If you are thinking about foreclosure houses in Orlando, then now is the time to act. As you all know, Orlando was one of the hardest hit areas when the real estate market started going down a few years ago. Now that the real estate market seems to have stabilized, many people are now, once again, shopping for houses throughout the Orlando area. And fortunately, it is still a buyers market.
Part of the reason that the current Orlando market is so favorable to buyers is because of the large inventory of houses available for sale. During the market decline, which lasted about 6 years, many houses were still being built. This was primarily because the plans and financing were already in place once the downturn started. Also, over the past few years, many people have either had their house foreclosed by the lender, or have just moved out voluntarily to seek out more affordable rental properties. All this has contributed to the large inventories of houses for sale in the Orlando area market. Of these, the largest group seems to be the foreclosure houses.
Banks are now holding vast numbers of foreclosure houses in their inventories and are not too interested in holding on to them much longer. For this reason, banks are willing to rid themselves of their foreclosure houses for lower than fair market prices. This is why there are so many foreclosure house in Orlando and why one can find good bargains on foreclosure houses.
But don’t get too excited yet. Although good bargains exist, not all foreclosure houses are being put up for sale at less than fair market prices. As the general real estate market here in Orlando begins to head up, this buyers market will soon start to phase out. As this happens, you will start to see the foreclosure houses disappear. The bottom line? If you are looking for a foreclosure house in Orlando, now is the time to start looking.
Please contact us today if you have any questions about the real estate market or foreclosure houses in the Orlando area.
