Orlando Market is HOT, this Spring is time to SELL!
When you want to sell your house most owners hope for a quick transaction that will turn the most profit. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are just five reasons why this is the perfect time to sell your house.
1. There’s high demand from homebuyers.
In Orlando the buyer demand is strong right now. Locals are looking to get into the perfect community and people from out of state and abroad are flocking here. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year.
When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.
2. There aren’t enough houses for sale.
“Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”
The National Association of Realtors (NAR) also reveals that, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market!
A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the Orlando real estate market today.
3. You have a lot of leverage in today’s market.
Clearly, many more people are interested in buying than selling this spring, creating the ultimate sellers’ market. When this happens, homeowners in a position to sell have the upper hand in negotiations.
The My Dream Home in Orlando team has seen a huge increase in bidding wars with the average of 4 offers per house! Demand is there, and now is the perfect time to sell for the most favorable terms.
4. It’s a great way to cash out and use your home equity.
According to the latest data from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate. Equity is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home, downsizing or relocating.
Mark Fleming, Chief Economist at First American:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
5. It’s a chance to find a home that meets your needs.
So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate our home space and what we find most important in a home.
Whether it’s a house that has the features suited to working from home with space for home schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and find the home of your dreams.
The bottom Line.
Today’s Orlando housing market belongs to the sellers. But, interest rates are still favorable for home buyers. Making a more expensive home easier to afford. If you’ve considered making a move but have been waiting for the right market conditions, your wait is over. Reach out to us and we can help you get into the best position to win when you sell your house this spring.