclosures and evictions resume.

When is that supposed to happen? This can't keep going on forever with evictions and dead beats. I can see last year when the economy was in the tank though when even high paid people were out of work, but now that has changed.

[blueherons]

Originally Posted by MOforthewin

When is that supposed to happen? This can't keep going on forever with evictions and dead beats. I can see last year when the economy was in the tank though when even high paid people were out of work, but now that has changed.

Who knows? If my crystal ball was working, I could make a killing in the market.

[StilltheSame]

It’s getting better. I’m seeing an increased inventory in my target area.

[Lincolnian]

It's a difficult prediction. Some input costs have permanently risen due to increases in the minimum wage, changes taking place in the oil industry, and the remote working movement. Some Florida housing has been significantly underpriced in comparison to their replacement costs. I see a flattening of the growth rate and a more contained pullback than previous boom bust cycles. With remote working, the favorable Florida tax environment, and lower relative costs of Florida homes, Florida still seems like a bargain for those fleeing higher tax and housing cost states in the Northeast. I have even seen a fair amount of people from California looking to relocate to Florida.

[GreenhouseZ]

Originally Posted by MOforthewin

When is that supposed to happen? This can't keep going on forever with evictions and dead beats. I can see last year when the economy was in the tank though when even high paid people were out of work, but now that has changed.

It's anyone's guess. Our realtor keeps telling us that prices really aren't going to drop all that much. The foreclosure moratorium has been extended to the end of July and once it ends, it will take time for banks/lenders to review each case, thus delaying foreclosures.

My neighbor has been in foreclosure proceedings since 2007 (not sure how that's possible, but so they said ) and the bank is putting the house up for auction in Sept. So there might some foreclosure activity this fall.

[kidyankee764]

Originally Posted by Lincolnian

I have even seen a fair amount of people from California looking to relocate to Florida.

Two homes that sold on our street in the last year had buyers from Southern California. To them, FL housing (which is still quite expensive, especially in south Florida), is a bargain.