Looking back at my last blog post in Feb/Mar of this year, our market has only gotten better! In the face of a global pandemic, that's pretty incredible! In July 2020, our "median price" is now up to 270,000, an increase of +9% vs. July 2019. I also believe that this either equals or surpasses the central Florida record for a high "median price".
The total number of sales is also +1% over July 2019, which is a huge increase over the past couple months. Between Mar - June 2020, the total number of sales was down between 20% - 40%, which is understandable due to the central Florida stay-home order that was in force during that time.
Interest rates have actually GONE DOWN from 3.5% to UNDER 3% for the most credit-worthy buyers. I feel this is what continues to drive high buyer demand for housing in our area. Overall inventory level is down 22% over this time last year, a sign that more homeowners are refinancing, or some continuing to put off selling, due to Covid-19.
For those sellers who are taking the plunge, the water is more than fine! Homes in very nice condition with remodeling are typically selling with multiple offers, as long as they are not overpriced at the start. Buyers are finding it very challenging to find a home, but they need sharp realtors like Frank & Gloria Plesko to help them!
Our buyers compete very well, because we ensure they are well qualified for their financing, and know how to structure highly competitive offers. It is also extremely important to view new listings within 24 hours, in order to get in on the common competition that is now taking place on very nice homes.
To learn about our services for both home sellers and home buyers, feel free to call or text Frank Plesko today, at 407-421-6412.