The Central Florida REBlog

Should you buy a home now, or stay on the sidelines a while longer?

Let's take a look at the current real estate market here in Osceola County (which is fairly representative of the rest of Central Florida). First, a little history:  In the summer of 2005, in what was a raging seller's market, there was a 1.5 to 2 month supply of single family homes on the market. A balanced market (that is, balanced between buyers and sellers) is generally considered to have a six month supply. 

As I write this, the county has more than 4,600 single family homes on the market. In the last 30 days, around 220 homes sold.  That indicates a 20+ month supply. Put another way, if the last month is a reliable indicator, fewer than 5% of the homes on the market will likely sell in the next month. (The foregoing analysis does not include condos, townhouses, and mobile homes. If you're a condo, townhome, or villa buyer, you're REALLY going to love this:  there's a 30+ month supply.)

In 2005, sellers had all the power.  Now, buyers are firmly in charge with great, bulging muscles.

Mortgage rates are still near historic lows, and there are lots of home choices out there.

What are you waiting for?  Get out there and flex those huge biceps!