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Better Orlando Home Sales Could Help Industry

ORLANDO-The housing market is coming close to a balance, and commercial real estate activity is expected to pick up as well.

By Debra Hazel | Updated on July 14, 2009

ORLANDO-Home sales are starting to pick up in metro Orlando, according to members of the Orlando Regional Realtor Association, and commercial real estate may slowly be recovering as well.

Members of the ORRA sold 43.1% more homes in June 2009 than in June 2009, with year-to-date sales up 43.8% over the previous year. First-time homebuyers taking advantage of the $8,000 federal tax credit are at least one reason, said ORRA President Les Simmonds of Longwood, Fla.-based L.G. Simmonds Real Estate Corp.

“This uptick has much to do with the $8,000 tax credit, but we expect it will also become a positive for the commercial market as well,” Simmonds told GlobeSt.com. “The REO has been a problem for the residential market, and has been dragging down the median price. But having said that, I feel strongly it will help in the long term.”

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