Recently this month, Orlando Sentinel published an article that many of us in the trenches of the Florida housing market can relate to. The article, aptly titled Frustrated House Hunters Give Up on Buying a Home in Orlando mirrors the experiences of many right now. The story focuses around every day people who have made the attempt to purchase homes in the Orlando area. Some struggled because their financing (FHA, First Time Home Buyers, etc.) made it impossible to get their offers accepted. Some found it impossible to find homes in their price range that met the loan requirements. Others were simply priced out of the market as the price gap continued to grow.
The frustration is real and understandable. While some have given up, others are riding out the market with the hope of better days to come. This begs the question. When is Orlando’s housing market going to cool off?
Signs of Hope
Another article published in the Orlando Business Journal this month, Orlando Housing Market Shows Signs of Leveling Off; But Prices Continue to Rise, provides us with hope mixed with a dose of reality. Staff Writer, Alex Sodestrom explains that while this July brought the Central Florida market further price escalation and quicker sales than previous months, it also gave us a decrease in the total number of sales and an increase in inventory. Inventory in Orlando is now on its third straight month of rising. This leads many experts to believe the market is gently cooling down.
We are seeing the housing market start to level off from its peak, but that doesn’t mean it’s less competitive.Natalie Arrowsmith, Orlando Regional Realtor Association President
Unfortunately, there is still currently only a three and a half week supply of homes listed, far below the six month supply needed to maintain a balanced market. Because home inventory is still lower, prices continued to rise.
Right now, it seems like a cooler market is something that will take more time. However, the consistent increase in inventory and decrease in total sales is a bright sign for future buyers. In addition to this, many Florida real estate agencies have reported gradual decreases in bidding wars over the past two months. Upon checking Orlando and Clermont homes on Realtor.com and filtering by “Price Reduction”, I can see more homes that have lowered their prices recently than when we first started our home search in May. Change is happening, just slowly.
Don’t lose hope if you’re still wanting to purchase a Florida home. Even if you’re not quite ready, our Moving to Orlando REALTORS are here to help you keep an eye on the market and prepare for your home purchase. Take a moment to fill out our contact form, and someone will be in contact with you!