While the decrease in prices that has occurred over the last year has hurt many people, it has also helped a number of people, including first time home buyers. For the second month in a row, the Orlando area has experienced an increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory, which are all indicators of a shift towards a more balanced market.
The number that most affects first time home buers si the median sales price. In orlando, the median sale price decreased by four percent from $220,000 in March 2008 to $211,000 in April 2008. That is almost 13 percent less than April 2007 which had a median sale price of $242,100.
What this means is that Orlando is becoming a more affordable place to own. According to the Orlando Regional Realtor Association, “Buyers who earn the report median income of $51,563 can qualify to purchase one of 9,104 homes in Orange and Seminole counties currently listed in the MLS for $229,859 or less.”
The main problem we are seeing is that home in this price range move fast! The majority of single-family homes that changed hands in April 2008 were sold int eh $200,000 to $250,000 price range. As interest rates continue to increase, it will decrease buyers purchasing power as they will not be able to afford as much. It is doubtful that there will be a better time to buy than now. Rates are low, inventory is decreasing, and prices are low. Now is the time to buy.
If you would like more information on first-time home buyers programs, please contact Taylor at 407-898-9090 or taylorplumblee@gmail.com.
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