All signs point to housing glut -- Or...

All signs point to housing glut -- OrlandoSentinel.com

There are 65 comments on the Orlando Sentinel story from Aug 14, 2007, titled All signs point to housing glut -- OrlandoSentinel.com. In it, Orlando Sentinel reports that:

The Orlando area's sluggish housing market is showing no signs of a turnaround, with the latest numbers going from bad to worse during what should be the hottest sales stretch of the year.

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okw

Orlando, FL

#1 Aug 14, 2007
This slump has nothing to do with the mortgage crisis - the slump has been here for a solid year and the mortgage crisis just came about. Lending standards were very lax until very recently, so that had little or nothing to do with it. It will make things even worse in the future though.
Lets_Be_More_ Positive

Orlando, FL

#2 Aug 14, 2007
Leave it to the Orlando Sentinel to present this as a gloom and doom article. If home prices rose in many instances over 35 percent and now are making a somewhat soft landing by loosing less than 5 percent of that appreciation, we should all count our lucky stars.
It is unfortunate that condos sales are tied in with the single family home sales. It should be known, that the number of unsold condo conversions creates inaccurate numbers when relating to single family home sales.
As a REALTOR in the business before the boom, my best advice is to price right, expose your home to QUALIFIED buyers, and do something extra make your home stand out in a positive way. Gone are the days when buyers only look at the available 3 homes and then compete with other buyers to buy one. Buyers are now looking at dozens of homes prior to making a decision. Your home has to stand out to stay in their minds.
Lets be positive people. We are still seeing mortgage rates that are very low. Does anyone remember the early 80's? Today there are more loan products, great rates, and great incentives available to truly qualified buyers. We are seeing more industry move into Central Florida, the new Medical School and Medical facilities which WILL bring more homebuyers in all price ranges to the area.
If selling, be proactive and stop dwelling on the negative.
DFC

Apopka, FL

#3 Aug 14, 2007
Lets_Be_More_ Positive wrote:
Leave it to the Orlando Sentinel to present this as a gloom and doom article. If home prices rose in many instances over 35 percent and now are making a somewhat soft landing by loosing less than 5 percent of that appreciation, we should all count our lucky stars.
It is unfortunate that condos sales are tied in with the single family home sales. It should be known, that the number of unsold condo conversions creates inaccurate numbers when relating to single family home sales.
As a REALTOR in the business before the boom, my best advice is to price right, expose your home to QUALIFIED buyers, and do something extra make your home stand out in a positive way. Gone are the days when buyers only look at the available 3 homes and then compete with other buyers to buy one. Buyers are now looking at dozens of homes prior to making a decision. Your home has to stand out to stay in their minds.
Lets be positive people. We are still seeing mortgage rates that are very low. Does anyone remember the early 80's? Today there are more loan products, great rates, and great incentives available to truly qualified buyers. We are seeing more industry move into Central Florida, the new Medical School and Medical facilities which WILL bring more homebuyers in all price ranges to the area.
If selling, be proactive and stop dwelling on the negative.
Its always a good time to buy when you're a realtor!

Now go stop yourself, your spinning out of control!
Fed Up

Orlando, FL

#4 Aug 14, 2007
Let's be even more real. Houses that one year cost 70k and then 2-3 years later cost 300-500k are the real reason the market is crashing. Until there's a serious price correction this slump will continue indefinitely. Until the property taxes and insurance costs stabilze, potential buyers are going to hold off. I am renting a house for $1500 that is listed on Zillow for $600k. That in itself should tell you something.
Upbeat

Apopka, FL

#5 Aug 14, 2007
Thanks for the sales meeting pal!

Currently there are around 25,000 homes on the market in the Orlando area and around 2,000 qualified active buyers. Worse is that many of the homes are financed beyond the appraised value, certainly this is not a good time to be a realtor.

Soon, within the year, the already nervous lenders will start foreclosing on many of their troubled loans creating more of a housing surplus, the trend could last between three to five years.

There is a silver lining, those with terrific credit will be able to make very good buys on sound properties and there will plenty of former homeowners looking to rent.
Doug

Naples, FL

#6 Aug 14, 2007
Lets_Be_More_ Positive wrote:
Leave it to the Orlando Sentinel to present this as a gloom and doom article. If home prices rose in many instances over 35 percent and now are making a somewhat soft landing by loosing less than 5 percent of that appreciation, we should all count our lucky stars.
It is unfortunate that condos sales are tied in with the single family home sales. It should be known, that the number of unsold condo conversions creates inaccurate numbers when relating to single family home sales.
As a REALTOR in the business before the boom, my best advice is to price right, expose your home to QUALIFIED buyers, and do something extra make your home stand out in a positive way. Gone are the days when buyers only look at the available 3 homes and then compete with other buyers to buy one. Buyers are now looking at dozens of homes prior to making a decision. Your home has to stand out to stay in their minds.
Lets be positive people. We are still seeing mortgage rates that are very low. Does anyone remember the early 80's? Today there are more loan products, great rates, and great incentives available to truly qualified buyers. We are seeing more industry move into Central Florida, the new Medical School and Medical facilities which WILL bring more homebuyers in all price ranges to the area.
If selling, be proactive and stop dwelling on the negative.
we need advice from a realtor like we need a hole in the head. Hey Mr realtor the problem is the prices are to damn high the average buyer even with great credit plain cant afford a 250,000 starter home oh and let us not forget this is the same home with maybe a new coat of paint that sold for 80,000 to 100,000 3 years ago heres a good question why is it worth three times more in three years? The spin continues

Since: May 07

Ocala, FL

#7 Aug 14, 2007
I'm sorry, but I just do not feel sorry for anyone who got into the real estate market trying to make exorbitant profit. I do feel sorry for people who are just homeowners who for whatever reason need to sell their homes. But these buffoons who bought into it a couple years ago trying to make double- or triple-digit profits are just greedy and now getting what they deserve. I am in the market to buy right now, and some of these people are absolutely lunatic for the price they're asking for their dumps in the middle of Pine Hills or Metrowest!!
Dave

Miami, FL

#8 Aug 14, 2007
This is great news...Any time society can shed light on a problem the healing can begin....Maybe now people in Central Florida can start focusing on humility rather than the false pride that came with the overnight wealth associated with homeownership from 2002 to 2005....Maybe now we can all actually pay attention to some of the people in the worlds with worse problems than whether or not their $400,000 home takes a little longer to sell.....
Dave

Miami, FL

#9 Aug 14, 2007
Amen!
peachy keen wrote:
I'm sorry, but I just do not feel sorry for anyone who got into the real estate market trying to make exorbitant profit. I do feel sorry for people who are just homeowners who for whatever reason need to sell their homes. But these buffoons who bought into it a couple years ago trying to make double- or triple-digit profits are just greedy and now getting what they deserve. I am in the market to buy right now, and some of these people are absolutely lunatic for the price they're asking for their dumps in the middle of Pine Hills or Metrowest!!
anette

AOL

#10 Aug 14, 2007
the real estate market is in a slump in the U.S. but florida has its unique set of troubles mainly taxes. i do not see that changing especially for the second home owner and the investor who spearheaded the increases in the past. they have gone elsewhere.
Andrew

Denver, CO

#11 Aug 14, 2007
What about all of the builders who are STILL building houses? It is hard for a seller to compete with a builder who will pay all closing costs and fees plus throw in all kinds of incentives.

There is a new development going up 3 miles from my house that is on a road with lines of For Sale signs. These builders need to take a break.
Dow11

United States

#12 Aug 14, 2007
I enjoyed the part of the article where the realtor's blamed buyers and loan originators for the troubled market. Isn't it the realtor's job to advise the buyer in all aspects of the transactions including the type of mortgage they apply for? Talk about not taking responsibilty.
stephen

Orlando, FL

#13 Aug 14, 2007
There is plenty of demand for housing right now . But prices are about 3 times what the average house buyer in our area can afford. What drove our house prices so high were people who sold their house in an even higher price area to buy in central Florida . These people cannot sale their homes now as their areas are in worst shape than we are. If we have a recession right now housing prices will collapse. I would not buy anything right now untill prices get more in line with what people can actually afford. That means probably both house prices dropping and wages going up.
DFC

Apopka, FL

#14 Aug 14, 2007
Andrew wrote:
What about all of the builders who are STILL building houses? It is hard for a seller to compete with a builder who will pay all closing costs and fees plus throw in all kinds of incentives.
There is a new development going up 3 miles from my house that is on a road with lines of For Sale signs. These builders need to take a break.
All builders must be wealthy and can afford to stop building while paying those who work for them in the mean time...right?

Why don't you take a break from work for a while too...
Doug

Naples, FL

#15 Aug 14, 2007
anette wrote:
the real estate market is in a slump in the U.S. but florida has its unique set of troubles mainly taxes. i do not see that changing especially for the second home owner and the investor who spearheaded the increases in the past. they have gone elsewhere.
there was no problem with taxes before the accesd values tripled thus tripling the tax the rate remains the same.
Mad about the whole deal

White House, TN

#16 Aug 14, 2007
Got to love Orlando, jobs for $10-12 per hour listed in the paper right next to 400K homes.

Taxes here are out of control as well. The politicians gave everyone on payroll a raise, a pension, full benefits, invite illegals, give away the city and county to special interest groups.

Im selling my stuff and leaving this crime, tax, and crroked politicians town!
Cathy

Orlando, FL

#17 Aug 14, 2007
Duh houses are just too expensive for what people make around here. Either wages need to go up or prices need to drop. It's just a matter of time.

Since: May 07

Ocala, FL

#18 Aug 14, 2007
Prices are too expensive for the areas they're in too... Why anyone thinks a house or condo in Metrowest is worth $300K or more is beyond me... Sure let me pay $300K or more for the chance to be robbed, shot at, carjacked or raped or murdered!
Cathy wrote:
Duh houses are just too expensive for what people make around here. Either wages need to go up or prices need to drop. It's just a matter of time.
djw

Cabin John, MD

#19 Aug 14, 2007
Realtors never cease to amaze me. They always want to come across as hapless spectators on the sideline - as opposed to the pimps/facilitators of the debacle we're experiencing now. It's alway a good time to buy.... Anything for a commission....
Jeff

Jacksonville, FL

#20 Aug 14, 2007
Was anyone else wondering why/how a teacher owns 3 rental properties?

Everyone was a real estate tycoon!

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