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Purchasing a Home May Be Difficult in This Market. Home Buyers in Central Florida Could Care Less!

By
Real Estate Agent with Re/Max Town & Country Realty BK560717

     Although the majority of prospective Orlando area buyers (55%) are aware of the current challenging market, most of them (54%) still intend to stick to their current objectives or expedite the Central Florida real estate process!

     According to Bank of America's 2023 Homebuyer Insights Report, many enthusiastic local homebuyers in Central Florida, particularly those in their 40s and younger, are moving forward with their plans to purchase homes even though they think the market is biased in favor of sellers.

     Over half of those who were considering buying a home in the Orlando region who responded to the study (55%) said they thought the market was more competitive than it was the previous year. However, just as many (54%) said they wanted to buy sooner rather than later.

     For younger generations, the percentage is much higher: 55% of millennials and 62% of Gen Z.

     Still, not every prospective buyer intends to stay in the market—at least not right now. Of the respondents, 2 out of 5 (39%) think it's a seller's market, 18% think it's a buyer's market, and 31% think it's neither.

 

Present issues mentioned by purchasers in the Orlando area:

  • Exorbitant costs and interest rates (51%).
  • A shortage of cash on hand for down payments (37% )
  • A poor credit score (37% )

     Nevertheless, compared to last year, almost 40% of those potential buyers stated they are more confident in their ability to purchase a home, compared to 26% who are less confident and 28% who feel the same.

     The head of retail lending at Bank of America, Matt Vernon, notes that "the market is less frenzied as rates have moderated, and that may be impacting perception." Furthermore, there is still fierce competition due to short supplies. By taking the time to research the market, consider their priorities, and figure out what fits within their finances, homebuyers are acting morally.

 

What drives a lot of consumers? stability in finances. Historically, having a home has assisted families in accumulating long-term wealth.

     About the same as Gen X (58%), the majority of Gen Z and millennial homebuyers (56%) intend to purchase within the next two years.

     Among all potential buyers, over half (47%) say they would purchase a property in the current housing market because they are fed up with renting and rising rent; 28% say they want to begin accumulating equity.

 

Even passive homebuyers are still inquiring:

     According to the report, even optimistic buyers who are waiting for the housing market to cool are moving forward in their ways: almost two-thirds (67%) of them are actively looking at homes for sale, either by browsing on a real estate app (52%) or going to open houses (31%).

    According to those who search for homes, it's a fun pastime (41%), a means of daydreaming about their ideal house (37%), and a peek into other people's interior design (32%).

 

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About Realtor Scott Garrison:

Bringing over 36+ years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area! 

 

Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, Brevard, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida. 

 

As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales!  He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset!  Call Scott today to find out why “This Realtor WORKS!”