I am in a class for the next few weeks with some of the top agents in Central Florida. We are tracking our numbers and we collectively have 100 MORE buyers than listings. This is a clear sign of the market conditions. There are not enough homes for sale for the demand. So many homeowners are curious about how they can take advantage of this hot market. Here are my top 3 tips:
1) If you own a home valued somewhere between $200,000 and $300,000 and have considered selling and making a move to a higher priced home, do it now.
- The $200-300k price point made up about 36% of the sales in the first quarter. This means you’ll have heavy demand for the home you are selling.
- And if you’re moving up to a home between $300,000 – $400,000 there is half as many buyers/sales happening in that range.
Take Away: You will have heavy competition for your home allowing you to sell for top dollar while having less competition on the home you’re buying!
2) If you own investment property and are tired of being a landlord, cash out your equity.
- The best time to be a seller is in a seller’s market. Why wait to see what the market does when you know what it is doing now?
- The average rent price for a 2 bedroom in Orlando was $1357 in March (1). With these rising rates, investors are looking for opportunities.
Take Away: If you are a landlord by default, meaning you could not sell a few years ago so you rented, you are now in a position to get your property sold.
3) Buyers there is opportunity for you too! Interest rates have come down a little in the last few weeks.
- The average sales price for a 2 bedroom single family home in the City of Orlando is $191,973. With a 5% down payment, your estimated payment is about $1,284.47 (2). With these interest rates and prices you can find something for less than the average rent if you are realistic and serious about buying.
- If you are looking to buy investment homes and you are able to do a 15 year mortgage on something, the interest rates are about 3/4 of a point lower. Any time an interest rate is this low and you are able to buy, it just makes financial sense to do so.
Take Away: Just because it is a “seller’s market” doesn’t mean there isn’t opportunity for buyers and investors. You just need to be realistic and work with a good agent like us to find things quickly and strategically offer. Keep in mind, about 60% of the homes for sale DO NOT sell each month. Look at properties that are 1-2 months on the market with no price reduction and get in before they lower the price and everyone jumps on it.
Do you know someone who wants to take advantage of this market? Let our expert team assist you in building your wealth through real estate. Call us today 407-494-2820
(1) Average Rent https://www.rentjungle.com/average-rent-in-orlando-rent-trends/
(2) Payment estimated using mortgagecalculator.org assuming 5% down, $1400 insurance, 1.5% tax, .5% PMI
Market Data provided by Orlando Regional Realtor Association