The tale of the housing crash that never was
Last year homebuyers, sellers and real estate professionals wondered if prices would stop rising. They also wondered if there was to be a market crash.
The fact is values are not declining as some expected. We are into 2023 and values have plateaued but they’re not stagnant. Soon as the months of April and May arrive sellers will begin selling, buyers will begin searching for new neighborhoods to move to and the real estate market will be in its normal flow.
The inventory of homes for sale is still low and builders are still behind. That means values will not go down. Yes, even with interest rates increasing at a steady click, I don’t think values will go down much. Having said that, Sellers have to be realistic when they price their homes for sale, or they are in for a long haul. That’s a whole other story.
First-Time Buyers
The Orlando market is #8 among the Top 10 “starter home” Housing Markets, per the Home Buying Institute, so that’s a plus. However, buyers need to learn key concepts about buying a home and change a few financial attitudes if they plan to purchase a home these days. Speak to a financial advisor or mortgage professional who can set you on the straight path and plan accordingly. If you play your cards right you may be able to organize financially and be able to purchase a home within a year.