The Orlando real estate industry has been reveling the home-buying season 2014. April 2014 marked a month of consecutive reduction in the rates of fixed mortgages. Rates of interest on the standard 30-year home loans dropped to their lowest level in the second week of April. The rates, the lowest since February, reduced again in the third week – increasing buyer activity in the industry.
Now, according to a new industry report, this year’s spring buying season commenced with a significant rise in the month-to-month sales of residential real estate property. According to industry experts, the month of March saw 17.28 percent more sales than February. Further, in terms of just the “normal” sales in February and March, the latter month outperformed the former by nearly 24 percent!
Realtors in Orlando will confirm the opinions of the experts – all major listing agents in Orlando reporting their hands full with residential buying and selling since the beginning of the season.
Home Buyers are fueling median residential real-estate prices in Orlando
The median price of properties in Orlando was recorded as $160,000 in March 2014. Just a month ago, the rates stood 1.27 percent lower, at $158,000. The rise in median prices is being fueled by increased demand from prospective buyers – a trend characteristic of the spring buying season.
Realtors unanimously hold the spring buying season a good time to buy residential properties, especially for first time buyers. According to the experts in Orlando short sales, the median rates of short sales in March 2014, witnessed a 4.59 percent hike from the value same time last year.
With the short-sale inventory expanding, the spring season is also expected to bring new opportunities for buyers who haven’t been able to find suitable deals yet. Compared to the number of foreclosed homes available for purchase in March 2014, a fairly large number of foreclosed homes were made available to buyers in March this year (125 percent more than in March 2013). Homes also spend lesser time on the market now, than they did a year ago. The average listing period in March 2014 was 76 days, compared to the 79 days in 2013.
Making the most of the home buying season
Conditions in the Orlando real estate market seem to be ideal for residential buyers now. Banks are easing up on home loans, the rates of fixed and variable-rates mortgages are decreasing and the market has plenty of options in different price ranges. Further, with Florida’s diversifying economy and its growing reputation as a premium retirement destination in all of US, many prospective buyers are showing foresight by investing in properties during the season.