2024 Spring Home Buying Season

With spring homebuying season just around the corner, homebuyers in Orlando find a market undergoing subtle yet significant shifts. Data from January 15 to February 15, 2024, reveals an average of 52 days on the market for single-family homes and an average sales price of $522,036. Orlando's real estate landscape remains dynamic and ripe with opportunities.

Trends in the Orlando Housing Market

Recent data indicates a slight uptick in inventory levels and average days on the market. The average days on the market reaching 52 days provides buyers with a wider window for decision-making and negotiation.

Advantages for Home Buyers

1. Favorable Conditions: With inventory levels rising and the average days on the market increasing, this could present homebuyers with a more favorable position. This trend offers buyers more options and breathing room for decision-making.
2. Financial Considerations: As long as buyers have available funds for a downpayment and can budget for today's mortgage rates, they stand to benefit from today's market. The average Orlando area single-family home price of $522,036 (data from Jan 15 - Feb 15 2024) reflects the desirability of Orlando's real estate market and still presents opportunities for buyers.
3. Desirable Environment: Beyond financial considerations, Orlando's appeal as a place to call home remains strong. With its desirable weather and friendly tax environment, Florida continues to attract buyers seeking a high quality of life.

Tips for Home Buyers

1. Secure Financing: Given the current market conditions, securing financing early in the homebuying process is essential. Buyers should work with lenders to assess their financial situation, explore mortgage options, and obtain pre-approval to strengthen their purchasing power.
2. Define Priorities: With an increasing inventory of homes on the market, buyers should take the time to clearly define their priorities. Whether it's location, amenities, or specific features, having a clear understanding of what matters most will streamline the search process.
3. Act Decisively: While the market may be shifting in favor of buyers, desirable properties still attract competition. Buyers should be prepared to act decisively when they find a home that meets their criteria.?