Orlando No. 7 in 2009 foreclosures - Orlando Business Journal:
Oh my goodness it's going to get a lot worse!!! AHHH! In the end this is where most if not all inventory is coming from right now. It doesn't matter, at least that much, where the inventory comes from. It does matter to the price because with short sales and foreclosures the banks are setting the price. The good part about that is that banks can wait longer to sell therefore demand a price. There's the bailout money at work, since the American tax payer are the deep pockets of the banks. The inventory (defined as homes listed for sale) has been steadily declining for a year now. Some talk about a shadow inventory and maybe there's some credence to that but there's no real data to back that up.
http://www.bizjournals.com/orlando/stories/2010/01/25/daily5.html
Wish my house was down 7%, that begs the question is down 7% the new up?
http://www.bizjournals.com/orlando/stories/2010/01/25/daily7.html
The amount of increase in the condos was surprising for me. But if you look back to other times when a burst of value occurred the center of the city is the first to show signs of life. My data for this was the Bank of Japan publication regarding the asset bubble burst in Japan in the 80's.
http://www.bizjournals.com/orlando/stories/2010/01/25/daily37.html
This type of article is fear mongering. There's no real data just speculation, some people say this is going to happen... other people say this... and here's some data that doesn't back up what I'm writing the article about.
As always if you need to contact me for Real Estate in the Greater Orlando Area:
4073743493
tewasko@watsonrealtycorp.com
You can also do Real Estate searches HERE (CLICK ME)
Friday, January 29, 2010
Friday, January 22, 2010
Orlando Real Estate Jan 22, 2010
Report: Orlando home values fall 19.5% - Orlando Business Journal:
Report: Home sales up nearly 52% in December - Orlando Business Journal:
As said previously it's Time! Prices have fallen but the buyers are stepping in and eating up excess inventory. At the current sales pace we only have a 7 month inventory, that's actually healthy. Everything isn't rosy of course I'm not blowing smoke here. If you are looking at buying and renting out, it's not a pretty market for that right now. You would need to either need to put enough down on property to beat the rental rates of other homes on the market or have the cash on hand to pay the mortgage for a number of months before you found a renter.
Rental vacancies: 28% of Orlando-area rental apartments, condos, town homes are vacant - OrlandoSentinel.com
In the past the Orlando market has had a number of investors. The tables have turned and we are looking at a revival of the people that want a primary residence. This is a good turn of events for price stabilization, no more quick flips.
If you have any questions about my sources or want some information on Real Estate in the Orlando Area, I can be contacted at:
tewasko@watsonrealtycorp.com or (407) 374-3493
Report: Home sales up nearly 52% in December - Orlando Business Journal:
As said previously it's Time! Prices have fallen but the buyers are stepping in and eating up excess inventory. At the current sales pace we only have a 7 month inventory, that's actually healthy. Everything isn't rosy of course I'm not blowing smoke here. If you are looking at buying and renting out, it's not a pretty market for that right now. You would need to either need to put enough down on property to beat the rental rates of other homes on the market or have the cash on hand to pay the mortgage for a number of months before you found a renter.
Rental vacancies: 28% of Orlando-area rental apartments, condos, town homes are vacant - OrlandoSentinel.com
In the past the Orlando market has had a number of investors. The tables have turned and we are looking at a revival of the people that want a primary residence. This is a good turn of events for price stabilization, no more quick flips.
If you have any questions about my sources or want some information on Real Estate in the Orlando Area, I can be contacted at:
tewasko@watsonrealtycorp.com or (407) 374-3493
Wednesday, January 20, 2010
HousingTracker.net | Median Home Asking Price & Inventory Data for Orlando, Florida
HousingTracker.net | Median Home Asking Price & Inventory Data for Orlando, Florida
Interesting trends in the Orlando market. We've been burning through a large amount of inventory but have seen the first month over month increase in inventory since 2006, which at this time is an anomaly. It appears that along with the tax credit and incredible pricing in the real estate market that we are getting closer and closer to a completely healthy market.
Some of the recent sales will baffle those who haven't looked in a while. So does this mean that it is time to buy? Easy answer yes and hurry! Multiple factors make it a smart time to buy:
1. Low interest rates - We have been hovering near 5% to 5.25% for some time now.
2. Lowest prices - Due to many market factors including but not limited to high unemployment, foreclosures, short sales and excess inventory have pushed prices into an area not seen since 2003, basically the whole bubble.
3. Minimal Competition - With less buyers it allows the buyers to set the stage to get exactly what they want. This does not apply to all Real Estate, multiple contracts on a hot property still exist.
4. Government Spending - Our government is still giving you $8000 to move into a new home... thank you may I have another!
5. Inflation around the corner - With the government spending many experts believe that we are going to head into a heavy amount of inflation in the future. This happening is actually a good thing for anybody with Real Estate holdings. If inflation sets in your property value will increase proportional, this is due to the dollar not being able to buy as much yesterday as today. The same reason our folks had told us they used to get all the groceries for $1 and have change left over. They were buying nice homes in the 70's for $12k.
If you ever have questions about Real Estate in the greater Orlando Area or if you are ready to buy or sell a home. I can be reached at (407) 374-3493 or tewasko@watsonrealtycorp.com
Interesting trends in the Orlando market. We've been burning through a large amount of inventory but have seen the first month over month increase in inventory since 2006, which at this time is an anomaly. It appears that along with the tax credit and incredible pricing in the real estate market that we are getting closer and closer to a completely healthy market.
Some of the recent sales will baffle those who haven't looked in a while. So does this mean that it is time to buy? Easy answer yes and hurry! Multiple factors make it a smart time to buy:
1. Low interest rates - We have been hovering near 5% to 5.25% for some time now.
2. Lowest prices - Due to many market factors including but not limited to high unemployment, foreclosures, short sales and excess inventory have pushed prices into an area not seen since 2003, basically the whole bubble.
3. Minimal Competition - With less buyers it allows the buyers to set the stage to get exactly what they want. This does not apply to all Real Estate, multiple contracts on a hot property still exist.
4. Government Spending - Our government is still giving you $8000 to move into a new home... thank you may I have another!
5. Inflation around the corner - With the government spending many experts believe that we are going to head into a heavy amount of inflation in the future. This happening is actually a good thing for anybody with Real Estate holdings. If inflation sets in your property value will increase proportional, this is due to the dollar not being able to buy as much yesterday as today. The same reason our folks had told us they used to get all the groceries for $1 and have change left over. They were buying nice homes in the 70's for $12k.
If you ever have questions about Real Estate in the greater Orlando Area or if you are ready to buy or sell a home. I can be reached at (407) 374-3493 or tewasko@watsonrealtycorp.com
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