Notable Trends

As an active participant in the east metro Orlando real estate market, the past month has revealed a couple of notable trends that I would like to share. These trends stand out to me because they’re one of few positive changes that have taken place in our area in the past couple of years.

Home Inventory Down I have seen a notable drop in home inventory levels. Sales are closing – including numerous short sales and bank-owned properties. Buyers still have dozens of similar homes to choose from; however, the only homes that are moving are ones that are priced in line with the market. Over-priced homes don’t stand a chance and quickly go stale with no showings and no potential offers.

Moderately Priced Home Sales Up I have seen a notable increase in sales of homes priced $250,000 and under. The majority of these sales are first-time homebuyers, second home purchases and investors. There are thousands of quality, moderately priced homes available today. I also think move-up buyers would benefit from today’s real estate market – get out there and find a great new home!

First-Time Home Buyer Galore I have seen a notable increase in first-time home buyers in the market. Many practitioners consider today to be a “perfect storm” for first-time home buyers: numerous homes to choose from, affordable home prices, historically low interest rates and an $8,000 tax credit. What more could a buyer ask for?

Short Sales Less Painful I have see a notable improvement in the short sale process. A year ago, a typical short sale offer didn’t even receive a response from the homeowner/lender. Now I am seeing short sale offers being responded to - and most importantly, approved by the lender - within a couple weeks max. For those buyers who have the patience, a short sale home could very well be worth your while.