Some new real estate statistics were just released for the Orlando Regional Realtor Association, and they give us data collected during the past month that could predict future property owners trends. Currently, the inventory of homes in Orlando, Florida, is extremely low, and we are in a strong seller's market.
With the inventory so low in Orlando, if you are buying a home, it can be hard to find a house depending on the desired neighborhood and your budget. For budgets below $300,000, there are even slimmer options, and it is crucial to team up with a REALTOR (in particular, a Buyer's Specialist, which I spoke about in my previous video blog) to help you find a home to buy.
Even though the inventory of homes is low in Orlando, sales are up 12% compared to this time last year. With the recent increase in interest rates, many potential buyers are being more decisive and making the move. The demand is also strong because the Orlando economy is doing very well and there is a lot of job growth in Central Florida, which leads to more people buying homes.
Another important statistic is that the median price for single-family homes is 11% higher than it was in 2016, and it is 88% higher than it was in July 2011. This is due to a higher demand, which means higher prices. With this in mind, 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 so you can get 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.
