Orlando expert weighs in on market as home prices

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Real Estate

 

WESH 2's Dave McDaniel looked at the strategy for people looking to buy.

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The inventory of homes on the market in the area is just over 2,800. That's more than 60 percent lower than at this time last year, and that low inventory is driving prices to record levels. The median price for all homes in the area is a record $300,000. That's up 15 percent from a year ago. Some say it's due to a combination of low interest rates and a post-pandemic population boom.

"We have a lot of people coming from all over, the United States as well as abroad, and they're not going home, this will be their new home," Maycumber said. "People were not as locked down here, and they had more flexibility than a lot of the other states we're seeing buyers come from."Realtors say with so many buyers and so few homes, when you find a home you like in a price range you settled upon, you might want to say yes -- because the next person coming down the road might say yes.

"They need to be ready. They need to have financing in place, they need to be ready to make a move if they find what they like. Because if they don't? It won't be there tomorrow," Maycumer says. He says buyers may have to pass on pre-sale inspections or financing contingencies to avoid losing a home to a buyer who is willing to do so. At the very least, he says once a buyer misses out on a house or two: "The next home that comes up, they are better prepared and a bit quicker on the draw."

He feels the housing inventory shortage may last a couple of years. Maycumber says for buyers with arranged and approved financing and proper down-payment should be able to be in a home in 30-45 days once a deal is struck.
 

Updated: 9:29 AM EDT Jun 17, 2021