This is the first time in the history of my office being open (since the early 90's) that every single one of our rental listings is rented. All but one of our "For Sale" listings is pending or sold. When the phone rings, it's for the one sign we have out there and I have a feeling that will sell soon too! The inventory of homes available in the whole Central Florida area is way down so people who are looking for a place to live have fewer homes to choose from for purchase OR for rent. One thing I predict is that this will change soon as there are so many condos and homes that are under contract to close but are taking a long time to close because they are "short sales" and another huge wave of "shadow Inventory" that will probably start hitting the market soon. There is pent up demand by home buyers and investors. I'm thinking there will be alot more rentals available soon.
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It's also true about the sales market. I am working with buyers who have been trying to purchase something for a few months now, these are fully approved buyers, and either they are outbid in a multiple offer situation or when we call in to get the information to make the offer they are in the process of signing an offer. It is highly competitive out there right now. There are still some great buys but you need to be ready to move when you find one.