Our local real estate market is as sunny as our forecast, and continues to improve. We had an exceptional year in 2012. The number of homes sold in the Orlando area maket in December was up almost nine percent compared to the same period a year earlier. The median price for homes sold in that same month was $131,800, which is an increase of almost 11% from December 2011, when the median was $119,000.
Inventory levels of homes available locally to buyers has been steadily declining from its highest point in July 2010, when there were 16,563 homes actively on the market. Currently, it is at the lowest point since then, with only 7,384 homes for sale, which was a drop of about 24% in one year's time. Homes are also going under contract quicker, now typically spending only 80 days on the market, on average, before coming under contract. Our current supply of homes translates to only a three-month supply of homes, based on the number of new contracts last month, which was 2,497.
A significant factor in our area is the affordability index, which was at 172% in December for first time buyers, and 242% the entire market. With interest rates still remaining at a low 3.46%, buyers are finding home ownership is attractive and affordable, and a better financial option than renting.
If you are thinking about making a move, now is a great time. Call me today so we can discuss your plans, and how I can help you make good decisions on buying or selling a home. I look forward to talking to you soon!
Amy Hodges at 407-252-7049, or feel free to email me as well.
The current market is a perfect time for first time buyers. Interest rates are at historically low levels, and prices have stabilized. In today's market, homes are very affordable. Many buyers find that their mortgage payment will be less than what they have been paying on a rental property. Are you thinking of buying a home? Here is some helpful information to assist in your decision.
Why should I buy instead of rent?
A home is both a place to live, and an investment. When you rent a home or apartment, you write your monthly rental check and that money is gone forever. When you own your home, however, you can deduct the cost of your mortgage loan interest from your federal income taxes. You can also deduct the property taxes you pay as a homeowner. Additionally, the value of your home may increase over the years, building equity over the long term for you.
How do I know if I am ready to buy a home?
If you are not sure whether you are ready to buy, try asking yourself a few questions:
If you can answer "yes" to these questions, you are probably ready to buy your own home.
If you feel like you are ready to buy a home, please give me a call. I have helped many first time homebuyers realize their dream of buying a home. There is no time like the present!
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