What to Expect from the Orlando Home Seller Market in 2023
If you are thinking of selling your home in Orlando, Florida, you might be wondering what the market conditions are like and how they will affect your chances of getting a good deal. Orlando is one of the most popular destinations for home buyers, especially those looking for a sunny and vibrant lifestyle. However, the Orlando home seller market is also facing some challenges, such as rising interest rates, low inventory levels, and a potential recession. In this article, we will explore the current trends and forecast for the Orlando home seller market in 2023, and offer some tips on how to prepare your home for sale.
Orlando Home Seller Market Trends
The Orlando home seller market is very competitive, as there is high demand for homes but not enough supply to meet it. According to the Orlando Housing Market: Prices, Trends, Forecast 2023 report by Norada Real Estate Investments, the median sale price of a home in Orlando was $375K in July 2023, up 0.5% since last year. The median sale price per square foot was $232, up 0.0% since last year. Homes in Orlando received an average of 3 offers and sold in around 15 days.
However, the Orlando home seller market is also facing some headwinds, as interest rates have risen to 6.8% in July 2023, the second-highest rate in the last 20 years. This has deterred some potential home buyers from entering the market, as they face higher borrowing costs and lower affordability. As a result, home sales have declined by 8.7% from June to July 2023, and by 13.8% from July 2022 to July 2023.
Another challenge for the Orlando home seller market is the low inventory level, which means there are not enough homes for sale to satisfy the demand. The inventory level increased by 5.0% from June to July 2023, but it was still 38.4% lower than July 2022. The months of supply, which measures how long it would take to sell all the homes on the market at the current sales pace, was only 1.9 in July 2023, indicating a strong seller’s market.
Orlando Home Seller Market Forecast
The future of the Orlando home seller market is uncertain, but most experts predict that it will remain strong in the next few years. According to Redfin, a real estate brokerage company, Orlando is one of the hottest housing markets in the country, with a very competitive score of 71 out of 100. Redfin projects that the median sale price of a home in Orlando will increase by 6.5% over the next year.
According to WalletInvestor, a website that provides forecasts for various markets, the average price of a home in Orlando will increase by 17.9% over the next 10 years. WalletInvestor expects that investing $100,000 in a home in Orlando today will yield a profit of $110,050 by 2028.
However, there are some factors that could cool down the Orlando home seller market, such as a possible recession, a further increase in interest rates, or a natural disaster. These factors could reduce the demand for homes or increase the supply of homes on the market, leading to lower prices and longer sales times.
How to Prepare Your Home for Sale in Orlando
If you want to sell your home in Orlando and get the best possible price and terms, you need to prepare your home for sale and make it stand out from the competition. Here are some tips on how to do that:
- Clean and declutter. A clean and tidy home will make a good first impression on potential buyers and show that you have taken good care of your property. Remove any personal items, such as photos or knickknacks, that might distract buyers from focusing on your home’s features. You can also hire a professional cleaning service to deep clean your home and make it sparkle.
- Stage and decorate. A well-staged home will highlight your home’s strengths and minimize its weaknesses. You can use furniture, lighting, and accessories to create a cozy and inviting atmosphere that appeals to your target market. You can also add some touches of color and freshness, such as flowers or plants, to brighten up your space. You can either stage your home yourself or hire a professional stager to do it for you.
- Repair and update. A well-maintained home will show potential buyers that you have invested in your property and that there are no hidden issues or costs. You should fix any minor problems, such as leaky faucets, squeaky doors, or chipped paint, that might turn off buyers or lower your home’s value. You should also update any outdated features, such as appliances, fixtures, or flooring, that might make your home look old or out of style. You don’t have to spend a lot of money on major renovations, but you should make sure that your home is in good working order and meets the current market standards.
- Price and market. A well-priced home will attract more buyers and generate more offers. You should research the local market conditions and compare your home with similar homes that have sold recently in your area. You should also consider the demand and supply factors that affect your home’s value, such as location, size, condition, features, and amenities. You can use online tools, such as Redfin’s Home Value Estimator, to get an estimate of your home’s worth, or consult with a real estate agent to get a professional opinion. You should also market your home effectively, using various channels, such as online platforms, social media, flyers, signs, or word-of-mouth, to reach as many potential buyers as possible. You should also hire a professional photographer to take high-quality photos and videos of your home that showcase its best features and attract buyers’ attention.
By following these tips, you can prepare your home for sale in Orlando and increase your chances of getting a successful outcome.
Recommended next steps
If you are thinking of selling or buying a home in Orlando, Florida, you need to be aware of the current market conditions and how they may affect your decision. Here is a summary of the main points from this article:
- The Orlando real estate market is still a seller’s market, meaning that there are more buyers than sellers, and homes are selling fast and for high prices.
- However, the market is showing signs of cooling down, as inventory is increasing, price growth is slowing down, and buyer demand is weakening.
- This means that home sellers may face more competition and have to adjust their expectations and strategies to sell their home quickly and for a good price.
- Home buyers may have more options and bargaining power, but they still have to deal with low inventory, high prices, and multiple offers.
- Both sellers and buyers should work with an experienced local real estate agent who can help them navigate the market and achieve their goals.