Orlando Real Estate: The Good and Bad
Orlando renters have been spared dramatic increases in monthly costs. If a person wants to buy, but does not yet have the credit or capital to do so, now is a good time to rent property.
The article reports:
"Members of the Orlando Regional Realtor Association sold nearly 5 percent more homes in November than they did a year ago, as prices continued to drop to levels not seen since 2004, which has made more homes more affordable, the trade group reported Wednesday."
This upswing was initially forecasted earlier this year, when area real estate experts theorized that the record number of Florida foreclosures would eventually shift in favor of the homebuyer.
These numbers are certainly positive. And they support the theories of area experts. But they also pose interesting questions, as well as reason for concern.
First, the numbers might be too positive. While five percent is noteworthy, it is not miraculous. It might, however, still be enough to stir the market into action.
Caution should be exercised. A five percent increase in home sales, especially compared to 2007's sales--when the market was tumbling in a downward spiral--do not necessarily reflect an overall turnaround in home sales.
Today's enterprising homebuyer needs to focus on his or her personal financial situation. Regardless of market trends, jumping too quickly into a questionable investment could have consequences.
Second, if these numbers stir significant buyers into action, and the market is not yet stable, new homeowners and investors alike might well find themselves in the same situation as a year or two ago, when stagnant property, swollen market prices, and a decimated economy forced owners into foreclosure.
The key is to watch the numbers. If property prices continue to fall, wait to buy. If they flatten out, wait for Orlando's economy to bounce back, then buy right before the iron gets hot.
For homebuyers, the article continues:
"Not everyone who wants to buy a home can do so right now, even if they have good credit. Despite the low financing rates, buyers are still having to meet higher credit standards as a result of the ongoing stress in the financial markets."
Wait until you are ready to buy. The real estate market serves wise investments well.
November's positive numbers are positive numbers nonetheless. If you are ready to buy property in Orlando, the current prices might be the best you'll see.
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ABOUT THE AUTHOR
Michael Russell writes about a variety of subjects, including real estate, architecture, and environmentalism. This article discusses Orlando Real Estate. If you're interested in Orlando real estate, The Real Estate Book has comprehensive listings, complete with photographs, virtual tours, maps, and open house schedules.