Is now a good time to sell your home in Central Florida?
We've experienced many changes in 2020, and you may be hearing a lot of different insights about the state of the current Real Estate market.
Is now the time to sell? Is it still a sellers market? How do the current market numbers, inventory levels, and interest rates affect me as a home owner? Is it the best idea to sell now, or should I wait?
These are the questions that may be top of mind for you as a Central Florida homeowner, especially if you've been considering selling.
Here's a look at the top items to keep in mind, and what to know about selling your home in 2020:
Home Prices Inventory, and Days on Market:
Currently, we are in a sellers market. But how is that determined and what exactly does that mean for a homeowner?
As of July 2020, home prices in Central Florida are trending up. The median sales price has increased month over month and year over year, with a median sales price of $265,000 for Central Florida in July 2020. According to Florida Realtors, the median sales price for Single Family Homes was up by 4.4% in June 2020 from June 2019.
Additionally, homes are selling fairly quickly in this current market, selling in just 52 days on average between April and June 2020 for all of Central Florida.
Let's look at the local numbers broken down by market:
- Homes in Lake & Sumter Counties were selling in about 63 days from April to June 2020 with a median sale price of $245,000, increased from $231,900 year over year.
- In Orange County, the average days on market was 45 with a median sale price of $287,250 from April - June 2020, also up from $268,000 in 2019.
- Volusia County had an average of 62 days on market and a median sales price of $224,000 in the same time frame, another increase from $204,900 from the previous year.
Throughout Central Florida, there were 10,980 homes for sale in July 2020, a decrease from 13,912 at the same time last year. According to the Orlando Regional Realtors Association, in July of 2020, 'inventory fell to its lowest level this year.'
Additionally, Florida Realtors stated that "selling prices have continued to trend upward as buyers find too-few available homes for sale. In the second quarter, the median price for a Florida single-family home was ... 4.7% higher year-to-year." The resource also stated that "There’s never been higher demand for your home" for Florida homeowners.
So what does this mean for you as a seller?
The current lack of inventory, demand from buyers, and increasing sales prices for Central Florida homes has created this 'seller's market,' and right now may be the perfect time to sell your home. Also, in this market, you might also be surprised to learn how much equity you may currently have in your home.
However, the market and economy are changing daily, and the concern for potential foreclosures is there. This current market might not last for long. If we see an increase in inventory due to foreclosures, and a decrease in buyer demand due to the economy and unemployment, we could see a potential softening in price and decline in the market.
Though we're currently seeing buyer demand and favorable market conditions for sellers, ultimately, each home and circumstance is unique, and the current seller's market could change any day. While now may be the perfect time to sell, you may also be concerned about where you'll buy next if you do decide to sell.
Will I Find Somewhere to Move?
You may be thinking, 'where will I move if I sell now,' or that you're not quite ready to make a move yet, but are interested in taking advantage of the current market conditions for selling your home.
If you sell now, you'll also be taking advantage of the market's current historically low interest rates when it comes to buying your next home, saving you even more money overall longterm. Learn more about interest rates and the state of the market for buyers here.
But what about finding the next home that's right for you? New construction may be an option. According to the National Home Builder Association, “Single-family construction is benefiting from low interest rates and a noticeable suburban shift in housing demand to suburbs," stated their Chief Economist.
As we're seeing shift in what home buyers are looking for in their next homes, communities in suburban neighborhoods are increasing in popularity, and the ability to customize a home to changed needs and wants is a plus. See more on the latest in home preferences from home buyers in 2020.
Additionally, with the current state of the strong seller's market, you may have a variety of options when it comes to the condition of the sale of your home. For example, you may be able to sell your home with the condition of renting your property back from the new owner until you find your next home.
Of course, each market and community is different when it comes to availability, prices, home options, and the right selling options for you. Speaking with a local expert about your home needs is the best way to determine your right move. Overall, if you've considered selling making a move now could be financially beneficial to you long-term, considering current market conditions and interest rates.
Selling Safely During COVID-19
You may also be concerned about the safety of selling in the midst of COVID-19.
The good news is that with today's technology and resources, there are a number of way to safely sell your home without having to open it up to a large number of showings.
Virtual 3D home tours using matterport technology allow prospective buyers to walk through each room of your home virtually from wherever they are. Learn more about our 3D Home Tour program for selling your home.
Additionally, with the use of professional photography and videography, your home can shine online and allow interested buyers to get a feel for your home before even stepping foot inside. Professional REALTORS®
can also make use of FaceTime, Skype, or Zoom technology to host personalized tours or open houses. There are a number of options when it comes to showing your home while limiting the number of people visiting in person.
can also make use of FaceTime, Skype, or Zoom technology to host personalized tours or open houses. There are a number of options when it comes to showing your home while limiting the number of people visiting in person.At ERA Grizzard, we've implemented a number of virtual options and safe showing practices to best serve our customers by bringing the home search and selling process to them, keeping their success and their safety as the top priorities. Learn more about our Virtual options.
To Sum it Up
Ultimately, the best place to start is to speak with a professional for a valuation of your home and a market analysis from a local REALTOR® on your area to determine the best move for you and your unique circumstance.
on your area to determine the best move for you and your unique circumstance.Overall, with the current market conditions, if you're a Central Florida homeowner thinking of selling, now may be just the right time.
Interested in learning more on the market conditions or the right Real Estate move for you?
Talk to a professional for more on your specific seller needs:
Up Next:
Sources:
- https://www.floridarealtors.org/news-media/video-library/learning/strong-june-housing-market-points-large-scale-recovery
- https://www.orlandorealtors.org/housingmarketnarrative
- https://www.floridarealtors.org/news-media/news-articles/2020/08/flas-single-family-sale-inventory-hits-record-low-2q
- http://nahbnow.com/2020/08/builder-confidence-matches-all-time-high-on-record-traffic/
https://cdn2.hubspot.net/hubfs/481286/Virtual%20Home%20Buying%20and%20Selling.pdf
http://blog.eragrizzard.com/hometalk/july-2020-central-florida-real-estate-market-update
