Playing arm chair quarterback analyzing the local real estate market in Metro Orlando, Florida we can come up with some solid conclusions.  December of 2005 the market started its decline with available homes for sale steadily increasing leaps and bounds from that date to an all time high in October of 2007 to 26,330 listings, over doubled the number of homes for sale. 

Real estate is still about supply and demand, homes for sale compared to the number of buyers that are ready, willing and able to purchase, which brings us to today.  The news was anticipated among those of us that watch these trends like a hawk, but still great to see.  Available homes listed in Central Florida hit an all time low of 9,031, that's a little over 4 months of inventory with an average of 2,400 properties closing a month. 

Sought after communities like Dr Phillips, Windermere and Winter Park have already seen this past Summer what happens when inventory levels fall to manageable numbers.  With fewer then 5 listed single family bank owned homes in Dr Phillips alone and a low of 33 short sales listed it's no wonder buyers are seeing increased competition trying to pick up one of these great deals.

Banks are very smart about listing homes, sure we hear banks don't want to be home owners but they also don't want to lose money.  Band owned properties are listed very attractive in TODAY'S market, the value for buyers, 5 plus years of declining home values and a bottoming of a declining one.  The value for banks is getting rid of a property at today's values, what else could they ask for.  I have worked with some buyers in the past that are surprised banks don't just take their cash offer of 75% of the value and be done with it, why would they.  At the closing table the bank gets cash either way so what's the value of a cash offer, it gets rid of the financing contingency.  Sure there is value in a cash offer, but it's not 25% off the list price. 

There are still great deals to be had even high demand areas especially going into the Winter months of October through December but I would not recommend waiting much longer.  The spring real estate market starts at the end of January where we have year after year activity increase which means for buyers more competition and for sellers listing a little higher because of it.   

Dr Phillips Distressed Properties For Sale:

If you have been watching mainstream media of late you would think Dr Phillips real estate and many Orlando communities are doom and gloom and still declining markets.  Keep in mind many of these same news outlets predicted at the peak in 2005 the real estate boom was going last another 10 years, even so far as saying Orlando, Florida was going to be the third largest city in the US.  This is not so much blasting the media but more about trust and then verifying facts. 

Numbers are a funning thing, anyone can look at a specific time frame of a market and write a story to support it but first we need to understand and accept that real estate is local.  Those of us that live in Orlando, Florida understand it's a large geographical area, from east Orlando, Lake Nona, north off of 1-4, down town Orlando and then southwest into the Dr Phillips.

Dr Phillips real estate was a sought out community in the past and still is today, especially after 5 years of declining prices.  Sure this little niche market of Orlando, Florida declined like every other community in the US but it only comes to reason communities that where attractive and in high demand at the peak would come back first.  There are a total of 8 single family bank owned properties for sale in Dr Phillips, even in the short sale market Dr Phillips currently has only 28 homes for sale.  So where are all these distressed Dr Phillips homes for sale, they are gone, the ship has sailed and the bottom was here and passed. 

Buyers that have been making offers and have found themselves in a multiple offer situation or have lost out on a home are especially alert of new listings and don't waste time, and if it's the right house, they're writing an offer. The deals are still out there but you have to look even harder now and your competition is right behind or already making an offer. 

Get the latest Dr Phillips Homes to come on the market here and don't be left behind.  When searching for Dr Phillips the best way is by zip code, use 32819 and 32836 to make sure you see everything available for sale.