The real estate market has drastically improved in the Downtown Orlando area since it hit bottom over 5 years ago. In fact the median sales price is 48% more than it was when the market was at the bottom in January of 2010. As the market increases many seller are tempted to keep holding out to get more money when they sell.
Yet there are many good reasons not to wait. A regular real estate market only increases 3-5% a year and that might not be worth the wait considering how great it is to be a seller in today’s market. The best time to sell is when buyers are buying! Here are the top 7 reasons it is great to be a seller in today’s market.
- The Number of Sales is up 10% since last year!
- That’s a lot more home sales happening. More sales means there are more buyers looking for a home like yours!
- Low inventory.
- The number of single family homes for sale in Orlando actually decreased over the last week. And the overall number of homes for sale in Orlando has remained pretty steady over the last six months. When there is less competition that means your home will sell for closer to asking price and quicker.
- Homes are Selling Quickly.
- The average days on the market continues to drop. It has gone down the last three months consecutively. Currently in Orlando the average days on the market is 72. To put that in perspective, even in 2010 when prices were amazing the average days on the market was 104.
- Low interest rates.
- If you’re selling your home, you’re likely buying another one. The average interest rate is still under 4%. That’s like free money! Selling now will save you tons of money on your next purchase.
- It’s a seller’s market so you have the upper hand in negotiations.
- As mentioned, inventory is low and homes are selling quickly. That’s reason enough to sell while the market is hot. However, these factors lead to something even better…you have negotiating power to work out the best terms for you and your move.
- Summer is hot season to buy.
- More buyers are jumping into the market every day. The best time to sell is when there are a lot of buyers in the market and they are motivated to close. The number of sales statistically slows into the fall.
- You don’t know what the future holds.
- I hear too many people say they will wait another year so they can walk away with more money. But we don’t know what the futures holds for the Orlando real estate market. Your equity may not continue to build over the next year. At some point the market will level off and the average appreciate is between 3-5% per year. Even if the market is average, that minimal amount may not be worth the wait especially if you can take advantage of a lower interest rate on a different house today.
Have you been thinking of selling your home for some time or possibly hope to next year? It might make sense to sell now rather than wait. Contact us today to discuss if now is the right time to list. 407-494-2820 or email me at Kathryn@ThinkLiveBe.com
*Facts and figures from Orlando Regional Realtor Association