Thursday, June 15, 2006, 11:33 AM
It's been a tough market for those selling. Although prices rose dramatically over the past three years, there has been a correction going on in the past 6 months. Prices have declined 6% as reported by the Orlando Regional Realtor's Association. Because there are so many homes on the market, there is a very good chance the prices will continue to fall.
When coupled with the higher interest rates, buyers are not able to qualify for the inflated prices of many homes. This translates into homes being on the market 60 - 180 days.
For buyers it means there is a large selection of homes to choose from and the pace of making a selection is much slower. And, lenders are being more creative with new products designed to help them qualify for a higher priced home.
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Wednesday, May 31, 2006, 07:56 PM
I love working with First Time Buyers because I'm a teacher at heart and there is definately a lot to learn in this market. There are lots of homes available, but the prices are higher than anyone buying thinks they're worth. However, being patient and realistic definitely helps![ add comment ] | permalink
