First time home buyers have the best conditions since March 2004 to purchase a home in the Orlando area, as a decrease in the median sales price of homes sold in November. This pushed the first time home buyer affordability index up to 96.09%. In addition, inventory of houses on the market is stocked with more than 6,030 homes in the average first time buyer’s price range of $136,422 or less. WOW!
So what does that affordability index mean? It means that with the area's median wages only 3.91% of the Orlando area's population cannot afford to purchase a home in that range. So out of 100 people 96 of them could comfortably afford a home in the Orlando Real Estate market.
November’s median sales price of $167,025 is a decline of 28.90 percent when compared November 2007’s median price of $234,900 and a decline of 4.91 percent when compared to October 2008’s $175,650. However for those of you not first time home buyers this means you have an affordability index of 135%!!!
Yes prices are still falling slightly, but with interest rates down and coming down the utopia of buying is here. We can never pin point the exact bottom or height of a market but if you look at all the conditions all signs point to BUY!
The number of pending sales, considered by housing economists to be a reliable predicator of future sales activity, continued its five-month upward trend to 3,326. There are 84.2 percent more homes under contract in November 2008 than compared to November 2007.
If you have been on the fence about purchasing a home, then you owe it to yourself to get educated. Im not here to sell real estate. That's not my job. My job is to educate, to console and to negotiate deals. The house sells itself, either you like it or you dont.
Contact me today if you would like a candid one on one session about if purchasing a home is right for you and what type of home is best and well any other real estate related questions you may have. My services are available: in person, on the phone, via email or text & instant messaging.
If you rather just watch a video on purchasing real estate and arent ready to talk with a Realtor, No problem email me for a link to My first time home buyers guide video.
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information on buying, selling, or auctions in Central Florida, Orange
County and Seminole County, new construction, bank
owned, short sale and foreclosure properties and Relocation services
contact your Lake Mary Real Estate Agent Heather Joubran @ 407-810-6304
For information on buying, selling, or auctions in Central Florida, Orange County and Seminole County, new construction, bank owned, short sale and foreclosure properties and Relocation services contact your Lake Mary Real Estate Agent Heather Joubran @ 407-810-6304 or firstname.lastname@example.org.