Orlando housing inventory lowest in 6 years
November 27, 2011 in Industry News
Orlando housing inventory is the lowest it has been in 6 years! No smoke and mirrors here the numbers are true. Ive complied data from over the past 6 years and honestly really shocked. I knew just from going out with buyers that the pickings have been slim and that the good homes go quick usually in the first 30 days and sometimes as fast as the first week, but to see the numbers really drives the point home.
The other astonishing figure to me is the interest rate it’s never been so low yet there are some buyers sitting on the fence. The one thing about the Orlando area is our housing market to the biggest, hardest hit first and well we will most likely be one of the first markets to fully recover. There are some areas just now really feeling the effects of the bubble of 2006.
Lets take a look at these numbers
So what does this mean for buyers in the Orlando market? Realize that if you are looking for a cream puff home, something move in ready with all the bells and whistles, so is everyone else and the competition is great for those properties. Be prepared to pay asking, some are even going over asking price. The days of low balling these homes is over.
However, if you notice the days on market is nearly double that of 2005 – in my opinion I contribute this to one of two reasons. First I think the inventory that is out there in our current market is not the nicest, mainly fixer upper bank owned and short sales which most buyers don’t have the luxury of waiting on. Next, I think it’s harder for buyers today to get financing, to come up with the funds needed for a down payment and closing costs, but mainly reason #1.
It will be interesting when I update this blog in January once we have December 2011 numbers in on the Orlando Housing market as Im sure the numbers will continue to drop.
If you have been thinking about buying now is the time, there honestly has never been a better time. In 2004 our rates were almost 2%+ more then they are now and rates just dipped again it’s possible for some buyers to get a rate in the 3% for a 30 year fixed. If coming up with the down payment or closing costs is holding you back give us a call we have different down payment assistance programs available to help and you don’t have to be low income.
Sellers if you want to sell your home now is also the time, there are tons of buyers out there looking just waiting for that perfect home to come on the market. Spending hours a day searching and hoping. Even if you have to short sale, our team has the expertise to accomplish most all sales in 90 days or less of an offer.
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