The question beckons - How Low Can You Go?

How much lower can this crazy Orlando Real Estate market go. Well, Here's my thoughts and one way to look at it.

When a renter can pay only approx. 20-30% more in their rent payment and own a home, They'll Buy!

OK, what does that mean?

Right now a 3/2 home at $200,000 would cost approx. $1600 Principle Interest Taxes & Insurance (PITI).

A 3/2 Home to rent in general is renting for $1200-$1300, meaning that when that average 3/2 home comes down to $200,000 that renter would rather buy instead of rent.

Right now that 3/2 Home is costing approx. $240,000. That means that that average home still has to come down $40,000 or 16% for that average renter to BUY.

OK, that's my opinion and we know what they're like!

 

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Jerry LaRose, ABR, GRI, e-PRO, CLHMS Orlando, Windermere FL. Real Estate

Windermere, FL

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Keller Williams Classic Realty

Office Phone: (407) 580-7011

Cell Phone: (407) 580-7011

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