Yes, the market will crash or correct, whichever you want to call it.

I recall back in the 90s, a house down the street from me sold to a Sheriffs Department guy for $250,000.00. A couple of years later, the houses around that were comps had dropped to $150,000.00.

Well not to put too fine a point on it but there’s a big difference between the two. The crash in 08 (?) was brutal. Drops so big people just put the keys on the mat and walked away. Even what I would consider “normal” people. People who did the math and foreclosure made more financial sense than working through it.

Corrections we can all live through and honestly might be better off from in the end. Crashes, not so much. They might be necessary but they are hard to live through.

Not a bad idea to plan for a crash/correction but some people on here are a bit nuts. Selling now with the intent of buying low is a fools errand. You might try market timing next, which is kind of what they are planning.

My dads advice is still good. Buy the cheaper end house in the best neighborhood you can afford. It will work out fine. Plus, your home isn’t an investment. If you buy rental property, that’s an investment.

I'm in Gainsville looking for a snowbird nest. We've set a limit of 30-40 grand. "lot rent " is killing us!! location does play a part but JEEBUS !! we're only staying over the winter and some places want 7-8 hundred a month. I've looked online, seen a place listed 2HR'S ago, contacted the listing agent and had them tell me it's "pending"

Lot rents have doubled, lots of companies coming in and buying up these properties and bumping the lot fees since they are filling up with northerners leaving those areas.

My father has a place like that, lot rents are up significantly and they are developing the entrance area land with new lots and homes, and it's not stopping sales. His place has more than doubled in value in the past two years.

Ok. People are moving to Red states. Anyone think people are moving to Blue states for the safety of mask mandates and a Government that cares about them ?
Or is this migration one way

quote:

Anyone think people are moving to Blue states for the safety of mask mandates and a Government that cares about them ?

Well, a lotta movie stars n such were going to move to Canada due to Trump, so maybe we'd be blessed if the Ken's n Karen maskers would move to mask states....

quote:

Originally posted by oldbill123:
Or is this migration one way

It's almost all one way. The bluest states like California, Illinois, Hawaii, and New York have all had large population declines for the past several years, with the exodus speeding up further during the last two years of the pandemic.

The majority of these folks are moving to Arizona, Idaho, Texas, and Florida.

quote:

Originally posted by holdem:

quote:

Originally posted by 71 TRUCK:
Good luck, What do you consider the Orlando market?

Boone High School district. Staying in Pershing K-8 would be a bonus, but not required. So unfortunately, it's a fairly tight radius which we will consider.

My apologies for not getting back to you sooner.

My wife and I live south west of Disney, we moved here a little over 22 years ago. When we moved here there was nothing around except oranges and cows.
We could get from our home to Disney in less than 15 minutes. My wife worked in down town Orlando and it would taker her 30 minutes for her to get to work.
Now it takes me 15 minutes just to get to I4 and then you sit in bumper to bumper traffic.

We bought a brand new house,1000 sq feet for $76,000 dollars in 1999. Now it is worth from what we have been told around $200,00 dollars.
In the area we live in they can not build houses fast enough and I suspect most are sold before they even break ground on a new development.
They are also building more homes on less land. The one nice thing about our home is we have a nice size back yard and a front yard.
Just about every existing home around here is closing above asking from what I have heard, how much above I am not sure of.
If it were up to me we would have moved already. We have property out of state but my wife loves her job to much for us to move, I am kind of retired.
We also like living in one of the freest states in the country based on what we have been through in the last 2 years, so moving is off the table for now.

What I am getting at, is you may not find what you are looking for in your price range in the area you want and I think you realize it.
I am not sure what areas in central Florida have not seen the explosive growth. Most of what we have seen in our area has happened over the last several years and it is getting worse almost by the week.

Another question is commuting for work. How much time are you willing to spend in your car.
My wife has a 23 mile commute each direction. It takes her just under an hour to get in to work and an hour and a half to get home.
I know a few have mentioned adding on to your home and I know contractors are almost impossible to find right now.

The only thing I can tell you is good luck and let us know how you do finding a house.

quote:

Originally posted by honestlou:
I believe that the reason sellers don't just have a higher asking price is because of potential problems with appraisal values. If you ask $200k, it is common for a buyer to offer $200k, subject to appraisal. If the house doesn't appraise for $200k the deal is off.

No longer true in the Raleigh area. Now the buyer puts up a non refundable deposit (called a due diligence fee) and if the home doesn't sell, the seller keeps the $$$. Contracts state that if the home doesn't appraise at sales price, buyer makes up the difference in cash.

The market has gone insane! I'm told buyers often put 30k+ up as the due diligence fee. (IMO, basically buying sight unseen. Inspections take place after the contract is accepted.)

quote:

What I am getting at, is you may not find what you are looking for in your price range in the area you want and I think you realize it.
I am not sure what areas in central Florida have not seen the explosive growth. Most of what we have seen in our area has happened over the last several years and it is getting worse almost by the week.

Not sure there is such a thing, used to be I could hop on the motorcycle and be in the country in minutes, little traffic, now, the whole area is built up and they are widening roads to accommodate the volume, we're NE of Whorlando and it's exploded.

My little gun range was out in the sticks, now surrounded by developed areas.

Remember when Bithlo was where you kept your house on wheels and cars on blocks? Area is really built up, great back roads, gone...

If you want lower prices, out past Sanford Airport, north toward Deland/Debary you can get a decent deal, more sq ft and land than in WhOrange County...

quote:

Originally posted by HRK:

quote:

What I am getting at, is you may not find what you are looking for in your price range in the area you want and I think you realize it.
I am not sure what areas in central Florida have not seen the explosive growth. Most of what we have seen in our area has happened over the last several years and it is getting worse almost by the week.

Not sure there is such a thing, used to be I could hop on the motorcycle and be in the country in minutes, little traffic, now, the whole area is built up and they are widening roads to accommodate the volume, we're NE of Whorlando and it's exploded.

My little gun range was out in the sticks, now surrounded by developed areas.

Remember when Bithlo was where you kept your house on wheels and cars on blocks? Area is really built up, great back roads, gone...

If you want lower prices, out past Sanford Airport, north toward Deland/Debary you can get a decent deal, more sq ft and land than in WhOrange County...

At least they are winding the roads around you, our roads were last updated back in 2004/2005 and the have done little since. The area has grown 10 fold and now a trip to the Florida mall from where I live takes over an hour.
Every available piece of land between us and Lakeland appear to be being developed for housing.
They are doing something to the interchange east of us called Champion Gate however I think it will do little to eliminate the constant back up of traffic on I 4 east or west.
We are members of a gun club in east Orlando. We have been members almost 10 years. Back then it was in the middle of nowhere, now houses are slowly moving into the area.

Yeah, but they are filling up fast here as well, not as nuts as down in your area.

We saw a place listed on FB marketplace last night around 7pm. 3 bed 2 bath partially furnished. well within our budget. Called and went to see it today, LOVED it, told 'em we will buy it. Well somebody else said we want it we havent seen it but we'll buy it.