Home sales in Orlando have doubled since 2008.
Home sales in Orlando have doubled since 2008. What are you waiting for? According to the latest numbers, home sales in Central Florida have doubled since 2008. Interest rates remain in the historically low 4 to 5 percent range, making homeownership more affordable than ever. So what are you waiting for? Act now. This truly is the best time ever to buy a home in Central Florida. Don’t miss this once in a lifetime opportunity.
Orlando Market: By the Numbers -------------------------------------------------------------------------------- Orlando home sales in February 2011 were up 5.68 percent over February 2010. Of the 2,085 sales in February, 553 “normal” sales accounted for 26.52 percent of all sales, while 1,041 bank-owned and 491 short sales made up 73.48 percent. The median price of all existing homes combined sold in February 2011, $96,000, is an 8.57 percent decrease from the $105,000 median price recorded in February 2010. The median price for “normal” existing homes sold in February is $155,000. The median price for bank-owned sales is $74,000 and the median price for short sales is $98,000. There are currently 13,480 homes available for purchase through the MLS. The February 2011 inventory level is 16.02 percent lower than it was in February 2010 (16,051). The current pace of sales translates into 6.47 months of supply; February 2010 recorded 8.14 months of supply. Why it's a good time to buy a home in Orlando -------------------------------------------------------------------------------- Although many try to forecast when prices will hit bottom, the truth is that no one can predict the bottom of any market until it has already happened. Even within the Orlando market, different areas will “bottom” out at different times. Price fluctuations within each area of the Orlando market also differ. Buyers who hold off purchasing a home because they are waiting for prices to fall further may miss out on the home that they really want. The inventory of homes available for purchase, especially condos, is on a steady decline. Home prices have moderated, interest rates are at 40-year lows and the supply of homes for sale is plentiful. However, inventory has decreased by more than 37 percent since this time three years ago. Currently, about 75 percent of Orlando homes sales are foreclosures and short sales, which are typically priced much lower than “normal” homes. These types of homes sales continue to put downward pressure on the reported median or average sales price. Low interest rates, coupled with price declines, give trade-up buyers a unique opportunity to take advantage of market conditions. What an owner may lose on the sell side can be more than recovered on the buy side.
Why homeownership matters… -------------------------------------------------------------------------------- To people Homeowners are happier and healthier and enjoy a greater feeling of control over their lives. Owning a home is one of the best ways to build long-term wealth. Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter. Home owners are free to redecorate, renovate, and modify their homes as they wish. Most home owners enjoy stable housing costs — a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3 percent a year. Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return. To communities People who own homes vote more, volunteer more and contribute more to their neighborhoods. Homeowners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep. Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television. To the United States 67 percent of American households are owner-occupied. America is a nation of home owners. Homeowners pay 80 to 90 percent of federal individual income taxes, contributing to federal programs that benefit all Americans. Every home purchased pumps $60,000 into the economy for furniture, home improvements, and related items. Housing accounts for more than 15 percent of the national Gross Domestic Product, a key driver of our national economy.
Source: National Association of REALTORS®
