- Through the eyes of an expert…
Today’s post is from Hojin Chang of Coldwell Banker. Hojin writes a very interesting blog on SW Orlando communities and real estate news for Dr. Phillips, Windermere, Gotha, Celebration, Winter Garden, Ocoee, Clermont, Metrowest, when you have a moment please visit his blog.- The real estate market statistics for the first quarter of 2008 in Orlando surprisingly shows an improvement. It’s perhaps a sign that the traditional peak season for activity during the Spring and Summer will actually occur this year. It’s been absent the past few years and if it happens would signal a return to some type of normalcy.
- The number of new contracts and sales have shown a steady increase in 2008 and hopefully this trend will continue at least throughout the summer. Don’t get me wrong, the stats are much worse than this time last year, but at least we’re improving and not going the other way.
- What concerns me the most about the market here is the glutton of inventory. There’s more than 2 years worth of supply of homes on the market and it’s gonna take a long time to get this number down.
- Demand for housing is fairly constant simply because of the fact that most people only own one home, so it’s not gonna help improve things. What will help is less homes coming on the market and builders reducing their output. Currently, there’s 6 months of builder inventory under construction in Orlando and it’s not helping things.
- I’m not an economic forecaster by any means, but it is a difficult task to predict the future. After Orlando experienced 3 hurricanes in 2004, every so called expert predicted a severe downturn in the real estate market here but it turned out to be the biggest real estate boom ever. It just goes to show ya how hard it is to predict the real estate market.
- Buying real estate in today’s market should be seen as long term investment with a time horizon of at least 5 years and preferably 10 years. You look at it in those terms and it’s a darn safe investment.
- There’s no doubt the market will improve eventually. I just wish I could say when, but things are improving.
- Hojin can be reached at (407) 234-8659
Coldwell Banker Residential Real Estate
7626 Sand Lake Road
Orlando, FL 32819
800-775-1040 ex 130 Toll Free
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Hojin,
Thank you for a post that helps people see the market through your eyes and offers a different perspective than one would consider.
Frank
A refreshing post is all I can say, thanks for letting us know how an expert looks at the market.
Many thanks,
Kelly
Kelly - I’ll let Hojin know about your comment. Thanks for taking the time to read his post, you can view his blog at http://www.sworlandoblog.com.