The housing market in Central Florida is hot right now. To say it is a seller’s market can practically be an understatement with how much the market is flourishing. Despite COVID-19 and the economic recession that continues to accompany it, the real estate market in Lake Nona, Florida fared reasonably well. However, although the housing market in Central Florida is generally in a good condition, affordability concerns continue to rise. Surprisingly, even in light of the pandemic, demand for real estate is on the rise, but inventory of properties for sale is low.
In fact, according to Redfin, in October 2021, Lake Nona home prices were up 0.2% compared to last year, selling for a median price of $533K. On average, homes in Lake Nona sell after 12 days on the market compared to 74 days last year. There were 46 homes sold in October this year, down from 62 last year. The average homes sell for around list price and go pending in around 5 days. Properties that are in demand can sell for about 1% above list price and go pending in around 2 days.
This popular Orlando suburb – home to great schools, world-class local amenities, and its famous Medical City – is seeing high growth as more families settle into this beautiful, safe, upper-middle class community.
If you’re living in or planning to live in Lake Nona, here are some real estate market news you should watch out for.
Increasing prices
Because homes listed for sale on the market are limited, home prices have exponentially gone up. Supply does not meet demand, which means there are more home buyers than there are homes, making competition for available homes fierce. To be specific, average home prices grew by an average of 0.2% compared to last year, easily rising to a national median of $500,000–600,000.
If you’re looking to buy a home in this current market, know your budget. Commit to staying within budget despite seeing a wide variety of stylish homes with lavish amenities quickly being bought off the market.
Low mortgage interest rates
Despite listed houses being scarce and prices soaring an all time high, there are positive trends you should watch out for. For instance, 2021 brings low mortgage interest rates. In fact, the average rate for a 15-year fixed mortgage dropped to 2.670% in November 2021. This is as low as it’s going to get, considering we are still in the thick of a pandemic. According to Bankrate, it is 0.522% lower than today’s national average.
Low interest rates can lead to more affordable homes, however, keep in mind that this may not always be the case. If you’re interested in buying a home in today’s market, don’t focus all of your attention into the low interest rates. Remember, a low interest rate on a house you can’t afford is still a bad deal.
On the other hand, if you’re interested in selling your home, low interest rates mean buyers will be motivated to buy your home sooner rather than later.
Online real estate services are expanding
Another trend to watch out for in Q4 of 2021 are the expansion of online real estate services. Since the pandemic has kept people and businesses indoors, the real estate market had to catch up by offering online real estate services. These include listing sites working aggressively online to sell your home.
Because of this, open houses can be accessed online through virtual walkthroughs. Additionally, with the rise of online real estate services, document-based processes have sped up exponentially. Virtual agents can close home sales online.
Need More Info?
If you live in Lake Nona, Orlando, Florida and are interested in selling your home, we can help here at Kindred Homes. We are a real estate solutions company that specializes in solving your real estate problems for you. We buy houses in Lake Nona, FL, and will act as your personal guide during your home selling process.
Our goal at Kindred Homes is to improve the overall quality of housing for the residents at Lake Nona, FL. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. You can either take a step forward into your new life by accepting our fair cash offer, or take your chances with the long arduous process of traditional home selling. For more information about our home buying process, give us a call at (407) 705-3779 today.