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Tips for Making the Strongest Offer

March 29th, 2024 by tisner


Spring is here and people are on the move! Buyers and sellers are waking up from their winter blues ready for new. A new change of scenery, a new place, a new start. In today’s competitive market, finding your dream home is just the beginning. The real challenge lies in making an offer that stands out, ensuring you cross the finish line as the new homeowner. Here are some top tips to help you craft the strongest offer possible, putting you a step closer to turning that dream home into your own.

1. Get Pre-approved for a Mortgage

Before you start your home search, get pre-approved for a mortgage. This step is crucial as it shows sellers that you are a serious and capable buyer. A pre-approval letter alongside your offer can significantly increase its attractiveness, as it reduces the risk for the seller.

2. Understand the Seller’s Needs

Knowing what the seller wants can be as important as the offer itself. Some sellers prefer a quick closing, while others may need a bit more time to move out. Tailor your offer to accommodate these needs. A flexible closing date can sometimes be just as appealing as a higher offer.

3. Offer a Competitive Price

While it’s important to stick within your budget, make sure your offer is competitive, especially in a seller’s market. Your real estate agent can provide insights into the home’s value and suggest an offer price that is both attractive to the seller and fair to you. Sometimes, offering just a bit over the asking price can make your offer stand out.

4. Minimize Contingencies

Contingencies are conditions that must be met for the sale to go through, such as home inspections and mortgage approvals. While they’re designed to protect the buyer, too many contingencies can make your offer less attractive. Work with your agent to minimize unnecessary contingencies, but be careful not to waive essential ones that could protect you.

5. Increase Your Earnest Money Deposit

An earnest money deposit is a sign of good faith and indicates your serious intent to buy the home. By increasing the amount beyond what’s typical in your market, you can show the seller you’re committed. This act can make your offer more appealing without increasing your overall offer price.

6. Personalize Your Offer

A personal touch can sometimes make all the difference. Consider writing a letter to the seller, expressing why you fell in love with the home and how you envision your future there. This emotional appeal can resonate with the seller, especially if they have a strong sentimental attachment to the home.

7. Work with a Reputable Real Estate Agent

A skilled agent is invaluable in the home-buying process. They can provide market insights, negotiation expertise, and guidance on crafting a strong offer. Choose an agent with a good track record and one who understands your needs and the local market.

8. Be Ready to Move Quickly

In a hot market, time is of the essence. Be ready to view homes and make decisions quickly. The ability to submit a prompt and well-considered offer can be a significant advantage.

Making a strong offer on a home requires a blend of strategy, flexibility, and sometimes, a personal touch. By following these tips and working closely with your real estate agent, you can increase your chances of success in today’s competitive market. Remember, every seller is different, so understanding their unique needs and preferences can truly set your offer apart. Good luck, and happy house hunting!

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By and photo credit: blog.homekeepr.com

Fun and Inviting Outdoor Spaces

March 26th, 2024 by tisner


This time of year folks begin to get outdoors to do more around their homes because it is nice and warm outside.   It’s also a good time to do a bit of work outside the house and make your outdoor space more inviting and fun for family and friends.   Below is a list of ways in which you can accomplish this.

  1. If you already have landscape lighting, why not purchase a few fun colored lights to use in them for different holidays.  This will defiantly make your outdoor space a lot more fun.
  2. If you are getting tired of mowing your grass then you may want to replace your grass with a garden. You might want to add a garden of flowers or a garden of vegetables or even put in a koi pond.  Any of these ideas will help to keep you from spending your summer evenings mowing the grass all the time, therefore making your outdoor space more fun.
  3. If your patio furniture is old and outdated, now is the time to go out to purchase some that allows you to show your style more effectively. Outdoor furniture always makes outdoor spaces more inviting and fun.
  4. Adding a new doorbell to the outside of your home may seem like a small thing, however if you find a nice one that lights up the front door area it can do wonders towards making your home seem more inviting at night.
  5. If you don’t already have a swimming pool, summertime is a great time to add one. Not much can make your outdoor space more fun than a swimming pool for all to enjoy.
  6. If you do add a swimming pool why not go out and make it really fun and cool by adding an outdoor shower to the mix. This type of thing is pretty rare unless your home is at the beach, therefore your outdoor shower may quickly become the talk of the neighborhood.

There are so many ways in which to make your outdoor space more inviting and fun; these are just a few of them that you may want to try.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market February 2024

March 19th, 2024 by tisner

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year

 

State of the Market

  • Overall sales rose 26.5% from January to February. There were 2,174 sales in February, up from 1,719 sales in January. This comes after eight months of falling sales.
  • The median home price for February was recorded at $377,000, up from $360,000 in January. This comes after three months of falling median home price.
  • Pending sales increased by 17.8%, with 3,303 in January and 3,891 in February.
  • New listings rose 7.8% from January to February, with 3,799 new homes on the market in February, compared to 3,524 in January.
  • Inventory for February was recorded at 8,589, up 4.5% from January when inventory was recorded at 8,217.
  • February’s interest rate was recorded at 6.6%, up slightly from 6.5% in January.
  • Homes spent an average of 57 days on the market (DOM) in February – the same as in January.
  • “Super Bowl weekend is considered the unofficial kick-off to the spring homebuying season, and we definitely saw an uptick in the market this month,” said Rose Kemp, Orlando Regional REALTOR® Association President. “We had a lot of pending sales in January that finalized in February, causing home sales to jump as we approach this busy time for the market. Inventory and pending sales both increased from January to February, meaning we can expect to see another active sales month in March now that buyers have more options.”

Market Snapshot

  • Interest rates rose from 6.5% in January to 6.6% in February.
  • Pending sales rose 17.8%, with 3,303 in January and 3,891 in February.
  • 25 distressed homes (bank-owned properties and short sales) accounted for 1.1% of all home sales in February. That represents a 13.6% increase from January when 22 distressed homes sold.

Inventory

  • Orlando area inventory increased 4.5% from January to February. Inventory in January was 8,217, and inventory in February was 8,589.
  • The supply of homes fell to 3.95 months in February, down 17.3% from 4.78 months in January. A balanced market is six months of supply.
  • The number of new listings increased from January to February by 7.8% – from 3,524 homes to 3,799 homes.

ORRA’s full State of the Market Report for February can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Spring Maintenance Check List for Your Home

March 19th, 2024 by tisner


Spring cleaning has likely already become underway in your household.  What you may not have given much thought however is spring maintenance for your home.   There are several things that folks generally check around their homes before the winter months but there are also a few things you need to check in the early spring months.  Below is a spring maintenance check list for your home.

  1. Springtime means it is time to start mowing your lawn again.  If your lawn mower has been outside all winter due to lack of storage space you may need to do a bit of maintenance on it before you get it going.  Sharpening the blade is always a good idea before a new season so that you get a nice clean cut on the grass.  It’s also a good idea to check the oil on your lawn mower before beginning to use it for the warm season.
  1. Spring is a great time to check your house for worn paint areas such as your shutters.  If you find worn or chipped paint on your house what better time to fix that than in the typically perfect weather of spring.
  1. Be sure to check your crawl space vents for any debris that may have accumulated there over the winter months.  Also you want to keep your eye out for any animals such as snakes or rodents that may have made their home in your crawl space over the last few months.  Get rid of anything that doesn’t belong and repair anything that may be broken such as the vent covers.
  1. Get your flower beds and any garden areas ready for spring by cleaning out any debris that may have accumulated and trimming back any old growth.  It is also a good time to add mulch to your flower beds and fertilizer to your garden.

The above list of spring maintenance ideas is just a start in the right direction.  There is certainly much more that you need to do in and around your house before the summer time approaches.  Once you get started with these, you will likely find and think of more things that need to be done.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction

How to Decorate Your Home to Have an Island Feel

March 12th, 2024 by tisner


Let’s face it, many times when folks visit the islands they tend to not want to come home from such places.  This is the case typically because the beach is a very relaxing place to be with all the warm air, salt water and sunshine.   What if you could decorate your home to have an island feel?  There are ways to go about turning your home into a tropical oasis.  A few of those ideas are listed below for you.

  1. A good way to get started making your home feel like an island paradise  is by beginning to think outside of the box.  Do not be afraid of using bold colors in rooms in which you want to transform.  You can choose bold teal colors that mimic the look of the ocean for your family room then perhaps you can use some wallpaper in your kids’ bathroom that has sea creatures on it.  Don’t worry, as long as you keep it classy, not tacky, you will be able to get away with doing all sorts of wild colors and designs to achieve your beach house feel.
  2. Another way to decorate your home to have an island feel is to add some accessories throughout the house that help you achieve the look. Throw pillows with sand dollars and seahorses on them are a great start.  You can even use seashells you have gathered on your trips to the ocean to decorate with.  Putting some seashells in glass vases with a bit of sand in them is a great way to achieve beach décor.
  3. One way to give your home an island feel is to use a lot of candles that are scented with tropical scents.  Lighting these daily will help you to feel like you are on vacation when you are sitting in your own home.
  4. Lots of ceiling fans throughout your home is another way to create an island oasis inside. You can also use ceiling fans outside on your porch area to take the feel outside.
  5. Wicker and rattan is your friend if you want your home to feel like an island. Use it liberally.
  6. Using a lot of tropical plants to decorate the inside of your home is another good way to get the island feel you are searching for.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Tips for De-Cluttering Your Bathroom

March 5th, 2024 by tisner


De-cluttering
any room in your house can sometimes feel like a huge job to take on but for some reason de-cluttering the bathroom can seem to take on a whole life of its own.    Truth is there are many items in our bathrooms that we no longer use.   Take an hour or so to go through your bathroom with this list of tips for de-cluttering.

  1. The first tip to de-cluttering your bathroom   is to do what was just mentioned, take the time to go through your entire bathroom looking for items you no longer use.  If you haven’t used an item in the past week you should consider either getting rid of the item or at least finding a spot for it that will help to cut down on clutter in the bathroom.
  2. Another tip for de-cluttering your bathroom is to throw out old toothbrushes. Some folks may not know this but you are supposed to change out your toothbrush once every three months to keep it from forming bacteria.   If you want to keep your old toothbrushes you could do so and perhaps use them as cleaning tools in other areas of the house.  You might find that they are good for such things as cleaning in between tiles and other small areas that you can’t otherwise reach.
  3. Take a look in your bathroom medicine cabinet when de-cluttering your bathroom. If you find medications that have expired, go ahead and toss them in the garbage right away.
  4. Another tip for de-cluttering your bathroom is to toss out any old makeup or nail polish you may have stored away in a drawer.  Old makeup and nail polish will not work like it is suppose to so there is no use to keep it around.
  5. If you have a lot of half empty shampoo and/ or conditioner bottles laying around your bathroom you can use what is left in them to refill your soft soap container. Throw out all the old bottles once you have used their contents to help de-clutter your bathroom in a great way.
  6. If you have a lot of hotel soaps, shampoos etc, why not toss them into your gym bag and use them there to help make your bathroom less cluttered.

De-cluttering your bathroom is quite simple really; you just have to take the time to do it.  Once you do, I am sure you will like the clean fresh feeling you have as a result.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando Luring Residents from Miami, New York

February 23rd, 2024 by tisner


A growing number of in-state and out-of-state residents are moving to Orlando, drawn by the cheaper housing prices and attractive amenities.

ORLANDO – The City Beautiful is looking more attractive every day.

While Miami and Fort Lauderdale remain the top spots for Florida newcomers, Orlando is growing more attractive. Census data show that between July 2021 and July 2022 about 730,000 people moved to Florida, with the largest number of migrants from the millennial generation – many from New York and California.

Moving company Pods found that Orlando ranked No. 3 in long-distance moves in 2023, up from No. 9 in 2022. Census data show that more than 100,000 people moved to Orange County, where Orlando is located, between 2017 and 2021, and 50,000 of those movers were from other parts of Florida.

Orlando’s population has grown steadily to 307,573 in 2020, and the University of Florida’s Bureau of Economic and Business Research ranked the city No. 5 in terms of population change, with the addition of 19,415 residents from 2020 to 2023.

Homes in Orlando are more affordable than other cities at $394,950 on average, compared to $500,000 in Miami. A September 2023 Zillow report also found that Orlando ranked in the top six housing markets gaining the most value, rising 72.3% since 2019 to $382 billion as of June 2023.

Freddie Smith, a real-estate agent who moved from Los Angeles to Orlando in 2022, said Orlando is a big draw because there are cheaper homes than other parts of Florida with the same amenities. such as nearby beaches, entertainment and recreational opportunities.

“When it comes to people who can’t get a starter home in South Florida, they’re coming to Orlando. You can still grab one for $375,000-ish, maybe $350,000 if you’re lucky. That’s a huge difference compared to $700,000 in South Florida,” he told Business Insider.

Source: Business Insider (02/06/24) Pandy, Jordan

©2024 Smith Bucklin

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market January 2024

February 16th, 2024 by tisner

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year

State of the Market

  • New listings rose 46.3% from December to January, with 3,524 new homes on the market in January, compared to 2,409 in December.
  • Inventory for January was recorded at 8,217, up 4.8% from December when inventory was recorded at 7,838.
  • The median home price for January was recorded at $360,000, down from $367,250 in December. This is the third month in a row that median price fell. Median price has dropped $17,000 since October 2023.
  • January’s interest rate was recorded at 6.5%, down slightly from 6.6% in December. This is the third month in a row that rates have fallen.
  • Overall sales fell 13.3% from December to January. There were 1,719 sales in January, down from 1,982 sales in December. This is the eighth month in a row that home sales have fallen.
  • Pending sales increased by 32.4%, with 2,495 in December and 3,303 in January.
  • Homes spent an average of 57 days on the market (DOM) in January, up from 49 days in December.
  • “We closed out 2023 with the healthiest market we’ve had in years, and this made both buyers and sellers optimistic for 2024,” said Rose Kemp, Orlando Regional REALTOR® Association President. “Rates have begun to fall, and many sellers are happy with the equity they have earned in their existing homes. January data shows a spike in new listings as many buyers and sellers who had been waiting on the sidelines felt confident to enter the market and make a move.”

Market Snapshot

  • Interest rates fell from 6.6% in December to 6.5% in January. This is 6.2% higher than January 2023 when interest rates were 6.1%.
  • Pending sales rose 32.4%, with 2,495 in December and 3,303 in January.
  • 22 distressed homes (bank-owned properties and short sales) accounted for 1.3% of all home sales in January. That represents a 69.2% increase from December, when 13 distressed homes sold.

Inventory

  • Orlando area inventory increased 4.8% from December to January. Inventory in December was 7,838, and inventory in January was 8,217.
  • The supply of homes increased to 4.78 months in January, up 20.9% from 3.95 months in December. A balanced market is six months of supply. The last time the supply of homes was this high was January 2016.
  • The number of new listings increased from December to January by 46.3% – from 2,409 homes to 3,524 homes.

ORRA’s full State of the Market Report for December can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Settling in Your New Home

January 31st, 2024 by tisner


Moving is such a huge task, and not only takes a physical toll on you and your family, it takes an emotional toll as well. While those unpacked boxes are staring at you, it is very easy to feel overwhelmed, and wonder when the new house will feel like home
.  After making a few decisions, then getting to work, it will not take as long as you may think;  follow these tips! 

Before you move, think about how you want to set up and decorate your new home.  Here are a few factors you can focus on: 

  • If you love the layout of your current home, do the same in your new house as closely as you can.  Use the same furniture placement, arrange your focal wall close to what you are familiar with, and keep your kitchen arranged as you do now. 
  • Is there something you really dislike about where you are now? Switch things up in the new house for a completely different look that you love. Paint and furniture slipcovers go a long way if a total overhaul is not in the budget. 
  • Those who thrive on change are going to have an easier time of moving to a new place.  Many go from one decorating extreme to another: farmhouse rustic to sleek and modern or from mid-century decor to a cottage style.    
  • If it is in your plan to do any painting or other work, have that done before moving, or get it completed as soon as possible.  The longer it takes to unpack and put your personal things in place, the longer you will feel unsettled. 
  • Getting unpacked as quickly as you can; no one feels at home having to maneuver around boxes that are stacked up around the house. If there are storage items that need to be put away, get them in the attic. Some rooms can be set up easily, such as the kitchen and eating areas, as well as bedrooms.  
  • Forgo the take-out food after a couple of nights.  If you simply do not have time for cooking, at least seat everyone at the table with your usual dishes and silverware.  
  • Having younger children’s rooms arranged with all their favorites will help them settle in.  Is there a family clock that chimes the hour? Get it unpacked and chiming as soon as possible.  Whatever is an “expected thing” in your home, the sooner it is in place, the more comfortable everyone will feel. 
  • No matter the season, get your landscaping and outdoor items placed where you would like them. Personalizing with a monogrammed flag, your favorite flowers (in pots, as that is easier to care for after a recent move), and outdoor furnishings.  
  • Get into your normal routine as best you can, and if there are new jobs or places to be, go about them as you would have in your former home.  Keeping everything, you need for the everyday running of life in the same general way and area they were in before will make for some normalcy. 

Even if you are happy and excited about living in a new place, wanting to make it feel like home is important to everyone involved. Whether approached with a casual “whenever,” or a planned out unboxing and setting up, the comfort of home may take a few weeks or months to achieve.  Taking care of the little things will certainly get you on your way to feeling some home, sweet home. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market December 2023

January 17th, 2024 by tisner

Orlando Regional REALTOR® Association releases overall 2023 data, revealing that rising interest rates were the biggest factor affecting housing market in 2023, slowing sales and boosting inventory.

December 2023 Summary

State of the Market

  • “The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on
    buying a home amid rising interest rates,” said Rose Kemp, 2024 Orlando Regional REALTOR® Association President. “Interest
    rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue
    to be the biggest factor in the market.”
  • The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to
    2022 when the overall median home price was recorded at $365,000.
  • Overall sales in December decreased slightly – 0.7% – from November, with 1,982 sales recorded. Overall sales in 2023 decreased
    by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
    Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
    Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022.
    Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
  • In November 2023, inventory was recorded at 8,202 – 4.11 months of supply. This was the highest inventory in the Orlando area
    since January 2019. (The real estate market is considered balanced when there is 6 months of supply.) Closing the year, inventory
    was recorded at 7,838 in December – 3.95 months of supply.
  • Interest rates rose nearly every month in 2023. In October 2023, interest rates reached 7.8%, their highest point in more than 22
    years. Interest rates began to fall in the two subsequent months, closing out the year at 6.6%.
  • New listings dropped in December, with 2,409 new listings, compared to 3,188 new listings in November.

2023 Annual Market Recap

(Cumulative 2023 totals compared to cumulative 2022 totals)

  • The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to 2022 when the overall median home price was recorded at $365,000.
  • Overall sales in 2023 decreased by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
    • Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
    • Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022.
    • Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
  • “The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on buying a home amid rising interest rates,” said Rose Kemp, 2024 Orlando Regional REALTOR® Association President. “Interest rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue to be the biggest factor in the market.”

Market Snapshot

  • Interest rates rose nearly every month in 2023. In October 2023, interest rates reached 7.8%, their highest point in more than 22 years. Interest rates began to fall in the two subsequent months, closing out the year at 6.6%.
  • The average interest rate in 2023 was 6.8%.

Inventory

  • At the start of the year, inventory was recorded at 6,115 – 3.65 months of supply. Supply dipped in the following months before rising again.
  • In November 2023, inventory was recorded at 8,202 – 4.11 months of supply. This was the highest inventory in the Orlando area since January 2019. (The real estate market is considered balanced when there is 6 months of supply.)
  • Closing the year, inventory was recorded at 7,838 in December – 3.95 months of supply.
  • The average monthly inventory for 2023 was 6,243. The average monthly inventory for 2022 was recorded at 4,997.

ORRA’s full State of the Market Report for December can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month September be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

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