Sunday, July 16, 2006

Is the Market Insane?

Wanted to Blog, but wasn't sure what to write & then I spoke with a friend & she was under the impression that the "Market is Insane!" I won't deny that I was taken aback by this. But from what we talked about, it seems that quite a few people think this.

Now, I know from talking with quite a few realtors that the impression is that buyers are waiting for prices to come down. I won't deny that I still see homes that are priced for the type of market that we saw last year. But, in general, it seems that people realize that they have to price their homes well to sell. With an inventory of over 15K available homes for sale in just Orange & Seminole county, sellers better price their homes well & possibly offer incentives if they wish their homes to sell.

But, now let's look at the other side of the coin. We are still selling near the same level of homes as was being sold last year. Many do not realize this, but that was a phenomenal year. We sold more homes than in previous recorded history. In fact, in March of this year, ORRA (Orlando Regional Realtor Association) noted that 2878 homes were sold & this compares to 2529 homes in March 2005.

This reverts back to what I've been saying in that we have a very healthy market in the Greater Orlando area. In fact, we've sold more homes in the first five months of 2006 than we did in 2005.

So, homes are selling. Even with the increase in interest rates. Homes that show well & are priced well - will sell, as long as they are marketed properly. I've said this before & even have read it recently, but we are in what most of us consider a 'normal' housing market. Granted, the median price has risen to its highest level at $252,990 (May 2006) with an average sales price of $311,119.

Homes are presently taking 74 days on the market & this will lengthen with time. Historically, we've seen worse & not all that long ago.

It just proves to me that people need to be educated to the facts. As with anything else, this does put things into their proper perspective.

I, myself, have always believed in education. That is why I've gone on and received my GRI (Graduate Realtor Institute) & still continue to read & try to improve myself. I also believe at the same time, that it is my job to educate you, the consumer. I believe that if I did not do so, I would be doing you a disservice. I am the Real Estate Professional. This is why you ask me for advice & hire me for my services. And, I wish to thank everyone for that!

Until next time - Marc It Sold!

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