Currently, the market for midpoint homes rose to $237,000. That’s 10.3 percent year-over-year and 3 percent higher than the month previous. On the supply side of things, inventory has dropped 10.8 percent year over year, which puts the supply at 2.3 months. This means that buyers who are seeking mid-range homes are meeting the market with a lot of competition and fewer options. For further details refer to – Orlando area ranked No. 4 in the nation for people to move to, pushing up home prices, by the Orlando Sentinel.
Forbes has named Orlando as one of the fastest growing metropolitan areas in America. It was actually number 4 on the list this year! Additionally, Forbes projected the Orlando area will see an increase in population by 2.93 percent and wage growth of 7.73 percent in 2018.
So it is nearly impossible for builders to keep up with this demand, but they are trying. Existing single-family homes in the mid-level price range are going quickly. So the bottom line is if you are a homeowner in this price point and you’re considering an upgrade or downsizing then the time is now. If you are searching for a home then it is a really good idea to employ a real estate agent who can help you navigate the process quickly and thoroughly. Also, the person should be a solid negotiator. Don’t just blindly choose someone off the internet. Do your research.
Feel free to contact me if you have any questions.