It it happens in Orlando, Daytona can't be far behind
The Orlando Sentinel reported yesterday that "The Orlando area's huge backlog of existing homes for sale shrank to a 26-month low last month as local Realtors sold 48 percent more houses and condominiums than they did a year ago. For the first time, the Orlando Regional Realtor Association examined 'distress sales' in detail and found that 49% of the homes sold by its members last month were either owned by banks already or had been sold under financial pressure of some kind."
The bad news: "Conventional mortgage lenders have tightened their lending standards as a result, particularly for condominiums and for second homes or 'investment" properties.'"
The good news: "The March median sale price of $137,000 in the Orlando Realtors' core market is the lowest for that measure since January 2003...'Orlando home buyers are getting back into the market and taking advantage of improved affordability,' Les Simmonds, president of the Orlando Realtors group, said."
Look for our Daytona market to start moving again since rates are still low, and buyers feel the market is close to the bottom. It's positive and encouraging!
Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
(source: Orlando Sentinel)