Good News for our Orlando Home Market…10 days ago we posted an article “Is there a quick Turn Around Coming?” Well the latest figures are in…According to the MLS sales figures from the Orlando Regional Realtor Association, February 2009 sales are up 28% over the same time last year!
Is this a fluke? For you doubting Thomas’s, sales are up for the last three months…
Orlando Homes Sale Up
In fact, Pending Contract Sales are equal to mid 2006-2007 levels! No wonder… home prices are now way more affordable… Along with Obama’s Housing Plan offering First-Time buyers (or those who haven’t owned in 3 years) an $8,000 tax credit and mortgage interest rates the lowest in most people’s lifetimes, buyers are now seizing these great opportunities to buy at the bottom of the market.
Will the great deals last? The window is open for now but these great values won’t last forever…
Along with the tax credit in Obama’s plan, people behind on their mortgages are now able to save their homes with the new loan modification rules in the plan. This basically means many of the short sale and pre-foreclosure opportunities will come off the market. With the brisk surge in sales, the inventory of homes for sale will begin to decline… This has already begun to happen…
Inventory is now at the lowest level in the past 12 months and trending downward…
What does this all mean?
Simply speaking, when demand increases and the supply decreases, prices go up. So, if you or someone you know are looking to get a great value on real estate, now could be that time, while this window is still open…
Search all Orlando MLS Properties including Bank Foreclosures and remaining Short Sales Here.
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