Orlando Real Estate Market Update

The August statistics for the Metro Orlando area issued by the Orlando Regional Realtor(R) Association show no improvement compare to the past few months. The inventory is largely stable under twentyfivethousand units. The new listings have actually gone back a few hundred to 4,064 and the closed sales number declined to 1,225. New tighter lending policies might have had an influence on the sales as fewer families are able to secure financing. With the sub prime market virtually no longer in existence more home buyers resort to government backed loans as their financial option. Interest rates were at 6.39% on average for the month of August. We will see what the Government takeover of Fannie Mae and Freddie Mac will do to interest rates and availability in the Florida Market. Fall and Winter has shown a seasonal slowdown over the last years so we do not expect a short term increase of sales activity. Certainly now is the best time to purchase and to take advantage of the buyers market. The continued stream of foreclosures and short sales provide interesting opportunities for investors and first time home buyers alike.