When will the real estate market turn around in Florida?

Question

I live in Tampa Bay Area. When will the real estate market turn around? Has it bottomed out yet? Should I buy a home now? Are taxes capped yet? What about insurance?

Thanks.

Answer 1

I live in the tampa area. as far as the market bottoming out i see that in most markets that things have leveled out now.
in tampa they seem to be holding thier own and we may only see slight adjustment now and not the huge change over the last 8 months!
thats not to say some markets arent still adjusting but not to the extreams we where seeing.
i have told all my friends and investors to start buying homes now because of the panic still within sellers we still have a huge volume of homes for sale and lots of overextend flippers and people needing to sell thier second homes.

Its a buyers market now and many sellers are excepting lower offers that include seller concessions up to 6%!
if you wait too long the market will swing the other way and when it does sellers will not be offering what they are now. here in florida 6% of the selling price is a nice chunk of change you will not have to bring to the table and if you can also make a lower offer and include concessions you have won on two fronts!
this si florida and you can still find good insurance at a decent price its those in a flood zone that get a bit hard hit

i own a home on the water and find that my insurance is not that outlandish! the ones hardest hit on the property tax issue are those who owned thier home for 30 years and where paying taxes on 60k when thier home was reassesed at 250 thier taxes went nuts.

there is talk of some tax relief.

if you are considering buying go for it before you find yourself chasing home prices up!
find a good directlender and make a offer you are happy with (include with it 6% seller concessions this can save you huge money not just at closing)

www.directlendingplanet.com

Answer 2

I live in the Jax area, I don't think we've hit bottom yet. There's no way of knowing how long it will last, but the typical cycle for this is about 3-5 years, from top to bottom, then possibly another 3-5 yrs from bottom to top again. Taxes are being re-worked at gov level, they are trying to get this homestead mobility thing going. Insurance sucks, almost everyone is getting canceled or 2x the amount for renewal. Buying now is better than buying a months ago, but I feel the values are still going down a little. Hold out a little longer for better deals.

Answer 3

CA, FL, and NV are the markets with the most foreclosures, and most expected drop in prices over the next year. Those fore casts are for 10-25% I would wait a bit and see how it settles