- Orlando - No Real Estate Bubble in Plain View Says Gakwaya

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Orlando - No Real Estate Bubble in Plain View Says Gakwaya
Added: 08/29/2006 Type: Summary Viewed: 231 time(s) [ Not Rated Yet ]

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Orlando - No Real Estate Bubble in Plain View Says Gakwaya

According to the Orlando Regional Realtor Association 21,260 homes were sold in Orlando during January, 2005 through to July, 2005, with ‘05 being a record year for Orlando. In 2006, housing sales actually boosted 0.7% to 21,916 homes sold by realtors during the same time period, displaying evidence Orlando is still a viable market showing no signs of that pesky bubble bursting.

After the hurricane of growth the previous two years have represented, it would not be anomalous for the market to exhibit frequent fluctuations that at first sight appear to be extreme and signaling perceptible doom.

Nonetheless, home sales in July 2006 did drop 26.5% compared to that of July 2005. Century 21 Real Estate associate Chantal Gakwaya says, "After the hurricane of growth the previous two years have represented, it would not be anomalous for the market to exhibit frequent fluctuations that at first sight appear to be extreme and signaling perceptible doom."

Ms. Gakwaya further went on to say that the amount of homes for sale on the market is peaking more than 19,000 homes in metro Orlando for July, 2006. Compare that to statistics from July, 2005 and there is a differential of almost 15,000 more homes competing to be sold.

"I have no doubt in my mind the excessive inventory on the market, the recent drop in interest rates and competition spurring the desperation of sellers will represent a Buyers Market over the next six months or so," says Gakwaya.

"The same quantities of buyers are out there and families are still relocating to Orlando by the droves. The big question is how do we compete for those buyers to preview our client’s homes? Real estate associates and especially FSBO’s will sink or swim depending on their personal and financial investment in advertising their homes for sale," says Gakwaya.

Gakwaya goes on to say, "All I can say about the Orlando market is, competition is high but there is no bubble in plain view, at least not in the foreseeable future."

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