3 Reasons Why It’s A Great Time To Sell Your Orlando Home
With Orlando home prices on the rise and increasing demand, Orlando real estate has experienced a stellar 2015 in home sales and it’s not over yet. Projections for 2016 are expected to continue on the same track and may even be better according to many top Orlando real estate agents.
There are 3 major factors that are currently creating this “Perfect Storm” in the world of Orlando real estate.
1- It’s A Buyers Frenzy! Between Investors, first time homebuyers, boomerang buyers [people who have lost their previous home to short sale or foreclosure] and traditional buyers, Orlando homes are not lasting very long on the market after the listing hits the MLS.
The amount of people applying for FHA loans, [loans that are backed by the Federal Government] are at an all time high. These loans are mostly favored by first time home buyers because of the down payment assistance. Record low mortgage rates also contribute largely to the record numbers of people applying for home loans in Orlando.
2- Skyrocketing Home Prices. Single family homes in Orlando as well as condos sold for an average of 11% over the original purchase price in the 1st half of 2015.
We are now seeing the biggest gains in Orlando real estate appreciation since 2007. These days it’s not uncommon for a home to sell above asking price in some Orlando neighborhoods. According to the NAR median sales of existing homes surpassed the previous peak we experienced in 2006 just before the bottom fell out.
3- Limited Inventory. Sellers have a lot less competition right now which forces homebuyers to compete for a limited supply of Orlando homes. Recent distressed property sales [short sales and REO properties] only accounted for less than 7% of all real estate sales in Central Florida. This is the lowest since 2011. Back in 2011 the overall distressed property sales in Central Florida made up almost 50% of the market.