I Have Five NEW REOs and Four are under Contract!  This what a local broker stated to me today. 

As of 1:26 p.m. EST we have 9 homes under contract today alone.  

Compare this to just sixty days ago when we were lucky to have two or three homes under contract in a given day.

The affordability index in our area is looking real good.  Meaning a typical family can buy a home for 25% of their income.

One Year ago that would have been around 40% and homes were just sitting on the market.

It's a buyers bonanza in northern Lake County FL. 

Here are the main reason for this turn around:

1:) Prices have dropped about 40% - depending on area.

2:) Buyers have been waiting on the sidelines. 

3:) Interest rates are still attractive but the future is uncertain.

4:) The voters have spoken and new leaders have ONE chance to fix this mess or there will be more changes.

I don't see prices increasing sharply because it's all tied to affordability.  Buyers have to qualify for their loans based on income and other factors.  If prices increase too much the market will pull back.

Cash buyers are snapping up the bargains and now buyers using a lender are making their move.

Happy House Hunting

Ray Levy

www.lakecountyhomepros.com