Market Analysis - August 2007

Here in Central Florida, the Orlando Regional Realtor Association has released the Real Estate statistics for August of '07. In Orange and Seminole counties, the numbers were not wholly promising. In August of 2007, the number of new contracts decreased by 980 compared to last year, down to 1,451. But as usual, the real problem with the market is the amount of inventory - 26,313, that's the highest it's been in over 12 months.Is there a silver lining to this? Well yes, and for some reason the local media seems reluctant to cover it. The plain truth is that this is a good time to buy a home. The choice of options for a buyer to pick from is better than ever and sellers have been forced to lower their prices in order to compete. A buyer can now make lower offers than they could just a year ago. On top of that, the interest rate has dropped under 6% (and still going down) which should increase sales even more. The interest rate was at similar levels in the spring and new contracts averaged around the 2,400 area - much better than they were last month.If you're looking for a home, especially for the long-term, then now really is the time to buy. The prices are lower, the interest rates are lower and the inventory to choose from is vast. This low market may just be presenting you the opportunity that you need.