Insights for Central Florida Home Sellers in 2024

Are you considering selling your home in Central Florida? Potential home sellers must understand the current dynamics of the housing market in Orange, Lake, Osceola, and Seminole Counties. The key single-family statistics below from January 1st to February 9th provide valuable insights for homeowners looking to list their properties. Market Overview: Average Days on the Market: 49 days Average Closed Price: $521,690 These figures serve as a compass for sellers, offering a glimpse into what to anticipate when entering the market. However, it helps to review data based on different price categories in search of nuanced trends that can better inform your selling strategy. Breaking Down the Numbers: Homes Priced Below $500,000: Average Days on the Market: 48 days For sellers with properties valued below half a million dollars, the market presents essentially the same sales cycle as the market average. Homes Priced Between $500,000 and $999,999: Average Days on the Market: 45 days Properties falling within the half-million to just under a million-dollar range also basically mirror the Central Florida average sales cycle. Homes Priced at $1,000,000 and Above: Average Days on the Market: 74 days In contrast, homes priced at a million dollars or more trend higher with an average of 74 days on the market.  Key Takeaways for Sellers: Price Strategically: Understanding the average days on the market within your price category can help you set a competitive yet realistic asking price for your home. Know Your Market: Each price bracket operates differently, so tailor your selling approach accordingly. High-end properties may require more patience, while mid-range homes could see quicker turnover. Presentation Matters: In a market where homes sell within weeks, ensure your property stands out through effective staging, repairs, and curb appeal enhancements. Work with a Professional: Partnering with a knowledgeable real estate agent familiar with the intricacies of the Metro Orlando market can streamline the selling process and maximize your property's visibility. Conclusion: Stay informed about the latest local market trends. By analyzing key statistics such as average days on the market and closed prices, you can gain valuable insights into buyer behavior and market dynamics. Whether you're selling a modest family home or a luxury estate, adapting your strategy to align with current trends can enhance your chances of a successful sale in 2024.

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Mortgage Rates Hit Lowest Since September, Setting the Stage for a Promising Spring Housing Market

Orlando Mortgage Rates Hit Lowest Since September, Setting the Stage for a Promising Spring Housing Market As we enter the holiday season, the real estate market in the Orlando area is experiencing a notable development: mortgage rates have dropped to their lowest point since September. While the impact may not be immediately noticeable during the remaining months of 2023, this shift marks the beginning of a positive momentum expected to pave the way for the housing market in spring 2024. One indicator driving optimism in the Orlando housing market is the recent dip in mortgage rates. Lower interest rates can potentially attract more homebuyers off the sidelines and stimulate increased activity in the housing market. Additionally, lower rates could lead to more homeowners entering the market, fostering an environment that could result in a more robust and competitive spring season. While the holiday season traditionally sees a slowdown in real estate transactions, the current decline in mortgage rates could still have a positive influence. The lower rates might encourage some buyers to act sooner, taking advantage of the favorable financing conditions and securing a home they've found. Additionally, homeowners looking to sell may find increased interest from potential buyers seeking to lock in lower rates before the expected upturn in the spring. Orlando Single-Family Housing Snapshot Here's a brief on the Orlando area's single-family housing market. - Average Days on Market: 40 days - Average Home Price: ~$530,000 - Market Inventory and Supply: ~6,500 single-family homes available in the Orlando market. Despite this substantial inventory, the market is still under four months of supply.  Looking Ahead to Spring 2024 The combination of lower mortgage rates and the current state of the Orlando housing market sets the stage for a better spring in 2024. As the real estate market traditionally experiences increased activity during the spring, the momentum generated by the current favorable conditions could result in heightened competition among buyers and sellers alike.

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Orlando Area Housing Market Brief for September 2023

September 2023 reported a 10.5% increase in inventory compared to August 2023. For buyers, this means more options and the potential for negotiating more favorable terms. As for sellers, this could be a sign to get a bit more strategic and creative in your listings. The median home price in Orlando took a subtle dip, falling by just 1.3% from the previous month to $370,000. Meanwhile, the average home price remained virtually unchanged, with only a slight drop of -0.1% to $446,888.  Remember, home sales tend to slow down in the fall compared to the vibrant spring and summer months.  For our sellers, it's essential to be patient in this shifting landscape. The average days on the market have increased to 41 days compared to 31 days last September. Additionally, new listings have seen a 2.1% decrease compared to the previous month. The higher interest rates are the number one contributor to the increased inventory in September 2023. However, a balanced market typically hovers closer to 6 months and with only 2.64 months of supply sellers still hold some cards.  The wait-and-see mentality from both buyers and sellers caused by high-interest rates has kept overall inventory lower, leading to home price stability.  When studying monthly real estate updates, it's about understanding the market dynamics, and for sellers, it's a reminder to stay steady. For buyers, it's an opportunity for increased inventory and potentially negotiate better contract terms. As always, if you'd like to connect, don't hesitate to reach out. *source Orlando Regional Realtor Association

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