Not a buyer’s market? Yes that’s what I said. The image to the left is just a funny look at how we got to where we are today. What a whirlwind of ups and downs in the housing industry. We started to feel some changes in the last couple of months in the Downtown Orlando housing market. We submit offers on homes for buyers and the seller has multiple offers to choose from within minutes. It is definitely a change from a year or two ago.
What has happened in the last few months to cause this shift? Inventory (AKA the number of homes for sale in Downtown Orlando) has dropped to levels we haven’t seen since 2005. With fewer homes for sale and a steady number of buyers we are finding it more and more common to see multiple offer situations. Of course, this is more common in price range below $250,000. The reason for this is because a lot of the buyers are investors and first time home buyers and their price range is typically under $250,000. The higher price points and luxury homes may still have to wait for an offer because the buyer pool just is not as large.
Yet, most homeowners are still sitting on the sidelines waiting for the market to appreciate. Meanwhile they are missing out on the opportunity to sell quickly and move on with their lives. What everyone should understand is that a normal market appreciates at only 3-5%. So in order to obtain the type of sales price you could have gotten in 2005 you would have to wait years and years! If you can’t wait 10 years or more than now is the time to get your home on the market.
If you are still not convinced, try asking the buyer’s out there. Most of these buyers are finding that the selection of homes is sparse and most are in poor condition. Even when they finally find a home that they like, their offer is beat out by a cash offer or offer with a better price. They would love for some new listings to come on the market!
Don’t miss out on this small window of opportunity to sell your home in Orlando and have multiple offers to choose from. Jump in before the pendulum swings the other way again.