Today, David talks about his predictions for the Metro-Orlando real estate market in 2019. Before jumping into 2019 predictions, let's take a look at the Metro-Orlando real estate market in 2018. The first half of 2018 the market was very hot just like the past couple of years. The inventory was meager, and if you were a buyer, you might have struggled to find a home under $200,000. If you were a seller, it was a time of lots of buyers and multiple offers on your home if your home was priced right. The 2nd half of 2018 the real estate market started to soften, interest rates began to go up affecting the demand, and the rate of appreciation slowed down.
Now let's look at David's 2019 predictions for the real estate market in Metro-Orlando. David predicts that inventory will continue to increase steadily. He thinks there will be more inventory for the price point of homes at $250,00 and above. He also predicts that pricing of homes will continue to appreciate, probably around 5-6% and interest rates will also increase, but not higher than 5.5% by the end of the year.
What do these predictions mean to you as a buyer in 2019? Now is the time to buy. Waiting to a year to purchase a home can end up costing you more money. With interest rates increasing and home prices increasing if you wait until next year to purchase you will end up paying more money for less of a house.
What do these predictions mean to you as a seller 2019? It is very important to price your property right. It will still be a seller's market but not as strong as it used to be. This means you will most likely not see the bidding wars that we have seen in the past. If you are thinking of selling, now is the time to get ahead of the competition. As you see more and more homes go up for sale in your neighborhood the competition for the buyers' increases.