Hi Friends,
Just a little update on where the Central Florida real estate market is right now (May 2021)
If you’ve given even a casual thought to selling your home in the near future you may want to think seriously about making a move sooner rather than later. The latest existing home sales report from The National Association of Realtors (NAR) shows the Central Florida inventory of houses for sale is astonishingly low, currently sitting BELOW a 1-month supply. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers. When the supply of houses for sale is as low as it is right now it becomes " A Sellers Market " where homes placed on the market with such limited inventory very likely get a lot of attention from hopeful buyers often with multiple offers, many above asking price. Today, there are many buyers who are ready, willing, and able to purchase a home. LOW mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live – and they’re taking action.
For Buyers, with prices forecast to continue to increase for the remainder of the year, possibly longer and interest rates slowly creeping up waiting to buy could cost you quite a bit.
Even if you aren’t ready to sell or have recently purchased a home the GOOD NEWS is your home equity is increasing at a quicker rate than it normally would!
Bottom Line Home prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it.
As always, please don’t hesitate to contact me with any questions or concerns you may have. I am always happy to hear from you!