Hope this message finds you well. We are now in the month of June, nearly the half way point of the year already!
Here is the Orlando residential real estate outlook for the rest of the year. Please note, these are very general descriptions and my own observation and opinion.
Currently there are 10,647 active listings in the Orlando regional MLS. New inventory continues to come on the market daily, as we are in the peak summer season of real estate sales. The peak months are May, June, and July. August is technically still part of the summer season, but past experience shows that in August, most buyers are closing the transactions and moving. Some late comers in the market include buyers that had to wait for the closing of the sale of their previous home, or those back in the market after a deal fell-through. By September and October, the slowdown will be palpable. November and December are seasonably slow as well, as we do not get a snow-bird influx in Orlando. This year we do not have the benefit of a high number of investors, who shop all year round. So the bottom half of the year will be markedly slower. Again, this is a relative comparison, our market is definitely still hot.
We are definitely in a stable housing market. Current average mortgage rate is stable, hovering between 4.25% – 4.5%. No external factors are unduly skewing the market. Buyers and Sellers tend to be on even footing. With the housing inventory near a 3-year high (10,647 listings), Buyers have more choices than in recent years, and tend to be pickier and take longer to decide on a purchase. Sellers are learning that to achieve a sale, their home must be in top condition, strategically presented, and priced competitively. Any potential issue with the home may cause a buyer to pass on it. On the other hand, good homes are still achieving high prices. This is actually all very normal, very traditional. Our crazy Orlando roller coaster history gives people short term memory of the extremes, both when it’s extremely easy to sell a home for top dollar in a short time, as well as when it’s extremely easy to buy a home cheaply and negotiate for all concessions. Again, we are now in a normal, stable, balanced market.
In this type of market, a seasoned real estate professional is extremely valuable in helping you achieve your real estate goals. Above are general and generic descriptions. Give us a call for a free consultation to discuss your personal and unique situation and needs. We will customize a strategy for you.