So you’ve been thinking about putting down some roots in Orlando? We don’t blame you. This captivating city has a lot to offer its residents, from stunning weather year-round to world-famous attractions. But the question for those thinking about making a move to the City Beautiful is this: Is now a good time to buy or sell in Orlando’s real estate market?
The simple answer is that it depends. The Orlando housing market has been bouncing back since the pandemic. Prices continue to rise, but there are still some great deals to be had if you know where to look. And with mortgage rates also on the rise, now might be a good time to buy before they get too high.
This blog post will look at the current state of Orlando’s real estate market and what experts are predicting for the next twelve months. We’ll also give you some tips on how to best navigate the market, whether you’re looking to buy or sell in 2022/2023.
Orlando Home Market: Current trends
Right now, it’s a seller’s market in Orlando. That means there are more buyers than there are homes available, which drives up prices. According to recent market analysis, Orlando will most likely remain a merchandiser need for the next year.
The average home price in April of this year was predicted to be $438,880, which was 21.1 percent more expensive than this past April.
In addition, homes for sale in Orlando are spending an average of just 53 days on the market before being snapped up. Depending on the location, we’ve since as few as 4 days on the market.
So, what’s driving this phenomenal demand? Well, for one, many people who were hesitant to buy a home during the pandemic are now ready to jump back into the market. Additionally, there is a meager inventory of homes available for sale.
There is also high taxation and a lack of available land in many other markets that are pushing people towards more affordable areas like Orlando. This, in combination with the low mortgage rates, is causing an influx of buyers into the Orlando market.
City Beautiful, as it’s most commonly known, welcomes over 75 million visitors per year, thanks to world-class theme parks like Universal and Disney World. Not to mention, the premium shopping experiences at the Mall of Millennia and Orlando Vineland Premium Outlets are hard to beat. But it’s not all fun and games.
Orlando is also home to a thriving tech industry, with many startups and major companies like Amazon, Siemens, and Lockheed Martin calling the city home. The growing number of jobs in the tech sector is one of the main reasons Orlando’s population has been steadily increasing over the past few years.
The current population in Orange County FL is 1,486,698 per 2021 US Census, making Greater Orlando the perfect size for those who want to experience the hustle and bustle of a big city but still enjoy nearby towns with that hometown feel. The median home value of $387k is much lower than other large metropolitan areas, ensuring you’ll get more bang for your buck.
And, of course, we can’t forget about the weather. Orlando enjoys sunshine and warm temperatures year-round, with an average temperature of 72 degrees. So whether you’re looking to hit the beach or take a dip in one of the many pools around town, you’ll always be able to find a place to cool off.
All of these factors contribute to Orlando’s status as one of the hottest real estate markets in the country. So, if you’re considering buying or selling a home in Orlando, now is the time to do it.
What should BUYERS know before entering the Orlando housing market?
First things first, be prepared for competition. With so many buyers looking for homes and relatively few homes available, you’ll need to put your best foot forward when making an offer.
Keep the below in mind:
- Be ready to move quickly when you find a home you love.
- Have your financing in order, and be prepared to make an offer as soon as possible.
- You may also need to be willing to pay above the asking price to win a potential bidding war.
- Ensure you constantly communicate with your real estate agent, so you don’t miss out on your dream home.
As homes are selling fast, you may not entirely be ready to buy, but still want to take advantage of the current market conditions. If that is the case, you might want to consider leasing with an option to buy. This will give you the flexibility to move into a home now and lock in today’s prices, with the opportunity to purchase the house at a later date.
What should SELLERS know before entering the Orlando home market?
With the Orlando housing market being so hot right now, it’s a great time to sell. Homes are selling quickly and for top dollar, so if you’re considering putting your home on the market, now is the time to do it.
When preparing your home for sale, be sure to stage it in a way that will appeal to today’s buyers. This means decluttering, depersonalizing, and making any necessary repairs or updates. You may also want to consider hiring a professional home stager to help you make your home look its best.
It’s also important to be realistic about your asking price. Although homes are selling for top dollar right now, overpricing your home will only result in it sitting on the market longer. Work with your real estate agent to develop a competitive asking price that will attract buyers but still allow you to profit from the sale of your home.
Orlando Home Market Forecast: What’s ahead?
According to USA Today, Orlando is one of at least 5 areas that have seen annual listing prices rise by 18% or more. In fact, in the past year alone, Orlando has seen a 20% increase in listing fees.
With homes selling so quickly and for such high prices, it’s no wonder that Orlando is one of the hottest real estate markets in the country. The combination of ‘still’ low-interest rates, strong job growth, and an influx of buyers from other markets has created a perfect storm for sellers.
You can’t predict the future, but you can use smart strategies to maximize your chances of success when buying or selling a home in Orlando. The market is expected to remain strong for the foreseeable future, so if you want to make a move, there’s no better time than now.
So, what did we learn in our Orlando home market forecast? Let’s break it down:
- Sellers, you need to act now to take advantage of the strong Orlando housing market. Buyers are in abundance, and homes are selling quickly.
- Buyers, it’s not all doom and gloom. The fact that prices are continuing to rise can actually work in your favor. By getting pre-approved for a mortgage now, you’ll be able to lock in today’s rates and get yourself in a fast-growing market.
There are pros and cons to both buying and selling in Orlando right now. However, overall, the market is strong and expected to remain so for the next few years. So whatever your plans are, now is an excellent time to act.
If you’re thinking of buying or selling a home in Orlando, contact Real Property International today. Our experienced and knowledgeable team can help you navigate the Orlando housing market and make the best decision for your needs. Whether you’re a first-time homebuyer or a seasoned investor looking to sell, we can help you find the perfect home or get the most out of your sale.