Continuing the trend for the last few months in Orlando, house prices are steadily rising, as the number of homes for sale continue to decrease. Orange County home owners are currently enjoying a 6% increase of house prices in comparison to this time last year. We’ve said it before and we will say it again – The market is a perfect storm for sellers in Central Florida right now! As we head into the summer break there are thousands of families looking to purchase homes for their family in time for the new school year. With a 3% DECREASE in new listings and a 10% DECREASE in available inventory, we are seeing homes sell quicker and for higher prices than last year. This is wonderful if you plan to sell your home, but also keep in mind that an experienced buyers agent is also imperative if you’re planning to purchase one.
Interest rates are still currently around 4.29% which is favorable for home buyers, but this will not last forever. If you are planning a move, it makes sense to find a reputable lender and lock in a low interest rate now. An increase of just 0.5% in the interest rate to 4.79% could cost you $30,000 more in interest over the life of your loan, on the average house price of $260,000 in Orlando. As the interest rates fluctuate, so does the market, this could mean a sharp turn from the current ‘seller’s market’ to a ‘buyer’s market’, especially for the Orlando bubble.
If you are considering selling or buying in the Orlando area, it pays to use a reputable brokerage and a well informed agent. Not only will this ensure you receive the best deal in the current market, it will also help protect you from the stress and uncertainty that can come with real estate transactions.
If you would like to know how much your home is worth in the current market, click here and find out!
As always we are here to help with any questions or concerns you may have!