According to Orlando Regional Realtors Association (ORRA), "listings spent an average of 52 days on the market until contract in February 2021, a drop of 10% from February 2020." This stat helps showcase just how quickly homes are selling in today's low-inventory market.
Stats like these are being seen across the nation. Near the end of 2020, the National Association of Realtors (NAR) reported "it takes approximately 21 days for a home to go from listing to a contract in the current housing market. A year ago, it took 38 days." In Florida, homes stayed on the market for about 16-30 days according to DaveRamsey.com.
So what does all of this mean in the Real Estate market? And particularly, what does it mean for home buyers and home sellers? Here's a closer look:
Part of the reason homes are selling so quickly has to do with the amount of homes available for sale overall. For example, in the Orlando area, ORRA reported that the number of homes for sale is down 50% in February 2021 compared to the same month last year. According to Florida REALTORS, 71% of homes sold last month were 'on the market for less than a month,' and the numbers of homes available for sale dropped by almost 49% compared to the same time last year.
This means more buyers are competing for the same homes, and buyers are having to act quickly when they find the home they want to put an offer on. Florida in particular is experiencing an influx of out-of-state buyers (learn more here), adding even more to the buying competition for home inventory.
If you're a buyer searching for a home, it's important to start the buying process with getting pre-approved. That way, when you find the home you'd like to purchase, you're ready to make a strong offer and avoid missing out to the next buyer. Click here to learn more about getting approved and meet our preferred lender, Lendello Mortgage.
Remember, it may also be necessary to be flexible when it comes to your home wishlist. With a limited number of options to choose from, it might not be possible to find a home with every feature you've ever hoped for. So, make a list of your top non-negotiables and be prepared to make an offer once you find the home that best fits your top must-haves.
Overall, it's important to enlist the help of a trusted Real Estate professional through the process. They will help you navigate the unique state of the market from finding the right home to placing a strong offer and reaching a successful closing. Find the perfect REALTOR® for you.
For sellers, it may seem like you're in the perfect position to get top dollar for your home with little to no effort, but there are still a few key items to keep in mind for a successful home sale.
First, while homes are selling quickly, it's still important to price them correctly when putting them up for sale. According to DaveRamsey.com, "overpriced homes scare away buyers and keep your home sitting on the market too long." Working with an experienced agent can help make sure you're putting the perfect price tag on your home, considering market conditions, your home's unique features, and more. DaveRamsey.com also adds, "agents know how to correctly compare your home to similar homes that recently sold in the area to help you price it right from the start."
Second, make sure you have a strong marketing strategy in place to attract the right offers. Put your home's best foot forward with professional photography, videography, and/or virtual tours to showcase it in the best possible light and earn the attraction of its next buyer. The right online promotion, listing distribution, and home preparation for showings are just a few of the key items for making sure your home earns the offers it deserves and gets in front of the right buyers.
A local expert and professional REALTOR® can ensure your home has the right marketing strategy. Additionally, they can help navigate incoming offers and ensure the transaction goes smoothly from listing to closing. Overall, entrusting your home sale with a professional is the easiest way to a successful sale, even in today's low inventory market.
Sources:
- https://www.nar.realtor/blogs/economists-outlook/november-2020-existing-home-sales-pace-slows-to-6-69-million
- https://www.daveramsey.com/blog/housing-market-forecast
- https://www.orlandorealtors.org/housingmarketnarrative
- https://www.floridarealtors.org/news-media/news-articles/2021/03/buyers-rush-lock-low-interest-rates
- https://www.daveramsey.com/blog/5-no-cost-tricks-to-sell-home-faster