Thursday, June 29, 2017 / by Tom Nickley
Don't Wait to Take Advantage of Today's Hot Market
Want to sell your Orlando Home? Get a free home value report | Want to buy an Orlando Home? Search all homes for sale
As I’ve talked about in past updates, the market here in Orlando is red hot. Not only that, but this market is great for buyers and sellers alike.
From May of 2016 to May of 2017, sales grew by 14% and a there was a decrease of inventory, over that same time frame, of 17%.
Buyer demand is at an all-time high and is driving inventory down steadily over time. Currently, we only have 2.3 months of inventory for Orlando, which is far below the six-month supply that is considered by experts to be a healthy market.
With numbers like this, it is a very strong seller’s market with lots of competition between buyers and a lot of multiple-offer situations. But, ultimately, despite that high buyer demand, the market is healthy right now for buyers and sellers in our area.
This is because our market is still seeing increases when it comes to home prices. Actually, starting in July of 2011, we’ve experienced 70 months of increased home prices.
"Buyers and sellers alike must be prepared."
Currently, the average home price right here in Orlando is $258,000. Be that as it may, we’re still in a good range—30% below the all-time highs of where we were in 2007.
With these kinds of numbers, the great thing is that we’re seeing buyers make really good investments. Right now, there is a lot of growth and a lot of appreciation in the market.
Between historically low interest rates and good home affordability, it’s no wonder the market is so hot. Another factor to thank is consumer confidence. Consumers right now are feeling positive about the direction of the economy.
Right now, homes are selling faster than ever. 30% of homes on the market are going under contract within eight days of being listed.
With all this in mind, buyers and sellers alike must be prepared. Buyers should have a strong pre-approval, a strong local lender, and a ready-to-act mindset. Sellers, on the other hand, need to truly be prepared for their homes to sell.
So, whether you’re thinking of buying or selling here in Central Florida, now is the time to do it. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
