Low prices in Orlando could present bargain opportunities
In many ways, the housing market is cyclical. Even in the healthiest of times, home prices tend to ebb and flow depending on the season, construction patterns and other factors. The fall is traditionally a slow period, as it tends to relax after summer's busy months. For savvy buyers, fall can sometimes provide a great opportunity to find bargains.
Recent news about the slight reduction in the city's homes' median price could present an especially good possibility for people considering purchasing one of the houses for sale in Orlando. As the national market slowly recovers, any bargains still available could be rare, valuable commodities going forward.
According to the Orlando Sentinel, the median price for a home in the city dropped from $126,000 to $120,550 in July, which is typical for the period after the peak of the summer. However, this figure is still up 5.1 percent from July 2011, which signifies, despite the post-summer drop, that the market is still moving forward.
Furthermore, some local real estate professionals believe the growing demand for homes in the lower price range - which was notoriously hard hit by the recession - could be contributing to the diminishing sales prices. People who have been wavering for months or years about whether to enter the market and buy one of the city's less expensive homes could be deciding that the time is finally right.
Another factor could be the market of distressed properties, which has kept Orlando's homes' prices from rising too much in the wake of the housing crisis. However, as more people buy these properties at low prices, the market will have an easier time eventually recovering. In fact, the city's backlog of for-sale homes has been incrementally decreasing for months, which means that prices could begin rising in the near future.
According to the Orlando Business Journal, the supply of distressed properties has dramatically decreased of late, helping purge the market of their price-lowering effects. Subsequently, the median price of short sales in Central Florida rose 19.05 percent in August.
Taking into account the expected post-summer slow period and the decreasing prevalence of distressed homes on the market, Orlando's prospects seem to be improving. For bargain-hunters, the fall could present a great time to find a dream home in the area for a good price.