Open up your Sunday paper one week and the you might read a headline like "New home sales hit record high". So you're thinking the market is doing good. The next week the same paper reads "Clouds forming over home sales" so now you're thinking the market is about to tank.
When reading the Orlando Sentinel or any other form of media, always consider the source and try to read between the lines. The reality today is that we are simply in a market where the demand for homes in Orlando has decreased below the of supply of homes in Orlando that are available for sale.
What does this mean to you the homeowner (or potential homeowner)? In economics, it usually means that price moves down to achieve an equilibrium between supply and demand. But we are talking about real estate here, not stocks, so don't expect the market to have huge price spikes in either direction overnight. Most people are willing to wait three to six months to get their homes sold. What you might see in the immediate future is homes generally taking a little longer to sell rather than seeing large price drops.
Generally speaking, right now is not a good time to be a speculator. For primary or secondary home buyers who actually use their property as a home and don't need to flip right away, real estate in Orlando will always be a good investment.
3 comments:
Good article. There are times when even the best real estate agents can´t sell a property. If there is not demand there is nothing we can do.
People rely a lot on the real estate companies for buying or selling house.
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