Yep. It is if you’re an investor looking for a condo deal under $50K.
Increasing numbers of observers have said of late that we’ve already hit bottom, and I’m inclined to agree, with one caveat. Bottom will arrive at slightly different times for different states, and different cities within states and, different communities within cities. There is no uniform nationalÂ bottom. When I hear the refrain, “I don’t think we’ve hit bottom yet” I just roll my eyes. And then, there is your personal bottom.
With this in mind, if you’re looking to purchase a condo in Florida, in Orlando, then depending on the community you’re looking at, there’s a better than even chance that you’ve been looking at bottom for at least the last several weeks. In fact, in many cases, the buyer’s market is over. Most of you will be surprised at what follows but in the under $50K range, we are now in a seller’s market. As such, many of you have already missed the boat we’ve been talking about since Christmas.
The generally accepted definition of a buyer’s market is more than six orÂ seven months of supply. A ‘balanced’ market has from five to seven months of inventory, and a seller’s market has less than five to sixÂ months of inventory. Now take a look at the chart below.
With only 4 months of supply in the under $50K range and low interest rates, we have now moved from a buyer’s market, through a balanced market to a seller’s market. I see evidence of this every day with multiple offers on bank owned (foreclosure) properties in this price range. And yet I still have folk trying to low ball what’s already the perfect deal.Â In this sector of the market,Â you’re usually wasting everyone’s timeÂ by making an offer – unless, of course,Â it’s more than asking price.
Fore more info see our dedicated Orlando Foreclosure page.