Orlando Real Estate

let's get back to business. There are people who have been waiting to see what happens with the election. I know, because you have told me so. While everyone has been waiting, some very interesting things have been happening. Prices have dropped significantly in our market here in Orlando. We topped out a couple of years ago with a median price around $260,000. Looking at the numbers for October, we are probably going to see a median sales price around $180,000. That represents just over a 30% price reduction in Orlando Real Estate. Interest rates have moved up and down like the stock market, but remain historically low in the 6-7% range. The inventory of homes for sale has remained high, but they are coming down little by little. Builders have just about stopped building. In fact a recent release on new home construction put the pace at the 1945 level. Seller funded downpayment assistance has been banned, but there are other options available. Check out www.FirsTimeBuyer.info for information about first time home buyer downpayment assistance bond programs in Florida.

What does all this mean? It is time to accentuate the positive and put the negative behind us. As the politicians say, let's reach across the aisle and work together to pull our economy up by it's bootstraps. Greed and fear put us where we are today in terms of our economic situation. Optimism and a positive outlook on where we can go and what we can achieve can get us back on track faster than any politician. If you are one of the consumers waiting for a bargain, the sale has already started in Orlando. If you are an owner holding out for your price, speak with your agent about the current market value of your home. Listen to their advice, and you will get your home sold. If you are an agent waiting to see what will happen - it happened. Sit down with your broker and start working on your business plan. I believe opportunity is knocking, and we all need to answer the call.

David Welch, Orlando Real Estate Blog