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Fed Raises Interest Rates a Quarter Point as Expected

July 27th, 2023 by tisner


Observers looked for clues on whether the Fed will raise interest rates again later this year, and the Fed seemed to imply it was likely, but not a sure thing.

WASHINGTON – The U.S. Federal Reserve on Wednesday raised its benchmark interest rate by another 0.25 percentage point following a pause in June, recognizing the need to do more to contain inflation.

The increase, announced after a two-day policy meeting, brings the federal funds rate, which banks charge each other for overnight borrowing, to a new target range of between 5.25% and 5.5% — a 22-year high.

This is the 11th hike since March 2022, when the U.S. central bank raised the key rate from near zero. At the June meeting, the bank’s policymaking Federal Open Market Committee left the rate unchanged following 10 consecutive increases, saying it wanted time to assess the effects of its past decisions and labor market figures.

At the time, Fed Chair Jerome Powell also said the pause was needed to examine any fallout from the banking turmoil that shook the U.S. financial system earlier this year, while noting that most of the central bank’s policymakers viewed additional rate hikes as necessary later this year to cool down the economy.

Inflation in the United States has declined considerably since it peaked last summer at 9.1%, a level unseen since more than four decades earlier.

Although inflation also broadly slowed in June, with the consumer price index rising 3% from a year earlier to register the smallest increase since March 2021, it is still far above the Fed’s 2% target.

Moreover, economic data have shown that the U.S. labor market remains robust. Citing income gains, the International Monetary Fund earlier this week revised upward its 2023 growth forecast for the United States to 1.8%, compared with the 1.6% projected in April.

Economists and investors are keen to find any clues as to whether the latest hike will be the Fed’s final move this year in its inflation fight. The Fed has ruled out the possibility of cutting the key rate anytime soon, but it has become increasingly careful not to set the stage for the world’s largest economy to tip into a recession by raising the cost to borrow too much.

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: floridarealtors.org

How to Have a Pet-Friendly Home!

July 25th, 2023 by tisner

The addition of a pet to a home is one of the biggest and best decisions a family can make.  Is your home ready for the task? Follow these tips for making your home pet-friendly. 

Outside 

  • A safe environment is as important for a pet as it is for children.  The first step in keeping them safe is a fence.  Not only does it keep your pets in, it keeps others’ animals out. 
  • Have an ID tag on your pet’s collar, with your name and contact information just in case they do get out.  Having them microchipped is an excellent option for identification purposes. 
  • When house-training, encourage your pet to use a specific area of the yard for easy clean-up, keeping the smell away from the house.
  • A pathway to the door of gravel, cement, or other materials that aren’t plant-based will help knock off any debris that catch on paws before they come in. 
  • If your animals have to stay outside when you are away for a short time, make sure they have shelter, food and, most importantly, water. 
  • A play area in your yard would be great for dogs, especially, but make sure you have paths they can walk and run on, and nothing hazardous to them if they get too excited in their play. 
  • Incorporating a water feature that doubles as a pet-friendly cooling-off spot is perfect for Summer outdoor play for your pets. 
  • Consider the plants in your landscaping, and make sure you have nothing that can make your pet ill if they ingest it.  A great list of poisonous-to-animals plant list: https://www.aspca.org/pet-care/animal-poison-control/toxic-and-non-toxic-plants  
  • Make sure window screens are secure when you open them, in case Kitty wants to enjoy a nap in the open area–you don’t want her falling out of the window. Investing in a “cat condo” would be ideal for indoor cats to enjoy the outdoors safely. 

Inside Your Home 

  • When looking for safety hazards, you should have an animal’s eye view.  Have someone get onto the floor and look for wires, window treatment cords, and anything else that is hidden from a human’s view, but could be attractive and harmful for a pet. 
  • It would be ideal to have a pet-washing area in the mudroom, but if that isn’t possible, think about shelving or a storage cabinet near the door for towels, leashes and outdoor toys. 
  • A cat’s litter box should be in a quiet area away from food.  It would be optimal to have one more box than cats. 
  • Keep garbage in a container with child-proof lid, as dogs and cats both can figure out how to get into the trash and make a mess, and maybe eat something harmful. 
  • Area rugs should be machine-washable and inexpensive, in case you need to throw them away after multiple washing, or too much dirt. 
  • Crate-training is best for dogs, but most animals need a space of their own.  Provide a comfy pet bed, toys and food and water in a quiet area of the house. 
  • Keeping pets brushed, toenails trimmed, and bedding changed and washed regularly is essential in keeping you from doing a lot of extra cleaning and floor repairs.  A hard surface, scratch-resistant floor is perfect for homes with pets. 
  • Smaller pets that require their own habitat have specialized needs: safety from larger pets, child-proof habitat covers, a room with certain temperature and humidity setting. 
  • Check with your local municipality to see if you need permits for exotic pets. 

Having a pet of any kind is a big responsibility.  As they become part of the family, make sure you provide the best home, the same as you would for a relative.  When your pets are happy, it just adds to the sweetness that pets bring to life. 

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.

Photo credit: Pinterest

Orlando State of the Market June 2023

July 20th, 2023 by tisner


State of the Market

  • The median home price for June was recorded at $385,000, up from $378,000 in May. Median home prices have increased every month this year.
  • Median home price in June 2023 was close to June 2022, when it was recorded at $387,000.
  • New listings rose 7.1% from May to June, with 3,703 new homes on the market in June, compared to 3,459 in May.
  • Homes spent an average of 41 days on the market (DOM) in June, down from 45 days in May. This is 105.0% higher than June 2022 when homes spent an average of 20 days on the market.
  • Overall sales fell 0.8% from May to June. There were 3,124 sales in June, down from 3,150 sales in May.
  • June’s interest rate was recorded at 6.7%, up slightly from 6.6% in May.
  • Inventory for June was recorded at 5,450, up 5.8% from May when inventory was recorded at 5,149.
  • Inventory in June 2023 (5,450) was 0.2% higher compared to June 2022, when it was recorded at 5,437 homes.
  • “Now that we’re officially halfway through the year, Orlando’s housing market remains strong,” said Lisa Hill, Orlando Regional REALTOR® Association President. “June’s housing data is a strong indication of what the rest of the year will look like – we can expect to continue to see more inventory and great prices for homes, which is good news for buyers and sellers.”

Market Snapshot

  • Interest rates increased from 6.6% in May to 6.7% in June. This is 20.6% higher than June 2022 when interest rates were 5.5%.
  • Pending sales fell, with 4,304 in May and 3,964 in June.
  • 28 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in June. That represents a 33.3% increase from May, when 21 distressed homes sold.

Inventory

  • Orlando area inventory increased 5.8% from May to June. Inventory in May 2023 was 5,149 and inventory in June was 5,450.
  • The supply of homes increased to 1.74 months in June, up 6.7% from 1.63 months in May. A balanced market is six months of supply.
  • The number of new listings increased from May to June by 7.1% – from 3,459 homes to 3,703 homes.

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

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: www.orlandorealtors.org

Pros and Cons of Tiny House Living

July 18th, 2023 by tisner

Tiny Houses are really super cute and a lot less expensive than traditional size homes but there are a few things you might want to take into consideration before you decide to purchase a tiny house.  There are pros and cons to owing a tiny house and those are listed for you below for your review.

  1. Tiny houses  are typically no more than 100 to 500 square feet.  This may work perfect for you and your family if your family is rather small.  If however you have a large family a tiny house may not be the way to go.
  2. You can have a tiny house built for $15,000 however if you want that tiny house to have all the bells and whistles you may end up spending in excess of $80 to $100,000. Basically it will be up to you if you want to purchase a tiny house and “bling it out” so to speak or if you would rather take your money and purchase a large home that already has everything you desire.
  3. You may need to check with the zoning board in your area to see if a tiny house is allowed before you make a decision. If so, why not give a tiny house a go…if not, you can always put the tiny house on wheels and travel from state to state.
  4. If personal space is important to you then you may not want to even consider purchasing a tiny house. If you do decide to purchase a tiny house your lifestyle will change for sure.  If you don’t mind being in close proximity to your family then a tiny house may be just the ticket!
  5. A pro to living in a tiny home is that you won’t have very much space to clean.   If you don’t like spending a ton of time cleaning your house, a tiny home may be the place of your dreams!

These are just a few of the pros and cons associated with tiny house living.  In the end, it is your decision whether or not you want to purchase a tiny house and join the many others you have already done so.

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.

When to Buy? It’s Not Just an Investment Decision

July 13th, 2023 by tisner


People need a roof over their heads, making “home” a life necessity – and also, on the side, a good investment. As a result, buying sooner is better than later.

DAVENPORT, Iowa – For the vast majority of Americans, their home is their greatest lifetime investment. But as in all investing, timing is everything. The real advantage of putting money into homeownership is that you’re incented to ride this investment out through ups and downs, because not only is it an investment – it’s also the roof over your head.

Home prices make headlines when they reach extremes. In the mortgage crisis of 2008-11, housing prices fell sharply. Many homeowners looked at the decline and decided it wasn’t worth paying the mortgage when the home was now “under water” – worth less than the amount they owed on the mortgage. It was impossible to convince them that by walking away they were not only ruining their credit but also missing out on a future rebound.

By 2021, potential homebuyers were once again engaged in bidding wars and frantic efforts to snag a home from the competition. Prices soared, setting records, fueled by low mortgage rates. Just two years ago, 30-year mortgages rates were only around 3%.

Housing is a market just like stocks. Since we see stock prices reported every day, we are more aware of the swings. And it’s easy to liquidate a stock position at a very low cost. But home prices move in longer waves, though they are also impacted by the economy and interest rates.

Home prices hold up

Are we about to see another housing-price downturn? Despite a doubling of mortgage interest rates in the past year, home prices have remained fairly stable. In fact, the Case-Schiller home price index recently ticked up.

The popular explanation is a lack of supply. Anyone with a 3% mortgage isn’t going to sell and then finance a new home at the current 7% rate for a 30-year fixed mortgage. But builders are responding to demand, setting a 13-month high for new housing starts in May 2023.

Some of the froth is already out of the housing market. The home affordability index is near record lows.

And with fewer people able to afford a home purchase, rental prices remain stubbornly high. Ironically, higher overall housing costs are a key factor keeping the Fed active in raising rates to fight inflation. They may go too far in their rate hikes, causing a housing collapse.

The stock market doesn’t seem worried about a housing crash. InvesTech Research’s Jim Stack created a proprietary “Bellwether Bubble Housing Barometer” years ago. It consists of stocks whose revenue is primarily derived from the housing and construction sector.

That index peaked in 2005 – shortly before the housing bubble burst – and subsequently collapsed. Today Stack’s housing index is twice as high as in 2005, causing him to worry about future housing prices.

Buy or sell?

It’s important to put prices in perspective when considering a home purchase. Affordability depends on prices as well as on carrying costs (mortgage rates). But there are ways around those barriers.

Almost every state has a first-time buyer’s assistance program, many of which apply to borrowers who have not owned a home in three years. Check your state housing department, or search for them at Zillow or Rocket Mortgage. (In Florida, start with the Florida Housing Finance Corporation.)

These programs may come in the form of down-payment assistance or outright grants that do not have to be repaid. If you’re a veteran, check with the VA for rates as low as 5.8% for 30 years with no down payment, depending on the lender.

Historically, homeownership has been a significant path to generational wealth in America. Homeownership can create anxiety. But it’s no different feeling insecure about making the monthly mortgage payment from feeling insecure about paying the rent in tough times. And in the end, you have something to show for your monthly payments if you own your home.

Yes, a recession could drive prices down in your neighborhood, just like stock prices could collapse in a bear market.

But there’s one big difference between stocks and houses. If you pay “too high” a price for your house, you can live in it and ride out the cycle. And if you take on a mortgage rate that is “too high,” you can always refinance in the future. And that’s The Savage Truth.

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.

Source: www.floridarealtors.org,  Terry Savage

Understanding Home Equity Loans

July 11th, 2023 by tisner


When faced with the high cost of their child’s college tuition or home renovation, many homeowners use the equity in their property to finance it. How does that happen? There are two ways: a home equity line of credit and a home equity loan. Take a look at the differences between the two before signing on the dotted line:
  

Home Equity Line of Credit (HELOC) 

  • HELOCs are a second mortgage on the home, but instead of a lump sum, the homeowner typically has a five-to-ten-year “draw” period where they have access to the amount of the credit. 
  • During the draw period, some lenders allow interest-only payments on the amount, while some require principle-plus-interest payments. Either way, pay more than the minimum so the principal can be paid off before the repayment period. 
  • Once the draw period is over, repayment of what credit has been used will begin.  Keep in mind that these payments will be higher than the earlier amounts you’ve been paying. 
  • This line of credit can be used for anything but using it for large purchases or luxury vacations may not be a good idea; start a savings fund for those! Once the draw period is over and the homeowner cannot afford the payments, they could lose your home to foreclosure.  
  • In some cases, a lender will close the line of credit early if the borrower’s circumstances change.  If that money is used to pay their child’s college tuition, they will no longer have access to it, creating financial strain. 

 

Home Equity Loan 

  • Basically speaking, a home equity loan is a second mortgage on your home, which will be used as collateral by the lender.  
  • The lender usually bases the loan amount on the difference between the homeowner’s equity and the home’s current market value. Nerdwallet can help determine how much equity there is in a home. 
  • Most lenders allow homeowners to borrow up to 80% of the home’s total value; it depends on what portion is actually “owned.” In other words, a home that has a mortgage with an outstanding balance will have less equity than a house that has no mortgage. 
  • Unlike HELOC, a home equity loan will be paid out in a lump sum and comes with a fixed interest rate.  

 

While shopping for the best interest rates for these kinds of loans, be mindful of scams!  Stay clear of offers that come in the mail, ads that guarantee qualification, or “lenders” that request fees up front.  Know what to look for when applying for any type of loan, especially those that use the home as collateral. 

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.

Photo credit: CNN

A Guide to Yard Sale Success

July 6th, 2023 by tisner


Having a successful yard sale means putting some effort into your setup. Just tossing things on tables or in storage containers in the driveway may be easy, but if you truly want to get rid of unnecessary stuff plus make extra cash, you will want to follow these tips:
 

  • Make sure all items are clean and free of stains, tears, or breakage. Launder all washable items and wipe hard-surface items with a disinfectant wipe.  
  • Set prices low and at twenty-five cent increments so items move quickly and to help avoid bargaining with shoppers. Not pricing your items will take up your time at the sale and may turn some people away. 
  • Bundle miscellaneous items, such as jewelry, small toys, and other children’s items, or holiday decorations, in appropriately sized clear plastic bags. Sell the bundles of children’s items as “grab bags.” 
  • Have a “FREE” table for items that are not in the best condition. 
  • Check your lawn the day before: trim the grass, fill in any holes, and clean up after pets. Do not forget to have a clear “Not for Sale” sign on items not included in the sale. 
  • Display colorful balloons or other party decor to attract attention, play upbeat music in the background–make it a pleasant experience for everyone! 
  • Make sure shoppers have plenty of space to walk around and can get around safely. 
  • High-interest items and large/heavy items should be closest to the street to draw shoppers. This will also make it easier for buyers to load them. 
  • Place your “check out” in a way so people can pay on their way out. Get plenty of small change at the bank the day before. Keep your money in a fanny pack for safety and never leave it unattended. Accepting electronic payments by using Venmo or Paypal can help boost sales! 
  • As the day wears on, slash prices or have a “bag” incentive: whatever shoppers can fit in a grocery bag you provide is theirs for five bucks. 

When the day is over, schedule a pick-up by a non-profit that will take your things away for free. It may take a few weekends to prepare and organize for your yard sale, but keep in mind that decluttering and extra cash are your goals, and it will make the effort worthwhile.  

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.

Photo credit: Avery

Curb Appeal Mistakes To Avoid

June 27th, 2023 by tisner

If you currently have your house on the market, you may want to look over a few of the curb appeal mistakes that you might possibly be making listed below.   You may or may not have issues with any of the mistakes that are listed but if you do, we will tell you how to fix them so that you will be more likely to get folks interested in looking at your house.   Curb appeal can many times be the number one reason why a person decides to look at your house in the first place.  Be sure to do your part to make your home’s curb appeal work for you and you might find that you have an offer quicker than you were planning on.

  1. If your home is totally gorgeous inside but lacks curb appeal outside, no one may ever know just how beautiful your home actually is because they simply won’t want to come inside.  You need to make sure that the outside of your home matches the quality of the inside.  If your home looks fresh and new inside, make sure that you have fresh paint and landscaping outside.
  2. Even though you may have a trash pick-up service, many times when days get busy the trash may be overflowing. Do your best to keep your trash cans out of sight from those who may come to tour your home and also keep them empty if at all possible or at the least not overflowing with garbage.
  3. If you have recently starting doing a bit of renovations to the outside of your house, be sure to get those finished before you put your home on the market. You need to think about prospective buyers that may be driving by your house to get a glimpse of what it looks like and realize that no one wants to see a house renovation half completed.
  4. If you have a big sense of style that can sometimes get a bit crazy, now is the time to neutral that down a bit. If your front door is painted bright pink for example, you may want to cover it with some white or beige or even black paint before you put it on the market.  Just because you love hot pink doesn’t mean everyone does!
  5. If you don’t have a green thumb and therefore you haven’t done any landscaping to the outside of your home, it is time to at least plant a few bushes. Homes with no landscaping tend to be looked over when up against homes with a bit of landscaping.

These are just a few ideas to get you thinking of perhaps some curb appeal mistakes you may have currently at your home and how to correct the issues to help snag a sale.

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.

Maintaining Your Home’s Exterior

June 20th, 2023 by tisner


We spend more time inside our homes than outside, and regular cleaning and maintenance of the outside of our homes is not something we think of as often. Taking care of the siding of our homes extends its lifespan and keeps our homes looking great!
 

  • Warm water and mild detergent are your first defense in keeping any siding material clean. Use a long-handled brush with soft bristles, and working in small sections, scrub from top to bottom to avoid streaks.
     
  • Pressure washing is a great way to clean the outside but take care because you do not want to put a hole through vinyl or damage wood. Bob Vila offers a wonderful guide on the best use of a power washer for exteriors.
     
  • Inspect your siding before you begin cleaning. Take care of any problems as soon as possible to prevent further damage and costly repairs. 
  • All siding: check for water or insect damage, foundational cracks

  • Wood siding: look for peeling paint, cracked caulking boards, and trim

  • Brick: crumbling bricks or mortar, and foundational cracks

  • Vinyl: loose, warped, or cracked sections

  • Stucco: cracks and holes
  • Painting the siding does not have to happen often, it simply depends on the material: 
  • Wood siding: every 3-7 years, or every four years if it is stained

  • Aluminum siding: about five years

  • Stucco: every 5-6 years

  • Cement fiberboard siding: 10-20 years
  • Wood siding needs a little extra care for preventing insect and water damage. It should be treated with a sealer every two-five years, depending on where you live.
  • Tougher grime, such as mildew or algae, may need more than soapy water. Hydrogen peroxide and white vinegar will remove algae and mildew, and both are better alternatives for landscaping and your lungs than chlorine bleach. Peroxide cleaners are available in most home stores. 

While the home’s exterior is a large job to tackle, once it is done it will be easier to maintain over time. Regular inspection is more important, as the elements and other factors are always present. Proper maintenance and cleaning will not only add more life to the exterior materials, but it will also maintain the value of your biggest investment! 

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.

Photo credit: Freddie Mac

Orlando State of the Market May 2023

June 16th, 2023 by tisner


State of the Market

– “As we approach midway through the year, prices continue to rise and homes spend fewer days on the market,” said Lisa Hill,
Orlando Regional REALTOR® Association President. “The market cooled near the end of last year, but we have been on an upward
trajectory ever since. Many families prefer to save their moves for summer when the kids are out of school, so we will likely be in
for a busy selling season these next few months.”

– The median home price for May was recorded at $378,000, up from $370,000 in April. This is a $28,000 increase since January.
Median home prices have increased every month this year. Median home price in May 2023 was roughly the same as May 2022,
when it was recorded at $379,950.

– Overall sales rose 13.9% from April to May. There were 3,150 sales in May, up from 2,766 sales in April. Overall sales in May 2023
were 20.2% lower than May 2022 when there were 3,946 sales.

– Inventory stayed level – there were 5,148 homes in April and 5,149 homes in May. Inventory in May 2023 was 33.7% higher
compared to May 2022, when it was recorded at only 3,851 homes.

– Interest rates increased from 6.4% in April to 6.6% in May. This is 25.4% higher than May 2022 when interest rates were 5.3%.
21 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in May. That represents a 16.7%
increase from April, when 18 distressed homes sold.

– New listings rose 7.4% from April to May, with 3,459 new homes on the market in May, compared to 3,220 in April.

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

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: www.orlandorealtors.org

Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
700 Celebration Blvd
Suite 300
Celebration, Fl 34747

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