What in the world??????? Orlando Real estate remains strange but solid.July 27, 2008
Rates are climbing. The President is signing and BUYERS are out in droves. Maybe the interest rate increase is a GOOD THING with buyers realizing that they have to get out there and buy a house NOW! Here are my facts…today I showed homes to three buyers with another two set up for tomorrow. That is a busy weekend my friends and buyers are back in the market.
Every week I think to myself that I cannot be shocked anymore and then another week comes and I am shocked! Things change so rapidly that only serious real estate agents can keep up.
Here are some highlights:
- Short sales are STILL A BAD BUY. Banks can NOT seem to make decisions that will save thousands of dollars and help move a property out of foreclosure and into the SOLD category. Everyone is talking about short sales and newspapers and newscaster seem to think this is the panacea everyone looking to stop foreclosure proceedings. Trust me…it isn’t working. There is no “YES” person at the bank. Realtors often are in over their heads on this one and I strongly believe that short sales are a waste of time. Until the banks get SHORT SALE DEPARTMENTS with an actual knowledgeable people in control that can make decisions…don’t bother.
- Foreclosures are coming. This is a guarantee. I heard recently that only 20% have come on the market in Central Florida. Sadly, I think this may be the case. This could affect home values for a few years in Central Florida.
- FHA loans are BACK. GOOD NEWS HERE. We need these loans to stimulate sales. Bad news, the maximum amount you can borrow in Central Florida/Orlando is only around $350K. No enough for most homes on the market.
We are in a market that changes daily. I don’t say that lightly. One day we have loans, the next day banks are tightening standards. Recently, we had a rate increase yet President Bush is signing legislation to help homeowners in foreclosure crisis. Every day is a new discovery. What does this mean to you? It means that we stay the course, work hard and get your home sold. It remains my number one priority.