The central Florida housing market is continuing to improve and current sold and pending housing units show a prime example of Orlando’s market improving. For the first 4 month of 2009, 6807 properties were sold in the 5 county regions of Lake, Orange, Osceola, Polk, and Seminole compared to 4704 for the same period in 2008. The current list of properties pending is 8810 units. This is a tremendous increase over same period 2008.
Bank properties are the bulk of units sold as both investors and first time home buyers are looking for great deal. With low interest rates and a tax credit of $8000 for home buyers, now is a great time to take advantage of bank owned properties and foreclosures.
The increase in sales has put pressure on the current bank owned and foreclosure homes listed for sale. Realtors are reporting that foreclosure properties are often getting multiple offers and often are selling for higher than the listed price offered by the Bank. This is not to say that the current foreclosure crisis is over but that Buyers are realizing that there are great deals out there and this puts pressure on the foreclosure homes listed for sale. The sooner these homes can sell, the faster out market will begin to rebound and housing price return to normal appreciation.
If you are a Buyer in this market waiting for a great deal, now is the time you need to act. Don’t kid yourself that this market will be around for a long time. It is true that there will be more distressed properties that will go into foreclosure and many parts of Florida are still seeing downward pressure on housing prices but for Central Florida the trend is turning and this local market is beginning to improve.