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June 19th, 2010 6:17 PM by David W. Welch
Just a quick update on June Orlando real estate sales, as Congress looks to extend the home buyer tax credit. So far 1,257 sales have closed this month, so we should finish the month above 2,500. The median price continues to hover around $115,000. The mix of bank owned, short sales and "normal" sales remains fairly consistent with 40.7%, 23.8, and 35.5% respectively. One change of note so far this month is the percentage of all cash deals. We have been averaging just about 50% cash deals, but so far in June only about 45% of the closed sales have been all cash. I will be following this to see if it is a trend or just a result of the tax credit.
Speaking of the tax credit, the extension that is being proposed in Congress right now will only impact the buyers that had contracts signed by April 30th. This is not a new credit, just an extension of the time period allowed for buyers to close existing contracts. This extension recognizes that buyers are having a difficult time closing, because of financing and short sale purchases. I imagine this will be approved.
David Welch Real Estate Optimist, Orlando Real Estate