Michael Russell writes about a variety of subjects. This article discusses Orlando real estate. For more information, visit the Real Estate Book.
Purchasing property now in Orlando is a gamble. You have got to have all the right cards. These include credit, capital, and long term security. Sure, these may sound obvious, but in today's market, home sellers and the banks issuing loans are looking closely at potential investors. Real Estate is still a commodity. People are just taking a higher level of morality and opportunism to it. If you are in the market to buy, be sure to work with a trusted real estate professional. Then, if all the cards are right, you can bet on a big win.
After two years of nearly incessant monthly depreciation, home prices have stabilized in the past four months. The January-to-April pricing trend has people wondering if a real estate market bottom is finally solidifying.
The median sales price of a single-family home in the Tampa Bay area stood at $135,200 in April. It had been as low as $122,400 in January and as high as $135,800 in March. But the month-by-month price plunges of 2008 appear to have ceased.
Realtor Phyllis Crosby, a 30-year industry veteran who works for RE/MAX ACR Elite Group in Tampa, isn't surprised. She's observed a returning tide of investors attracted by low-priced foreclosure homes. In fact, investors, including consortiums of bargain seekers, account for about half of sales.
"Investors are better educated, they're using the Internet, going to real estate auctions, calling Realtors, getting lists of bank-owned properties," Crosby said.
They're also getting into bidding wars. In the past few months, investors have flocked to homes considered untouchable a year ago. Just this week, one of Crosby's clients agreed to pay $3,000 over the $90,000 asking price for a foreclosure house. He was outbid by several other would-be homeowners.
So there you have it, prices in Florida are stabilizing. In order to obtain real estate investor needs to have in place the proper capital, credit and security. If that's the case, the Sunshine State is a wonderful place to buy a home.
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