Wednesday, January 05, 2011

Orlando Real Estate 2011 Predictions

Let 2011 be the year to move your family into your dream or buy your Disney vacation home.  Central Florida has real estate for everyone whether looking at spectacular lakefront home, or living in downtown Orlando in a condo tower in the heart of the action, to relaxed lifestyle on the outskirts, Orlando has a place for everyone. 2010 is behind us with 2011 down right the best time to buy Orlando Real Estate, and here is why:

Interest Rates are low:  Interest rates are in the 4%, and slowly are creepy up.  If you buy now you will get more house for your money, rather than waiting for interest rates to increase.

Inventory is decreasing:  Bank foreclosures are forecasted to be around for a few more years, and so will the investors.  Investors are buying up affordable properties, and inventory is decreasing.  Buy now why you still have choices.

Home prices are low:  Distressed properties have put pressure to keep home prices low. Orlando homes prices have exceeded the affordability index, offer option for buyers with different budget.  Bank foreclosures that have not been released in the market, or shadow inventory, is predicted to keep prices low.

Short Sales are becoming streamlined:  More lenders have made efforts to improve the short sale process with online submissions.  Listing Agents are more educated and have enlisted short sale teams to get the job done.  More efficient short sales are always better for buyers.

Bank foreclosures becoming streamlined:  There was numerous times, that I would submit an offer on a bank owned property, and not hear anything for days and weeks, while other offers were being submitted, and not a live person at listing office that could give you a status. Now more banks are setting up online offers.  This helps buyers in many ways because it goes straight to the asset manager, and buyers have a fair shot knowing its going directly to the right person, and not lost or not submitted in a non-responsive listing office. 

More options for owner to stay in homes:  Lenders have pressure from government to modify loans to prevent further errosion of economic conditions, and keep owners in their homes.