Welcome to 32828.
Welcome to 32828.
Michael Hart
There has been anxiety expressed in our local newspapers and national media regarding the viability of the housing market. There is consensus by real estate analysts that a market correction is underway throughout the country. However, this correction is only sparingly affecting the East Orlando market. In some cases, sellers have overextended themselves or have taken out an adjustable rate mortgage (ARM), and the rates are now starting to make their payments too high. According to the Orlando Realtors Association the foreclosure risk in the area is minimal with 80 percent of home owners in positive equity positions or having less than 90 percent LTV (loan to value).
According to Jean Gillen, realtor and owner of East Orlando’s own, The Realty Medics, “now is not the time to sell.” She also suggests that now is the time to buy. “Build prices are not getting any cheaper, and new home builders are reducing prices and offering great amenities to buyers.” Experiencing some of the angst in the market Jean says some “private home sellers have unrealistic list prices.” Jean says to hold onto property if you can. “We are currently going through a time where there is more supply than demand, but this is only temporary and the market will rebound.”
Currently the 32828, 32825, and 32822 zip codes have fantastic schools, safe streets, and reasonable commute times. The prospect of Innovation way excites out of town buyers and in the next four years the Veterans Hospital, UCF Medical School, and the Burnham Institute should make up a strong and highly diversified local economy. Adding to the safe investment environment is the purchasing power of the baby boomer generation. In the middle of their prime earning years boomers are buying second homes as investments. Also, some boomers are beginning to retire and of course they are choosing Central Florida as their destination. Their money is going a long way here and they are taking advantage.
The number one realtor in 32828 and number eight in the metro Orlando market, Jean Gillen concludes East Orlando is safe for investment. And, if a homeowner who feels over extended can stick it out for the next few months they should. And, for people not owning a home now is the best time to buy. Jean adds, “You cannot go wrong in the real estate market, now is not the time to sell now is the time to invest”.
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