If you or someone you know looking to buy a home, it may be helpful to know the facts of the housing market. For example, did you know that the average cost for a monthly mortgage has increased by $168?
It’s true. This increase can be attributed to rising interest rates across the real estate market. Danielle Hale, chief economist for realtor.com, studied the housing markets of 20 popular residential locations, and determined that five markets saw the biggest increases in mortgage payments. Atlanta, San Francisco, Los Angeles, San Diego, and Minneapolis faced payment elevations of at least $200 per month (source: realtor.com).
Now let’s look at Orlando real estate trends. In the Apopka area, the median sales price for a home is around $250,000, and data shows an increase of $20,000 in average home sales in the past year. You can expect to see buyers in a hurry because they see interest rates steadily rising; showing the same pattern as in the five major cities.
The prediction is that there will be a lack of supply and increased demand, meaning there are more buyers than sellers in the market. The average homebuyer may have to give up some of the things they wanted, settle for a different neighborhood, or even alter their spending habits and budgets to keep up with the higher prices.
That doesn’t mean you shouldn’t stay in the market if you’re looking. Choosing the right real estate agent can help you make sense of the rapidly-appreciating housing market. This includes making things easier on you and, hopefully, your wallet.
Orlando Property Sisters have the experience and are dedicated to getting you, the buyer, the best possible deal on your future home. For more information, call 407-595-7685.