Historic 30,000 Homes for Sale Threshold is Broken!

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Orlando Weekly Market Update 5/31/07

For the first time in history, and as the housing market continues with it’s hangover from the roaring 2005 season, the Orlando home resale market has exceeded the 30,000 mark!

We have never seen such a huge increase in unsold supply of resale homes and where it will end is everyone’s guess. One bright side of the equation, the sold property count has increased over the prior month by 150 units and it’s the strongest over the past 8 week period. However, over the same period last year, we are experiencing a 42% decline in sales.

Buyers are very careful when making offers. Most offers are coming in way below the asking price and, on top of that are requesting the closing costs to be paid by the seller. “What is the option in a case like this?” is answered by simply asking this question: “Do I have to sell or can I wait another 12 months?” Buyers are being offered such a huge supply of unsold homes and can walk into the next home until they can find the right price, or find deals structured where they only pay very little money down to buy at the price they want to pay. This makes it very frustrating for the buyer and listing agent, and also, the seller and the buyer. As long as such an imbalance of homes continues to exist, these headaches will continue.

Discussion Forum

Topic	Posts	Last Poster
Is Social Media Marketing Effective in Real Estate Industry?	3	katescape
The importance of Local.com to real estate agents	1	HItxt101
NEED AGENTS / & REFERRALS	45	DainaBurness
Ethical values in real estate business	2	ballyhoo
MLS exposure without paying the commissions!!	5	uniquepam
Ethics	2	garyfrimann
3 Point Digital Marketing Strategy and the Importance of the ‘Assist’	1	HItxt101
35% Referrals to Valley of the Sun - Arizona	1	k4homes
Inexpensive Real Estate Websites	5	ncarey
RisMedia Forum - What a Response!!!	1	mycondospot

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