Current market conditions encourage buyers to act now
As existing Orlando-area home values continue to climb, Winter Park Realtor Scott Hillman says we can expect to see more undecided buyers moved to making purchase decisions, while overall market conditions remain favorable which will, in turn, reduce existing inventory.
“On the surface, the upward trend in existing home values would appear to hurt affordability, but in actuality it moves buyers who’ve been sitting on the fence to pull the trigger and make purchases while prices and market conditions remain favorable,” said Hillman, president of Fannie Hillman + Associates, recognized as one of Central Florida’s top residential real estate brokerages, and a leader in the sale of luxury lakefront homes.
Median sold prices of existing homes in Orange and Seminole counties have grown nearly 10.6 percent in the first five months (January-May) of this year, and are up 13.3 percent over the median sold prices for existing homes in that same five-month period last year, Hillman said.
In addition to rising prices, another indicator of market strength is current inventory, which totaled 5,614 homes on May 29, a robust 54.8 percent reduction of the 12,422 homes that were on the market on May 31.
Add to those factors record-low home loan rates averaging 2.97 percent for a 15-year, fixed-rate mortgage and 3.75 percent for a 30-year, fixed-rate mortgage on May 31, according to a Freddie Mac report.
For more information call 407-644-1234, visit their office at 205 W. Fairbanks Ave., or log on to the company’s website at fanniehillman.com
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