Orlando Real Estate: Market Conditions

Real estate sales are still down in Orlando - and nationwide, including in the new home sector which experienced a 2.9 % decline. This news by the Commerce Department, who say that this is the slowest home sales pace since January 1991.

The report shows that regionally, new-home sales were mixed in November 2008, with two regions posting gains and two posting declines. The Northeast and West each regained some ground, with 14.3 percent and 11 percent gains, respectively, while the Midwest and South posted declines of 16.4 percent and 7.1 percent, respectively. All four regions were reported to be down by more than 25% on a year-over-year basis.

“The fact that new-home sales continue to decline even in the face of substantial builder incentives, very favorable mortgage rates and improved housing affordability shows how fearful consumers have become about making a home purchase in the current economic environment. That’s why it is absolutely necessary for the government to take action that will reassure home buyers and stimulate demand in order to help revive home sales and economic growth,” said National Association of Home Builders (NAHB) Chairman Sandy Dunn, a home builder from West Virginia.

Orlando real estate roughly mirrors the national trend. This, of course means there are some tremendous bargains out there at the moment in the Orlando metro area. “We’re not just talking about Orlando home prices being down from their 2005 peak to where they would have been,” says Marcus Burke, broker of the Orlando Real Estate Pros, “We’re now seeing some foreclosure deals that are almost too good to be true. For those that have been waiting on the sidelines, now’s the time to jump in and cherry pick those deals.”

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