“Are You Ready?” These 3 words speak volumes to Orlando Homeowners and Homebuyers…mostly because for any homebuyer or homeowner who has thought of buying or selling real estate within the past year, their time is now. It's important to look at the short term and long term conditions of the market and what it means.
SHORT TERM MARKET CONDITIONS
In the short term our inventory is very low, and even worse, “Quality Homes” are in short supply!!
(Market Data via ORRA MSA 8 year History Report)
Almost 1/3 of ALL homebuyers are purchasing homes between $200k -$350k. This key segment has grown from 21% just 2 years ago, but still not close to 46% at the height of the market. 8% of homebuyers (Upward Executive Market) are purchasing from $350-$599k; Up from 6% in 2013. Only 2% of the homebuyers are in the Luxury Market $600k-$999k. Less than >1% purchased “Estate Homes” over $1 million. By the way… 7% of the entire inventory in Central Florida is over $1 million. If you are thinking of selling your estate home in the next 90-120 days you are not alone! Be prepared to “standout” by having a home in Perfect Condition along with an Aggressive Marketing Plan will give you the edge you need over your competition.
LONG TERM MARKET CONDITIONS
The long term is more interesting. New Apartment permits were up almost 100% in 2014. Why is that so important? These complexes are beautiful and located in every desirable area around town… Celebration, Lake Nona, Windermere, Dr. Phillips, Lake Buena Vista, on and on and on. These apartments will be your competing “standard” in the future. That’s right… These complexes are new, modern, open concept, clean, updated and located less than a mile from some of that million dollar inventory mentioned earlier. These apartments are filled with future Central Florida Homebuyers and they are paying top dollar “now” for great locations and modern finishes. Their demands will be high as they start to purchase homes in the area.
WHAT THIS MEANS FOR HOMEBUYER'S AND HOMEOWNERS
These changing market conditions means that home sellers are best to “Plan” to sell in advance of “Need” to sell… It means interacting with Carol and I (your local, knowledgeable Realtors) earlier than ever to discuss a strategy. We already have seller’s talking to us 6 months before they sell so a year in advance is no problem. Don’t misunderstand, Carol and I can get your home on the market next week, but a great pre-game strategy will determine if you get top dollar on game day. If you need improvements start doing them now! Enjoy them today instead of a month before you move.
• Install New AC and lower your AC bill now
• Paint and Seal your house with quality paint, 2-3 years before you sell. You will be surprised how interior paint can improve your value
• Remodel you master bathroom
• Replace your appliances
• Upgrade your kitchen
More important ask how you can invest a little today and get the best return when you are ready to sell. If you think you are moving in 2016, you should be talking to us, your local knowledgeable Realtors, now!
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