Over the last four months, the Central Florida real estate market has remained strong through a pandemic and economic instability. However, the tables may turn for sellers who haven’t yet listed their homes for sale. The best time to sell your home might be right now.
During the initial phases of the pandemic, many sellers pulled their homes off the market or decided to wait to sell, uncertain of what the real estate market would look like. Essentially, many sellers only listed their homes for sale if they absolutely had to.
Buyers were left to compete on the few properties available in multiple offers, bidding over the asking price, and increasing the average sales price in their markets exponentially due to a lack of supply to meet the increasing demand.
As the world recovers and begins to open, here’s what that could look like in the Central Florida real estate market:
More Houses on the Market
From May to June, Stellar MLS saw an increase in new listings of 8%. While this is still lower than the new listings in June of 2019, it indicates a return of consumer confidence. As those considering selling feel more comfortable listing their homes for sale, there are more options for buyers to consider which reduces competition.
By listing now, you’re taking advantage of a strong seller’s market and positioning yourself well to receive a lot of attention from excited homebuyers.
Spring and Summer Real Estate Markets
Fall market is where, in a normal year, we see the number of new listings and sales start to decline. Life gets busy with kids in school, holidays, and an end to vacation season (when many people choose to look at homes). The world is opening up again returning us to more regular working and shopping patterns. If interest in homebuying begins to dwindle toward the end of summer, at the same time that more sellers are feeling confident to list their homes for sale, the gap between supply and demand may shrink.
Low Interest Rates
One of the economic benefits we’ve experienced over the last four months is low interest rates on mortgage loans. When you sell your home and get into a new property, reduced mortgage rates make it easier to afford an upgrade without breaking the bank. We don’t know how long these great rates will last. Low interest rates and a great sales price for selling your home in a seller’s market might make it easier and less expensive for you to get into your dream home.
The Central Florida real estate market is strong and resilient. During a difficult year, it has held its strength and property values have continued to increase across the market. If you’re on the fence about selling your home, it’s time to pull the trigger and take advantage of our market while it is on fire.