The new stats just came out for the Orlando Regional Realtor Association and it tells us what's been going on for the past month and how it will affect property owners. Currently the inventory of homes in Orlando, FL is extremely low and we are in a strong sellers market.
With the inventory so low in Orlando, if you are a buyer, it can be hard to find a home depending on the neighborhood and what your budget is for your next house. For budgets below $300,000, there are slimmer options and it is crucial to team up with a Realtor (in particular a Buyer Specialist), which I spoke about in my previous video blog to help you find a home.
Even though the inventory of homes is low in Orlando, sales are up 12% compared to this time last year. With the recent increase of interest rates, many potential buyers are getting off of the fence and making the move. The demand is also strong because the economy is doing doing very well and there is a lot of job growth in Central Florida, which leads to more people buying homes.
Another point that is important to mention is that the median price for single family homes is 11% higher than it was in 2016 and it is 88% higher than July 2011. This is due to high demand, which means higher prices.
If you are thinking about selling your house, this would be the best time to sell, with such a low amount of inventory there will be less competition for you. You also will have more leverage in the negotiation process on getting your self the best deal.
As always, we are here to help you! Please feel free to Contact Us and I hope that I have helped you get real estate smart.