RISMEDIA, May 11, 2009-Central Florida home sales may still leave a lot to be desired but three market segments are warming up fast, according to Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty in Orlando.
“About half of all home sales in the Central Florida market today qualify as distressed sales,” said Soderstrom. “These include short sales and foreclosures,” he said.
That’s no secret, Soderstrom said, but two emerging market segments are much more promising.
“First-time home buyers seeking houses priced under $400,000 are mostly younger buyers, under 34, who were priced out of the market from 2004-2007, but are now able to purchase a home due to a 40-50% drop in the median sale price,” Soderstrom said.
The $8,000 tax credit for first time home buyers is also enhancing current sales activity, he said.
Families seeking vacation homes, pre-retirement and retirement homes are starting to heat up the market, added Soderstrom.
“Many Americans, Canadians and U.K. residents are looking for homes priced from $125,000 to just under $300,000,” Soderstrom said, “and generally they prefer new homes or recently built homes and condominiums.”
“We are seeing substantially more activity in all three of these market sectors, but at the same time we’re seeing some recovery in the upper tier – $1,000,000 to $3,000,000 range – that Stirling Sotheby’s International Realty is most recognized for. There are some amazing values and opportunities in the market right now and I don’t know when it will be a better time to buy a home,” he explained.
“It will be many years before we see a return to 2005 levels but we are seeing many bright spots here and there.”
For more information, visit www.stirlingsir.com.