REO Property in Orlando Flipping is getting Harder
Three reasons it is getting harder to find profitable REO Propertiesin Orlando( DEALS)and everywhere in general.
- Thousands of people have become House Flippers( I am one of them).
- Rising Price of HOMES has priced "First Time Home Buyers" out of the Market.
- Lack of inventory of houses under $100,ooo in Central Florida.
Someone said History doesn't repeat but it does rhyme. In 2006 when I became a Real Estate Agent I was swore in at the Orlando Arena. Orlando filled up the arena each month because so many people were becoming agents and investors. It seams to happen at the top of the market. At that time there were ten thousand agents in Central Florida and over one million nationally. History repeated herself again in 2013 when once again thousands of people became Agents and investors.
Orlando Market Report 2016 Click to watch a one video on the Orlando Market
March by the Numbers
Orlando housing market snapshot»Sales 3,022
-4%Pending Sales 5,798
-14%New Contracts3,033
-7%Interest Rate 3.70%
Here is Report from 2010. Please look at the difference.
The median price has risen to $195,000 from $109,000 in 2010. The number of sales has almost doubled also. The huge increase in home prices has made renting unaffordable.
In 2010 it was easily possible to choose from several hundred homes under $50,000. Today that price point has moved to $100,000. This has moved the price of rent to a level many people cannot afford.
Below I have placed two articles. The second states that Florida distressed properties will decline to around 2 percent. Today, in 2016 the distressed sales are near 17%. It will get harder to make money a a flipper.
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