The Orlando Regional REALTOR® Association recently released a recap of the 2010 Orlando MSA real estate market. There was a 19.6% increase in sales compared to 2009 while median price fell 16.2%. The residential home price floor is projected to continue throughout 2011. A double dip is expected and prices are predicted to bottom out next year. As experienced in the Orlando MSA the residential prices may continue to fall. They may not continue to rise until at least 2015 at approximately a 2% pace, lower than the rate of inflation.
Live Valuation Magazine's December/January issue discusses this prediction as well as some challenges that face appraisers in 2011 and beyond. Contributing writer, Joseph Palumbo, talks about a very real situation when an agreed contract price and the value of the property don't match. There are several factors to consider when this happens such as the constantly changing market, the lender's appraisal process and the appraiser's market analysis. Click on the link above to read this article.
