Bosley Team

Orlando housing market continues to grow!

The Orlando Real Estate Market numbers in a snapshot.

Housing Market update in Orlando for April 2024

Another month has come and gone, and the 1st quarter did as we expected. For the 3rd month in a row, the median price point has increased, coming in at $386,500; 2.5% higher than the previous month, and 5.9% higher than last year. Our current inventory is just shy of 9,000 homes and is the most homes for sale since July 2017. In July 2017, the interest rate was 4% and median price point was $220,000; a very different market than our 7% interest and $386,000 median price point. In spite of the affordability to get into a home being at an all-time high, our market continues to thrive with growth in many of the leading measures; including new listings, new contracts, pending and sales.

6 Things you can do today to help offset the challenges of affordability:

  1. Hometown Heroes – The state of Florida releases $100,000,000 on July 1st to first-time homebuyers.  This program can assist you with downpayment assistance, closing costs, up to $35,000 or 5% of your purchase price
  2. Pre-pay your interest rate.  You may have heard about 5 year ARMs (adjustable rate mortgages) or 3-2-1 buy downs.  These may be great solutions for you, TODAY, however, make sure that they are not based on “hoping” that the rates will reduce. Talk with a professional and put the numbers on paper
  3. Seller’s can offer concessions back to buyers to help in closing costs. Ask your REALTOR® if it is a good idea for you and add it to your offer.
  4. Higher downpayment.  This might be easier said than done, however, if you have cash, then you don’t have an interest rate
  5. Shop your insurance.
  6. If you are moving from another home in Florida, you can port over the equity that has built up in that home, and reduce your taxes.
Are you in the market to buy or sell, but are waiting for something to change?  What has to change for you?  The path is likely closer than you think. https://www.orlandorealtors.org/marketreports https://www.mortgagenewsdaily.com/mortgage-rates  

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