Localism Challenge, Day #21: Inventory's shrinking, prices rising- it's time to make your move
Localism Challenge, Day #21: Inventory's shrinking, prices rising- it's time to make your move
A recent column from the Orlando Sentinel's Mary Shanklin points out some encouraging signs for our local real estate market here in Orlando. Schools are open- and Economics 101 is in session: inventory is shrinking and prices are rising.
When the median sales price in July exceeded the previous year's median by 6 percent, it was the first time in four years that the local housing market had managed a year-over-year gain in resale prices.
Since January of this year, Orlando's median price has increased by 21 percent.
I concentrate on the rentals and leasing markets right now, and the increase in sales prices and dwindling inventory also bodes well for me and my business. Places getting bought means less places to go....places being bought for more money means places will be leased for more money. Tenant prospects will have less room to lobby for price reductions and concessions.
Localism Challenge, Day #21: Inventory's shrinking, prices rising- it's time to make your move
Fence-sitters, word to the wise: it's time to make your move...
At the current sales pace, there was a 4.3-month supply of homes available for sale in the core Orlando market, well below the six-month supply considered normal for a balanced market. Total inventory was down 39 percent from August 2010; the number of single-family homes was down 36 percent, while the number of condo units for sale was down 52 percent.
Planning to purchase a new home for your family? Do it soon. Looking for an investment property? Buy it now- while they're still around.
Lastly, if you're pondering the buy/sell decision, get off the couch and make your move. I have properties for rent if folks need them, and a great referral network of friends and associates that can assist in any purchases you may wish to make. That great place you've been eyein' won't last forever....at least not here in Orlando!
So...what's your choice?
The only wrong decision is indecision.
Localism Challenge, Day #21: Inventory's shrinking, prices rising- it's time to make your move
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