In answer to Vicki's comments - There are many more factors that come into play, but you are most suredly correct with your assumption.
Today (6/16), 20% of the available homes in Orange & Seminole counties have a build date of 2005 or later. I need to clarify this a little further. In several instances, I have come across the condo conversion that has the year built listed as 2005, which is quite erroneous. One of the other factors that has fueled what we are currently seeing in the market, is that early last year we had people seeing others making good profits in buying some new construction for resale.
These people saw this and decided, "Well if they can do it, why can't I?" Well unfortunately, a lot of people placed contracts on homes to be built, but most were not taking possession until at least 10 months later. The Market Changed!!
There is a large subdivision near where I live. Currently, there are 72 homes listed for sale, 30 of which were built in the last year and a half. WOW!! Not only are some of these people that bought homes for investments facing other investors for competition, but also owner occupied homes & the builders themselves. And this does not even take into account that only some of the builder's lots are listed for sale, they have many more in addition to this. We will touch more on this in a future blog.
Till next time - Marc It Sold!