When will the market in Central Florida improve?

Profile picture for hgs123
We live in Gotha, FL and spent 123K on our house. On Zillow.com, the house is estimated at 92K. We would like to sell the house in the next 5 years and would like to come out ahead about 30k (considering home improvements we've made). I'd love to know how we can make that dream a reality considering the market right now.

Thanks
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May 31 2011 - Gotha
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Answers (8)

Profile picture for Mark LeMenager
It's been a few months since I've bother with Zillow as results are much better on Trulia.  Seeing the ramblings of the Little Old Lady from Pasadena again reminds me why I don't come here often.

You have a house that you think is worth $92,000 and you hope to sell it for $153,000 or so in 5 years.  Sorry, but that's not a realistic expectation.
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June 05 2011
Profile picture for Pasadenan
"I'm afraid that isn't helpful" -

You mean you would rather believe "lies" such as provided by Realtors®, than to know the truth?  You think you can better prepare for events believing lies and wishful thinking?

I don't "establish" the future; I only read it off the charts.  Try the "local info" pages, using the local info tab at the top of this page.

Much of the "future" is already determined by past events.  Some of future is determined by events still to occur.  The Federal government already tried "subsidies" and "failed".  And they refuse to open the borders to increase the population and citizenship.

How about destruction of existing housing stock?  You really think Florida values would increase if there was a nuclear bomb explosion on the west coast?  Wouldn't the radiation from the west coast bring down property values on the east coast too?

Unless the "real" demand for housing goes up, the resale value cannot go up.  And similarly, if people can't pay for it, there still is no increase in demand.
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May 31 2011
Profile picture for Pasadenan
"Always think 'freshly painted' when improving a home" -

That is not an "improvement"; that is called "maintenance"...

Don't select an agent that doesn't know the difference.
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May 31 2011
Profile picture for Dunes....
I predict it will improve about the same time Capt. Spam finally comprehends the Good Neighbor Policy.......
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May 31 2011
hgs123,

I hope you experience the best outcome you can on your home.  No one can ever read the "future" of anything.  Those who try are "fools" at best.  (Remember how silver was almost worthless a couple of years ago?)

Best thing to do is to establish a relationship with a local Realtor.  Most will be happy to touch base quarterly to let you know what is going on with the market.  Eventually this agent will be able to help you when the time is right for you.  Good Luck!

Capt. Shawn O'Brien GRI REOS
[Contact information removed by Zillow moderator.  Please read and comply with  Good Neighbor policy]
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May 31 2011
Profile picture for Listingforless
Because real estate is all local every area will be different than the other.  I'm in Illinois and while one area may hold it's market value another close by may be declining.

Have an agent in your area show you what your immediate area has been doing over the past few years and the rate of depreciation.  Five years is a while yet.  The market improvement will depend on our economy.

Bank owned homes are moving off of the market, however, we still have many more that have not yet come onto the market.

With home improvements you will want to keep it very simple.  Always think 'freshly painted' when improving a home.  It is the least expensive  way to improve your home.  An immaculate home (even if slightly outdated) will always show well. 

Hopefully in five years you will be seeing improvement within your market area, best of luck!
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May 31 2011
Profile picture for hgs123
Unless I'm misunderstanding your reply, I'm afraid that isn't helpful.
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May 31 2011
Profile picture for Pasadenan
The market will continue to "improve", meaning that prices will continue to go "down"....

"Improvements" never have been worth what they cost in re-sale value.

In 5 years you can sell for $30k less than you could last year.
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May 31 2011
 

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Profile picture for Mark LeMenager
QuestionWhen will the market in Central Florida improve?
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