Inventory in Central Florida, which has been scarce the last 3 years, is starting to creep back up to pre-pandemic levels.

We seem to be settling into a new normal in our housing market. One of the main reasons inventory was limited in 2023 was because as interest rates crept up, many homeowners, who would have ordinarily been eager to move, were hesitant to sell and leave behind their 2% & 3% interest rates. This is finally starting to change. Buyers & sellers alike are starting to accept the fact that "higher" interest rates are here to stay. And with buyers feeling less pressure to make a rash decision. the market is starting to recalibrate.

Buyers no longer have to throw out ridiculous over asking offers, sometimes sight unseen, within hours of a listing hitting the market, like they were in 2021 & 2022. They can now take their time deciding if a home is the right decision for them. They can negotiate a deal that makes sense for them, possibly even securing a property under list price or with seller concessions to help buy down their interest rate.

In fact, out of the 4 houses I have closing in March, the buyers on every single one of these transactions either negotiated $$ off the list price, or the seller is contributing money towards the buyers closing costs so they can buy down the interest rate, or a combination of both! You would have never seen that in 2021-2023.

As the spring & summer markets approach, we will continue to see more inventory come to market. Now that the market doesn't feel so overwhelming, more sellers are feeling encouraged to list their home & accomplish their housing goals, whether it's an empty nester looking to downsize or a growing family looking to trade in their first home for more square footage and a bigger lot.

I don't anticipate home prices to drop or to skyrocket. We are finally getting back to a slow & more palatable appreciation rate.

My advice for buyers thinking of house hunting this spring & summer?

Take the time to discuss your qualifications with a lender & get your financing in place. Don't feel rushed to make a quick decision. You have the right & opportunity to do your due diligence on a property before you make one of the biggest financial decisions of your life.

And my advice to sellers?

Work with a local agent that has a pulse on your market & be sure you are priced right, otherwise, you will sit. Understand that this market can be challenging for buyers looking at a 7% + interest rate. Discuss possible incentives you can offer to buyers to help them buy down their rate, but help keep your value up.

Considering a move?

Whether you are thinking of buying or selling, I'd be honored to set up a consultation with you and discuss all your options. Fill out the form below, or get in touch on my contact page.