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What's New in the Orlando Real Estate Market

Friday, October 26, 2018   /   by Harvey Rosenberg

What's New in the Orlando Real Estate Market

Is it time to sell, or is it time to buy. The answer could be both as the housing market in Orlando is showing a healthy growth this year, but could dip into 2019. 


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The US is down, but Orlando is up


According to the National Association of Realtors, overall existing home sales (not new construction) declined throughout most of the United States by mid-year. Interestingly, however, Orlando prices continued up, just slightly slower than earlier in the year. 

This is great news for sellers that want to fetch a higher price. 

Even better news, the Orlando housing affordability index in August was 129.58. According to the World Property Journal
"An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home."

That means that buyers can afford homes in the Orlando area, making it a great time to buy as well.

Inventory

Buyers should be aware that inventory has not kept up and it may be harder to find what you're looking for. This either means you'll search longer, or you'll be in more competition to get the home you're looking. Be prepared ahead of time by having your financing good to go.

On the flip side of that, fall is generally a slower home buying season. You may have less competition than before. Additionally, sellers looking to take advantage of any tax breaks are eager to sell before the new year.


Regardless if you're buying or selling, having an experienced listing agent or buyers agent is important to get the most out of your home. 

Contact Realty Professionals for listing or buying agents to get you started on the path today.