The Orlando housing market is experiencing unique challenges and opportunities this spring. Whether you're buying or selling a home, here are six tips to help you navigate this evolving landscape.
Pricing Is Key For Sellers
Setting the right listing price is crucial for sellers in Orlando's current market. Starting with an intentionally high price and lowering it later may backfire, as homes tend to generate more interest when first listed. By pricing appropriately from the start, sellers can attract buyers and potentially receive multiple offers, leading to the best possible outcome.
Selling Before Buying Can Minimize Risk And Cost
With high mortgage rates in Orlando, selling your current home before purchasing a new one can minimize risk and cost. Moving into a short-term rental after selling allows you to assess your financial position accurately before buying your next home. This strategy can also make you a more competitive buyer, as your offer won't be contingent on the sale of your current home.
Buyers Need To Come Prepared
With a limited inventory of homes for sale in Orlando, buyers must be prepared to act quickly when the right property becomes available. Getting pre-approved for a mortgage and locking in a rate early can help buyers compete in a competitive market. Additionally, buyers should consider potential increases in insurance and property taxes when determining their budget.
Consider Overlooked Homes
Don't overlook homes that have fallen out of escrow and are back on the market in Orlando. These properties may offer value for buyers willing to look past their previous status. Additionally, with fewer home flippers in the market due to high mortgage rates, buyers may find less competition for fixer-upper properties.
Don’t Delay
While mortgage rates are currently high in Orlando, waiting for rates to decrease may not be the best strategy. Timing the market perfectly is difficult, and delaying your purchase could result in higher rates and increased competition. Working with us can help you make informed decisions and navigate the market effectively.
Overall, the 2024 spring housing market presents unique challenges and opportunities for both buyers and sellers in Orlando. By following these tips, you can achieve success in Orlando's 2024 Spring/Summer real estate market.