The real estate market has shifted into a seller’s market this year. It appears the word is finally getting around to Central Florida homeowners that now is the time to sell as the number of new listings has increased for six consecutive months. Many are deciding now is the time for them to go.
So is now the right time to green light your move?
If you need to move into a larger home and “move up”, it’s probably time for you to sell your Orlando home.
The number of home sales that occurred this year between the sales price of $100,000-$250,000 is about 53% of the market. Yet the number of listings in this price range only makes up about 39% of the market.
The number of home sales between the sales price of $250,000-$400,000 is only 15% of the market and yet 23% of the active market falls in this price range.
What does that mean?
This means if you’re selling an Orlando home that’s worth between $100,000-$250,000 there are many buyers searching. You have a better chance for multiple offers and selling quickly because there is heavy demand and less competition. On the other side if you’re buying a larger more expensive house there is not as much competition with other buyers purchasing and there are quite a few options for sale. On top of that you’re able to buy a larger home with a very affordable interest rate and you probably have equity in your current home (the median sales price has increased about 25% since this time last year)!
The rates are expected to remain low through 2013 due to the Fed purchasing $85 billion in bonds and treasuries each month to stimulate the economy. They’re expected to begin tapering those purchases which would cause interest rates to rise; but at the meeting last week they said they would continue to purchase at the same rate for now.
So get in while the rates are still low and it just makes sense to move up into a larger home! Still on the fence? Check out the post Top 5 Reasons to sell this Fall.
To get started today give me a call 407-494-2820 or complete the contact form and I’ll be in touch!
Image credit: Ianmunroe on Flickr via Creative Commons
Statistics provided by Orlando Regional Realtor Association