We are looking at the month of July and what has closed. Things are definitely cooling off this summer if you are looking at the number of sales in the Orlando market. We had one of the lowest summer months of home sales on record. This is not particularly surprising as the rising interest rates have continued to go up which prices some buyers out of the market.

Although the median price declined slightly (only $900 bucks), the average sales price is still up from last year. It did drop slightly month over month but still almost $450,000 in the Orlando area. That coupled with rising rates makes it hard for some buyers to buy.

One thing that keeps the market pretty stable and things selling quickly is the low inventory. So despite the lower number of sales there are also less homes available today than last year, keeping the overall market feeling pretty stable. Overall it feels very normal out there. Buyers make an offer, seller counters, and we find an agreeable price. There’s finally a little room for negotiation which is a nice reprieve from the market of the last few years.

I believe this is the year for contingent buyers to make their move. If you need to sell you finally have a chance to get your offer accepted and there are options to do so. Don’t love the rates, well no one wants to pay more than their friends did a few years ago but they are not going back into the 3s ever again. So the best case scenario is to negotiate a buy down with the seller which is actually doable with less competition. Download our free report to learn more about buying and selling at the same time.

And as always everyone’s situation is unique, give us a call if you have any real estate needs at 407-982-7240.