Orlando area residential real estate specialists, covering Orlando, Oviedo, Winter Springs, Lake Mary, Longwood, Altamonte Springs, Maitland, Winter Park, Casselberry, Geneva, Chuluota, Sanford, Apopka, Windermere, Dr. Phillips, Lake Nona.
November, 2013 Orlando Market Update
It is November and we have only a little over a month left to 2013! What a year it has been. Hope you have had a good year with more ups than downs and more joy than sorrow. As we approach Thanksgiving at the end of this month, we hope you have plenty to be thankful for with your family and loved ones.
Let’s recap the Orlando real estate market thus far in 2013.
Since late 2010, the Orlando housing market has been in the recovery/rebound mode with very robust activity. The Orlando real estate prices were considered “below fair market value” by investment standards. So outside money poured in from many sources, the most notable were large Wall Street institutional investment funds. The demand outpaced supply, resulting in price appreciation. As I’ve discussed before, this solidified the Orlando housing market, local economy, and secured the tax revenue base for local governments. This has been a very positive thing for Orlando.
By mid 2013, the Orlando real estate prices are considered to have reached “fair market value”. This means the large institutional investors are pulling out. As predicted, the market has shifted from large-investor driven, to home-owner and small-investor driven. With a big chunk of the demand gone, the market is normalizing and stabilizing with supply more in line with demand. Figure 1 shows the increase of inventory since June. What this translates to on the street, is that buyers now have more opportunity to shop around and try to find a home with better fit. Sellers now have to be more realistic about price and cannot expect a premium over what the market comps support. Now the art of staging and marketing is important once again. It has always been critical in our practice in order to consistently achieve the most favorable outcome for our seller clients. This has never changed for us.
Hope this is helpful to you, if you like to keep an eye on real estate related matters.
Okay! We will stop right here. Have a safe and fun November! As always, if you have any real estate related questions, give us a call! We are happy to discuss real estate even when it’s not business. And, we love referrals!
Until next month, take care!
*Finding Your Next Home or Next Investment*
Take advantage of a professional buyer consultation. The Home finding process is not just a database search. Nothing replaces the value of working with an experienced buyer representative. Have a conversation about what you want, and we will work together and guide you towards your dream home.
*Selling a Home*
To maximize your chance for selling and at the top possible price, you truly need an exceptional team that has the means and systems to give your home the maximum exposure, a seasoned negotiator that has the skills to represent your interest, and an experienced guide to navigate pass the many pitfalls of a real estate transaction. If you are thinking about selling your home, please give The Yao Team the opportunity to show you how it does pay to hire a specialist.
The Market is Always Changing!
Market Trend Knowledge is Paramount!
In the last 13 years, Orlando’s real estate market went through an unprecedented upheaval, on a scale much more exaggerated than what the nation experienced as a whole. In early 2000’s, Orlando enjoyed aggressive home price appreciation. This attracted investors & speculators from around the country & even internationally. This in turn drove the demand to a fevered peak up until early-mid 2005. We now understand this was driven by unsustainable lending of easy money. The market started turning in late 2005 and spent 2006, 2007, 2008, and 2009 in decline. In 2011 the market found “saw-tooth bottom”, driven by a different kind of investor demand. Home prices are have been rebounding since 2012. We will discuss the current market condition with you in depth. You need the up-to-date market information to help you make the right decisions.
To sell a home in a shifting market, you must market your home expertly & price your home competitively. Your home must be staged & show-ready in order to capture the buyers that do come through your home. To maximize your chance for selling and at the top possible price, you truly need an exceptional team. We have the means and systems to give your home the maximum exposure. We are seasoned negotiators that have the skills to represent your interests and help you navigate pass the many pitfalls of a real estate transaction. If you are thinking about selling your home, please give The Yao Team the opportunity to show you how it does pay to hire a specialist.
We Can Make the Difference
Are you feeling overwhelmed? Buying or selling a home is one of the biggest decisions you'll ever make. A professional who is understanding and dedicated to your needs is an invaluable partner in achieving your goals. As full-time agents, we are committed to helping you through the entire process, making your real estate transaction a positive and rewarding experience.
Your best interests are our top priority.
Our focus is on giving you personal attention and the best service.
We know the local neighborhoods, schools, market conditions and more.
We will make your transaction as smooth as possible.
Get the advice you deserve
The Internet is a great place to find information. But it can't give you the in depth local knowledge and personal service of a local real estate agent. The challenges are getting more complex every day. Finding the right home for the buyer or bringing the right buyer for the seller is only half the process. Managing the whole transaction from the skillful negotiation of a contract to finally bringing it to a successful closing takes a full blend of contractual knowledge, transactional experience, patience, diligence, and creativity. You need a professional that is on top of the market who will protect your interests and guide you through the transaction step by step.
Call for a Consultation today
We would be honored for the chance to help you. Please call or e-mail us for an appointment to discuss your real estate needs. Thanks for stopping by our website. We're looking forward to hearing from you!
|* national averages