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!
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{ 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.