If you’ve been wanting to sell your Orlando home but keep putting it off, you may want to stop procrastinating. according to NAR National Association of Realtors, the housing inventory in the Orlando real estate market is way below average when compared to December of 2013.
When the supply of homes on the market is this low, it puts the seller in a great position for negotiating. Right now, homes that are priced accurately and nicely staged don’t last very long in today’s market. The truth is that if want to make an offer on an Orlando property, you should act fast.
Lately, we’ve been getting multiple full as well as above asking price offers on properties in as little as 24 hours after listing them on the MLS. It’s painfully obvious that right now sellers are in the driver’s seat and have very little competition due to the lack of inventory in the Orlando real estate market. However, with inventory slowly but surely rising, homeowners should act now in order to enjoy the reduced amount of competition that they will have while their home is one the market.
Low mortgage rates are also a big contributing factor to the current real estate market favoring sellers. Interest rates are still low and there are many incentives for those who want to buy now.
Sellers Who Wait Run The Risk Of Losing Thousands
Like the old saying goes, all good things must come to an end. This also holds true when talking about real estate. I remember back in 2007 when the real estate market crashed Nation in what seemed to be from one day to the next. Homeowners and especially investors that were holding on to Orlando real estate thinking they would eventually sell for a huge pay day were suddenly scrambling to sell. Then when the banks stopped lending, it all came crashing down.
It wasn’t long before home values in nice Orlando neighborhoods were cut in half and in some cases even less. I don’t believe that we’ll see another market crash like we saw in 2007 anytime soon but I do think that this sellers market we are currently experiencing will eventually cycle back around to being a buyer’s market.
Orlando homeowners should keep this in mind if they’re on the fence about selling. Sure it’s possible to eek out a few more thousand if you wait a little longer but it’s also possible that you’ll end up selling your home for much less than you expected by waiting too long.