Tuesday, August 11, 2015 / by Tom Nickley
Why Is the Orlando Market So Sizzling Hot?
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The Orlando market has continued its onward charge as of late and right now we are experiencing a very hot and very healthy seller’s market. Today we are going to give you a quick update on the scorching hot market, and let you know what to expect in the near future.
Over the last year, we have seen a huge leap in home sales. From June 2014 to June 2015, we saw a 21% increase in the number of home sales! Last month alone there were 3,435 homes put under contract, a record in Orlando.
In addition to this, the median home price in Orlando has also risen by about 7.73%, and now sits at $181,000. Right now, there are about 12,000 active listings on the market in Orlando, and the average home is spending 67 days on the market. That gives us 3.5 months of inventory, a strong sign of a seller’s market.
Right now in Orlando, homes are selling at 97% of their asking price, on average, and mortgage interest rates are sitting right at around 4%. While experts predict that interest rates are on the rise, they are still historically low right now and are waiting to be taken advantage of.
For sellers, we are still finding that many listings are being put in multiple offer situations. With a great marketing plan and accurate pricing, we can get our sellers top dollar for their homes.
For buyers, the fact that interest rates are still historically low makes it a phenomenal market. Homes are also extremely affordable, and with a clear-cut plan you can get a good deal in this market within no time.
If you are thinking about buying or selling in Orlando or Central Florida, give us a call or send us an email. We look forward to hearing from you!