Here are afew things i see trending in Orlando real estate:
Interest rates continue to defy the conventional wisdom that what goes down, must go back up. We are sitting just below 4%, but everyone is sure mortgage rates will rise.
Prices, on the other hand are rising. For the first time since 2008 (that's eight years folks) our median sales price is over $200k. We do tend to see higher prices in June and July, since those are the hottest two months for families with children (i.e. bigger houses) to purchase homes. Still, we have seen year over year increases each month for nearly five years straight now.
Our inventory has finally leveled out, but it is at a level that is consider low and favoring sellers. We are currently running just about a 3 month supply of homes available for sale.
New agents flooding the market place. Nationally, about 25% of all Realtors joined in the last two years. Here in Orlando, that number is nearly double with 48% of local Realtors joining in the last 24 months. We currently have over 12,000 agents, but fewer than 10,000 active listings.
TRID influence on our market is negligible. The crappy mortgage lenders 'big banks' use it as an excuse to take forever to make a loan. The good lenders 'local' are still closing deals like before TRID.
Almost every major market in Florida has taken the recovery and run with it. The Orlando housing market is no exception. Orlando real estate is firing on all cylinders, and the future is looking bright. While home values have dipped slightly, just like the national average, appreciation rates are still at an encouraging level: 4.5 percent. That said, the median home price has increased to $186,000.
Rents are still crazy, and there is nothing available it seems. I think this may be changing a little though with all the new apartments being built. Orlando is once again adding jobs at a faster pace than most places around the country. The rising prices also seems to have more builder activity, but they seem to be offering a lot of perks which means the higher market still hasn't quite caught up. REO properties are few and far between.
All in all, Orlando real estate is definitely back on track!
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