Janice Petteway

"We can't underestimate just how powerful a catalyst the first-time homebuyer tax credit has been for the housing sector. It's given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. The buying conditions this year are the most favorable on record dating back to 1970, but the tax credit is allowing buyers to set aside any reservations about waiting for a better deal."

Lawrence Yun, NAR chief economist

No where are the words of Lawrence Yun more true than in Orlando, FL. The Orlando housing market, already enjoying record low home prices on a wide variety of homes and condominiums, got a boost from Uncle Sam lately when the First Time Homebuyers Tax Credit was extended and expanded. The credit, previously $8,000 for first time buyers only, was set to expire November 30, 2009. Now, the credit runs through April 30, 2009 and applies to certain current homeowners as well as newbies.

Under the terms of the revised credit, first time homebuyers can still qualify for up to $8,000 on the purchase price of a home they will use as a primary residence. Actually, anyone who has not owned a home for 3 years qualifies as a first time buyers and can now jump back into the market.

Repeat buyers who have lived in their home for five consecutive years out of the last eight can claim up to $6,500. The plan is definitely aimed at helping homeowners move to their next home, not assist investors who bought a with the intention of flipping it after a year. It is not good on second homes.

The credit also extends to buyers with higher income. Now the maximum income is$125,000 for single taxpayers and $225,000 for married ones, with a gradual phase out of the credit for up to $20,000 over the limit.

The credit is applicable to virtually any type of single family dwelling, even including houseboats, but the maximum sales price of a qualifying home is $800,000.

During the period the original credit was in effect, housing sales increased each month in Orlando. The expanded credit is expected to not only spur sales but spur sales of higher priced homes. Traditionally, first time buyers go for the lower end homes. Now, repeat buyers who are likely to be in higher income ranges will have incentive to move to a pricier house. Figures for upcoming quarters will more equally reflect sales of both inter level and move-up homes. Economists expect that this more balanced sales activity will help stabilize housing prices.

Prices remain low and inviting in Orlando. If you are looking for your first home in the Orlando and other Central Florida cities, Janice Petteway and the Exit Results Real Estate team can help you find the home of your dreams.

If you are thinking of buying a home but love the convenience of your apartment, then Orlando condo living is for you. Many Florida buyers agree. The Florida Association of Realtors reports a 77% increase in condo sales between August and September, 2009 vs. a year ago. In Orlando, existing condominium sales are nearly four times as high as September, 2008.

What's great for buyers is that condominium prices have fallen to the degree that transitioning from an apartment to a condo could mean your costs might not increase much, even as you gained the satisfaction and tax benefits of home ownership. There are even condominium homes, as well as of duplexes, town homes, and villas, available for under $50,000. In fact, the median price of units like this was on $52,600, down from $108,200 since last year.

Statewide, the existing condo median sales price in October, 2009 was $102,500, down 33 percent from $153,500 in September 2008. With its median price of $52,600, Orlando condos are among the most affordable in Florida.

• Lakeland-Winterhaven sales are up 180% but the median price is down 18% to $77,500 from $91,450.

•· In Fort Lauderdale, condo sales are up 57%, and median prices are $78,300, down from $129,600.

•· In Tampa-St. Petersburg-Clearwater, sales are up 15%, but have dropped to a median price of $104,700 from $131,922.

•· In West Palm Beach, sales are up 30 percent, while the median price of a condo fell 24 percent, year-over-year, to $106,700 from $139,800.

•· Miami condos have a median price of $132,900, down from $212,200 a year ago; sales there have increased by 73% over the past year.

•· Sarasota -Bradenton condos show a sales increase of 34%, while median prices slipped 16% to $185,600 from $215,296.

The falling sales prices are not great news for sellers, who have had to adjust their expectations and their selling prices to attract buyers. The fact that the current inventory of condos is moving is good news for future sellers who will benefit from the more stable condo prices which will emerge from the current

Condo prices are at an all time low in Orlando. If you are looking for your first home in Orlando and other Central Florida cities, Janice Petteway and the Exit Results Real Estate team can help you find the home of your dreams.

As an Orlando homebuyer, it is important to keep your eye on the prize. Homes, especially condos, are extremely affordable at the moment and sales are increasing dramatically. With the first time home buyer's credit extended to April 30, 2010 and expanded to include current owners and higher income families, the Orlando housing scene should see even more activity.

Despite this good news, our city has the dubious distinction of having the ninth highest foreclosure rate in the nation in October, along with the second highest number of foreclosure filings in the state. (Only Miami is in worse shape.)

According to RealtyTrac Orlando posted 7,552 foreclosure filings, or one filing for every 117 households in October. That compared with 7,041 filings in October 2008, a 7 percent increase. But the market did see a small decrease compared with September's 7,618 filings. Foreclosure filings include default notices, auction notices and bank repossessions.

Meanwhile, the Sunshine State ranked No. 3 in the nation for the highest foreclosure rate, with one filing for every 168 homes in October. Florida reported of 51,911 foreclosure filings in October, a 6 percent decline from September 2009 and a 4 percent drop from October 2008 - the first year-over-year decrease the state reported since July 2006.

Speculation, questionable mortgage financing, unemployment, and bad personal choices made by some homeowners in the past should serve as a warning to current buyers to buy an affordable home. A prospective homebuyer can look forward to selecting homes with a median price of $144,100 - over 40% lower than last year. Many homes on the market are bank owned homes netted from the last foreclosure waive.

Low pries offer Orlando homeowners an amazing opportunities to buy a home. If you are looking for your first home in the Orlando and other Central Florida cities, Janice Petteway and the Exit Results Real Estate team can help you find the home of your dreams. Ask Janice about how the home buyer's tax credit - now available to new and repeat buyers - can make your purchase an even better value.

Florida, the land of perpetual summer, is finally emerging from the economic winter that has characterized our state for the last few years. According to an indicator compiled by e-forecasting that shows economic direction, the state has shown dramatic improvements since its low point in April, 2009 and will show positive improvement for the first time since November, 2006. Increases in indicator scores often signal general economic improvement in the following months, which bodes well for business in 2010.

Nationwide, the indicator is based on 10 factors

1. Unemployment claims

2. Improved outlook for international travel

3. Increase in consumer sentiment

4. Rising national stock markets

5. Improved interest rate spreads

6. Boost in the national technology index

7. Building permits

8. Weekly hours for production workers

9. Manufacturing exports

10. Willingness of U.S. residents to take vacations

The last four factors are still lagging in most states. These things tend to show improvement (or decline) before the state economy does. Since the Florida economy is so dependent on tourism, discretionary spending, and construction, recovery in the state tends to lag behind national recovery.

While business owners haven't seen a major turnaround yet, University of Florida researchers seeing rising consumer sentiment. When consumers feel more confident, they increase spending, which impacts other factors. This is great news for Florida , which has been among the hardest hit state in the current recession.

An improving economy makes it a great time to buy a home or condo. Prices remain low and inviting. If you are looking for your first home in the Orlando and other Central Florida cities, Janice Petteway and the Exit Results Real Estate team can help you find the home of your dreams.

Now is the time to purchase your first home. Not only is the $8,000 first time buyers credit a great incentive for some, The Orlando Regional Realtor Association just announced that the month of August brought the Orlando area a surprising median home price drop to $128,000.

In August, Orlando Realtors sold 2,115 homes, a 65 percent increase when compared to the same time last year. Last month's sales included 850 bank-owned transactions and 188 distressed properties. These two categories accounted for 49 percent of the sales.

Home Sales UP!

There was a 71 percent increase in existing home sales in the Orlando metropolitan statistical area, which includes, Lake, Orange, Osceola, and Seminole counties. In August 2008 the total amount of home sales in the Orlando metropolitan was 1,589, compared to 2,720 this year.

Prices Down!

The median price range for homes was $84,050 for bank-owned, $125,800 for distressed, and $165,000 for a conventional transaction.

The increase in home sales is attributed to the drop in prices. The August inventory is 34 percent lower than August 2008.

Optimism continues since pending sales have more than doubled from 3,220 in August 2008 to 8,237 last month. There were 3,324 sales contracts filed last month, which is a 96 percent increase when compared to August 2008's 1,699.

Affordability

The Orlando affordability index saw improvement with lower median home prices that helped the index rise to 193 percent. An affordability index of more than 100 qualifies those earning the state median income of $52,535 to qualify to buy one of 8,964 homes in the multiple listing service for the maximum of $257,142.

The first-time homebuyer affordability increased to 137.5 percent last month. That means a first-time buyer earning median income of $35,724 would qualify to buy one of 5,629 area homes priced up to $155,428.

In August 2009, the typical home spent an average of 93 days on the market before being sold at 94 percent of its listing price.

Great Condo Values!

Condos also had excellent resale numbers, at nearly four times higher in August of this year when compared to last year. There were 116 condos sold in 2008 compared to 417 last month. The best selling price range for condos was for $50,000 and under with 223 closings. The $50,000-$60,000 price range had 54 closings and only seven units sold for more than $250,000.

Now's the Time

With so many incentives to buy, don't let $8,000 in free money slip by. Time is ticking away on your first time homebuyer credit opportunity! Some good supporters like the National Association of Realtors and National Association of Home Builders are behind efforts to extend it. With health care and other spending priorities on Congress's plate, there is no certainty that it will be extended.

The deals are so good that any homebuyer will benefit from making a move now. If you are looking for your first home in the Orlando and other Central Florida cities, Janice Petteway and the Exit Results Real Estate team can help you find the home of your dreams.