With October's real estate market update, Realtors® like myself are seeing home prices take a slight dip, which is something homebuyers will be interested in. You'll also remember that we mentioned interest rates might be on the rise as early as the beginning of 2015, so it continues to stay true that now is the time to buy or sell.
Higher interest rates can have a negative impact on home affordability. They can slow down price increases for sellers while reducing the amount of money a buyer has to spend due to these higher interest payments. Current interest rates are still at historic lows, making it the perfect time to get in the Central Florida real estate market, whether as a buyer or a seller.
We hope our monthly market updates (including our September 2014 market update) help with your real estate needs when it comes to buying or selling your next home in Central Florida.
In the Orlando region (Orange, Osceola, Seminole and Lake counties), the median sales price decreased by $6,162 compared to last month, coming in at $156,763 for October 2014. While the average price is decreasing, buyers are still coming off the sidelines and into the marketplace looking for their piece of the American Dream. Home prices are down, but the number of available homes are up. There are currently 14,2136 active homes on the market in Central Florida. If you are considering buying a home, contact an Accredited Buyers Representative (ABR) now to decide if this is the right time for you to buy your first (or next!) home.
