The market reports are out from October and there is some good news. According the the Orlando Regional Realtor Association, existing-home sales increased from last year for a second consecutive month. There have been ups and downs month to month in the past couple years; but this is the first time for consective gains year to year since the start of the housing slump.
As with every market, the real estate industry is cyclical. Typically there are more sales in the spring months and then a peak at the end of the year. However, let’s hope this is a sign of more ticks in the upward direction as we enter the new year and gain market stabilization.
Not everyone is positive about the news. An article in the Orlando Sentinel interviewed several locals who were not so optimistic. Employment and lending will continue to affect the real estate industry and thus homesales; but eventually we will reach a bottom. The new median sales price is $178,000 in the Central Florida area. With such great deals and low interest rates, buyers are gradually coming into the market. There is no way to know when the bottom will hit, so jump in when you are ready or it will be too late.
At a real estate conference this past weekend someone put it very bluntly. You cannot beat the market. You will never be able to know when the bottom hits. As he put it “Oh there it is…oh…and it’s gone.” The bottom and the top come and go quickly. The best thing to do is understand the basic rule, when everyone else is buying, sell and when everyone else is selling, buy. If the trend of increasing sales continues it suggests people are beginning to follow the lead; but we will have to see what the future holds.