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Hurricane – Real Estate Roundup

August 30, 2008

You would think that the recent rash of hurricanes would hurt the housing industry but CENTRAL FLORIDA remains strong.

The good news – the number of homes currently under contract (3,258) is 26.72 percent greater than the number of homes that were under contract in July 2007 (2,571). Pending sales for the past three months have been greater than their 2007 counterparts.

In addition – There are 18,363 single-family homes currently listed in the MLS, nearly 1,000 less than this time last year. Most (3,132) are listed in the $200,000 – $250,000 price range.

This is ALL good news. Fewer homes for sale and higher pending contracts equal an improving market. HOMES ARE SELLING in spite of pessimism, negative press, crazy politics and HURRICANES. The real estate market in Orlando is starting to resemble the US Postal Service; neither rain, nor sleet nor dark of night or stinkin’ hurricanes will stop the sale of homes in Central Florida.

On top of that…high end homes (over $1M) in inventory have declined making it a stronger market as well. The mid range prices still suffer in a sort of real estate purgatory as we all await the tidal wave of foreclosures.

All in all…a GOOD TIME TO BUY. Jeez…how long do I have to repeat this mantra. If you are waiting for the bottom, you will wait yourself right out of this market. It’s here. Buy now. Call me.

PS: FHA rules change daily. If you are in the market for FHA financing (currently allowed up to $373,750 in Central Florida) you better jump on these loans quickly! You are running out of time for FHA loans unless Congress gets their act together and we all know how long that could take.

 

 

 

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