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Esteemed Contributor
Posts: 7,776
Registered: ‎02-13-2021

Re: Real Estate/Price of Homes Dropping?


@Porcelain wrote:

Every bubble eventually pops.


Exactly!  Timing is key and each market is different @Porcelain 





A Negative Mind ~ Will give you a Negative Life
Honored Contributor
Posts: 8,736
Registered: ‎02-19-2014

Re: Real Estate/Price of Homes Dropping?



@pieman I know plenty of people who love living in CA. It's a beautiful state. Like many others. Florida is beautiful as well. I have family there.

 

No need to degrade an entire state and everyone who lives there just because you don't like their governor's policies. I don't think we need to put down any states. You're just inviiting someone to deride Florida and your governor as well, and I don't think that's nice.

When you’re accustomed to privilege, equality feels like oppression.
"Power without love is reckless and abusive, and love without power is sentimental and anemic." - Dr. Martin Luther King Jr
Esteemed Contributor
Posts: 6,072
Registered: ‎07-26-2019

Re: Real Estate/Price of Homes Dropping?

Likely after the next 2 times that  Jerome Powell hikes interest rates - Nov, Dec

Honored Contributor
Posts: 14,274
Registered: ‎01-02-2011

Re: Real Estate/Price of Homes Dropping?


@Porcelain wrote:


@pieman I know plenty of people who love living in CA. It's a beautiful state. Like many others. Florida is beautiful as well. I have family there.

 

No need to degrade an entire state and everyone who lives there just because you don't like their governor's policies. I don't think we need to put down any states. You're just inviiting someone to deride Florida and your governor as well, and I don't think that's nice.


So true, @porcelain. I was biting my lip not to comment on Florida's governor.😜

Honored Contributor
Posts: 12,538
Registered: ‎03-09-2010

Re: Real Estate/Price of Homes Dropping?

 


@gertrudecloset wrote:

@homedecor1 wrote:

Not here the houses sell so fast they don't even get the realtors sign on the yard.

 

If I was in the position to do so I'd sell in a minute and move into the new over 55 villas they've built near us.  They are beautiful and offer the nicest amenities - no golf course but I don't golf so that would be ok for me.

 

The houses are being sold sometimes $20-30,000 over asking -- I just scratch my head!

 


@homedecor1I've looked into some of these in another state and the ones that I looked at have an "entrance fee."  You do own the home, but I'm not sure about these 55+ communities.  Read and research very carefully unless you already know someone who does it and can explain it to you. 

 

Sounds like you put your down payment + a fee to "come in."  Check it out.


I live in over 55 there are no fees to move into our Community.  The fees are I think called a CDD (bond) which can be quite expensive there are several new communities built near me and yes they have fees.

 

The villas I'm referring to are either own or lease situations with no "move in" fees.  They are not manufactured or mobile homes and as I do now -- we own the land.  Here in FL there are so many new places to buy you're right one must do their research🙂

Esteemed Contributor
Posts: 7,776
Registered: ‎02-13-2021

Re: Real Estate/Price of Homes Dropping?


@homedecor1 wrote:

 


@gertrudecloset wrote:

@homedecor1 wrote:

Not here the houses sell so fast they don't even get the realtors sign on the yard.

 

If I was in the position to do so I'd sell in a minute and move into the new over 55 villas they've built near us.  They are beautiful and offer the nicest amenities - no golf course but I don't golf so that would be ok for me.

 

The houses are being sold sometimes $20-30,000 over asking -- I just scratch my head!

 


@homedecor1I've looked into some of these in another state and the ones that I looked at have an "entrance fee."  You do own the home, but I'm not sure about these 55+ communities.  Read and research very carefully unless you already know someone who does it and can explain it to you. 

 

Sounds like you put your down payment + a fee to "come in."  Check it out.


I live in over 55 there are no fees to move into our Community.  The fees are I think called a CDD (bond) which can be quite expensive there are several new communities built near me and yes they have fees.

 

The villas I'm referring to are either own or lease situations with no "move in" fees.  They are not manufactured or mobile homes and as I do now -- we own the land.  Here in FL there are so many new places to buy you're right one must do their research🙂


Very good @homedecor1 !  I'm happy that you're up on it and won't be taken aback by some of these fees.  I'm still confused by them.  I will stay myself where I am for now, but at one point stopped considering picking up roots for an active 55+ community in another state because of those fees. 

 

I read they could be as much as your mortgage, but you get the money back after you die or something.  What can you do with the money after you die, except leave it in a will?

 

I guess I could have looked for residences w/o those fees, but I felt the sense of community for those of similar age would be ideal for me.

 

Enjoy!!!!!





A Negative Mind ~ Will give you a Negative Life
Esteemed Contributor
Posts: 6,922
Registered: ‎10-30-2010

Re: Real Estate/Price of Homes Dropping?


@KathyM23 wrote:

A friend of mine is selling her house and on Open House Day, six people showed much interest in buying.  They are outbidding each other and so far it is up to $30k more than her asking price.

 

 


@KathyM23 

You have to be really careful in those scenarios. My Manager, just closed on a house a few months back that he had looked at towards the end of last year. It was a bidding war (which he was not going to participate in) and the seller at that time accepted an offer $70,000 over asking. Well guess what, the house could not close. 

 

My boss ended up purchasing the home that he originally offered due to the change in the market at a lower cost that he was willing to pay for last year. 

 

Patience is key for both seller's and Buyer's. 

Honored Contributor
Posts: 31,240
Registered: ‎05-10-2010

Re: Real Estate/Price of Homes Dropping?

Nope and I don't believe real estate prices will fall.  We couldn't take the bidding wars so we stopped looking.  We'll try again in the spring.  

  

 

Esteemed Contributor
Posts: 6,922
Registered: ‎10-30-2010

Re: Real Estate/Price of Homes Dropping?


@drizzellla wrote:

I have not seen prices drop in our area. But I must say there doesn't seem to be the frenzy there was a few months ago. 

 

My niece sold her house $30,000 over asking price and $100,000 above the price she paid 3 years before. The neighbor next door bought his house $50,000 over asking price. It was crazy to watch.

 

@BoopOMatic One thing to keep an eye out for - The Federal Reserve. They bumped up the interest rate. And there is talk they are going to bump it up again.

When we bought our house we paid 16.5% interest. And we had a VERY HARD time finding a bank to give us a mortgage. My husband had banks hang up on him when he inquired about a mortgage. Our Realtor pulled strings for us and had a friend of hers write up a mortgage for us. It was a sweet deal for the bank. Points, 16.5% interest and a 3 month penalty if we refinanced. And we were putting down 20% cash and both my husband and I were at our jobs for over 10 years each.  


@drizzellla 

I hope that you have since refinanced. That interest rate is ridiculous. I did not even know that they had them that high for homes. 

Valued Contributor
Posts: 515
Registered: ‎11-21-2013

Re: Real Estate/Price of Homes Dropping?

I said "not meaning to disrespect" that means the 2 of you who feel threatened by what was said. 

Asking me to give you numbers of those leaving CA I cam only give percentages which they show on the news.

 

Your state is not a selling point as of late, water shortage and all else.

I feel for the people out there, (obviously not you and the others) as you seem to be alright with how its being run, that's fine)

 

I'm just citing why your house has been sitting on the market for so long, if everyone feels its a great place to live.

 

Maybe watch the news and see what others see..

Right now, not a great selling point.

 

As far as our governor goes, he's not perfect, but to try and have him have human compose in the wings, I think you'll find him out of a job come election time.

 

Have a great weekend, sorry you took what we have seen on the news as offensive, 

I regret talking about it to you.....

Again, good luck with the sale.