These days, buyers have the upper hand, even in the surprisingly strong Orlando real estate market. Properties that seemed out of reach are now becoming affordable to buyers lucky enough to have the cash and credit to make their dreams come true. However, they should not test that luck as costly mistakes can easily be made even in buyers’ markets where there is a large inventory of property to choose from.
In difficult markets with great price fluctuations it’s especially important to enlist the services of an experienced agent or broker. With prices going up and down (mostly down, of course, as of late), it’s especially important to have someone on your side who knows exactly what a property is worth, and how well a neighborhood or area will hold up. What may seem like a terrific deal on the Orlando MLS may, in fact, be a property to be avoided. An experienced local real estate agent knows.
One of the great opportunities these days is bank foreclosure sales. These are not easy to find as the good ones get snatched up very quickly. A local realty firm can keep track of foreclosure sales with free computer services. Once signed up, sellers will always have listings with the latest information to aid in the search. With foreclosure sales it is especially important to have a good broker on your side; there is a reason why some property foreclose, some are not properly maintained, and some have incurred damage. A broker can help.
Some buyers think that lower real estate costs in a declining market will make it easier to qualify for a mortgage, but that is not so. Excessive credit and insufficient background checking have been blamed for the mortgage crises, and banks and lenders are now far stricter with their requirements than before. This means more detailed credit checks and more stringent requirements. Again, a good local broker can give you not only a reality check, but also good advice on where to look, what to expect, and how to handle all the paperwork.
Buyers interested in new homes yet to be built also face an interesting situation. Prices are lower there as well, but there are more potential pitfalls. Financially strapped builders and contractors may not be able to complete construction, leaving you with an unfinished home or worse. Once again, the best insurance against horror stories is working with an experienced Orlando area broker who knows not only the local situation, but also has insights into the financial strength of builders and contractors. A preconstruction investigation with a good agent will tell you who you can rely on and who to stay away from.
Orland real estate is an attractive proposition. The area continues to grow in leaps and bounds, and Orlando is one of the most desirable cities to move to. What this means is that buying in Orlando may well be one of the best investments you can make. The great climate will not change, the many natural attractions of the area will not change, and the recession-proof industries in the area soften any recession blows. This is definitely a good time for buyers interested in Orlando.