As a real estate agent for Orlando homes for sale, part of my job is keeping up with current real estate news. More often than not, I'm largely unsurprised by the news that comes across my desk, however this little tidbit blew me away.
For 2 years now, we've seen mass foreclosures, folks walking away from their underwater mortgages and warnings that there's more to come. Foreclosures numbers reached all time highs, housing prices have reached all time lows and half the nation is unemployed. It's sufficient to make a homeowner with one of the Orlando homes for sale have a psychological breakdown.
However, in February, the information went out, flooring most within the real estate business: extreme shortage of property predicted by the middle of 2011. This will likely sound unbelievable. (It was a hard one for me to swallow.) However, the development industry has additionally been hard hit by the economic downturn, which means that fewer homes are being built. Mix fewer homes being built with population growth and abruptly there's a housing shortage.
Good News for Homeowners
In a recession, folks have a tendency to live together as a result of it is cheaper. College students proceed to stay with their parents, divorce rates go down and extra individuals share homes. However, we currently have over 300 million people living within the U.S. and we're right down to lower than seven months' inventory.
This is great news for homeowners trying to sell their homes - or even homeowners who just need extra fairness - although the repercussions may take awhile to spread.
In a number of high population areas and college towns, the demand for housing is on the rise. As we've talked about earlier than, this brings in the age-outdated legal guidelines of supply and demand. The decrease the provision and the higher the demand, the higher prices rise. The more value a home has in price, the higher the equity.
So, for those who have Orlando homes for sale, take heart! A housing shortage could also be arduous to believe right now, but, if what the economists say is true, it's on its way. Stay on your toes, make sure that all your ducks are in a row and prepare for the push on home sales.
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Buy Vacation Condos .com offers Orlando, Florida investment properties, Orlando vacation homes and vacation condos for sale. Discover Orlando investment property , real estate investments and real estate investing .
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