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April 6th, 2010 3:08 PM by David W. Welch
Rock Thomas spoke at our business meeting this morning, and one of his principles he lives by is asking the question "what is great about this?" If there really is not something great then "what could be great about this?" That made me think about the real estate market that we have been in for over three years now. Thinking back to 2004-2006, buyers were getting priced out of the market and it was difficult to find homes available for sale.
What is great about the current market, is that there are a lot more homes available. What is great about the current market is that prices have become more than just affordable. Here in Orlando the median price has dropped so low that the median wage earner can afford to purchase two homes. There is a lot of competition for homes in the most affordable price ranges among first time home buyers and investors, but there are always new properties coming on the market. Another great thing about the current market is interest rates which remain very low by historic standards making home ownership even more affordable. For a few more weeks there is also the extra incentive of the home buyer tax credit. This credit is available for first time home buyers and repeat buyers as well, but you must have a firm contract by April 30, 2010 and close by June 30, 2010.
David Welch Real Estate Optimist, Orlando Real Estate