Orlando Housing Summer Market Update 2017

Orlando Housing Summer Market Update 2017


hey guys this is Jennifer with DeVivo
real estate team here in Orlando Florida and I’ve got your hot market summer
update so guys prices are up in May 7% the median price of a home in the
Orlando area is $218,000 sales are up 14% that
means over last May sales are up 14% and the big bombshell of this summer is home
inventory and if you’re out there looking for home I know you already know
but did you know that home inventory is down 17 percent that’s almost 20 percent
guys almost 20% less homes on the market today than there were last summer and
that’s making big summer waves so what does almost 20% less housing inventory
mean well it means that we only have 2.3 months of
housing supply on the market again that isn’t no new homes
came on the market it would take 2.3 months for the current
buyers to eat up all of the houses on the market and that’s really crazy it
gives us another crazy number that means this number is 30% of the
homes in the Orlando Florida area went under contract in seven days or less
guys and I know if you’re out there looking you’re on Zillow you’re on
Trulia realtor.com and you’re hearting that house and you’re like oh we’re
gonna go look at that tomorrow and bam midnight comes in it’s gone “wait a second honey I was going to show you this houses and it’s gone” that’s right guys
30% of the homes under contract in the Orlando area in seven
days or less so what does this mean for you if you’re a seller you’re sitting
pretty you’ve got the pick of the litter if you’re a buyer you are your grinding hard you’re looking for that house you’re putting in your offers for buyers
I would say put in your strongest best offer first right out the gate don’t
negotiate when can you negotiate people ask me this all the time if that house
has been sitting out there for 30 or 60 or 90 days that’s the time when you can
start negotiating if it’s a fresh house on the market zero to 21 days you need
to come in with your best offer just a quick update on a problem that we are
seeing in the market market conditions are really strong and what we are seeing
are a lot of low appraisals it’s kind of normal
sellers can kind of get what they want buyers are willing to pay it and
appraisers are constrained to be conservative they are going to do an
appraisal based on recent sales in the last 90 days
so that’s more of a historical look at a home value and that’s what you’ve got to
go by we have another video on why appraisers do what they do go ahead and
check it out in the YouTube channel but just be aware that this summer is kind
of the summer of low appraisals so if your buyer or your seller definitely
talk to your realtor about the possibility of a low appraisal and what
that might mean for you Realtors again I’m seeing them all over
the place with your realtor you need to have that conversation about how that
can impact a transaction right out of the gate so guys that’s it for our
summer market update if you’re having some difficulty navigating this market
you need some advice we are here for you we would love to help you buy or sell
your home my name is Jennifer De Vivo I’m with the De Vivo real estate team you
can find us all over social media go to our website Devivorealty.com, LinkedIn
Instagram, Facebook you can leave me a comment right here and in the youtube
video below and we’d love to reach out to you if you want to give me a quick
call or shoot me over text myself it’s 407-921-1310 again I’m Jennifer De Vivo with the DeVivo real estate team and we are lovin’ to
help you find your way home