Prices keep Dropping!

By
Real Estate Agent with QUEST REALTY SERVICES

As reported today home prices dropped 6.7 % in October for the 10th time in as many months. That's the largest drop since the beginning of '91.

They said that Miami led the list lower with a 12% drop. I don't know what the figures are for Orlando, Fl.

It doesn't look too rosey out there, no matter how some may want to paint the picture. It will probably be another year until we see any significant change in this market.

But as prices drop I think more and more buyers may come out of hiding and start to rekindle buying/selling activity. There are already many investors probing foreclosures.

It's got to get better sooner or later. just hold on and we'll make it through!

Comments (10)

Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes
When prices drop they do open the market for more potential buyers. It will be just fine!
Dec 26, 2007 06:37 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Armando,

Many would say this is a stretch, but I often wonder what effect 'legalized' abortion (1973 Roe v Wade decision) had on our present day real estate market...prior sales models were predicated on 'baby boomer' growth rates...Roe put an end to that progression!!! Just a thought! Thanks,   Fran

Dec 26, 2007 08:28 AM
Armando Rodriguez
QUEST REALTY SERVICES - Orlando, FL
Orlando Homes 4 Sale, Real Estate Broker-GRI

Team DiMuria~ I think eventually it will!

Fran~ Wow, I think that is stretching it a bit, but you may be right!

Dec 26, 2007 08:54 AM
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Although I hate to see prices drop because of the loss of equity, it is sure nice to see prices coming down to realistic numbers.  Buying a house for 125K or so, is actually affordable to the average Joe and would also rent out at around breakeven.

Regarding Fran's comment, I don't know about any truth to that, but the book Freakonomics discusses in detail about how abortion has caused a slow down in crime and other numbers.

Dec 26, 2007 09:15 AM
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team

Sabes que, Armando? I think that 2008 is going to be a year full of surprises. Regardless of WHAT happens...we know WHO is on our side. :-)

 Psalm 121:1-4

1 I lift up my eyes to the hills-
       where does my help come from?

 2 My help comes from the LORD,
       the Maker of heaven and earth.

 3 He will not let your foot slip-
       he who watches over you will not slumber;

 4 indeed, he who watches over Israel
       will neither slumber nor sleep.

Dec 26, 2007 03:53 PM
DDR Realty
DDR Realty - Newburgh, NY
Orange County NY

Qualified buyers should take advantage of this. Those who wait may end up missing the boat.

Dec 26, 2007 11:43 PM
Minnesota Home Staging Firm, Minnesota
Minnesota Home Staging Network~ MN's Top Home Staging Firm - Inver Grove Heights, MN

ouch!

I'm honestly not sure the stats in MN currently but we've had many listings sell despite the holiday season. I always remain optimistic and really hope the media stops making it look so bad. I think if they spun the story everyone would be buying and selling agian.

All the best,

Beth

Dec 27, 2007 12:05 AM
Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group
Hey all, in Armandos market, only 940 of 26,000 homes sold in November, the same in Oct. THe central Fla markets numbers, according to the MLS, are showing a 9-12% drop over the last 2 years, with less than 3 percent of the homes selling. ANy absorbsion rates will have to show a minimum of 2 years to deal with this kind of inventory. SO, price and demand theory dictates that the prices will continue to fall for the homes that sell..Simple as  that.....Ask any appraiser right now what the main focus is on dealing with lenders...the lenders are wanting to include comps from short sales and foreclosures that the Realtors are not wanting to include...Watch and see...2008 is for investors and creative financing ...the year of the lease option is here!!!!
Dec 27, 2007 12:19 AM
Armando Rodriguez
QUEST REALTY SERVICES - Orlando, FL
Orlando Homes 4 Sale, Real Estate Broker-GRI

Hey all, peaks and valleys that's what life's all about. We just have to be prepared to ride out the bad and take advantage of the good!

thank you all for your wise comments!

Dec 27, 2007 02:27 AM
Sondra Meyer:
Colorado Springs, CO
See It. Experience It. Live It.

Hi Armando,

I'm praying for you and my other fellow Realtors in FL.  I'm praying that you can keep positive yet realistic attitudes during the challenging times that you all are facing. 

Grace and peace, Sondra

Dec 27, 2007 07:14 AM

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