As you may have heard, the Central Florida real estate market has been absolutely booming over the last few months. To wrap up July 2021, Tom Nickley sat down to update us on the current housing market, what is happening and where we expect to be going.
Four Months in a Row of Increased Listings.
From May to June 2021, there was a 10% increase in the homes put on the market. This is excellent news for our buyers; it allows them to find their dream home. However, July was still a seller’s market, and they are getting top dollar for their listings. There is still a significant amount of buyers looking to purchase a home.
Interest Rates are Still Historically Low.
The rates are currently remaining at less than 3%, making this market appealing to buyers. There has been an increase in sales by 14% from May to June. Buyers are looking to lock in a great interest rate on their homes. This low interest rate helps offset some of the price increases we see from being in a seller’s market.
Home Prices have Increased. But Don’t Be Worried.
In the last year, the prices of homes have increased in price by 19%. While this number sounds daunting, it is going to be balanced out. In a typical year, August is where we see a lull or seasonal adjustment; if this happens, we continue to see more sellers place their homes on the market, interest rates stay low, and real estate continues to move, we should head to more balance.
Ultimately, sellers are still in control in this market, but it is still an excellent opportunity for both buyers and sellers to make a move. Many listings are getting multiple offers and purchased for top dollar. However, if you can buy a home, it always makes more sense to buy than to rent.
If you want more information on the current market, give our experienced real estate agents a call at 407-906-2456. You can also send our team an email at [email protected]. Want some more information on finding the right real estate agent for you? Check out Alexis Nickley’s previous video, ‘Pro Tips on What to Look for in a Realtor.’