Home sales in Orlando have doubled since 2008. What are you waiting for?
According to the latest numbers, home sales in Central Florida have doubled since 2008. Interest rates remain in the historically low 4 to 5 percent range, making homeownership more affordable than ever.
So what are you waiting for? Act now. This truly is the best time ever to buy a home in Central Florida.
Don’t miss this once in a lifetime opportunity. Contact a REALTOR® today.
April Housing Report
April by the Numbers
Compared to March 2011
* Based on 30-year fixed rate mortgage
Why it's a good time to buy a home in Orlando
- Although many try to forecast when prices will hit bottom, the truth is that no one can predict the bottom of any market until it has already happened.
- Even within the Orlando market, different areas will "bottom” out at different times. Price fluctuations within each area of the Orlando market also differ.
- Buyers who hold off purchasing a home because they are waiting for prices to fall further may miss out on the home that they really want. The inventory of homes available for purchase, especially condos, is on a steady decline.
- Home prices have moderated, interest rates are at 40-year lows and the supply of homes for sale is plentiful. However, inventory has decreased by more than 37 percent since this time three years ago.
- Currently, about 75 percent of Orlando homes sales are foreclosures and short sales, which are typically priced much lower than "normal” homes. These types of homes sales continue to put downward pressure on the reported median or average sales price.
- Low interest rates, coupled with price declines, give trade-up buyers a unique opportunity to take advantage of market conditions. What an owner may lose on the sell side can be more than recovered on the buy side.
How a REALTOR® can help
- It has never been more important than now to work with a REALTOR®, the local market professional, to properly gauge local neighborhood conditions.
- REALTORS® have access to the most up-to-date and comprehensive property listing and sales information, making them a buyer’s best resource in finding the home that is right for each customer.
- Many markets have two levels of pricing: distressed sales and traditional sales. Foreclosures and short-sales tend to carry prices as much as of 20 percent below traditional homes in the same area. REALTORS® can help both buyers and sellers navigate today’s tricky market conditions.
- In the typical sales transaction, nearly 200 typical actions, research steps, processes, and review stages are performed by either the REALTOR® or the brokerage staff. Without them, the transaction could be placed in jeopardy. View the Critical Role of a REALTOR®.
Contact a REALTOR® today >
Why homeownership matters…
- Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.
- Owning a home is one of the best ways to build long-term wealth. Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
- Homeowners are free to redecorate, renovate, and modify their homes as they wish.
- Most home owners enjoy stable housing costs — a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3 percent a year.
- Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
- People who own homes vote more, volunteer more and contribute more to their neighborhoods.
- Homeowners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep.
- Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television.
To the United States
- 67 percent of American households are owner-occupied. America is a nation of home owners.
- Homeowners pay 80 to 90 percent of federal individual income taxes, contributing to federal programs that benefit all Americans.
- Every home purchased pumps $60,000 into the economy for furniture, home improvements, and related items.
- Housing accounts for more than 15 percent of the national Gross Domestic Product, a key driver of our national economy.
Source: National Association of REALTORS®