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First I want to thank the admin for getting this topic up as well as the General Discussions thread.
I wanted to post this last night but couldn't really find a place that was suitable for the content and that is what led me to ask that this category be created. So here's the first post in this category.
Last night on the Central Florda 11:00 news, there was a segment dedicated to the Local real Estate Market. I grabbed my notebook and jotted things down here's what they said.
According to a Proffessor of Real Estate at the University Of Central Florida, Housing Prices are reaching all time lows for seller's of single family dwellings. The current slide in home prices is expected to drop another 10% in the next year. The experts are predicting that things will probably take two years to even out.
By his recommendation, sellers should consider holding their homes until the market recovers. According to the numbers quoted there is a huge surplus of homes for sale with very few buyers coming in. Home rentals are UP 39% from this time last year. "It is a total buyers market" he was quoted as saying. Numbers wise this is how it shakes out. There are 22,000 homes currently for sale in the Orlando area alone. This number does NOT include homes that are F.S.B.O. or homes that have recently been taken off the market, to be used as rentals, or the owner just gave up selling.
The average listed home is being advertised at 15,000 to 30,000 dollars under appraisal. what this boils down to for investors is that Now is the time to get into the market, for first time home buyers and "Real Estate Investors". Real estate professionals who are in a position to purchase these homes and hold them until the market comes back have a chance to make vast sums of money. That was his quote "VAST SUMS OF MONEY". If you guy's are interested in what the market looks like for us down here in Florida I think you should check out some of the Florida Newspaper's online. You are going to see an amazing amount of homes listed as Owner financing, Desperate, Lease option, Owner will assist in financing etc. All the word's that Carlton tells us to look for are THERE in black and white. This is really really the best time to have this course. I am calling people and setting up appointments. I am making offer's. I will hit my original goal of buying five properties no money down this year. That is what I set as my intitial goal. If things keep going I may in all seriousness have the 5 in the next 2 months.
Go OUt and Make it HAppen
Rodney
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