Every parent has heard this question a thousand times. You start for a longer drive with your kids and five (or less) minutes into the drive the unavoidable question comes: are we there yet? Well, as a parent you may answer: yes - even knowing that there are at least two more hours to drive. Your experience tells you that any other answer will upset the child and lead to all kinds of problems. With this answer you know you have at least another five quit minutes until the question comes up again.
In the world of adults there are situations often comparable. You can take the easy path like the above or the hard way like Peter Schiff who in 2006 already told the world that the housing and credit crisis is coming:
Wow, was he right and for all the others that laughed at him: I hope they changed their profession in the meantime!
Now what has all this to do with Real Estate? Well, our clients are asking us the same question: Are we there yet? Meaning: have we reached the bottom already. At this point we as professionals are not allowed to take the easy path of a parent seeking another 5 minutes peace of mind. We have to know our specific market and give good advice. I have my finger on my farming area which is besides other nearby areas focused on Celebration,Fl.
My answer right now is like this:
Every area is different: Celebration is very special, many people dream of living here and it is built out so there are no new homes added to the inventory.
The Celebration market is split now, the homes priced under 200 US$/sqf up to 400.000 US$ are seeing a run now. Obviously a lot of investors, second home buyers and first home buyers are taking advantage of the market and are realizing that these prices are already very low. I see a strong surge of homes going into pending since early this year. 2 Condos just went from listed to pending within 10 days!
Bigger homes over 500.000 US$ are also selling if they are priced right. There are homes in good condition priced under 200 US$/sqf. In good locations they are also selling after a couple of month. Homes over 200US$/sqf have to be in the best locations and have to be built with all bells and whistles.
Estate Homes can reach selling prices of up to 350 US$/sqf if they are top notch and on the golf course or a lake or at the downtown parks.
(Yes, there are always exceptional homes and sale prices. The information listed above is based on actual sales during the last 6 month)
Summary:
Not all homes have reached the bottom yet and the asking prices are also not the bottom but very often the sale prices are. I am not recommending anybody to wait for a bottom anymore. If you find a home you like with your buying agent, make the offer. Most offers will be considered and the price you end up with may well be the bottom price you are looking for. If you wait, somebody else will make the offer and that home will be gone! And remember: when you know the bottom is reached, you already missed it!
So to all buyers interested in Celebration: put your buyers agent to work, find the right property and have him prepare the offer to present to the seller.
Looking forward to represent you on your search in Celebration or the surrounding areas!
Best Regards
Richard
Dipl.-Ing.
Richard A. Stephan
Licensed Realtor®, e-PRO®, TRC
TonyDavidsHomes.com LLC
1420 Celebration Blvd. Suite 200
Celebration, Florida 34747 / USA
Mobile: +1 - 407 - 433 - 8702
Fax : +1 - 407 - 624 - 4855
My Website: www.RichardStephanRealtor.com
Office Website: http://TonyDavidsHomes.com
Mail To: blog@RichardStephanRealtor.com
Comments(0)