What sellers can expect from Orlando’s housing market in 2020.
The Orlando area continues to be a place where families want to plant their roots. This is due in part to the area’s growth, excellent school districts and accessibility to a vast selection of entertainment options. While the demand for homes is there, increased interest rates and a leveling out of home prices are predicted for the housing market in 2020, making it a slightly more difficult year for sellers.
In its 2020 forecast, the National Association of REALTORS® notes that sellers will be up against flattening price growth and slowing activity that will require more patience and a thoughtful approach to pricing. The organization expects the market to be competitive for homes priced with entry-level buyers in mind and for those prices to remain firm while properties with a higher price range will likely require more incentives to close the deal.
Get the Best Price in Orlando
To get the best price, it will be important for sellers to be open to adjusting to local market conditions. This can be done in several ways.
The Price is Right: Work closely with an experienced REALTOR® to determine an attractive price for buyers and be patient as you work through the process and negotiations.
Incentivize When Necessary: Since buyers are trending more toward affordable housing options, sellers with higher-priced homes may need to offer incentives such as closing cost credits or HOA dues credits to close the deal.
Be Flexible: There’s no question that sellers want the best price possible for their home, and a REALTOR® will do everything possible to get it. If a seller is willing to adjust to the local market conditions then they will benefit from steady demand.
The National Association of REALTORS® report shows 2020 sales growth in the Orlando, Kissimmee and Sanford area at 0.9% with price growth at 1.8%. The key takeaways from the report are that tight inventory and rising mortgage rates could lead to decreased sales in the year ahead.
However, sellers should not be deterred. When working with a REALTOR® who is knowledgeable and experienced with sales in the Orlando market, you’re one step ahead in selling your home at the price point you want.
Gonzalo Senior is a broker/owner at IRM Investments, Real Estate & Management with over 20 years of experience. His vast knowledge of the residential and commercial real estate market enables him to assist buyers and sellers in receiving the best return on their investments.