This past Summer the much anticipated Central Florida real estate market recovery has been everything as advertised. Inventory of available homes is holding steady at just over 7,000 properties for sale, a drastic improvement from the bottom of the market in August 2007 of 26,313 active listings. The past 30 days Orange County sold and closed 1,250 properties.
This lack of inventory along with the Feds monetary policy keeping interest rates in the low 4’s have sellers back in the driver’s seat after a 5 year hiatus riding in the trunk.
Home buyers are learning quickly if they find a good deal they better make a quick decision. “The good deals go fast, within the first few days on the market” says Paula Hemani Broker of TeamConnect Realty in Dr Phillips Orlando, Florida.
“Buyers tend to concentrate on that list price rather than a home’s value and then go from there”, adds Paula who also serves as TeamConnect’s Buyer Coordinator for Dr Phillips newest community Parkside. “In regards to Parkside we knew once they started clearing the land off of Apopka-Vineland Road and Buena Vista Woods it was going to be a very attractive location, new construction is something an established community like Dr Phillips doesn’t see a lot of”.
Buyers shouldn’t get discouraged, with Fall and Winter right around the corner a high percentage of home buyers put off buying for a few months and start backup in Spring. Even with less competition buyers should be aggressive when they see a good deal.