This year has marked many historic events, many of which I never expected to see in my lifetime. I never imagined wearing a mask to leave my house and watching a pandemic consume our country and the lives of so many. Through all of this the real estate market remained strong and has hit historic levels as well.

During a time when I think most expected things to go the opposite direction, the Orlando real estate prices keep going up. We are up another 10.2% since this time last year.

This is largely due to the low inventory. The number of homes for sale in Orlando has not been this low since July 2005 – over 15 years ago.

And last month I said we ended August with an average interest rate of 2.85% – the LOWEST recorded rate in the 20 year history. Well just when we didn’t think it could get any lower, the September numbers show a new record low of 2.74% for an average interest rate in the Orlando Region!

Even though prices continue to rise, the interest rates make it affordable to buy and in some cases it is less than someone would pay in rent.

This strong market may shift in the future, but there is no clear end in sight. This time of year we usually see a few less listings than normal as people take their homes off the market during the holidays. If that trend happens again this year, the imbalance between the inventory available and the demand for homes will become larger. Only time will tell when there will be some relief for home buyers, but for the foreseeable future if you need to sell a house NOW is the time to cash out.

Call at 407-982-7240 and ask for Kathryn to learn more about whether now is the right time to sell for your unique situation and the market in your direct neighborhood.