Less than two years ago, buyers offered more than the list price for homes, when sellers had multiple offers within days of listing, and when builders of new home communities held lotteries for the opportunity to purchase a new home.  Today, sellers are offering cars and builders are offering $50,000 - $75,000 in discounts to buyers to move inventory. 

The Orlando Regional Realtor Association tracks the sale of homes listed in the Multiple Listing Service (MLS).  To view the latest statistics, please see the Market Pulse!

What is a great deal for a home?  Finding the best deals comes from having a great sense of the market and understanding real estate trends.  There is an approach for existing homes and one for new construction.  Builders now find themselves with newly completed homes, called inventory homes, with no buyers to live in them.  The builder loses money every day since they have to pay for their construction loans.  The key is to find builders with large inventories and wider profit margins that are more willing to negotiate.  With existing homes, it is critical to understand the equity potential and selling price per square foot of a neighborhood.  For the average home, the sales price per square foot should range between $130 to $150 as compared to the $160 to $180 range seen just a couple of months ago.  Realtors have special tools that will allow them to quickly and efficiently prepare a comparative market analysis that will help buyers save thousands of dollars if they research a neighborhood before purchasing.  A good Realtor will be able to find you a great deal and save you more money than you would otherwise spend if you shopped for a home on your own.

Donell Hicks, a Florida licensed Real Estate Sales Associate, works for Main Street Realtors.  He is licensed to practice law in Florida, Maryland, and Washington, D.C.  He is unlike most Realtors since his background is in construction law and contract negotiation.