Is Now The Time To Buy Or Sell In Orlando?

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Real Estate


Is Now A Good Time To Buy or Sell in Orlando? 


Before you consider buying or selling Real Estate in Orlando, Florida there are a few things to keep in mind. The few things to keep in mind before buying and selling real estate in Orlando are the market conditions. Factors to consider are the interest rates, how many new homes are under contract and how many closed sales are there. 

Interest rates at the moment are up almost 7% according to ORRA(Orlando Regional Real Estate Association). In the past, usually interest rates were at 3-5%. But at interest rates being at 6.8% to be exact your monthly payment will be higher and you'll owe more money in the end. 

Secondly, in an ORRA report there were 3808  homes under contract on July '23 in Orlando. But in July 2022 there were 4029 homes under contract. What's causing this?  There could be a number of reasons. One reason is because of the interest rates being so high. If someone lives in a home with a 3% interest rate why sell it to move into a new home for a 7% interest rate? That person's monthly payment will be higher. Unless that person has a specific need most people prefer not to pay more money per month. 

Lastly, one thing to look at is closed sales. Some homes under contract will not close. Maybe the financing fell through, the home didn't pass the inspection or the buyer changed their minds. But the main reason to consider this statistic is to see the reality of the market. An athlete can train all he or she wants but when it's game time the truth comes out. Closed home sales tells the truth. According to ORRA on July '22 there were 4029 closed sales. But in July '23 there were 3808 closed sales. The fact is less people are buying, the prices are up and deals aren't closing. 

The wise thing to do is to connect with a knowledgeable real estate agent to help you with your transaction. The more competent your real estate agent is, the more likely you can achieve your real estate goals with less stress.

A real estate agent such as myself will tell you the truth and communicate what it takes to achieve your real estate goals and in an effective manner. That way you'll be able to make a sound decision. 

Do you still want to buy or sell real estate at the moment?

Please think of me first. Shoot me a message.