In spite of the global and national headwinds within the real estate market, Orlando’s real estate market is entering an upward and positive trend, according to the most eminent US economists. A financial analyst quotes that Florida is a state that is going through mini recovery where sales are trending up and the inventories are falling. The economy of Florida is recovering and the healthcare and the tourism industry is leading the way. Though the homeowners are worried about the future in the Orlando real estate market, yet there are still hopes among the economists.
What will be the direction of the housing prices?
Since 2008, the housing prices in Orlando had fallen steadily throughout the years. From 2007 to 2011, the median price of a real estate property decreased by 64% and the average sales price of the homes in the area appeared to have dropped out. The prices in June, 2011 slightly increased but again dropped in May and the financial experts predict the price to rise throughout 2012 too. Orlando became the second highest metropolitan area that showed constant price growth.
What is the status of the foreclosed properties in Orlando?
According to the mortgage reports, around 45% of all the homes that were listed in sale in the Central Florida region were owned by the bank. However, we noted that the number of foreclosure notices that were issued in the state of Orlando has decreased massively in the year 2011. There was increased demand and this made the REO properties to decrease noticeably in the market.
Therefore, if you’re someone who is worried about the prospects of taking out a home mortgage loan in Orlando, you should consider the predictions by the financial analysts. If you can stay aware of the ways in which the real estate market is going to perform in the near future, you can take informed and measured decisions about taking out a home mortgage loan that can benefit your present needs and budget. Don’t forget to shop around as this may subject you to high interest rates that are beyond your affordability. Compare and contrast the rates so that you may choose the best one with the best terms and conditions.
The above predictions helps you to take out the exact home mortgage loan in the market that doesn’t make you opt for a refinance in the long run.