Is it still a buyers market in Orlando, FL? You bet it is, but the buyers market is not the same across the board. And First Time Home buyer market is moving closer each month to a balanced market with certain price points already back in the sellers market territory. Dont get me wrong I dont think pricing is going any in the upward movement however it does mean that your offers need to be realistic and understand that a good home with a good price tag will move very quickly.
So your probably scratching your head thinking this Realtor is crazy and just trying to get me to buy. I don't blame you for thinking that, but keep reading and lets find out what the numbers mean.
"Buyer's", "Seller's" and "Balanced" Markets
There's a universally-accepted and used formula for determining whether it's a "buyer's", "seller's" or "balanced" market...
- more than 6 month's supply = buyer's market
- 5 to 6 month's supply = balanced market
- less than 5 month's supply = seller's market
The "month's supply" is determined by comparing the overall supply, should no new houses come on the market (active inventory)to the demand (homes going under contract/selling). So let's look at the supply and demand in Seminole & Orange County
As you can see the homes under the $50,000 have already moved into the sellers market and the First Time Home Buyers market is teetering close to that balanced market, but as you can see there is a large jump from the $250,000 price point and even larger supply in the luxury area with over 7 years supply.
Orlando area sellers this means if you want to sell you can but you have competition price accordingly and you will find a buyer. Buyers depending on price range you might need to move quickly on a home that you like and not get as aggressive with discounting the price.
If you are looking for a Seminole & Orange County Realtor who understands the area's market and absorption rates and can help navigate and educate you on the local market give Heather Joubran a call today.
Email Heather@HeatherTheRealtor.com or call/text me at 407-810-6304
Heather Joubran, GRI, NRBA, CLHMS, CDPE
RE/MAX Central Realty
www.HeatherTheRealtor.com (407) 810-6304
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden
It's going to be a buyers market in Orlando/Mid Florida for quite a while...
I have listings there...
Buckle up!
Happy Easter!
Nice post. Usually when you ask this kind of question the market is turning. Interesting as the same is happening here. The first time credits are turnig the below 150k homes into sellers markets
Hi Luke maybe you need a new agent to handle your listings. Even my over $400,000 listings are selling right now in less then 2 months. My sales have been amazing the past few months. Of course if you picked up a condo conversion you would be SOL.
Thank you Charlie I just think that buyers are stuck in an old mind set and while we have a while before the entire market is on the same pace, the first time home buyer market is really turning.
We're still in a strong buyer's market in the Daytona area, but the lower priced listings are definitely moving faster. Ironically though, I had not heard of this "universally accepted" formula before. Overall, when looking at the mass of all listings in our MLS, compared with the rate of sales, we have over 2 years of inventory. It changes when broken down by city. And I've been doing market reports comparing listings vs sales. But I haven't done any in the format you used. And I like yours. I'm going to have to take a look from this perspective. Thanks for the good idea.
THANK YOU. Great post. Most people don't know that anything under $150K here in the Orlando area is going for market value and you will NOT get that $150K house for $75K. But, there are plenty of people out there that think that the house that sold for $300K two years ago will sell for $100K now. The banks are NOT accepting the offers that are ridiculously low, especially since most of the homes under $150K are getting multiple offers if priced correctly.
Anyway, cool post. :)
This is a very positive post. I have been reading many posts from the greater blogosphere in the past week or so that seem to indicate business is up. Whether this means an end to the buyer's market is obviously determined by your local (and hyper local) market. I am very encouraged that the numbers are moving in a positive directions. Great post.
Great post I wish are home sold in your price range. Our avg is 130's Have a fantastic 2009
Scott
Heather,
I believe the market is making the turn in lots of areas. We've seen an increase in traffic.