Have you thought about buying a new home in 2007? Maybe you did and chose to sit on the proverbial fence, waiting and wondering to see how the housing market correction was going to unfold.
If so, it is playing out just like much the way corrections always do. Housing starts on new construction dropped 47 percent versus the same month a year ago. Unsold inventory has dropped as well which is encouraging news.
Many builders are playing it smart. Now they are putting new projects on hold and waiting for the rebound in 2008 which may be stronger than many people are expecting. When this day comes the buyers market will be over! Builders have a priority to diminish inventory by offering discounts, and cutting deals to buyers. Combined with the low interest rates that we are facing which may go lower - means the time to buy is now.
In the long run whenever you buy, the Central Florida housing market is going to be a solid investment in the long haul. Orlando is one of the top relocation destinations in the country. This is not going to change despite of market fluctuations.
So, if you are sitting on the fence, jump in there, the Orlando market is a great place to invest.
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The source of the listing data is as follows:
My Florida Regional MLS (updated 8/17/18)