Market Conditions

Okay, here’s the inside scoop. The end of 2024 saw many overpriced homes available for purchase; it’s been a slow learning curve but the prices are finally coming down or at least settling in with a traditional increase between 3% to 5% annually. That coupled with a more stable mortgage rate market and an inventory increase is bringing out home buyers. What we are currently experiencing is a ‘pocket market’ a term that refers to a housing market in which some homes are scooped up quickly and with multiple offers but other homes struggle for recognition. We’ve noticed that homebuyers are buying homes that are priced fairly and are in good condition.  As a seller be mindful of what your home is worth as that is driven by the market which includes recent sales.  National numbers are shown as a national number however the real estate market is a local market as such please speak with a real estate professional about your home.

What does this mean for our home sellers? What can you expect from this ‘pocket market’? You can expect a modest appreciation, and that’s a good thing – double digit appreciation as we saw is not sustainable (to state the obvious). Yes, home prices are slowing down from the end of the pandemic related real estate market but they are STILL HIGHER than this time a year ago. If you like stats, Central FL values increased 1.5% year-over-year, and they’re 41% higher than before the pandemic.

Moving forward, home buyers can expect the listing price to continue to move upward but take heart, this upward increase will be your future equity. And to our home sellers, there’s no reason to feel locked in by your current mortgage interest rate. We all recognize that the rates are beyond our control and timing the market will likely lead to missed opportunities.

The best time to buy and sell real estate is always now however that needs to fit in with your timetable.  If you would like to discuss your real estate plans please connect with Callaway Home Partners at 407-496-6879 for Mary or 321-947-5573 for Scott.