Here is the raw data- it certainly is a mouthful!  If you have any questions or comments feel free to get in touch.

Market Pulse- Orlando Regional Realtors Association January 2011

Well for the most part,  as with the other areas of Orlando we have reviewed recently, Colonialtown and the rest of zip code 32803 are showing positive signs that real estate trends are moving in the right direction. Sold properties are up 47% from last year, and homes pending are up 89% over the same period.  With June being the final month to close on properties utilizing the $8,000 tax credit, as well as the continuation of lower interest rates, buyers who may have been sitting on the fence seem to making their move.

Any questions, or if I can be of any assistance in buying or selling real estate please do not hesitate to get in touch with me.

Looks like a promising trend in the College Park area as homes for sale are at the lowest level since we started keeping these trending reports back in April of 2009.  At the same time both homes sold and pended are up compared to a month ago, a year ago and 15 months ago.   Below you will see that although the "for sale" prices for single family homes in College Park are staying consistent, the "Sold at" prices are creeping up (+15% a year ago).  As I have said in previous posts, the home buyers credit has something to do with this...but consistent lower interest rates are also a big factor- thus a window of opportunity perhaps for those who are thinking about listing in zip 32804.



Make sense?  Questions?  As always, if I can be of assistance to you do not hesitate to contact me at michael@michaelgonick.com.

This article from ABC News which points out that a one point decline of interest rate can represent a $200 savings on a mortgage payment for a $400,000 home.  This is equally good news for sellers if you think about it- there will be greater demand for homes as buyers try to take advantage of these low rates.  Questions?  Give a call or drop a line.

I was going to write about this but the Orlando Sentinel took the words right out of my mouth.  Read the full article here and get in touch with questions... I can explain why I have units in downtown Orlando buildings going under contract for clients now, and why things are picking up in our condo market.

• Properties SOLD is 91% above 15 months ago, and 15% above a year ago. Comparatively to last month, sales are down 25% (which most likely due to the tax credit deadline).
• What looks promising is the PENDING sales data ...which continues an up trend (up 26%) compared to last month despite the expiration of the buyer's tax credit.

According to the OBJ, Florida scored highest for its top marginal personal income tax rate, state minimum wage and its right-to-work status. Good news for us!

In a nutshell, from the first graph you will note that the amount of pending sales in Orange County increased significantly in April (in part to the deadline for the $8000 tax credit), homes on the market continue the declining trend, and actual sales remained basically flat though up significantly from last year.

In the second graph you will note that the "days on the market" number for homes in Orange County is the lowest in over a year, while sold price averages 96% of list price.

For more information about what these numbers might mean to you, or if you would like to see data on any other counties in Central Florida, please get in touch with me.

This article from this morning's Orlando Sentinel...... still sitting on the fence?

It is the combination of lowest pricing in years AND wages and earnings - which have remained stable.
Give us a call if you have any questions.

Homes not selling unless they are foreclosures?

Not true.

I just sold a beautiful 2 bedroom home in Thornton Park for $515,000 that closed last Friday. I represented both sides of the transaction. The home was my listing, and I marketed and found the buyers who ultimately purchased the property. This was not a short sale or a foreclosure. The home was on the market over 600 days with a number of different Realtors prior to me....I listed the home and got it under contract in 69 days.

Why?

• Even considering significant price decreases in some markets over the past 18 months, a home purchased several years ago could very likely sell for a profit today.
• While your selling price might be less than anticipated, you very likely can compensate for that on the buying side of the equation in today's market. There are still great deals out there, and interest rates are still hovering around all time lows. Remember, when the market turns...and it will...you may be able to get an outstanding price for your home, but if you will be purchasing another home you will be on the other side of the transaction. You will be scrambling, and probably will be forced to pay a premium for property under those market conditions.
  
• I would remind you of this- While short-term market conditions can fluctuate, housing continues to represent a strong ling-term investment. Since the start of real estate record keeping in 1968, national median existing-home prices rose every year until 2006 - a period that included early recessions and sales decline.
• The market is experiencing a major decline in available home inventory- as short sales and foreclosed properties continue to disappear.
  

It all comes down to this. Homes are selling. The Realtors who are selling homes in this challenging market are doing more than just posting their listing on the MLS, putting a sign on a yard and hoping for the best.
I made this particular sale happen for both buyer and seller by working with the appraiser to explain the value of this property, by utilizing many different media to get the word out to everyone and targeting a very specific set of buyers that would be interested in a home like this. These are just a few of the reasons I was able to sell 27 James Avenue in such a short time, and to get accomplished what the Realtors who had this listing before me--- could not.

If you are considering putting your home on the market, I would welcome the opportunity to evaluate your home and give you my opinions, thoughts and suggestions.....all for free. Just get in touch and I will try to help you anyway I can.

Often a Realtor will be asked, "So what do you think about the market?" "When is it going to get better?" How I usually answer is this: The quicker we realize that it is not going to be what it was, the quicker we will be able to embrace the "New Normal."

I've seen it starting to happen. We are still in what would be considered a down economy yet we have had a string of good days on Wall Street. Home sales are starting to go up though the prices of homes....are not. I think we are beginning to come to grips with the fact that "this is it and this is how it is going to be".

Realistic sellers are facing up to the harsh reality that they will not get the big payday they expected from the house they bought in the "boom" a couple years back. Smart buyers who were once hesitant are realizing that with the combination of increased home sales and rising interest rates it is time to get off the sidelines.

The $8000 tax credit for first time home buyers will not be around forever- in fact it is due to expire by the end of this year.

Just as many have looked back and beaten themselves up for purchasing a house a couple of years ago when the market was topping out, there may be a slew of others who might very soon regret letting the opportunity of lifetime- the ability to purchase their dream home in a market that is beginning to lift its way out- slip through their hands.