To help clarify the current downtown Orlando’s residential real estate market, The Community Paper reached out to several local experts to help buyers and sellers make sense of the data and statistics that all the real estate sites boast: days on the market, median price and current inventory. While we can all try to make sense of these numbers, experts agree it takes local knowledge and the ability to add context and nuance to understand better how these statistics match up to your neighborhood’s buying or selling situation.
So what is it, a buyers or sellers market?
Becky Dreisbach, a Realtor with Anne Rogers Realty Group, and Rob Kurzreiter, a Realtor with Keller Williams Realty at The Parks, agree the market still favors sellers. Kurzreiter looks to the low inventory downtown, which sits at 2.7 months, meaning in the current market, this is how long it would take to sell every available listing.
Dreisbach emphasizes that values have stayed strong and inventory has increased, but not to the point of becoming a Buyer’s market. She added that homes sell quickly if they are priced correctly and are move-in ready.
With all those statistics, what should we laypeople focus on and place value on?
Dreisbach says to look at the median price in the immediate area but make sure you are comparing apples to apples. She emphasizes looking at specifics such as an updated kitchen and bathrooms, roof and HVAC age, and the electrical and plumbing. Once you do this, you need to understand what the specific neighborhood could support price-wise.
Kurzreiter looks at average days on the market and the average list-to-sales price ratio. And more importantly, he implores people to use a knowledgeable real estate agent who can place the stats into a good current context within a constantly changing market. He says agents can then use their street-level knowledge to convert and analyze all this information into a successful action plan to strengthen your buying or selling position in the residential real estate market.
What about the elephant in the room the Fed and their continued raising of interest rates?
According to NerdWallet, a 30-year fixed mortgage sat at 6.92%, while a 15-year fixed was offered at 6.09% on June 20.
Vincent Amore, a branch manager with Trustco Bank, reported that the 30-year conventional fixed-rate mortgage with a 3% to 10.5% down payment is their most popular mortgage loan. Interest rates have affected buyers, and we have seen a small lower tick in volume. However, the demand for a mortgage is still very much intact, he said. If you find a home that meets your needs, Amore shared that it typically takes 30 45 days from the day of application to closing.
The experts offer savvy advice.
Kurzreiter encourages people to avoid online discount services or for-sale-by-owner models. There is now too much risk of missed opportunity, which almost always comes at a cost.
Both Realtors emphasize building a team that should include the real estate agent, inspector, lender, title company, homeowner insurer and financial planner.
Dreisbach reminds buyers and sellers that hardly are two closings ever the same. Hence, building an expert team to help you navigate this monumental purchase or sale is critical.
Finally, Amore encourages people to shop around for their mortgage. Find the best product for your financial situation [and] do not always go for the first option.
Article on The Community Paper
