The property market in Central Florida has not had a great rep over the last few years. But now, that situation may just be changing. As house prices begin to increase, and there is a reduction of available homes for purchase on the market, the region is moving out of the red and into the black.
Indeed, it seems that the median price in Central Florida has escalated 11 percent over the last six months since the beginning of the year, putting it at $120,000. The Orlando Regional Realtor Association also figured out that by removing the distressed homes from the picture, the average price of a home in the region has increased to $160,000. And, perhaps even more noteworthy, the value of distressed homes has increased too, by 5 percent, putting it up to $108,000.
Looking at East Orlando the situation is improving too. Agents trying to sell houses on a daily basis are experiencing much more movement than they were in the past. The hope is, of course, that this trend will continue. But the fear is, that since the market remains full with many short sales and bank-owned properties, the reality is that housing has not completely bounced back from the depths of despair. Still, the housing price increase, coupled with interest rates that currently sit at less than 4 percent, will probably translate into additional house sales.
In addition, for the fourth consecutive month, prices on homes increased in Orlando’s market in May 2012 which agents view as an extremely positive sign for it turning into a sellers’ market. Indeed, things have been moving so fast that real estate agents in the area have noted that on some “hot list” properties, by the end of the first day, they could even have pending contracts.
Ultimately, what’s encouraging for agents like Vanesa Cortes who works with Coldwell Banker, there has been a stead increase in price which should encourage those who have been waiting to buy to take the plunge. It is expected that by the end of 2012, this will happen for the region.