Foreclosures in Orange County Still High The housing market is definitely beginning to show signs of improvement, but Florida still ranks as one of the hardest hit states. And, Central Florida is one of the harder hit areas in the state, though we're seeing this area recover faster than some other areas.
Central Florida has a lot to offer real estate investors, whether they're purchasing a home for themselves or purchasing long term or vacation rental property. Because of Florida's popularity as a vacation destination, you really can't go wrong by purchasing a rental property in any one of several beautiful and popular vacation areas. You will, however, have to endure dips in the marketplace like the recent one. But, investors who can stay in their investment for the long haul will see that their Florida real estate will increase in value over time.
Right now, about one in every 350 homes in Orange County, Florida is in foreclosure. In comparing Orange County to the rest of the state, it ranks right in the middle where foreclosures are concerned just as it does in geography. Counties which are still very hard hit include St. John's, where one in every 266 housing units are in foreclosure and Hernando Country, where one in every 264 units are in foreclosure.
Some of the coufnties that are seeing improvement more rapidly than Orange County include the nearby counties of Polk, Lake, Seminole and Sumter. In these counties, foreclosures range from 1 in every 435 in Lake County to just one in every 3076 in Sumter County. This is great news for Central Florida real estate,f and a sure sign that the trend in this beautiful area is on the way up.
So, if you're in the market for a property in Central Florida, the time to buy is now. As the trends continue to improve, the prices will increase, and the inventory will decrease. Every month that you wait to purchase means you're losing out on some of the hottest deals available. Foreclosures in Central Florida are about 25% lower than the average value of that foreclosed home, so savings are big if you decide to go the foreclosure route. Just be aware that, in Central Florida, trying to buy a foreclosure property means you must have patience and a great real estate agent.
The foreclosure properties at the best prices often have multiple bidders, and even these bidders may be placing multiple offers. You need a realtor who knows the best offer or offers to go in with, to help ensure that you have a reasonable shot at winning the sale. If you're already an owner of property in Central Florida, this news is good. The market is recovering, and the decline you've seen in the value of your property has likely stopped. Over the coming months, we're expected to see those home prices start to rise slightly again. Real estate investing is usually a marathon, not a sprint. Keep this in mind when you're looking at buying or selling property and you'll have this great investment in the right perspective.
Looking for more information about foreclosures in Orange County Florida? RealtyExecutivesFL.com specializes in the Florida real estate market. Contact us online or call us at 1.888.HOME.427 today for a free consultation.