When will the Orlando Real Estate Market Hit the Bottom?

I get so many buyers asking me, "When will the Orlando real estate market hit the bottom?" To tell the truth, I have given up on trying to estimate when the market will hit bottom. Buyers are being bombarded with information from all over the country about how bad the real estate market is. And yes, if you bought a house in '05 or '06 or even as early as the beginning months of 2007, then it is a bad market for you to sell right now.

However, if you are buying a home - the selection is nothing short of spectacular and the prices for some of these homes cannot go any lower than it already has. So the answer to the question is, The market has hit the bottom ALREADY. Well, ALREADY sort of. When I say sort of, I mean that some homes are already at the bottom and waiting a little longer will not make those homes go any lower.

The bottom priced homes are going to sell quickly. They are low already and many are perhaps 65% (60% if you're lucky) of the appraised value. These homes don't sit for long - investors understand this concept and they are snapping up these homes almost as quickly as they come on the market. It is John Doe's home that is 100k above the price of these foreclosure homes that will not sell and will have to drop 20% in price before he can unload the home in this market place.

It is unlikely that the market will drop by 35% from what it is now. We'll be manufacturing widgets for China when the Orlando real estate values drop by another 35%. What will drop in price are the overpriced homes on the market now that will go into foreclosure over the next year because the owner can no longer hold onto it and no longer qualifies for refinance. So when that home gets foreclosed on and the bank is willing to accept 100k less than what is owed on the home, then this will drive the average price of homes on the market down.

So in truth, you should be looking immediately at buying a home that has already hit the bottom of the market. There are so many good deals to be had. I'm an Orlando real estate agent and I'm looking to purchase as many homes as possible for myself before the market does turn around and all the good homes are gone. Stop waiting for the imaginary bottom of the market to hit and act NOW!