Stuck with Florida Home

mab222May 6, 2008

We have been trying to sell our house in Florida for several months in order to retire in North Carolina, where we own a second home. Everyone knows too well about the Florida real estate market. The FL house is priced well for the market (far lower than its value was two years ago) and we are not willing to sell it below market value. But we need to clear a certain amount from the sale of the house in order to pay off the NC home to be able to live on a reduced income in retirement. We are thinking about renting the FL home, but don't want the hassles of renters.

So I guess we are stuck here for awhile. Florida is not a BAD place to live, but we are heading into a brutal summertime heat, humidity, and hurricane timeframe. We've got Carolina on our minds!

I know lots of folks are losing their homes to foreclosures and short sales here, and we are lucky to be in a safe economic situation with healthy equity, great credit, and good recession-proof jobs.

Is there an end to this real estate mess anytime soon?

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It will probably take 1 year,at least. But you never know when a buyer will come around the corner. Keep the house up for sale---keep it looking pretty. People make different decisions every day, as their situations change, and your house may fit right in with their plans. There's an old saying about success----those who succeed do so because they stay as long as they need to win. So hang in there, stay flexible, and don't give up.

    Bookmark   May 7, 2008 at 10:25AM
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Where is your house in Florida? I will be looking for one in Sept.

Place your ad on - lots of people on Craigslist!!!

    Bookmark   May 7, 2008 at 11:18AM
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DS has had good luck renting out his second home in Florida. The realtor takes care of everything.

    Bookmark   May 8, 2008 at 5:42PM
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From what I read, housing has declined 15% off its highs in mid-2006 and has another 10% decline ahead. There's a five year supply of homes in some parts of Florida (and some other former 'boom' areas). Best guess is *maybe* by the end of 2009 things will begin to even out.

You can reduce your price and get ahead of the additional 10% drop or wait it out for two years.

    Bookmark   May 12, 2008 at 5:36PM
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