Orlando real estate (Poinciana: bank owned, short sales, foreclosures)

[AONE]

I am asked all the time about how our housing market is. People tend to believe the profits of doom... aka the News.
For some time I've been saying things are pretty busy and here the actual numbers are.

In January of 2009 there were over 3800 contracts written with a little over 22,600 listings on the market.
the number of contracts has risen steadily to June when we reported over 7200 with inventory falling to 17,800. The average days on the market is hovering around 104.

Interest was about 5.5%. It seems the stimulus plan has helped us at least. well and some fantastic home prices. There are some great deals on the bank owned and short sales presently but that isnt to say thats all that is selling.

Orlando is a great place to live and our demand is still high. The $8000 rebate doesn't hurt either. All together we live in a pretty healthy city and it is getting better.

It is a great time to list and buy homes.

All the best,
Ken A
(My surname is the 12'th most common in the US if you want to know...lol)

[Dee2e]

Home inventory drops to 8-month supply - Orlando Business Journal:

Only 8.4 month inventory in Central Florida now,

[sweetcityluvn]

Living on the east side of town in Avalon Park, I can say that there were ALOT of foreclosed homes in the area. For every nice looking yard, there would be a weeded one with tall grass next to it.

[Dee2e]

As of today, counting condos, townhomes and single family homes in Avalon Park, there are only 91 active listings 107 pending listings (under contract but not closed) and during the past two months 34 sales. This is much better than a few months ago.

[wigs11111]

The news you present sounds good, although I'm still wondering about this "ghost inventory" a.k.a. "shadow market" of foreclosures the banks are just sitting on. Where are these homes? They will drag the market lower whenever they come on the market.

Also, I recall hearing about the big wave of ARM mortgages are set to renew now and into next year, so more foreclosures will happen when homeowners can't make the higher payments.

Any comments?

[Dee2e]

Originally Posted by wigs11111

The news you present sounds good, although I'm still wondering about this "ghost inventory" a.k.a. "shadow market" of foreclosures the banks are just sitting on. Where are these homes? They will drag the market lower whenever they come on the market.

Also, I recall hearing about the big wave of ARM mortgages are set to renew now and into next year, so more foreclosures will happen when homeowners can't make the higher payments.

Any comments?

We'll never know how many of those will come onto the market. Lenders are vigorously working to reset mortgages where it makes sense to do so. The good news is that many are resetting now but since rates are lower, the new rates mean the payment drops making the home more affordable. Some lenders are trying a rent to own type program. Creative times!

I can only say that I am selling like crazy. Six months ago, one community of over 400 homes had over 170 on the market. Now there are 41 on the market and prices are leveling out in the subdivision. That is a huge improvement. Another subdivision of 112 homes had 51 on the market at one point, now there are 7. Another huge improvement and in that subdivision, prices are rising slightly.

[beckycat]

Originally Posted by AONE

I am asked all the time about how our housing market is. People tend to believe the profits of doom... aka the News.
For some time I've been saying things are pretty busy and here the actual numbers are.

In January of 2009 there were over 3800 contracts written with a little over 22,600 listings on the market.
the number of contracts has risen steadily to June when we reported over 7200 with inventory falling to 17,800. The average days on the market is hovering around 104.

Interest was about 5.5%. It seems the stimulus plan has helped us at least. well and some fantastic home prices. There are some great deals on the bank owned and short sales presently but that isnt to say thats all that is selling.

Orlando is a great place to live and our demand is still high. The $8000 rebate doesn't hurt either. All together we live in a pretty healthy city and it is getting better.

It is a great time to list and buy homes.

All the best,
Ken A
(My surname is the 12'th most common in the US if you want to know...lol)

Have you been busy with showings? Are you selling and what?

[nb1968]

That is all fine and dandy, and it sounds like that commercial on the radio, . . . and I believe that the market will recover eventually, when we reach some kind of eqilibrium between salaries and home prices. I have also heard that Florida will take longer to recover than the rest of the nation.

[GregTraub]

Originally Posted by beckycat

Have you been busy with showings? Are you selling and what?

Speaking for myself, yes. Have been ridiculously busy with showings and closings. Several closings last month and another few on track this month. I've slowed down a little bit as of late (still good traffic) but it may just be a lull since i've been to busy working with existing clients to meet new ones.

As for the ghost inventory, I beleive it's out there, and the bank have to release it sometime. Hopefully sooner rather than later, because I think if they released it all over the next 6 months it actually may not bring prices down very much if at all from present levels. I think there is enough demand and the prices they are selling them for now that they would be absorbed by the market well. When we're still dealing with foreclosure homes getting 20+ offers I think there's some pretty tight inventory with pleny of demand at current prices.

[Dee2e]

Originally Posted by GregTraub

Speaking for myself, yes. Have been ridiculously busy with showings and closings. Several closings last month and another few on track this month. I've slowed down a little bit as of late (still good traffic) but it may just be a lull since i've been to busy working with existing clients to meet new ones.

As for the ghost inventory, I beleive it's out there, and the bank have to release it sometime. Hopefully sooner rather than later, because I think if they released it all over the next 6 months it actually may not bring prices down very much if at all from present levels. I think there is enough demand and the prices they are selling them for now that they would be absorbed by the market well. When we're still dealing with foreclosure homes getting 20+ offers I think there's some pretty tight inventory with pleny of demand at current prices.

Greg, I did a search this morning for a Poinciana customer. There were 96 homes, 32 active and the rest sold in the last two months. That indicates a real clearing out of inventory down there.