The Orlando real estate housing market for August 2013 saw:
- Mortgage rates increase 1/8 of a percent from July 2013, (7/8 of a percent increase vs 2012)
- Inventory increase almost 6% above July 2013 and days on market increasing as well
- Inventory in August 2010 saw a peak above 16,000 homes for sale, near double current 8,576 homes currently for sale
- Properties under contract and active with contract have decreased, to me…, signaling short sales are less impressed on current stats
For the past 3 months, many of the buyers I have been working with, whom are very budget minded and are looking for the deal of 2012 (yes I mean 2012) I have told that September thru December will likely hold a better chance of them finding a better deal as demand will slow and opportunities will arise for sellers who are forced to sell and didn’t have the opportunity to reap the benefits of the Summer rush in real estate.
I still believe this to hold true, with the same caveat I gave them, which is that there is the potential that increased interest rates will affect their buying potential, but if so, this will affect everyone not just them.
I also must add, that many sales are still being done in a cash only status, meaning the cash buyers are dominating the market, and this is one of the major reasons for increased market values, as many cash buyers remove the financing contingency of appraisals, and forego appraisals all together, and from my research and my personal opinion, this is often to their dis-advantage as I believe many of them potentially overpaying 2% to 5%. This could easily be due to competition at the time of the offer, but all the same this has assisted in the Orlando housing market value increases. Especially considering that the cash purchases in some areas have made up to 40% of the sales in particular areas.
For those ready to buy or those just starting their research, feel free to visit our Orlando Homes For Sale pages and give me a call when you are ready….. we’ll be here!