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Orlando
has officially entered into a buyer’s market. If you are
looking to buy a home, now is the perfect time!
Less than
two years ago, buyers offered more than the list price for
homes, when sellers had multiple offers within days of listing,
and when builders of new home communities held lotteries for the
opportunity to purchase a new home. Today, sellers are offering
cars and builders are offering $50,000 - $75,000 in discounts to
buyers to move inventory. The Orlando Regional Realtor
Association tracks the sale of homes listed in the Multiple
Listing Service (MLS). In November 2006, only 1,597 homes
changed hands compared to 2,423 in November 2005. The current
inventory of homes remains at never seen before levels for
Orlando at 21,122. For comparison, 9,685 homes were listed for
sale in November 2005 and 3,681 in November 2004. Orlando is
officially considered a buyer’s market with 13.23 months worth
of inventory.
What is a
great deal for a home? Finding the best deals comes from having
a great sense of the market and understanding real estate
trends. There is an approach for existing homes and one for new
construction. Builders now find themselves with newly completed
homes, called inventory homes, with no buyers to live in them.
The builder loses money every day since they have to pay for
their construction loans. The key is to find builders with
large inventories and wider profit margins that are more willing
to negotiate. With existing homes, it is critical to understand
the equity potential and selling price per square foot of a
neighborhood. For the average home, the sales price per square
foot should range between $130 to $150 as compared to the $160
to $180 range seen just a couple of months ago. Realtors have
special tools that will allow them to quickly and efficiently
prepare a comparative market analysis that will help buyers save
thousands of dollars if they research a neighborhood before
purchasing. A good Realtor will be able to find you a great
deal and save you more money than you would otherwise spend if
you shopped for a home on your own.
Donell Hicks, a Florida licensed Real Estate Sales Associate,
works for Main Street Realtors. He is licensed to practice law
in Florida, Maryland, and Washington, D.C. He is unlike most
Realtors since his background is in construction law and
contract negotiation. Contact Mr. Hicks for assistance with
buying or selling your next home, visit Donell Hicks online at
www.DonellHicks.com
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Orlando
has officially entered into a buyer’s market. If you are
looking to buy a home, now is the perfect time!