Many people are asking me what I think 2017 will bring for the real estate market. I wrote a post last week breaking down a recent article from the chief Economist for the National Association of Realtors. I hope you’ll take a moment to read it. But what I know is that right now in the Downtown Orlando area the market under $350,000 is still strong for sellers and tight for buyers.
The inventory in Orlando has remained low for 8 months in a row in what we would consider a “seller’s market”. On the flip side, the prices have flatlined. In the last three months the median price in Orlando has been stuck at $205,000! If you want or need to sell your home, now is the time to get it done.
Prices have remained between $203-207k since May! That lack of increase month to month indicates we may have maxed out what the market will bear. All it takes is just a bit more inventory to shift the market.
As the election results came in, interest rates rose. They are expected to continue to rise. That will only further erode affordability in the Central Florida region, pricing many buyers out of the market. If you want to maximize your sales price, you may want to get things going sooner rather than later.
Of course real estate is local and some Central Florida regions and price points are already experiencing a bit of a shift into a buyer’s market. Each house and case is unique, so contact us to see if you’re in a seller or buyer’s market and if it makes sense to make a move.