October 2, 2007
Buyers Market in Orlando Florida
The property market in Central Florida has shifted in the past year from a seller’s market to a buyer’s market. While there are still some areas that have reported gains in prices and value, the overall property market has definitely changed. This means that it is the best time to buy and invest on real estate in the Sunshine State. It is an even better time for international property investors with the dollar being so low against foreign currencies.
According to Jeanette Cox of Watson Realty Florida, Osceola County, located southeast of Orlando and including Kissimmee, have seen a remarkable growth in inventories and days on the market. The sales figures for the month of March 2007 show that 259 homes were sold. These properties were on the market for an average of 99 days. Presently, there are a staggering 5,762 homes on the market. These numbers are a far cry from the figures of March 2004 at the height of the housing boom. There were 469 sales that month, and the homes were on the market for 67 days. Existing inventory was only 871 homes in the whole county.
“The Florida market is still flooded with excess inventory so now is a great time to Buy, Buy, Buy, as the buyer has the power to negotiate, knowing there is lots of inventory to pick from,” comments Cox.
The Watson Realty representative maintains that Florida really is a buyer’s market. “People who are extremely motivated to sell are giving away Realtor Bonuses, extremely high commission, HOA [Homeowners Association] fees paid for a year. Some builders are giving away swimming pools, upgraded kitchens, a cruise, cash back at closing. There are many deals to be had at this time.”
Although the investment return isn’t going to be what it was for quick appreciation, in the long run, the Sunshine State market has always been solid and should continue to appreciate. There are still areas in the state with good return on value, but an owner hoping to sell will have to exercise some patience. On the other hand, property buyers have a wide open market to choose from and can pick their dream homes for great deals and bargains. With this development, it definitely is the perfect time to invest in South Florida especially for international real estate investors.
Posted on: Florida
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