|
Market Trends
Commentary Provided bySusan Smith LLC If you can qualify, now is an exceptional time to buy a home in Dr Phillips. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 407-451-1001 |
|||
| Report Date | Fall 2009 | ||
| Nearest Metro Area | Orlando | ||
| Buyers’ or Sellers’ Market | More sellers than buyers | ||
| Average Time on Market | More than 120 days | ||
| Market Trend | Decreasing | ||
| Housing Inventory | Good supply - Some Prices | ||
| Average Home Price | $325,000 - View Graph Trend | ||
| Best Selling Price Range | $300,000 - $349,000 | ||
| Worst Selling Price Range | $600,000 - $649,000 | ||
| Compared to Last Year | Down 15-20% | ||
| Prices As % of Asking Price | 90-95% | ||
| Multiple Offers? | Yes | ||
| Multiple Offers Commentary | Bank-Owned and aggressively priced homes in particular are attracting multiple offers. | ||
| Greatest Activity | Repeat Buyers | ||
| Buyer Activity for the past 90 days in Dr Phillips is | Increasing | ||
| Seller Activity for the past 90 days in Dr Phillips is | Increasing | ||
| Is Financing Available For Qualified Buyers in Dr Phillips? | Yes | ||
| Existing Home Prices for the past 90 days are | Decreasing | ||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 20-25% | ||
| Housing Hot Spots | Most cities within the Orange County area are considered 'Housing Hotspots' | ||
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Dr Phillips! Note: All statistics based on Multiple Listing Service data for ZIP Codes 32819 and 32836. Due to web host constraints, the linked graphs are for 32819 only. | ||
| Average Sold Price | $325,000 - View Graph Trend | ||
| National Real Estate Market | |||
| National Summary: National Housing Market Recovery Near? Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Click here for full article... | |||
|
CONNECT WITH A LOCAL PROFESSIONAL
Susan Smith LLC
Charles Rutenberg Realty Orlando, Florida 407-451-1001 SusanSmith@cfl.rr.com Agent Home Page
Send Me New Real Estate Listings |
Get Free Monthly Newsletter | Find Dr Phillips Homes for Sale | | Search Dr Phillips Real Estate | |
|||
Dr Phillips Local News
News for Dr Phillips, FL - Tuesday September 29th, 2009 6:40pm
If you are considering buying a home but want to time your purchase to coincide with the price "bottom", you should consider this. You have just 2 months to find and close on a home to qualify for the $8,000 federal tax credit by Nov. 30 - before the Dec. 1, 2009, deadline. If you haven't owned a principle residence home in the three years prior to purchasing your next principal residence you may qualify for this tax credit. This is not a tax deduction which only reduces the amount of income on which you calculate your tax debt, but a tax credit; you get the cash! And unlike the 2008 $7,500 tax credit, you don't ever have to pay this one back as long as the home remains your principle residence for three years. There are some limitations; the homebuyer can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately and the amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for married couples filing joint returns. If you're still wondering whether home prices have stopped falling consider this line of thinking. Let's say you're considering a $150,000 property, and you qualify for the full $8,000 tax credit, but you wait to see if the property values in your target area have stabilized and you miss the tax credit deadline. Property value would have to drop more than 5% more before you would reach the break-even point. And that assumes that interest rates stay at their current historic lows. Time is running out but there is still time for a determined first time buyer to cash in. You must move quickly, get your financing arranged in advance with a lender that can close quickly, and enlist the services of a real estate professional to help you find the right property, negotiate the right deal quickly, and facilitate the quick close by tenaciously managing the process.


