Market Report – Bidding War

Can you believe it is already almost April?!  This year has flown by so far.  In the real estate business we will start to look at the first quarter and compare the activity to last year.  Are we headed in the right direction?

It seems that we are.  I recently did a presentation for the Mills 50 mainstreet district about the top reasons that we are headed in the right direction.  I left one thing out from the 5 factors that I discussed.  Heavy competition!
I haven’t put an offer in on a house in Orlando this year where there weren’t multiple offers.  That is huge!  Multiple offers means that the seller has the negotiating power.  I touched on the low inventory in my recent presentation to Mills 50 which is largely the cause behind increasing prices; but bidding drives prices up further.
auction
No one has really mentioned that it is truly a sellers market in Orlando now.  Unless the listing is greatly overpriced or there is a functional issue, homes are selling very quickly and often times with multiple offers.  In many cases buyers are offering above listing price to ensure they get the house and are the winning bid.
This is a huge change from a few years ago.  For the buyers who wanted to “wait” until the prices hit bottom.  Sorry to tell you it’s too late.  The lowest median price was actually in around January and February of 2011.  When the market shifts it seems to happen in the blink of an eye and you cannot time it perfectly.  However, the market is still ripe with opportunities for buyers!   Don’t delay while the interest rates are still at historically low rates.  The average interest rate last month was 3.21%!!
Looking to find a home in Downtown Orlando, College Park, or Winter Park?  Search all the listings at ThinkDowntownHomes.com
Image Credit:  “Getting in the Mix” from Everystock via Creative Commons License
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