Monday Market Report


spring

Many people ask what time of year is the best time to sell a home.  That answers depends on what part of the country you are located and the general market in your neighborhood.  Here is Orlando, our busiest seasons for home sales are spring and summer.  But if that’s when the buyers are closing on a home in Orlando, that means they started searching for a home a few months earlier.  It typically takes about 30-45 days to close on a home that is being financed.  A buyer usually takes a little time to view homes before making a decision, so you want to be “on the market” when the most buyers are searching for homes…not when they’re closing on them!

Last year the most Orlando homes went under contract in April and May.   Listing during the months where the most pending activity takes place ensures you’ll have the maximum buyers searching and therefore obtain your highest offer for this market.

So why list now?

1.  Home Values are Up
The median sales price took a dip in January, but it’s back on the rise and so are the number of sales. Last month there were 12% more sales than January and 19% more than that time in 2014.

2.  Competition is still relatively low
The more listings that are for sale the more competition you have when trying to sell. The number of listings was increasing pretty quickly last year but it seems to have slowed just a bit in the new year.  Take advantage of this sooner rather than later!

3.  Get on the market before everyone else does!
As the market improves, inevitability more people will attempt to sell their home.  Don’t wait for everyone else to jump on board (see #2).  List now to attract the buyers in these busy months.  Other sellers will wait to sell during the summer because its more convenient for moving or they have heard it’s the busiest time of year.  Don’t wait and risk your chances of selling while the buyers are searching!

Thinking of selling your Downtown Orlando, College Park, or Winter Park home?
Contact us today to get your home sold quickly and for top dollar

407-494-2820 Office line – ask for Kathryn or fill out this form and we’ll be in touch shortly!

1230MountVernonSoldAre you preparing to list your home this spring and move to another city or buy another home?   Maybe you want to move this summer while the kids are out of school.  If any of this sounds familiar, this article is for you!

Before planning a move you need to understand the time constraints to sell your home.  If you need to be in a new city or in a new home by a specific time, it will affect how we need to market your home.  Any delay in the home sale or lag in time on the market can really disrupt your plans.

As of our last market update from the Orlando Regional Realtor Association, the average days on the market in Orlando are about 82 days.  It has been creeping up for the last 5 months.  It takes on average about 10 days longer to sell a home this year than it did last year.

The market is shifting back into what we call a balanced market.  This occurs when there is a balance between buyers and sellers and we have about 5-7 months of inventory available for sale.  In some parts of town it could take you a little longer to get moving.

Real estate is a very local industry; so in your neighborhood the average days on the market could be 15 or even 120!

  • If homes sell more quickly in your neighborhood, you may need to wait to list until you have your next home selected and under contract before you list.  Timing a simultaneous move can be tricky – call us immediately if you need to buy and sell at the same time (407-494-2820).
  • Or if your average days on the market in your area are much longer than normal, then perhaps you need to plan to list sooner rather than later.

As always, the first step to any move is selecting a real estate professional.  We can help you understand the market in your neighborhood and time things properly for your move.   If it takes 60 days to get your home under contract, it may take another 30-45 to close.  So if you want to be moving this summer, you may actually want to get started preparing today!  Contact us to learn more Kathryn@ThinkLiveBe.com or 407-494-2820

Lately a lot of people have been asking me “How is the market in Orlando?”.  I think the news of rising prices and overall positive real estate news in the national media has people wondering – are things better now?

Let’s take a look at the market now compared with the lowest point of the market crash.  Bear with me here, this isn’t super exciting sexy stuff, but it’s important to know where we have been to know where we are going in the real estate market!

The real estate boom is said to have taken place in 2005 and as you can see from the chart below the rising prices continued into 2006 and 2007.  The effects of the “hot” market drove the market behavior over the next few years.  When the market shifts, it takes a little time before things catch up with it.  From 2006-2008…within two years, the median sales prices in the Orlando real estate market had been cut in half!  By 2009 the market in Orlando had officially crashed and the absolute low was finally felt when the median sales price hit $94,900 in January of 2011.

Capture_median

What is important to note is the number of new listings that came on the market had a direct correlation to how the market performed.  I know, I know – supply and demand at work – it’s so simple and yet so many people missed the signs!  As word of the real estate market boom in Orlando spread, the prices rose in 2005-2006.  That led even more sellers to jump into the market to sell their homes for extraordinary prices!  By the end of 2006, there were almost 30,000 new listings on the market compared to the previous year!  That’s a lot of inventory.  So of course, with all of that new competition and no new demand the market tanked!  Over the next couple of years, the days on the market increased as all of these listings sat.

Capture_NewListings

So what’s been driving up our prices in the last few years?  Well it is supply and demand of course!  If you take another look at the number of new listings in 2011 – 2012 you’ll notice that the number of homes for sale in Orlando and number of new listings hit a low.  That in turn caused a shortage in our market and drove the median price back up to where we are today.  New listings are on the rise, but we are still at a healthy level for now.

As you can see we are nowhere near the median home values that topped the market in 2006-2007, and the rising inventory will keep us in a nice happy balanced market for now.  Until it gets too high and can’t support the number of home-buyers in our area.  Where will we be in another year?   Check out my other post to see the top things to watch in 2015.

Do you need to make a move?  Love where you live and get started with your home search today.

The Orlando real estate market median price is 4% higher than it was this time last year!  All of this positive real estate news may have you con considering selling your home in Orlando.  And the first thing you probably want to know is how much it is worth.  homevalueThe main questions when selling a house are:

  1. Does it make sense to sell now?
  2. Will I make a profit or will I be under water?
  3. Will I be able to use my proceeds to buy the next house that I need or want?

All of these are excellent questions and can be answered by truly understanding the value of your home.  The problem is that many of the computer generated home values are inaccurate and can really throw your plans off track if you need or want to sell.

If a third party site tells you your home is worth 30% more or less, that could mean you are either jumping into the market too soon or you are missing out on a great opportunity to sell.

So how does one avoid this? 

Get a valuation from me… someone who actually works in your market daily and understands the difference between original oak floors and laminate….someone who understands what value original molding adds in your 1920s Downtown Orlando bungalow.

The market is expected to improve another 3-5% according to all major real estate industry news across the country. This will likely be the case in the desirable Downtown Orlando neighborhoods as well; and that means more people will continue to list their homes as they realize they have equity to move on to the next house.  So do the right thing, hire a local real estate professional like myself to represent you and help you determine the proper price.

Do you love where you live?  If you don’t, learn more about how 3rd party sites get it wrong and how I can help at my website RealOrlandoHomeValue.com  

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I am currently attending our company’s annual real estate conference. Yesterday we had what is called the Vision speech. This is a look at the trends and forces that will drive the real estate market in 2015. And all of the signs point to it being an amazing time to be buying or selling. It is a balanced market – right where you want to be to make wise real estate decisions and opportunity for all. So my question is where do you want to move this year? You should love where you live and there are opportunities to break into a neighborhood you didn’t think was possible by selling and moving up!

If you could move anywhere in Orlando where would it be? I love my neighborhood but here are some of my other favorites right now and why.

Lake Formosa – (Take Our NEW Neighborhood Video Tour)  home of industrial warehouses and beautiful lake views. It’s an eclectic mix and although the landscape will be changing with the upcoming The Yard project; it provides walkability, history and views. Originally established in 1911 you can see the charming bungalows throughout and feel the history along the railroad. And the Orlando Urban Trail is literally in your back yard to take you anywhere your little bike-riding heart desires.

Lake Como – always a favorite of mine.  This neighborhood is truly a community. The location just southeast of the Central Business District of Downtown Orlando makes it convenient and the neighbors make it a perfect place to call home. The home styles are a nice mix of homes with history and charm all circling around the park and lake where walking your dog and chatting your neighbors is what makes it so special.

Lancaster Park – this neighborhood is full of huge oak trees. All of the Downtown Orlando neighborhoods are known for their oak trees and brick streets, but the main entrance to Lancaster Park is just the perfectly shaded old Florida spot! Located near the ever-growing Orlando Regional Medical Center (ORMC) it is convenient but it feels so secluded and private – not to mention the pride in ownership is evident at every turn. And did I mention the lake views?! Walking the dog is an enjoyable task in this neighborhood!

 Do you love where you live? Find your dream home today.

I don’t know about you but I love living in Orlando.  There is something special about watching a city grow around you.  I love the Downtown Orlando neighborhoods that are full of history and the juxtaposition with an ever growing cityscape.  I love seeing a new coffee shop or restaurant pop up in my neighborhood making it walk-able and making that city lifestyle so accessible even a few miles from the city center.

I must not be alone in my love for homes in Downtown Orlando.  Our very own 32801 zip code topped the most searched zip code list for 2014 on Realtor.com.  This popular Orlando zip code is home to our Central Business District, Thornton Park, and a few streets South of the 408 as well.do you love where you live

Do you love where you live?  There are so many great neighborhoods surrounding Downtown Orlando and Winter Park.  If you are craving a new home in Orlando in these walk-able and eclectic neighborhoods you have come to the right spot.

We set up a simple way to get started today.  Just visit www.HeartOrlandoHome.com and either start your search for your dream home or find out how much you have in equity in your current home to put towards the move.

Don’t forget to check out our new weekly post “Tuesday Tours”. Every Tuesday we’ll post a little something about the neighborhood along with a video so you can explore and get to know the neighborhoods surrounding downtown Orlando.

So, what’s your favorite neighborhood in Downtown Orlando?

–Kathryn

We think you should love where you live.  Why settle for a home that’s too small or doesn’t have a garage or a pool when the market is full of opportunity.  Over the last 10 years many homeowners did not have the equity to make a big move.  With the improving market the median price is up 9.61% higher than the 2013 annual median price.  You may finally have equity to sell at a profit and buy something larger with an extremely low interest rate.  It is the perfect sweet spot to make the move into your dream home.

 

And if you purchased your home in late 2010-early 2012 you’re in luck because that was the lowest point in the Orlando real estate market.  So you may have quite a bit of equity to make your Orlando dream home possible!

We set up a simple way to get started today.  Just visit www.HeartOrlandoHome.com and either start your search for your dream home or find out how much you have in equity to put towards the move.

Love where you live!  #heartorlandohome

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