While the National Association of Realtors showed a bright spot for home sales and an inventory reduction of homes for the month of March in Orlando, this may not show the whole picture. No one is denying a reduction in inventory but a closer look at this number shows that many sellers are pulling their homes off the market to wait for more favorable times.
As sellers become weary of waiting for a sale to happen, they are now opting to rent their properties as a way to help offset expenses (mortgage payment). By pulling homes off the market it creates a false sense that things are improving. You can bet that these owners will be back in the market when things improve.
Let’s be honest, it is still a very strong Buyers market and there are plenty of opportunities with banks selling foreclosure and short sale homes. We are still seeing a very strong demand of Buyers from the U.K. Their purchasing power has been tremendous along with the weak dollar and low home prices these buyers are snapping up great deals here in Central Florida. Vacation homes are the prime target for these buyers as they make wonderful investments for the long run.