What questions do real estate agents receive on a regular basis?
- How is the market?
- Is this a buyer’s market or a seller’s market?
These questions can come from family and friends or complete strangers. Throughout the last few years…the first question was usually asked with a sluggish, puppy-dog face, as if to say, “Gosh…I really hate to ask…but…I’m so sorry…how is the market?” However, in the past few months, the market is on the rise and homeowners, homebuyers and real estate agents are all turning their frowns upside-down. So…how IS the market?
- Orlando home sales (all home types combined) in February 2013 were up 11.54 percent when compared to February of 2012 and up 9.33 percent when compared to January 2013.
- The median price of all existing homes combined sold in February 2013 — $133,000 — is an 19.82 percent increase from the $111,000 median price recorded in February 2012.
- There are currently 7,183 homes available for purchase through the MLS. The February 2013 overall inventory level is 22.37 percent lower than it was in February 2012.
- Of the 2,203 sales in February, 1,195 normal sales accounted for 54.24 percent of all sales, while 521 bank-owned and 487 short sales respectively made up 23.65 percent and 22.11 percent.
- Average mortgage interest rates continue to dance between 3.0-3.5%.
So…what does this mean for ME? Is this a buyer’s market or a seller’s market? Most real estate agents and industry experts will tell you that this is a historic time…for both buyers and sellers. As shown above, homes are selling…for almost 20% higher prices year over year…inventory is extremely low leading to fast sales and, at times, multiple competitive offers. So, this is a seller’s market, right?
However…traditional sales are on the rise, meaning smoother, easier and quicker transactions…interest rates continue to remain historically low…new borrowing programs include ZERO down and 3.5% down options. So, this is a buyer’s market, right?
There is no right or wrong answer here…as you can see, it is BOTH…a historic time for both homeowners and homebuyers alike.
How can I help you make this a seller’s market? How can I help you make this a buyer’s market? How can I help you make this YOUR MARKET?