Florida Home Sales to Slow Through Superbowl
Existing US homes inventory would take just about one year to clear out based on recent data showing the national ‘used homes” sales rate sitting below the 5-million unit mark – a stat that hasn’t been met in more than a year. This is reflected here locally as Orlando real estate sales have definitely slowed a bit, putting buyers a little firmer in the power position as this trend will most likely carry through the Super Bowl.
House Karma Problem May Continue
We know that home sales data on the nation scale is actually very regional. Here in Florida, Clearwater real estate sales, Orlando real estate sales, Winter Haven real estate sales, and Lakeland real estate sales all show a moderate to reasonably high level of activity. However, in nearly every case, the average home’s sales price or “value” has continued to fall. The present downward trend in number of ready buyers may very well keep this particular statistic alive – with sellers feeling the pinch or wrestling with “House Karma” agreeing to accept bids they would have refused just a few weeks ago.
Recent reports also show that job losses may continue into 2010, adding hesitation among would be home buyers into the mix. The law of supply and demand thus will once again dictate a slow down in home purchases as buyers are less likely to extend themselves during times of economic uncertainty.
Florida Mortgages Available, But Home Must Be Priced Fairly
The one silver lining is that mortgage rates are hovering at historical lows, thanks to our government’s efforts to force them down in order to stimulate the economy. This means that a well-qualified home buyer can better stay within budget. The challenge here, of course, is for Realtors to help their clients understand the importance of pricing homes fairly in order to entice the few buyers we’ll see over the next 45 days to step up and make a purchase.
Photo Credit: fatboyke on Flickr
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Kevin Sandridge
The Florida Mortgage Pro
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL, 33884 |
Mobile: 863-604-3019
Fax: 888-496-0265
kevin.s@sigfunding.com
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