I just returned from vacation in Florida. My friend, Erin, who lives in Orlando filled me in on the real estate market. A big change has started. Inventories are way up, not just 25% or 75%, but 400% to 500%! She also told me about a few people she knows that are trying to sell, but can’t because the market is flooded with properties for sale. The market was so crazy there that people were signing contracts to buy a new home without a contingency to sell their current home! Prices haven’t started to drop yet, but at some point people will have to sell.
Be glad you live in the Chicago area where the real estate market has been much more reasonable!
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 2 comments… read them below or add one }
Don’t you think that it will be time to buy in miami soon if things keep getting reduced? like if something bottoms out? how do you know how to time that?
I don’t know about Miami, but I’m not hearing that prices are starting to drop yet in Orlando. I wouldn’t expect a turnaround for at least a year.