Orlando Florida Real Estate Resource

Lake Mary Florida Real Estate Market Update -March 2008

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The Lake Mary Florida real estate market seems to be picking up this Spring. We are seeing more homes closing and more homes going under contract.  While this is much welcome to Lake Mary home sellers, there are still mixed emotions, as home prices are still falling.

For Lake Mary home buyers, this market is a dream come true.  It seems as though were finally reaching bottom, making it the ideal time for making your move.  Prices are low as are interest rates, but dont wait, as interest rates are definitely expected to rise.  If youre a gambler and wondering how best to time your purchase, youll definitely want to read the follwing:

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Orlando Florida Real Estate Market Update -March 2008

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According to the Orlando Regional Realtor Association, Orlando’s monthly housing sales increased in March, as the median price dropped. Orlando Florida real estate experienced an increase in the number of home sales, an increase in the number of homes under contrace and a decrease in it’s housing inventory for sale.  These are all small, but much anticipated steps toward market equilibrium.  

The monthly statistical reports released by the Orlando Regional Realtor® Association revealed some additional interesting tidbits for the month of March:

• the sales of homes costing upwards of $1 million more than doubled in March compared to last month;
• the sales of duplexes, town homes, and villas have increased in each of the last three months; and
• the majority of condos sold have fallen into lower and lower price categories for each of the last three months.

The median sales price of a single-family home in the Orlando area decreased by 1.35 percent ($3,000) from $223,000 in February 2008 to $220,000 in March 2008. The median sales price for March 2008 is 8.33 percent below that of March 2007 ($240,000).

The decrease in the median home price to $220,000 means that the area’s affordability index increased in March to 102.35 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,506 can qualify to purchase one of 10,980 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,170 or less.

The first time homebuyer affordability index held steady in March, at 72.78.

The number of sales in the Orlando area declined by 39.29 percent in March 2008 compared to March of last year (1,080 to 1,779), but the number of sales that took place in March 2008 increased by 13.56 percent compared to the number of sales that occurred in February 2008 (951).

There are currently 2,398 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 1,731 in January and 2,175 in February. The number of homes newly under contract increased by 142 in March, and the increase from January to February was 298.

The area’s average interest rate was 5.94 percent in March 2008, up from 5.87 percent in February but down from 2007’s high of 6.60 percent in August.

Homes of all types spent an average of 130 days on the market before being sold in March 2008; the average home sold for 93.53 percent of its original asking price. In March 2007 those numbers were 90 and 95.87 percent, respectively.

The majority of single-family homes (223) that changed hands in March 2008 were sold for between $200,000 and $250,000. Another 129 homes sold in March for between $250,000 and $300,000. Two hundred eighty-four homes sold for less than $200,000 in March, and 260 sold for more than $300,000. On the far ends of the scale, 31 homes were sold for $1 million or more (double the number sold in February) while only 10 homes sold for less than $50,000.

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Orlando Florida Real Estate Resource

Orlando, and Lake Mary Foreclosures

When reading or watching the news about Orlando Florida Real Estate, it’s easy to begin believing that everyone around you is losing their home to foreclosure.  Don’t be fooled by the media focus on a small fraction of the real estate market.  Here’s just a note on perspective for some of the foreclosure news you are seeing.  

Is it rough out there in today’s real estate market?  Well consider this, in a recent Bloomberg news article there are apparently frightening numbers on forclosure rates - ” U.S. Foreclosures Jump 57%” .  Awful state of affairs - right?  How about this headline for the same article - “99.8% of U.S. Households NOT in Forclosure”  Amazing? Can’t be true? Check the math.

Use the numbers provided in the article - “More than 234,000 properties were in some stage of foreclosure, or one in every 538 U.S. households… “.  Pull out your calculator and work out the percentage - .001859 or .1859% (1 divided by 538).  Yep - that is LESS than two-tenths of one percent.

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Seminole County Florida Real Estate - Homes, Townhomes & Condos

Specializing in Seminole County Real Estate,
Orlando Real Estate and Orange County Real Estate in Florida

Should I wait for prices to drop further, before buying a home in Seminole County or Orlando Florida?  This is a question we hear repeatedly.

The headlines are saying "wait!" because Seminole County and Orlando Florida Real Estate prices are expected to decline even more.  How much?  No one can say for sure. Well, I'm here to tell you to IGNORE THE HEADLINES!  Yes, prices will probably drop more, but this doesn't necessarily mean you'll get a better deal.  You see, too many buyers are focusing on home prices and waiting, worried that the home they buy today will be worth less tomorrow.  What they're missing is that rising mortgage interest rates are a huge concern, and many would be buyers will find themselves out of luck if they wait much longer.  And to top it all off, mortgage lending standards are tightening, leaving fewer and fewer Seminole County and Orlando Florida home buyers unable to qualify.  While almost anyone could get 100% financing 6 months ago...today, there are only a couple of programs allowing you to buy with no money down, and qualifying standards have gone way up.

There's little doubt that waiting for the perfect time to get into the market will cost you more in the long run. As Jim Svinth, chief economist at mortgage firm Lending Tree has said, "The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher."  Any saving you see from falling prices will be offset by rising interest rates!

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Orlando Florida Real Estate - Homes, Townhomes & Condos

Orlando Florida Real Estate 
Market Update - December, 2007

Specializing in Orlando Real Estate, Orange County Real Estate and Seminole County Real Estate in Florida

The current real estate market in Orlando, just like the rest of Central Florida, is a true buyers market.  Inventory is at all time highs and the number of sales each month is way down.  Prices have adjusted, time on market is up and sellers & home builders alike are offering great incentives to buy their homes.  Distressed properties, such as short-sales, bank owned homes and foreclosures are becoming more and more common throughout Orlando.  If you're currently in the market for a new home or investment property, now is the perfect time. 

We're seeing many investors and first time buyers alike wanting to take advantage of the many great deals out there.  Looking for that steal of a property?  Just make sure you're working with a real estate agent who is knowledgeable and can help you avoid offending the seller, thus maximizing your chances of getting that deal.

Read Also: 
Buying A Home In Orlando? Here Are The Secrets To Making A Lowball Offer!
How Do You Buy The Most Home For Your Money In Orlando Florida?

Here is the brief synopsis of the entire Central Florida market:

Orlando Florida Real Estate Statistics

Average Days on Market (DOM):  116
This is UP from 78 DOM in December 2006

Sales Closed:  1005
This is DOWN 48% from 1945 in December 2006

Current Listing Inventory:  24,298
This is UP from 19,537 in December 2006

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