With all the doom and gloom in today's economic news, there's a bright spot for home buyers in Central Florida. Bargains in the Orlando area haven't been available like this for over 30 years. There are four primary reasons why now is the time to contact an experienced Realtor® and start shopping today:
1. There are more homes to choose from. You can take your pick of excellent properties in prime locations in Osceola, Orange, Lake and Seminole Counties. Nearly 25,000 properties were for sale in the Orlando area in October, including single-family homes, town homes, duplexes, villas and condos. Find the right place that suits your home owner or investor budget.
2. Interest rates are still low. With rates between 6 and 7 percent (depending on owner-occupied or non-owner occupied rates), they've hit historic 40-year lows.
3. Home prices in Florida have fallen into the "snap-them-up" range. Most single-family homes in Orlando and surrounding areas are offered in the $200,000 to $250,000 range. Buyers are beginning to recognize that it's a good time to purchase real estate and take advantage of these reduced prices.
4. Affordability in the Orlando area is improving. According to the Orlando Regional Realtor Association Market Pulse Report for October, the median home price in the Orlando area was down to $178,000, a reduction of 24.26 percent from a year ago. When home prices drop, it makes them more affordable for potential home owners and investors. Considering that an affordability factor over 100 percent is a positive indicator for purchasing property, Orlando's 122.68 percent index is signaling that this is a strong buyer's market.
Whether buying a home to live in or as an investment, work with an experienced agent who knows the local area. In spite of tempting real estate prices in the Orlando area, especially with short sales and foreclosures, make sure you know the condition of the roof, appliances, air conditioner/furnace, water heater and other items that could add to your costs after closing. Your Realtor® can prepare a Comparative Market Analysis (CMA) to help you compare prices and make informed decisions. An agent who specializes in short sales and foreclosures can explain the benefits and pitfalls of buying properties in those categories, too.
If a real estate purchase in the Orlando area is in your future, either as a home owner or investor, talk with a Realtor® now about the advantages of taking action in today's affordable market.
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