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May 7th, 2008 9:33 AM by David W. Welch
The expectation is that pending sales for existing homes in March will be down. That report is due out today for the nation. While real estate markets around the country and the world do have an effect on our local market, real estate is far more dependent on local economics. Certainly, if someone has to sell their home in LA to purchase a home in Orlando, it has an impact. That accounts for a percentage of home sales, as do the investors that are picking up steals in areas that have been hit hardest by downturns. If the investor finds better buys in Las Vegas, they may not buy a rental in Orlando.
Locally, we are expected to continue growing and adding jobs. Prices have come down quite a bit since last year making homes more affordable. The median wage will buy the median priced home in Orlando. These are the factors that are fueling the rising pending sale in our market. While nationally pending sales have been on the decline, our pending sales have increased each month so far in 2008. The number of new contracts written as well as the total number of pending sales has increased each month through April. Closed sales have also increased each month so far this year. So, when you see the headlines be thankful that the Orlando market is actually doing better than many others.