In 2014, the Orlando real estate market recovered significantly. Home sale prices rose and continue to rise and at the same time mortgage interest rates remain relatively low. These conditions created the perfect storm of opportunities for those looking to buy or sell Orlando real estate.
Different real estate markets across the nation are typically labeled as being either a “buyer’s market” or a “seller’s market”, which is what makes the Orlando real estate market so special right now. It’s both a buyer’s and seller’s market! More and more buyers are being attracted to the market yet the number of Orlando homes for sale remains low compared to the demand. The low interest rates allow homes to remain affordable while the supply and demand still helps sellers to get top dollar for their home.
New Homes Expected To Drive Down Prices of Older Homes
The bad news is that these market conditions won’t last forever. Moving into 2015 more and more Orlando homeowners are expected to put their homes on the market and home builders are busy developing brand new neighborhoods throughout Orlando and Kissimmee. These new homes will create a lot of competition for homeowners that have older homes thus driving prices downward, especially when builder/developers reveal the incentives the will offer buyers to move into one of their brand new homes. Given a choice of buying brand new or used, I can’t think of anyone that would prefer to buy a used home or anything else for that mater, especially when the homes are in the same price range.
No matter what your situation has been over the past few years, chances are that it’s changed. Lately, when I’m asked to provide a potential seller a free home valuation report, they become both shocked and happy when I show them how much I can sell their Orlando home for. I also express to them how the real estate market is ever changing and home values can drop just as easily as they can rise.
My advice to homeowners that are serious about selling is that they should explore their options sooner than later. Homeowners should beware of trying to convince themselves of holding off on selling a home solely because they believe that their homes value will continue to go up.