Move it - or lose it…

If you’re trying to time bottom I don’t blame you. But you risk losing out just like the Brits who failed to move quickly enough last year when they had over two dollars to the UK pound. I’m already hearing the “if only we’d bought then” refrain. Brits now get less than a dollar fifty - and have thus just added 25% to the price of their Orlando vacation home.

And why are we quibbling over a half point on interest rates when prices are so low it doesn’t even matter? If interest rates were to rise to 8 percent they’d still be low. Those of you who were around in the 80’s might recall interest rates as high as 17 percent (I was still playing Duran Duran records). Now that’s something to worry about - not the Duran Duran, the interest rates. If you need convincing take a look at at this table and start looking at the big picture.

 

In addition, Orlando’s total inventory is already down by over 3000 units from it’s high last year. And sales are up. Prices are low, interest rates are low and there’s a lot to choose from. It’s the perfect storm. And just because experts think we may still have some way to go before we hit bottom remember, that is an average national picture. Remember, real estate is a local phenomenon and bottom in central Florida will not occur at the same time as it does in other states. Experts have noted that we were first to take the hit, we took the hardest hit - and it looks as if we’ll be first out of the gate to recovery.

So if you’re waiting for the media to tell you we’ve hit bottom and it’s time to start buying again I can guarantee you one thing. You’ll miss the party.

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