It's a Seller's Market - Really it is.

When the amount of houses for sale can be sold in less than six months, at the current rate of sales, it's a seller's market.
The Central Florida area does indeed have less than six months of inventory for sale.
That is because the supply of homes for sale has dropped by 39% from Sept 2010 to Sept 2011.
See the numbers from the Orlando Area Board of Realtors here.

With all the foreclosures and short sales, how can that be?

Robo-signing.

During the boom the banks packaged, sold and re-sold thousands of mortgages at a time.
And then the bottom fell out.
Millions of people were being foreclosed on but come to find out the banks could not prove who actually owned the mortgage.
The banks then hired a company that magically was able to find the mortgage paper work.
Busted.
The company that the banks hired was involved in a massive fraud.
The banks had to yank many of their properties off the market.
That is why we have 39% less houses for sale in Central Florida.
60 Minutes did a story on the robo-signing fraud here.

Just in the last week, I had two buyers that didn't act fast enough, believing we were in a buyers market, and they lost their homes.

If you are thinking of buying and find a house that you want, don't wait.
The demand has gone down slightly, but the supply is way down.

Plus interest rates are just off their all time low of 3.99%
That's right, a 30 year fixed loan (with 20% down) last week was 3.99%

Curious? Take a look at what is for sale in Central Florida at my website www.TomLundy.com


Thinking of buying or selling?
I'll get you there.
Call or email for a free, confidential consultation.

407-392-1875
Tom@TomLundy.com