I say this all the time but it bears repeating, real estate is mainly local. There are factors on a national or global level that do affect us and our home prices; but generally speaking what drives your home value is usually what’s happening right in your own city, neighborhood, and street. It is important to watch the Orlando trends and numbers to see where we’ve been and where we are going. The path has been uphill for a few months now. Median prices here in Orlando have slowly crept up from last year at the same time. There is still some uncertainty as to where we are going – the trend-lines look good. The number of homes sales was up last month as was the median price here in Orlando.
However, there are still a lot of foreclosures looming and how and when they will hit the market is a larger more macro issue. What happens with elections in November will have a huge impact of how these foreclosures hit the market and/or how they are sold off to third parties. Will it be through traditional means or other bulk sales? That is something to pay attention to.
For now, Orlando is doing pretty well and it has shifted into a “seller’s market” for the time being. Meaning due to the lack of homes for sale, sellers have the upper hand in negotiations more often than not.
Watch this video to learn more about the Orlando market – your local market. Or contact us today for a consultation to list your home in today’s market or take advantage of today’s amazing interest rates!