Orlando real estate market report

The end of the year continues down the well-worn path we have experienced now for some 24 months. Recent reports indicate 33 homes have closed from December 1st – 5th as compared to 115 homes during the same period last year. This calculates to a 71% drop in sales in Orlando alone. At the current rate of homes coming on and leaving the market, the Orlando area should have nearly 30 months of inventory.

30 months of homes on the market would seem daunting were it not for the fact that the majority of these homes are not really priced to sell. The vast majority of the sellers and Realtors are not being realistic on their pricing. The real work for buyers and their Realtors is to weed through the thousands of homes unrealistically over priced to find those few homes that are priced correctly and truly marketable.

2008 will most likely be more of the same. The correcting market will continue to make news and leave many perplexed to the final outcome. Now is the time for buyers and sellers to view the current conditions as it only relates to them personally. It will always be a perfect real estate market to an individual buyer and an individual seller who meet, negotiate fairly and agree to mutually beneficial terms. Those types of transactions are still happening throughout Florida and will continue regardless of how the overall market performs.

Related Florida real estate views:

Orlando home sellers: giving in, selling or losing their home?

I would not buy a house in Florida.

Real estate agents would be wise to pick short sales over long sales.

- Greg Staker - Watson Realty Corp. - 407-304-0255