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.

Quote:

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!

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

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.

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.

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.

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.