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Old 11-22-2007, 03:46 PM
 
1,080 posts, read 4,588,864 times
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Clearwater Beach, Fl. lost 20.8% in home values, followed by Spring Hill, Fl. with home values down 18.4% according to housing tracker firm Zillow.com
and I'm trying to understand how they come to that conclusion. When I think about it, the houses are still basiscally the same size, the lot the same size, only age will change from year to year. So for example if your home was valued at $218,00 two months ago, and now they say its $175,000 how do they come to that figure? Nothing has changed, except possibly what someone would want to pay for the home. I realize there is a glut of homes and foreclosures in Hernando Cty, can that contribute to the lower prices. Of course, these are Zillows figures, which may or may not be correct.

I'm not a real estate person and perhaps someone in the field might be able to explain it to me. Thanks.
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Old 11-22-2007, 06:11 PM
 
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Nothing has changed, except possibly what someone would want to pay for the home.


That's pretty much the reason for the decline.
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Old 11-22-2007, 11:13 PM
 
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The appraisal means nothing.

Your home is only worth what someone will pay for it.


If everybody is trying to sell, the buyer has a lot of options on what he purchases.

simple supply and demand.

The houses in Florida have appreciated faster than the salaries of the people who live here, so they get to sit empty instead of being sold.
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Old 11-24-2007, 03:01 PM
 
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Real estate runs in cycles... right now the cycle has dipped in your particular situation...

The best thing to do is wait...don't sell your home right now unless you have too...

The law of supply and demand is definitely at work here, but things will again shift in your favor....

What is happening to you is happening all over the state. Things will swing back... be patient....
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