Winter Park, FL

The number of houses for sale in Orlando FL is down 32% compared to 2008 inventory, which itself had decreased 8% compared to 2007 year-end inventory.

While this is an encouraging sign, inventory will have to decrease at least another 40 - 50% — or 5,000 to 6,000 houses for sale — before the Orlando FL residential real estate market returns to normal levels.

Until residential real estate inventory goes down to levels seen in the 2001 through 2004 timeframe, houses prices will probably remain relatively flat.

If the booming sales levels achieved in 2009 continue, we may actually see a true bottom to the Orlando FL real estate market and a resumption of modest appreciation gains of house prices by year-end.

Until then, homeowners who need to sell will have to compete with all the other houses on the block, which means putting their properties in model-ready condition and being prepared for stiff price pressures from potential buyers.

Residential houses sales in Orlando FL during 2007 and 2008 were anemic compared to 2009, which was up over 67%. Additionally, the sale of 20,647 homes during 2009 exceeded 2002 sales levels, up to then a record-breaking year.

Since interest rates are predicted to rise and tax credits on first-time and move-up purchases are due to expire at the end of April, homeowners who need to sell must be prepared to be competitive, both in terms of price and in making their house attractive to buyers.

Existing home sales are up in December in Florida.

Compared to December 2008, existing home sales are up 33% and 4.3% from November 09. Home prices continued to decline, this is due to the number of foreclosed and distressed homes sold. These homes sell for sonsiderably less than a traditional sale.

Experts point to the extension of the First Time Home Buyer's Tax Credit for the increase. They also predict increasing sales through the spring and the tax credit deadline. It is hopeful that the market will become self sustaining once the credit runs out.

Pat Kennedy Real Estate

Winter Park Real Estate

You may have heard that selling a house as a Short Sale is difficult. Short Sales aren’t difficult. They are tedious, time-consuming, frustrating, require a great deal of patience and enormous quantities of aspirin.

In the end, Short Sales are worth the headaches because they allow homeowners to avoid foreclosure, keep their credit from being destroyed, and move out and move on.

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

What’s required to do a Short Sale? Homeowners put their house up for sale in the usual manner, wait for a qualified buyer just like any other home seller would, prepare additional paperwork, work with their real estate agent to obtain lender approval, face a few extra hurdles, wait a bit longer for the closing to take place, and finally move on.

What are the benefits of selling a house as a Short Sale?

• Substantially reducing or completely eliminating financial liability
• Minimizing credit damage
  
• Emerging from bad credit quicker than from foreclosure
• Taking care of the problem proactively and responsibly

What should homeowners look for in their real estate agent? The real estate agent homeowners choose should —

1. Be serious about the process
2. Understand what banks are looking for in terms of price
3. Be ready to take on 3-4 times the work a regular sale requires
4. Know how to strategically price the property to attract a buyer in weeks rather than months
5. Be prepared to follow up, follow up, and follow up some more
6. Be able to solve unexpected problems

The Rowlett Career School is partnered with the finest Accredited Real Estate Schools in the nation to bring you the best Online Real Estate Courses at the lowest prices. The Rowlett Career School is a Florida Real Estate School that offers the most Real Estate courses at the best prices in every state. You can get your Real Estate License or fill your real estate educational requirements with just one click of the mouse. Check out our website at www.RowlettCareerSchool.com. The Courses provided have everything you need to prepare and pass your real estate exam or meet your continuing education requirements. Captain Wayne Rowlett, chief administrator and head instructior is available to answer any questions you may have. Give us a call at 850-547-1333.