Shedding Some Light on a Buyer's Market

Believe it or not, it's a great time to buy real estate in Orlando. Prices are down, inventory is up, and we're on the cusp of one of the greatest real estate buying opportunities in recent history.

When the real estate bubble burst, Florida was one of the hardest hit states in the country. Because of this, there are many home sellers - I'd say about 1 in 10 - who are still clinging to the home prices of a few years ago and refuse to compete with the market. That's why you see many homes on the market  for a year or longer. But every day, more and more sellers are realizing that in order to get their house sold, they need to drastically reduce prices. Roughly half of the listings in Orlando have been on the market for four months or less, and these are sellers who know what kind of market they were getting into and usually have a better understanding of what needs to get done to sell their home. 

For those buyers out there who were waiting for a deal, those deals are here - and there are more every day. It's not unusual to find properties that sold for over $500,000 in 2005-2006 now on the market for $100,000 less than what was originally paid for it. And many properties have even more drastically cut prices. The days when buyers had to beg and push each other out of the way to buy a home are over - sellers are now begging buyers and they're doing whatever it takes to get their home sold.

That doesn't just extend to the lowered prices, either. With such a flooded market, sellers know that they no longer have to just keep up with the Joneses, they have to be far better than their neighbors in order to get noticed. That means keeping their home in the best possible condition to help persuade buyers. A highly motivated seller will clean the house, paint it, and improve, replace or repair every little thing that needs fixing. They have to stand above the crowd, and it's a big crowd. That means that not only are buyers getting a good deal on price, but they're usually getting the best possible house for their money.

There are deals to be had! And as long as you have good credit and a good agent, you'll have no trouble finding them. Don't look back at this time with regret. The housing market will turn around, don't you want to be riding the wave when it does?

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