If you have been watching the news or reading the papers, you would think that nothing in Real Estate is selling. The media has been selling doom and gloom on a daily basis about how bad the housing market is. The truth however is completely opposite of what the media is telling the public. May sales numbers for closings are up dramatically and when June figures are calculated, we will see a sharp increase in sales of foreclosure properties.
Realtors in the Orlando area have noticed this trend for the past 3 months. Buyers are taking notice of the tremendous value in foreclosure homes and they are out there buying. A large amount of these buyers are from outside the U.S., most notably the U.K. With favorable exchange rates and low prices many international investors are flocking to Florida to pick up vacation homes or second homes. It’s as if the state of Florida is having a half off sale on all Real Estate.
There has been a lot of pent-up frustration with buyers about housing prices and what we are seeing is these buyers feel the market is at a good point to finally get off the fence. Investors have been taking notice as well. Homes are finally at prices that make a smart investment option and foreclosures are the best place to start looking.
If you have been sitting on the fence waiting for prices to drop lower, you may want to jump into the housing market soon as the best choices for foreclosures may soon be getting snapped up.