If you plan to sell a house here in Orlando faster than usual, you may need to consider an alternative service aside from a real estate agent. While homes sold quicker in June than in May, sellers still had to wait for 88 days on average from listing to closing transactions.
The average sale in May took 90 days for the same process. Despite the long waiting time, the Orlando Regional Realtor Association (ORRA) said that the city’s housing market continues to attract demand. This became evident through higher home prices and a larger supply of properties in June.
How Much Was the Median Home Price?
A typical home in Orlando cost $250,000 in June, up by 5% compared to $238,000 year over year. Stand-alone houses cost $270,000 while condominium units cost almost $135,000. Prices for both residential types increased when compared to figures in June 2018.
According to ORRA data, home sales that closed in June took around 51 days from listing to pending status. It took another 37 days on average for transactions to move from pending to closing status. Take note that the actual time may be longer for some deals to close either due to back-and-forth negotiations or the buyer wants to conduct a more thorough inspection.
Are Homes Still Affordable in Orlando?
While the median home price increased in Orlando, many still consider the city to be an affordable place to buy a house. In fact, a recent study showed that the city ranks among the top 10 best places for first-time buyers.
Around 20.5% of home listings in the city have discounted prices as of spring 2019. Tampa even has a larger percentage of listings with price cuts at almost 22%. In Miami, an estimated 15.5% of listed homes have discounted values.
The higher median home price in Orlando may have contributed to fewer home sales in June. However, ORRA expects a rebound in residential property transactions before the start of the upcoming school year. The market will also pick up because of lower mortgage rates and more choices for home buyers.
How Much Should You Earn to Buy a House?
An affordability index in the city slightly dropped to 130.40% in June from 130.49% in May. Figures above 100% indicate that an average income is more than enough to buy a median-priced house through a mortgage. Interest rates in June reached 3.93% from 4.15% in the previous month.
On the other hand, the affordability index for first-time buyers also dropped to 92.73% from 92.79% month over month. The latest figure showed that first-timers are almost 8% short of the required income to afford an average-priced house.
You’re lucky if you can close a sale in less than a month in Orlando. But you’ll have a higher chance of hastening the process when you skip the process of hiring an agent. If you’re in a hurry, it may be better to consult a home-buying business and find out whether they can acquire your property as soon as possible.