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Today, we’re going to discuss the current state of the Central Florida real estate market.
The Central Florida market is hot. It’s a great time to buy and a great time to sell! If you have any questions, give us a call or send us an email. We would be happy to help you!
Over the last 12 months in Florida, we’ve seen almost a 10% increase in home values. Here in Central Florida, we’ve actually seen more than a 12% increase in value. A year ago, the median sales price was $165,000, and now we are closer to a $190,000 median sales price. That’s incredible! Not only have home values increased, another 9% increase in home value is projected for 2016.
Right now, the market has extremely limited inventory. A normal real estate market has a 6 to 7 month supply of homes. In our current market, we only have 4.5 months of inventory on the market. That’s part of why new construction is popping up everywhere. There are more buyers in the market than sellers. If you’ve been on the fence about selling, now is the time.
On the buyer’s side, interest rates are still hovering around 4%. It’s still a great time to buy. We can do an in-house buyer consultation to go over what you’re paying in rent versus what you would be paying in mortgage. In some cases, it is less expensive to make mortgage payments than rental payments.
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