Part of the American Dream is about home ownership. It is about earning a level of success and prosperity that affords you the opportunity to own your own piece of land and plant roots. Or in the case of Downtown Orlando homes, own the perfect little bungalow with white picket fence! The market downturn in the mid 2000s really hurt the American Dream. Many people had to short sale their homes or lost them to foreclosure due to economic circumstances that no one predicted. As we enter 2014 we are finally seeing a light at the end of the tunnel.
So now that we’re a few weeks into the New Year, let’s reflect back on 2013 and look forward to the future of home ownership in Orlando. The year 2013 was the year of the comeback. The Orlando real estate market has actually been gradually going up for 3 years. It’s been on the way up since the market low in January of 2011 when the median price hit a rock bottom $94,900; but in 2013 the good word finally made the national news! The news sparked consumer confidence and the market improved even more.
In fact, the market is up almost 24% since last year! That’s a huge improvement. But here’s where people get a little greedy. Everyone wants to get the most money possible for their home; but the longer you wait the more likely you are to miss the window of opportunity to sell your Orlando home quickly and possibly get multiple offers. The market is always shifting. Most of the time the shifts aren’t as sweeping as the “great recession” but it always cycles up and down. As we move further into the New Year with rising interest rates and more homeowners with equity to sell, the market will shift again. My thoughts are that it will probably level off a little and be a pretty healthy market in 2014; but a 20% increase in value year to year cannot be sustained…as we learned just a few years ago.
As far as I can tell home ownership is still at the heart of all Americans hopes and dreams. And although prices are rising, if the home affordability index stays above 100% or more, the buyers will still be buying for a little while longer! (*It currently is at 176%!)
So if you need or want to sell your house this year, think about the timing and what is right for your needs and goals. Interested in selling your Orlando home or buying while the interest rates are affordable? Contact me today by completing the form below. Don’t forget to download my app and enter to win $50,000!