Orlando houses selling fast
Orlando Houses selling fast
Orlando houses are selling faster now than the previous 10 years. Orlando houses are on the market only an average of 56 days. The shortest time since 2006 just before the Real Estate bubble was about to burst. Homes were selling like hotcakes. The Orlando Real Estate Market is again, hot-hot-hot.
Supply of Orlando Houses is low
There are 21% fewer homes available in the under $300,000 market that last year. Homes under $300,000 are flying off the market. A six month supply of Orlando houses is considered average. The under $300,000 home market has a supply of just 1.98 months.
The lack of supply in this price point is making it difficult for home buyers to get a property. Most buyers are making multiple offers, before they land a property. Multiple offers are common. Offers above full price are common. Sometimes the offers are even higher than the appraisal.
Entry level home buyers with limited cash, or FHA or VA financing, are most challenged. Sometimes competition for these properties is fierce with up to 12 offers on one property.
Buyer demand for these homes is still high. Of course, sellers love it when buyers are competing for their property.
What can home buyers expect?
Smart home buyers are trying to buy instead of renting. Rental rates are also going up and that rent money is being paid to someone else, with no benefit to the tenant. I have heard some buyers say they will wait till next year or wait till prices go down. Hmmm…that is not a logic that I agree with.
Orlando House prices are still going up which means that waiting till next year, the buyer will just pay more and the interest rates for their mortgage might also be higher.
My advice to home buyers
- Tweak your list of “must haves” and get rid of the things that you can live without.
- Look at each house as “can this work” instead of what is wrong with it.
- Stay reasonable, there is no such thing as a “perfect” home. You can make it perfect.
- Buy within your means. Bigger is not always better. Your finances should not be on the edge.
Don’t call on an ad or a real estate sign…that only guarantees that you will be connected with someone that is working for the seller to get the highest price and most favorable terms for them. Not you. Hire a Buyer Agent first and learn about all your home buying options. Call 407-539-1053 for a complimentary home buyer consultation.