What do you all think of the latest buying surge? (Kissimmee: for sale, rentals)

[peppermintpatti1]

Have you all heard the latest news about the Canadians buying up all the "affordable" (under 200K) housing property in Central Florida? There was an influx of British dubbed "The British Invasion" in Kissimmee back in 2006. Which drove all the "affordable" houses out of the market and then became the huge wave of "vacation rentals", and while right now you may see "affordable" homes listed as for sale, they are slow to pull the pictures down and what they are not telling you is that it was sold to a cash foreign buyer 3 weeks ago.

Now there is a new flourish... and no it's not locals once again.

How does everyone feel about it? Do you think it will help in the long run? Especially since most of Orange Counties schools are being cited for not following the "no child left behind", massive budget cuts, transportation cuts.. could it potentially be the save Florida needs? or is it just one more step backwards for struggling locals and Disney/Universal employees who just don't make enough to buy in cash?

IMO most buyers will turn down an FHA/VA/CONVENTIONAL loan offer if they are inundated with multiple cash offers which leaves most locals in the dust.

Here is just ONE of the stories
http://finance.yahoo.com/real-estate/article/106815/Some-Real-Estate-Markets-Warming-Up (broken link)

[cfIfan]

It is sad that it isnt locals who are buying but we are a tourist area and we do rely on foreign investment alot in this area. The problem is that many neighbourhoods are priced extremely well. There are buyers out there who are locals, but because of rumours based on nothing (and i say this because it is impossible for anyone argueing one way or another what will happen with the market) many dont want to buy. Whether it is because they have no confidence, but likely because people have become greedy expecting to be able to buy a 3000sq ft home for nothing, it will be these people who are left behind.

The savy buyer knows what they want and can realistically afford and if they see it they jump on it. Once again there are people who live beyond their means who want a 3000sq ft home in a great neighbourhood for $80,000 which will never happen.

Contrary to what many believe and im glad you picked up on it sales are up. Does it mean prices will go through the roof? No. But while interest rates are low and homes are agressively priced, people would be mad not to buy, especially as homes may not go up in price much, but interest rates will.