In general, the active listings in the Central Florida region are currently overpriced by about 10-15%. I believe this is due to a "plateauing" of the market. We experienced an unprecedented 86 month streak where median values shot up 94%, but the median dropped in April, and sales in general are down in the area compared to last year. I believe this is in large part due to 2 conflicting ideals on the parts of the buyers and the sellers. The sellers and their agents have grown accustomed to the long period of growth and are pricing their homes too high, expecting the market to catch up by the time they close. This was a good strategy last year - but not so much this year. We're only expecting about a 4%-5% growth in real estate values this year. Still good, but not the 8%-9% that sellers were getting a couple years ago. The buyers have become cautious due to the increasing prices and the increasing interest rates, and they are looking for homes that are safe, financially speaking. When combined, it doesn't create an ideal "meeting of the minds", and activity has slowed down.
In general, we should continue to see home values continue to grow for the next several years - just at a slower rate. Why? There are too many factors supporting growth right now. A record 75 million people visited Orlando in 2018 - making it the most-visited destination in the United States. By 2030, there are an estimated 75 million+ "baby boomers" expected to retire, and the expectation is that 10-12 million of them will be relocating to Florida. We still have a lot of building to do to meet the housing demand, in addition to what we already see going on. The expansion currently under construction at the Orlando airport is expected to add 19 more gates, increasing our tourism as well, which will be supported by the beltway under construction around Orlando. There is also the high-speed train route that is under construction that will link Orlando to South Florida, and it's expected to later link to Tampa, which would put Orlando right in the middle, bringing more jobs and tourists, as well as modernizing our infrastructure.
We are still in one of the best areas for real estate investments and residential home purchases. Whether you are a seller or a buyer, make sure you have a Realtor in your corner that understands the current market trends.
Author:Shawn Senecal Phone: 863-326-7909 Dated: June 21st 2019 Views: 260 About Shawn: I'm a Licensed Realtor servicing the Davenport, Haines City, Kissimmee, Orlando, Poinciana, and Cler...
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