Orlando Home Resales Hit 8 Year Low

According to the Orlando Regional Realtors Association,  the surrounding Orlando area had its worst month in over 8 years and existing sales fell 55% for the prior year (2006). This occurred even with the median price of homes dipping to $235,000. While this is bad news for Sellers, it is very good news for Buyers. Large home inventories and lower prices make owning a home more affordable for those buyers priced out of the market during the housing boom.

With our market near bottom and Buyers trying to time the market, experts are telling buyers to beware of waiting too long. Just like the Stock Market, you don’t know exactly if your buying at the bottom. If Buyers wait too long they may find themselves buying as the market shifts upwards. Most industry experts don’t expect this to happen until late 2008 but by waiting, Buyers may miss out on the ideal property that meets all their needs thinking they may save a few thousand dollars down the road.