Me and Diana were watching the news last night, when they had a story about how existing home sales are picking up, and that we "might" finally be at the bottom. They mentioned how parts of Florida were seeing ridiculously low housing costs. You know, if we didn't have her house in Cleveland, we'd probably buy one in Florida just because we could afford it, then move whenever it made sense.
It's weird though, because around these parts, it doesn't look like the foreclosure problem is in the 'burbs, as houses around me are selling pretty much for what they should. It's not like Las Vegas, where 2,500 sq.ft. homes are going for half-price. It seems like our drag is more in the city.
The market still has a long way to go to unravel the mess it is in. The important aspect to be aware of is that it is not a national market. What applies in Florida does not necessarily apply in Cleveland. There are opportunities and challenges throughout the states. The foreclosure issue is only a part of the problem and also is distorting (lowering)reported values below what they actually are in a true arms length transaction. Housing in Florida may take decades to recover and even that assumes no Hurricane related catastrophe further impacts an already devastated market. Cleveland is relatively stable, to some degree because it did not have the unrealistic appreciations seen in Florida, California, Arizona and Nevada.
Is Diana's home dressed to sell and how is it being marketed by the realtor?