In our office we receive many questions from sellers and buyers who want to know how the real estate market is in Orlando. Although we agree that the market has changed in recent weeks, our answer is always that we are going to see stability very soon, which will benefit both buyers and sellers.
What does this mean? We all know that last year and through June of this year, we saw a historic drop in property inventory in our city. In the August 2022 State of the Market, Tansey Sosderstrom, president of the Orlando Realtors Association (ORRA), said with a drop in median home price and another inventory increase, “we are seeing the Orlando housing market level out as we continue to move away from a period of volatility and enter a period of stability”.
According to Soderstrom, “this is good for buyers and sellers as they can take a slower, more measured approach to buying or selling a home”.
Let’s take a closer look at what it means for buyers.
Having more inventory means more options for buyers, they can see more properties and choose their best option, but this will always be the one with the best price, that best suits their budget and their needs.
If you want to buy a property, and you can buy with cash, you’ll find great incentives on both vacation and residential properties. If they are new, among these incentives you will see closing costs included, Premium kitchen appliances or payment of the Homeowners Association (Homeowners Association) for some time.
If you’re not a cash buyer, but you’re buying a new home, you may be able to find better interest rates by using the builder’s preferred lender. This is especially good now that the Federal Reserve has raised the interest rate three times this year.
If you are a buyer and find the house you love, make an offer. Many buyers think that prices will drop dramatically, and like many other experts, we do not project this to be the case.
Certainly some properties have been on the market longer and may see price reductions, but now that sellers know they are expected to price fairly, new listings will be at true market value.
If you wait too long, you could miss out on your dream home. That’s why my first recommendation for buyers is to be ready for your purchase. This means getting pre-qualified, evaluating your budget, and thinking about how will be your ideal home.
We are here to guide you through your property buying process. Call us today and let’s talk about your goals. You don’t need to pay for our services, since in Florida, it is the seller who pays for the services of the real estate agent.
For sellers, it is also good!
This type of market can benefit sellers as well, as long as they set realistic expectations. Sellers must understand that their home must be listed at the correct price. Having more inventory doesn’t mean you won’t find a buyer. What it means is that you will need a good marketing program to promote your property, as I mentioned before, price it right and get it ready for sale, making sure it is the best in your community.
Keep in mind that the Orlando real estate market is still very active, but properties will be selling at their asking price or appraisal, not above it. That is a big change in our market, where for the past few months we have seen many properties that do not accept an appraisal contingency for sale.
If you want to list your home for sale, call us and we will be glad to discuss with you how to prepare your home for sale, and to listed it with the all the advantages that we offer.
We are ready to help you!