September 2024 Greater Orlando Housing Market Overview

The latest data from the Orlando Regional Realtor Association highlights key trends in the September 2024 housing market, pointing toward a more balanced landscape as inventory rises and interest rates decline. Key Trends: Rising Inventory: September saw a 71.1% increase in available homes compared to the same period in 2023, marking the ninth consecutive month of inventory growth. The total number of homes for sale reached 11,560, a slight 0.4% increase from August 2024. Slight Decline in Home Prices: The median home price in Orlando decreased to $380,000 in September from $384,500 in August, reflecting a small 1.2% drop. However, year-over-year, prices have risen by 2.7%. Sales Activity: Home sales took a dip in September, with 2,249 properties sold, a 15.3% decrease from August. Additionally, new listings dropped by 8.5%, with 3,530 new homes entering the market in September, down from 3,856 in August. Interest Rates: Mortgage interest rates have decreased to 5.9%, the lowest since August 2022, offering potential relief for buyers who have been priced out in previous months. This decline from August's 6.1% signals better borrowing conditions as we approach the end of the year. *As of October 15, 2024, the rate was 6.62% (https://www.cnbc.com/quotes/US30YFRM) Distressed Sales: While distressed properties remain a small portion of the market, their sales have increased by 54.5% compared to August, making up 0.8% of the total home sales (17 homes) in September. Conclusion: Lower interest rates and rising inventory levels are setting the stage for a more balanced market in Orlando as we enter the final quarter of 2024. For buyers, these conditions could present new opportunities, especially for those who have been waiting for the right moment to jump in. For sellers, competitive pricing will be key as more homes come to market. Stay updated on these trends by checking out the full report and additional details at https://www.orlandorealtors.org/marketreports

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Touchdowns, Interest Rates, and Real Estate: Navigating the Fourth Quarter Like a Pro

As the excitement of college football season begins, fans everywhere are sporting their favorite team’s swag, debating the rankings, and talking trash. But just as college football can bring the unexpected, so does the current real estate market, especially with the persistent interest rate challenges keeping many of us on our toes. The Game Plan: Interest Rates and the Housing Market If you’ve been following the real estate market, you know it’s been as unpredictable as a nail-biting football game in the final quarter. Persistent interest rate challenges are at the forefront of everyone’s mind. We’re all asking the same questions: Will the Fed cut the rates? And more importantly, will a rate cut be the Hail Mary that stimulates the housing market in the fourth quarter of this year? Like college football, where not all teams are created equal, not all real estate markets are the same. The outcome of a game often hinges on the playbook, the strategy, and the experience of the team. Similarly, the success of your real estate investment hinges on having the right Realtor by your side, guiding you through the plays, and leading you to the best decisions. Not All Teams—and Realtors—Are the Same Think about your favorite college football team. They didn’t get to where they are by chance. It took a lot of hard work, smart decisions, and a strategic game plan. The same goes for real estate. You need a Realtor who understands the market, knows how to navigate through the complexities, and has a winning strategy that aligns with your goals. Aligning yourself with the right Realtor is like having a top coach on your team. They’re there to help you tackle the tough decisions, whether you’re a first-time homebuyer trying to get into the market or a seasoned investor looking to make your next big move. The Fourth Quarter Is Almost Here—Are You Ready? Just as the fourth quarter of a football game can make or break the outcome, the last few months of the year can be pivotal for real estate. With interest rates being a wild card, the right moves now could set you up for success. Will you go for the safe field goal, or will you take the risk and go for the touchdown? As we kick off this exciting season of college football, let’s also kick off a winning strategy for your real estate investments. Whether the Fed cuts rates or not, having the right Realtor in your corner can make all the difference. So, grab your team’s jersey, enjoy the games, and remember—when it comes to real estate, make sure you’re aligning yourself with the best. After all, the right team can lead to victory, both on the field and in the market. Ready to huddle up and discuss your next move? Reach out today, and let’s strategize together for a successful fourth quarter!

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The Power of Home Staging: Why It’s a Must for Sellers

In the highly competitive real estate market, making your home stand out is crucial. One of the most effective ways to do this is through home staging. As highlighted by experts at Engel & Völkers, home staging goes beyond mere decoration; it’s a strategic approach that can make a significant difference in how quickly and profitably your property sells. What is Home Staging? Home staging is the process of preparing a home for sale in a way that highlights its strengths and minimizes its weaknesses. This often involves decluttering, rearranging furniture, and adding decor appealing to the broadest potential buyers. The goal is to create a neutral yet inviting space where buyers can envision themselves living. The Impact of Home Staging on Sale Price and Time on Market According to Engel & Völkers, staged homes sell faster and at higher prices than non-staged homes. This is because staging helps potential buyers see the true potential of a space. When a home is well-staged, it appears more polished and move-in ready, which can justify a higher asking price. Staging also plays a psychological role in the buying process. It helps buyers form an emotional connection with the property. When buyers can imagine themselves living in a home, they are more likely to make an offer—and a competitive one at that. Key Elements of Effective Home Staging Decluttering: One of the first steps in staging is to remove excess items from the home. This not only makes the space look cleaner but also helps in making the rooms appear larger. Neutralizing the Space: Painting walls in neutral colors and removing personal items, such as family photos, can make it easier for buyers to visualize the space as their own. Furniture Placement: Arranging furniture to highlight the best features of a room is essential. For instance, positioning furniture to make the most of natural light or to draw attention to a fireplace can make a room more appealing. Adding Finishing Touches: Small details like fresh flowers, tasteful art, and well-placed accessories can make a big difference in how a home is perceived. The ROI of Home Staging Investing in home staging can yield a significant return on investment. Engel & Völkers notes that while staging does require an upfront cost, it often pays off by increasing the final sale price. Additionally, staged homes typically spend less time on the market, reducing the carrying costs for sellers. Conclusion In today’s real estate market, home staging is not just an option—it’s a necessity. By presenting a home in the best possible light, staging can help sellers achieve a faster sale and a better price. As the team at Engel & Völkers suggests, investing in staging is a smart move that can provide a substantial return. For a more detailed guide on home staging, check out the full article by Engel & Völkers here.

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