Orlando Real Estate Market Sees Record Prices Amid Rising Inventory and Slowing Sales in June 2024

The Orlando real estate market experienced notable shifts in June 2024, as inventory levels soared to their highest since November 2015, with record-high home prices and a marked slowdown in sales activity. These dynamics paint a complex picture for buyers and sellers navigating this evolving landscape. Inventory Surge Offers Buyers More Choices Inventory levels reached 10,796 units in June 2024, reflecting a 5.0% increase from the previous month and a 98.1% year-over-year jump. This surge in available homes marks the sixth consecutive month of rising inventory, signaling a potential shift towards a more balanced market where buyers gain increased negotiating power. Record-High Home Prices Set New Benchmarks Despite the rise in inventory, home prices in Orlando continue to climb, with the median home price hitting a record $395,000 in June 2024. This figure represents a 2.6% increase from May 2024 and a 6.2% rise year-over-year. Similarly, the average home price reached $489,845, underscoring the strong demand persisting in the market despite higher inventory levels. Sales Activity Declines, Indicating Market Cooldown The Orlando market saw a significant slowdown in closed sales, which fell to 2,601 in June 2024—a 10.6% drop from May and a 16.7% decrease compared to June 2023. This decline breaks a four-month streak of rising sales and suggests a cooling market as higher prices and increasing mortgage rates impact buyer activity. Interest Rates and Distressed Sales on the Rise The average mortgage rate in Orlando was 6.7% in June 2024 up slightly from 6.6% in May. While this increase is small, it adds to the financial burden on buyers. Additionally, the market witnessed a 47.1% rise in distressed sales, although these properties only accounted for 1.0% of all home sales in June. Market Dynamics Favoring Buyers The months of supply jumped to 4.15 months in June 2024, up from 1.74 months a year earlier, indicating a more balanced market. This increase gives buyers more leverage, although sellers must adjust their strategies to stay competitive amid rising inventory and slower sales. Strategic Recommendations for Homebuyers and Sellers For buyers, the current market conditions offer an opportunity to explore a wider range of properties and negotiate better deals. Sellers, on the other hand, should consider pricing their homes competitively and remaining flexible during negotiations to attract buyers in a more saturated market. Investors might find lucrative opportunities in distressed properties and other segments, given the increased competition among sellers. In conclusion, the Orlando real estate market in June 2024 is characterized by a unique blend of rising inventory, record-high prices, and slowing sales. These trends suggest a shift towards a more balanced market, presenting both challenges and opportunities for buyers, sellers, and investors alike. As always, staying informed and adapting to the market's evolving dynamics will be key to navigating this complex landscape effectively. *source www.orlandorealtors.org

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Buying a Home in Today's Market? Here's How a Buyer's Agent Can Help You

Navigating the real estate market, especially for first-time buyers or those unfamiliar with the process, can feel like venturing into uncharted territory. A buyer's agent is your expert guide, providing invaluable support and expertise throughout this journey. With a deep understanding of local market dynamics and access to specialized tools, a buyer's agent can significantly enhance your search and purchasing experience. Understanding the Buyer's Agent's Role A buyer's agent acts as your advocate and advisor from start to finish. They handle everything from property searches and viewings to negotiations, paperwork, and closing, ensuring your interests are protected. This gives you time to focus on finding your dream home with peace of mind. The Benefits of Partnering with a Buyer's Agent Personalized Property Search: A buyer's agent takes the time to understand your unique preferences, budget, and lifestyle needs. They curate a selection of properties that align with your criteria, saving you time and effort in your search. Expert Negotiation: Leveraging their market knowledge and negotiation skills, a buyer's agent works tirelessly to secure the best possible price and terms for your new home. Market Insights: Access up-to-date information on market trends, pricing, and neighborhood developments. A buyer's agent provides valuable insights that empower you to make informed decisions. Strategic Guidance: The home buying process involves numerous steps and decisions. A buyer's agent offers professional guidance, helping you navigate financing, inspections, and other critical aspects of the transaction.Risk Mitigation: Real estate transactions can be complex, with potential pitfalls and legal complexities. A buyer's agent helps you avoid these risks by ensuring compliance with legal standards and thorough due diligence. Emotional Support: Buying a home is emotional. A buyer's agent provides objective advice and support, helping you stay focused on your goals and make decisions that align with your best interests. Choosing the Right Buyer's Agent While all buyer's agents share a common role, the level of service and expertise can vary. Look for an agent who: Listens to Your Needs: They prioritize understanding your individual preferences and goals. Communicates Clearly: They keep you informed and updated throughout the process. Demonstrates Expertise: They have a proven track record and in-depth market knowledge. Acts with Integrity: They prioritize your best interests above all else. Are You Ready to Start Your Home Buying Journey? The decision to purchase a home is a significant one. With the support of a dedicated buyer's agent, you can navigate the process confidently, secure your dream home, and enjoy a smooth, successful home-buying experience. Ready to start your home-buying journey? I would love to connect. As your dedicated buyer's agent, I am committed to providing personalized guidance, expert negotiation, and support every step of the way. Contact me today to learn more about how I can help you find your perfect home. Source https://www.evrealestate.com/blog/the-essential-benefits-of-having-a-buyers-agent

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Your Outdoor Oasis: The Key to Everyday Luxury

Imagine an outdoor space so perfect that it transforms everyday living into an escape. Lush greenery, a sparkling pool under the sun, a cozy fire crackling at dusk – your private sanctuary just steps from your home.   Why Outdoor Living Matters   A thoughtfully designed outdoor space isn't just an extension of your home; it's an extension of your life. It's a place to: Recharge: Breathe in the fresh air, meditate in the morning sun, and feel your worries fade away. Connect: Host unforgettable parties, intimate dinners, and create memories that last a lifetime. Indulge: Relax in your personal haven whenever you desire – no travel required! A Day in Your Dream Outdoor Living Space   Picture this: Morning Bliss: Start your day with yoga on a sun-drenched patio or savor your coffee with birdsong as your soundtrack. Poolside Retreat: Take a refreshing dip in your private pool, the perfect escape from summer heat. Host a lively pool party effortlessly. Alfresco Dining: As the sun sets, fire up your outdoor kitchen and dine under the stars. The ambiance is pure magic. Fireside Stories: Gather around the firepit – laughter and marshmallows guaranteed! Starry Nightcaps: Sip a nightcap on your patio with twinkling lights and the soft melody of nature. Your Transformation Starts Here   Ready to elevate your lifestyle? Let's envision your ideal outdoor sanctuary. Whether it's a resort-like pool, a chef-worthy kitchen, or a cozy relaxation zone – the possibilities are endless.   Contact me today to start designing the outdoor space of your dreams!

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