Don’t wait to buy if you’re prepared to make a move in this market.

The real estate market in Central Florida is constantly changing, and there are some recent developments that we want to discuss. In this article, we'll give you an inventory update, talk about recent sales, and discuss some predictions for the future of the market.

Inventory

As of January 2023, our inventory has decreased by a few hundred units. This is the second month in a row that we've seen a decrease in inventory compared to the previous month. The decrease in inventory could be due to many factors, including sellers taking their homes off the market or fewer new listings becoming available.

Sales

Sales have decreased significantly from last year. In January 2022, we had over 3,300 sales in Central Florida. In January 2023, we only had a little over 1,600 sales. The decrease in sales is likely due to the increase in interest rates from this time last year. As rates increase, it becomes more difficult for potential buyers to afford a mortgage.

“If you are ready to buy now, waiting for rates to drop may hurt you in the long run.”

Predictions

Many experts predict that interest rates may decrease in the coming months. Some are predicting that rates may dip down into the 5% range. If that happens, it could cause a flurry of activity in the market. Many buyers are currently waiting for rates to drop before they make a purchase.

However, if you are ready to buy now, waiting for rates to drop may hurt you in the long run. Currently, sellers are motivated to sell their homes because sales are slow. They are negotiating on price, concessions, and repairs. If rates dip down and force buyers back into the market, it could result in multiple offer situations, where buyers have to bid over asking price and sellers are less willing to negotiate.

If you are interested in buying or selling a home or have any questions or concerns about the market, please feel free to give us a call at (407) 499-8993. We are here to help you navigate the market and make the best decisions for your situation.