Orlando Real Estate

First Time Home Buyers

November 12th, 2008 12:16 PM by David W. Welch

I was just on the phone with Chip Gregory with Trinity Mortgage here in the Orlando area. We were talking about some of the things that we are seeing in the Orlando real estate market, and what the big drivers are.

First, foreclosures and distressed properties have had a big impact on prices and values all over Orlando. Here in Baldwin Park, I was just checking values for a prospective seller. One investment property he owns in the newest section of the neighborhood has actually gone down fairly significantly due to the distressed properties around his. That particular section of the neighborhood was bought up by investors during the hottest time we had back in 2005.

Second, first time home buyers are a huge influence on the market right now. Move up buyers are having a hard time selling their current home to purchase their next home. That leaves a big hole in the middle of our market that is just not going to get filled for a while. The top end of our market continues to move, but is finally starting to slow down somewhat. With the top end slowing and the folks in the middle stuck, the more affordable segment of our market is the part that is seeing the most activity.

The biggest obstacle for the first time buyer is the down payment. That is why Trinity Mortgage is part of the Florida First Time Buyer Bond Program. You can get the details by clicking on first time buyer, and I have more information about the tax credit for first time buyers. For the most part, closing costs are very negotiable right now, so they have not been as big a challenge.

David Welch, Orlando Real Estate Blog

Posted in:General
Posted by David W. Welch on November 12th, 2008 12:16 PM

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