Since the market has been on a tremendous upswing since 2012, we’re often asked if this means that there will soon be another crash.
That’s a great question, and the answer is: Not necessarily! It does mean that the market is becoming more favorable to buyers; even though we’re still in a seller’s market, it just doesn’t have the same level of intensity that it did even just two years ago.
What does this mean for sellers? Does it mean you’ll sell your house for less money than you could before?
Luckily, that is not necessarily the case! In the past couple of weeks alone, we’ve had multiple properties sell for all-time highs in their respective neighborhoods. Right now can still be a great time to sell your home, especially since inventory has dropped by 29% over last year. That’s 29% less competition for you if you decide to list your home, and you’ll still have a bunch of buyers interested in your home because of the dip in interest rates. These factors all indicate that sellers have lots of great opportunities to pursue in our market.
Homes that are in good condition are still selling with multiple offers on them. There have been many homes in our market that have undergone price reductions; you can no longer just list a home that’s in need of a lot of work and expect to get multiple offers. That aside, it’s still a fantastic time to sell.
Another factor to consider is interest rates. Last year, rates shot up, but since then they’ve dropped even lower than they were before. Nationwide, rates are still hovering around 4% for a 30-year fixed mortgage, meaning that more buyers can afford to purchase homes.
While we can’t predict with 100% accuracy what will happen in the future, we certainly don’t think that we’re headed for a crash—especially not here in Central Florida. However, we do expect the market to become even more favorable to buyers over time.
If you’re thinking about selling your home and are curious about its value, reach out to us. We’d be happy to let you know if now is truly the best time for you to take advantage of the 2019 market and sell your home.