Tuesday, August 22, 2006

Orlando Real Estate Update

Orlando real estate is one of the hottest areas in the nation and could end up the second best year in sales behind 2005. Inventory of homes in Orlando core market of Orange and Seminole county has climbed to aaproximately 20,000 and does not include for sale by owner homes. With this slower pace, backlog inventory represents 9.38 months of inventory. A sign it is a buyers market. Many sellers have had their home the market for months even cutting prices, without any showings. Many sellers are frusturated while many are patient. The median price of a home has set a record of $252,900 and indication Orlando has an active housing market. Realtors are starting to go outside their designated territory to go where buyers want to go. Mortgage rates had a slight reduction in July to 6.39. Rates are expected to remain steady inching up to under 7% by year end. It is a great time for buyers, prices and terms are much more negotiable and choses for home selection are great. Courtesy of Orlando Sentinel 8/22/06.