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Indeed, this year is the perfect time for you to purchase a home in Central Florida!

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

Orlando Region Waiting for reduced mortgage rates, more inventory, or other factors might prevent a buyer from ever owning a house in Central Florida! Owing to Orlando's past, 2024 seems like a good year to commit.

 Throughout Florida, mortgage rates are finally starting to decline; lately, 30-year fixed mortgage rates have been regularly found in the 5.6% level. After years of house sellers making all the decisions, it appears that the great American purchaser has finally gained leverage when combined with falling home prices and an increase in the supply of residential real estate.

"2024 will be better for buyers," stated Alex Caras, a mortgage broker with Magellan Realty LLC. "The buying market will start to open up more as the Federal Reserve keeps interest rates at the current levels, reducing competition for existing homes."

There will be more homes available since the supply chain problems causing construction difficulties are also being resolved, according to Caras

Orlando-Area Buyers Gaining Advantage:

These are the main causes for Central Floridians' advantage over other purchasers as the hectic spring and summer real estate seasons approach. These five truths should give buyers an advantage as well.

  1. High expenses are no longer the norm. According to Jennifer Beeston, senior vice president of lending at Guaranteed Rate Mortgage, "the price climbing we saw in 2020 and 2021 has hit a plateau." "Many sellers didn't realize until much later in 2022 that 2021 was over and they had to be more reasonable with the price and state of their house."

    Buyers also anticipate a recovery to a market that is more balanced in 2023. According to Beeston, "Buyers can get inspections and can negotiate prices." "The drama of 2022 was not like that at all."

  2. Retraction is being applied by the Federal Reserve. The U.S. Federal Reserve is reducing the rate at which it will raise interest rates, a move that was common in 2022. 
    More purchasers will be able to buy a home at a lesser rate, according to Caras, who spoke with TheStreet. "As the demand to buy homes has fallen, housing costs have likewise fallen to a more affordable level, and this is going to continue for most of 2024."

  3. The epidemic has passed. In 2024, buyers will get another chance to haggle, and in 2025, even more. 
    Rena Kliot, the founder of Pulse International Realty, predicted that there would be some troubled transactions and that sellers would need to adjust their expectations. "The epidemic directly contributed to the unsustainable price surge in homes. There were a lot of frantic and sentimental purchases made during the pandemic's depressing days.

  4. Changing preferences in the residential market. The Florida condo market will rebound, but single-family houses will still be in high demand. 
    "People are moving back into cities to live, especially in condos, because life as we know it seems to be returning," Kliot stated. "Prices for condos are currently more reasonable or flexible than those for single-family homes."

  5. Powerful indications from the stock exchange.   There seems to be a broad sense of satisfaction that the worst is over throughout the United States.

 

Being organized and maintaining hope are two of the most crucial things a prospective homeowner should do right now.

Senior economist at LendingTree Jacob Channel advises against assuming that just because you're having problems finding a home right now or that you can't afford one at today's rates, you'll never be a homeowner. "You can realize your dream of possession if you have perseverance and have the ability to make certain adjustments, like how many bathrooms your residence needs to be equipped with or what particular neighbourhood you require."

It's also crucial right now to be financially ready for when a nice offer comes around.

Chanel advised TheStreet to "be diligent about saving money and make all of your monthly payments on time to protect your credit." To make the home-buying process more reasonable, "also shop around and compare mortgage offers from different lenders or look into different mortgage loan programs - like FHA or USDA backed loans."

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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!”

 

George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Scott Garrison home prices are still going up around here, so now is the time to purchase a home before the home prices go higher.

May 06, 2024 01:33 PM