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Old 05-25-2008, 01:30 PM
Bradenton Ins. Group Bradenton Ins. Group is offline
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Join Date: May 2008
Location: Florida Manatee USA
Posts: 15
Default Re: Is now the time to buy?

I think we are looking to atleast another 2 years of a downcycle. The financial sector is hurting. I just read an article in the New York Post on certain banks failing. Including Washington Mutual. I would be shopping for real estate looking for bottom prices. Its defineately not a sellers market.
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Old 06-05-2008, 06:24 AM
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GarySpicuzza GarySpicuzza is offline
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Join Date: Oct 2007
Location: Florida/PascoCounty/USA
Posts: 464
Default Re: Is now the time to buy?

I would be shopping for real estate looking for bottom prices. It’s definitely not a seller’s market.

There are hundreds of homes (maybe thousands) available in Pinellas County/West Pasco County Florida for not much more than the dirt the house is sitting on.

Many people who were financially strapped to get into their home ended up being foreclosed on because the realtor would show them the last years tax bill of the previous owner of maybe $600. That will get adjusted to about $3,000 once the property appraiser re-accesses the value based on what you "borrowed" for the home, NOT the actual cash it would take to build a like structure from the ground up. The result is homeowners paying more than double in taxes than what the home is worth.

It's a pathetic government Property Tax System. If a private business was price gouching the public with what they are doing to homeowners in Florida with Property Taxes they would be prosecuted under RICO. By the way, you get the BIG adjustment after the first year because you get the previous owner's tax bill the first year and get a credit at closing for their partial years tax. It's the next two years they make the BIG adjustment BEFORE they credit the $25,000 Homestead Exemption and the 3% Save-our-Homes cap.

In Florida they have artificially held property taxes down so long term homeowners pay a relatively small amount but new home buyers get slapped maybe 3 or 4 times the amount in tax his next door neighbor is paying for the EXACT same home. So if you couple taxes going up from $50 bucks a month to maybe $250 then ARMs being adjusted up 1% or 2% the next thing the homeowners knows is their payment just went from $1,200 to perhaps $1,700 per month or more and they were strapped anyway at $1,200 and now they could rent an apartment or smaller home for $800 per month. AND they had none of their money in the deal so they actually make money by just walking away and giving the bloated financed pig back to the bank.

Get this.... You can't even downsize to save Property Taxes! You could have an elderly couple living in a 2000 sq. ft. home who just doesn't need or want the space anymore or the upkeep and maybe paying $1,000 in property taxes. But if they downsized to a smaller but comfortable 900 sq. ft. cottage their taxes would go to about $3,000 per year for a house that's half the size they would be moving from.

How's THAT for absurd taxation?

Vote for me and I'll straighten these bass towards out!

Last edited by GarySpicuzza; 06-05-2008 at 10:54 PM. Reason: Formatting and additional information.
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Old 06-09-2008, 12:15 PM
spencer24 spencer24 is offline
Join Date: May 2008
Location: US
Posts: 52
Default Re: Is now the time to buy?

In Canada is definitely not the time to buy yet, as the prices in some parts of the country just started to fall. There will be a long way down, before I even consider looking into buying real estate here.
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Old 07-02-2008, 11:28 AM
reallylight reallylight is offline
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Join Date: May 2008
Location: UK
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Default Re: Is now the time to buy?

I think that we can expect to see a country-wide fall in house prices before the end of the year. I was considering selling a couple of months ago, but noticed this trend occurring and quickly reconsidered.

Wait a while before buying, mark my words.
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Old 12-13-2008, 08:18 PM
FredMitchell FredMitchell is offline
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Join Date: Dec 2008
Location: Fl, USA
Posts: 10
Default Re: Is now the time to buy?

I'm living in south florida and the prices have dropped already tremendously. Including everything in my neighborhood unfortunately. I had a boss that once told me when you try to buy at the least price possible, you'll probably wait to long and when you try to sell that the pinnacle you'll probably overshot your target. Do your research make sure your market isnt dropping at a major pace still. Make sure you can hold on to it for a while and improve the property. The markets will go back up just not tommorow.
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Old 03-18-2009, 11:02 PM
Lehoangm Lehoangm is offline
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Join Date: Mar 2009
Location: Washington King County USA
Posts: 3
Default Re: Is now the time to buy?

It really depends on the area. New developing neighborhoods could be gaining in value while other neighborhoods can be dropping in value dramatically. You can find foreclosures for a pretty steep discount too since they are happening all across our nation.
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Old 12-27-2010, 06:29 AM
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saramartin saramartin is offline
Join Date: Jun 2010
Location: uk london
Posts: 45
Default Re: Is now the time to buy?

During this recession in dubai real estate the government has been doing even more on behalf of the Dubai dream. It offered a tax credit of $8,000 to first-time buyers, and eventually $6,500 to other qualified buyers. I think it is good for common investors.
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Old 12-27-2010, 07:43 PM
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krantcents krantcents is offline
Join Date: Nov 2010
Location: California/USA
Posts: 32
Default Re: Is now the time to buy?

Originally Posted by louirsh View Post
My question is along the lines of the last poster who commented about the market is CA. The big question is: how will the credit crunch affect house prices? It looks like a buyer’s market is emerging and prices are going down. More credit restrictions will make for less buyers, and sellers will have to be competitive. I’m inclined to buy a second home and turn my current house into an income property. But before I liquefy some assets (spare car, timeshare, boat), I want to make sure I am stepping into a buyer’s market. Is now the right time to buy a home? I know there may not be an easy answer...
I don't know if there is ever a right time to buy. I would find an agent you trust to dip a toe in the water. Ask a lot of questions before you actually do it. Ask questions of people who do not have anything to gain. Your banker is a choice. Good luck.
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Old 04-07-2011, 11:01 AM
lerrygibson lerrygibson is offline
Join Date: Apr 2011
Posts: 44
Default Re: Is now the time to buy?

Canada and Chicago are the places where you cannot buy buy the property as it, real estate conditions are not good there.
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Old 07-20-2011, 02:17 PM
foreclosure1234 foreclosure1234 is offline
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Join Date: Jul 2011
Posts: 1
Default Re: Is now the time to buy?

There are many opportunities now when buying. Not sure where you live, but most of the US is in turmoil. Seems that you have planned carefully and ready to make the next move. Government foreclosures are on the top of investment property to buy.
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