What’s the current state of our Central Florida market? What does it mean for you?
As of now, our market favors sellers, which means we have less than five months’ worth of inventory. If six months of available inventory indicates a balanced market, seven months or more would signal that we are in a buyer’s market.
Specifically, our current level of inventory stands at 3.6 months’ worth. In other words, it would take 3.6 months to sell off all the homes we have on our market.
As far as prices go, we’re actually seeing some increases. Three factors are driving market activity at the moment:
- Interest rates are currently at phenomenal lows, and would-be buyers are flocking to our market while homes are ripe for the picking.
- Rising prices. On average, home prices have gone up by 6.3% year over year. Along with our low-interest-rate environment, buyers planning their upcoming retirement are deciding that now’s the time to act. They realize if they wait another five or six years, they could end up paying 30% to 50% more for their home purchase.
- Those same baby boomer buyers are looking to buy and rent their property out now and move in later to cover their expenses, lock in a favorable price, and still meet their homeownership goals upon retirement.
To recap, sellers are in the driver’s seat with our present market conditions, but that’s not to say there aren’t good opportunities for buyers as well. If you’re a serious buyer, your offer will most likely need to come in at list price right from the outset. With our help, you’ll be able to find the right home, negotiate the right price, and get into the home when it best suits your situation.
If you have any questions about how you can benefit from today’s market, please don’t hesitate to get in touch with us. We look forward to serving you in the future!