State of the Market

• July’s interest rate was recorded at 6.8%, up slightly from 6.7% in June. This is the second-highest interest rate in Central Florida in 20 years. October 2022 had the highest interest rate in 20 years at 7.0%
  • In ORRA’s new survey of Orlando REALTORS, 43% of respondents said that rising interest rates are the biggest challenge facing buyers, causing some buyers to wait out purchasing homes right now or look at lower price points.
• Overall sales fell 8.7% from June to July. There were 2,852 sales in July, down from 3,124 sales in June. Sales in July 2023 were also 13.8% lower than July 2022, when there were 3,309 sales.
• Inventory for July was recorded at 5,720, up 5.0% from June when inventory was recorded at 5,450.
  • Low inventory was cited as the second biggest issue facing buyers in ORRA’s new survey.
• The median home price for July was recorded at $380,000, down from $385,000 in June. This is the first month this year that median home price has fallen.
• Median home price in July 2023 was extremely close to July 2022, when it was recorded at $380,900.
• New listings fell 7.8% from June to July, with 3,413 new homes on the market in July, compared to 3,703 in June.
• Homes spent an average of 39 days on the market (DOM) in July, down from 41 days in June. This is still 85.7% higher than July 2022 when homes spent an average of just 21 days on the market.
  • Last year, 63% of Orlando REALTORS said clients were selling their homes in 10 days or less. This year, only 34% said clients are selling their homes in 10 days or less.
• “Approaching the end of summer with interest rates at nearly their highest level in 20 years, we are seeing an impact on both buyers and sellers,” said Lisa Hill, Orlando Regional REALTOR® Association President. “More homeowners are being locked into ‘golden handcuffs’ – where they’re choosing to stay in their current homes to keep their low mortgage rates, which could be 3% or lower – and more buyers are choosing to wait in hopes that rates go down.”

Market Snapshot

• Interest rates increased from 6.7% in June to 6.8% in July. This is 27.7% higher than July 2022 when interest rates were 5.4%.
• Pending sales fell, with 3,964 in June and 3,808 in July.
• 25 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in July. That represents a 10.7% decrease from June, when 28 distressed homes sold.

Inventory

• Orlando area inventory increased 5.0% from June to July. Inventory in June was 5,450 and inventory in July was 5,720.
• The supply of homes increased to 2.01 months in July, up 15.0% from 1.74 months in June. A balanced market is six months of supply.

• The number of new listings decreased from June to July by 7.8% – from 3,703 homes to 3,413 homes.

ORRA’s full State of the Market Report for July can be found here.

Access Teri’s one-stop Orlando FL home search website.Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By: www.orlandorealtors.org

Tiny Houses are really super cute and a lot less expensive than traditional size homes but there are a few things you might want to take into consideration before you decide to purchase a tiny house.  There are pros and cons to owing a tiny house and those are listed for you below for your review.

1. Tiny houses  are typically no more than 100 to 500 square feet.  This may work perfect for you and your family if your family is rather small.  If however you have a large family a tiny house may not be the way to go.
2. You can have a tiny house built for $15,000 however if you want that tiny house to have all the bells and whistles you may end up spending in excess of $80 to $100,000. Basically it will be up to you if you want to purchase a tiny house and “bling it out” so to speak or if you would rather take your money and purchase a large home that already has everything you desire.
3. You may need to check with the zoning board in your area to see if a tiny house is allowed before you make a decision. If so, why not give a tiny house a go…if not, you can always put the tiny house on wheels and travel from state to state.
4. If personal space is important to you then you may not want to even consider purchasing a tiny house. If you do decide to purchase a tiny house your lifestyle will change for sure.  If you don’t mind being in close proximity to your family then a tiny house may be just the ticket!
5. A pro to living in a tiny home is that you won’t have very much space to clean.   If you don’t like spending a ton of time cleaning your house, a tiny home may be the place of your dreams!

These are just a few of the pros and cons associated with tiny house living.  In the end, it is your decision whether or not you want to purchase a tiny house and join the many others you have already done so.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

State of the Market

• Overall sales fell 5.8% from March to April. There were 2,766 sales in April, down from 2,936 sales in March.
• Overall sales in April 2023 were 27.2% lower than April 2022 when there were 3,800 sales.
• Inventory rose 1.9% – from 5,052 homes in March to 5,148 homes in April.
• Inventory in April 2023 (5,148) was 92.8% higher compared to April 2022, when it was recorded at only 2,670 homes.
• The median home price for April was recorded at $370,000, up from $365,000 in March. Median home prices have increased every month this year.
• Median home price in April 2023 was the same as recorded in April 2022 at $370,000.
• April’s interest rate was recorded at 6.4%, down from 6.7% in March. This comes after three straight months with rising rates.
• New listings fell 6.4% from March to April, with 3,220 new homes on the market in April, compared to 3,442 in March.
• Homes spent an average of 52 days on the market (DOM) in April, down from 57 days in March. This is 116.7% higher than April 2022 when homes spent an average of 24 days on the market.
• “April data showed a slight uptick in Orlando inventory as home sales slowed, indicating the spring selling season may be starting to balance out,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Orlando’s median home prices are still climbing as sellers continue to get competitive offers. The good news for buyers is that interest rates in Orlando dropped slightly, giving them extra buying power.”

Market Snapshot

• Interest rates decreased from 6.7% in March to 6.4% in April. This is 29.7% higher than April 2022 when interest rates were 4.9%.
• Pending sales rose, with 4,220 in March and 4,485 in April.
• 18 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in April. That represents a 35.7% decrease from March, when 28 distressed homes sold.

Inventory

• Orlando area inventory increased by 1.9% from March to April – from 5,052 homes to 5,148 homes. Inventory in April 2023 was 92.8% higher than in April 2022.
• The supply of homes increased to 1.86 months in April, up from 1.72 months in March. A balanced market is six months of supply.

• The number of new listings decreased from March to April by 6.4% – from 3,442 homes to 3,220 homes.

ORRA’s full State of the Market Report for March can be found here.

Access Teri’s one-stop Orlando FL home search website.Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By: www.orlandorealtors.org

You have decided to sell your home, and dream of it immediately becoming a highly desired property with a bidding war that drives up your asking price and closing in thirty days dance in your head. Dream on! These seven tips can help bring you back to earth: 

• While you love your home, not everyone else will. Sellers must detach their emotions about the house while it is on the market. Think of it as a financial transaction or see it from the expectant house hunters’ point of view.  
• Major issues with your house should be repaired before the For Sale sign goes in the front yard, and if repairs are not possible, a repair credit will have to be offered to the buyer. Be prepared to do some painting and patching, at the very least. If you want the best sale price, you should do your best to earn it. 
• It is vital to be available to your agent, whether it be via phone calls, texting, or email. They are your link to the buyer, and it is possible to lose a sale by not being accessible. 

• If you or your agent have decided to hire a staging firm, do not take offense if they ask to put your belongings in storage. It is not about your personal taste, but about making the home appealing to the general public and seeing it as their home. 
• Flexibility is key when allowing potential buyers to see it. You will not be getting a weekly showing schedule that is set in stone, so be prepared for inconveniences. 
• Because every accepted offer does not result in a sale, have the “big” things packed and ready to move, but hold off on packing the necessities until closing is imminent! 
• Some sales take time, but incentives can make a property more attractive: cash towards the closing costs, a year’s home warranty, and payment of HOA dues are just a few ideas to attract buyers. 

There is much more to selling a house than decluttering and keeping the home clean for showings. Hopefully, being prepared, flexible, and practical will not only produce a satisfactory selling price, but it will also make the process less stressful for you and your family. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Photo credit: cnbc

There will be more than just you, your real estate agent, the seller, and their agent involved in the process–unless you are paying cash for a new home! Appraisers, lenders, and inspectors are just a few of the folks you will come across, and it will relieve some stress on your part if you familiarize yourself with who they are and what part they play during your house purchase.
 

• Real Estate Agents
  The agent you choose will be your resource and constant contact throughout the home-buying process. In most transactions, there will be a listing agent representing the sellers, but it is unlikely you will be meeting them.
   
• Mortgage lenders
  To be adequately prepared to begin looking for a new house, you should be pre-approved for a mortgage. Meet with a few different lenders to find the best loan for you; see what the balance recommends for finding the right mortgage.
   

• Appraiser
  The mortgage company wants to be sure that the property is worth what the asking price. The appraiser is usually one of the lender’s choosing. Learn more about what is involved with the appraisal from realtor.com®.
   
• Home Inspector
  You do not want any surprises with structural issues, mold, or insect infestation after you have the keys in hand, so it is in your best interest to hire an inspector to go over your prospective home. Call several inspectors, and ask these important questions.
   
• Homeowners Insurance Agent 
  Most insurance companies offer a discount for having more than one policy with them, and it may be easier to go with your current insurer, so give your agent a call. Do not let that stop you from shopping around for better rates, however.
   
• Real Estate Attorney
  Many states require you to hire an attorney, as they will go over all of the documents, handle funds, and perform the title search, to name a few of their jobs during the home sale process. Find out why it is always a good idea to have a real estate attorney, whether it is the law or optional.
   
• Title Insurer 
  In case there are any questions about the sale of the home being legitimate (no liens, family feuds, etc.), you will need title insurance, and in most cases, the lender or attorney will already have that lined up.
   

• Mortgage Servicer 
  Sometimes, a lender will sell your loan to a mortgage servicer, and you will be notified if that happens. Learn the difference between a lender and a servicer at Investopedia. 

These entities are typically involved in the home-buying process, but not every one. You may come across another professional or service during your experience. Your Realtor® will keep you informed of each step, so no need to be concerned if there is a step along the way you are not familiar with. Every one of them, however, is important for a smooth transaction, protecting you and your largest investment. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Photo credit: Istock

State of the Market

• Overall sales rose 33.8% from January to February. There were 2,240 sales in February and 1,674 sales in January.
• Overall sales in February 2023 were 30.0% lower than February 2022 when there were 3,198 sales.
• Inventory dropped from 6,115 homes in January to 5,555 homes in February.
• Inventory in February 2023 (5,555) was 140.2% higher compared to February 2022, when it was recorded at only 2,313 homes.
• The median home price for February was recorded at $358,000, up from $350,000 in January. This comes after three straight months of declining median home prices.
• February’s interest rate was recorded at 6.4%, up from 6.1% in January.
• Homes spent an average of 62 days on the market (DOM) in February, up from 57 days in January. This is a 106.7% increase compared to February 2022 when homes spent an average of 30 days on the market.
• New listings decreased slightly from January to February, with 2,820 new homes on the market in February, compared to 2,911 in January.
• “In February, we saw a spike in sales due to closings that started during the holiday season. After the New Year, we tend to see those contracts close as home buying and selling activity rises,” said Lisa Hill, Orlando Regional REALTOR® Association President. “The Orlando housing market continues to look positive as we look ahead to a strong spring selling season.”

Market Snapshot

• Interest rates increased from 6.1% in January to 6.4% in February. This is 64.5% higher than February 2022 when interest rates were 3.9%.
• Pending sales increased by 21.2%, from 3,453 in January to 4,184 in February.
• 22 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in February. That represents a 57.1% increase from January, when 14 distressed homes sold.

Inventory

• Orlando area inventory decreased by 9.2% from January to February – from 6,115 homes to 5,555 homes. Inventory in February 2023 was 140.2% higher than in February 2022, when inventory reached a record low.
• The supply of homes decreased to 2.48 months in February, down from 3.65 months in January. A balanced market is six months of supply.
• The number of new listings decreased from January to February by 3.1% – from 2,911 homes to 2,820 homes.

ORRA’s full State of the Market Report for February can be found here.

Access Teri’s one-stop Orlando FL home search website.Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By: www.orlandorealtors.org