re Cycles
The homebuilders had their year, last year, as they under minded the whole market with those huge discounting of inventory starting in June of 2006 through the end of year. (a note that they were paying us huge commissions to bring our customers, which I really liked and have 3 closings next month with 3 to 10K bonus on top of 3%). In order to sell an existing house during that period you had to be on the lower tier of prices. As this continued from summer to now, the tier has continued to be lowered so the prices on existing homes are very competitive. I would think that this will take about 3 months to get burn off the excess and lower tier homes. So basically they are crying in their beer, having creating the price depreciating with the aggressive pricing.
That being said, people always over react when it comes to stock selling or in any cycle up or down.
So now the new build flips will have their day, as they have been taken apart by the new home builders and then the low priced single family homes with the largest sq. footage and newest homes going first and so on, till supply lowers. We should have a regular market by June or July in my estimation. The expectations of builders are probably governed by those that have never seen a cycle in real estate. I just plod along, always thinking that this is the last sale I will have. Our Team was #1 in Residential RE. with Century 21 in Orlando. Thru November was the #7 team in North and Central Fl. Woo-Hoo.
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