Real Estate Market Changes

The real estate market has slowly been changing over the summer months.  In Florida things were going quite cheap this summer.  Orlando had condos asking $19,000.  Prices now are starting to creep back up.  Maybe its the $8,000 housing credit or maybe it is the economy and housing market starting to recover.  Either way, prices are going back up even though there are plenty of bank owned properties still on the market.

While prices are going up, there are still some good deals available.  However, when looking to purchase a bank owned property, be prepared to spend some money in repairs.  From what I have seen, these properties are $50,000 to $80,000 off the market value.  Be prepared to spend anywhere from $10,000 to $40,000 in repairs though.

Before purchasing a bank owned property, get a home inspection so you know exactly what you are getting yourself into, especially if you are a first time homeowner.  Homeowners tend to find a house they love and get so excited about the house that they don’t see the flaws in the property or they don’t know what they should be looking for.