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
Advertisements

About Kathryn Stelljes PA

I am a Realtor in the Downtown Orlando area. I have earned a Bachelor's Degree in Marketing and a degree in Residential Planning. My background in these design fields has advanced my ability to sell in the realm of residential real estate. As a native Floridian and resident of Downtown Orlando I understand the growing needs for homeowners in the Central Florida home market and specifically the Downtown market. I enjoy sharing information about businesses, fun events, and the historic homes and neighborhoods that make Downtown Orlando such a unique and vibrant place to live. I love Italian Greyhounds, old houses, interior design and design blogs, social media networking, and anything marketing related.
This entry was posted in Economy, HomeBuying Trends, Monday Market Report, Real Estate Market, Real Estate News and tagged , , , , , . Bookmark the permalink.

5 Responses to Market Report – Bidding War

  1. Pingback: Monday Market Report – Is the Market Shifting Again? | Downtown Orlando Living

  2. Pingback: Monday Market Report – Florida Foreclosures | Downtown Orlando Living

  3. Pingback: Page not found | Downtown Orlando Living

  4. Pingback: Monday Market Report – Why Buy? | Downtown Orlando Living

  5. Pingback: Monday Market Report – Why Buy? | Downtown Orlando Living

Tell me what you think

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s