Being a homeowner has many benefits such as it gives you a sense of pride, gives you the freedom to change or alter your home any way you’d like, can give you massive tax breaks, can be an incentive to get involved in the community, and it gives you more privacy. Being familiar with the current residential market can help you know when the best time to buy would be so you can reap all the benefits of homeownership.
As your local Orlando mortgage lender, our Harper Mortgage Team is always up to date on the recent housing trends and can provide credible advice on when the best time to buy would be.
Orlando Market Update
Median Listing Price
According to Realtor.com, the market in Orlando has been on the rise over the past three years. In March 2015, the median listing price was $189,000 and jumped almost 14% to $215,000 the following year. By March 2017 the median price was listed at $239,900 and then rose to $250,000 by March 2018. The current listing price has increased 4% since 2017 and increased 32% over the past three years. These cheaper prices over the previous years can be used as an incentive to negotiate for better deals. In addition, if you are looking for a new home and need an Orlando mortgage, now would be a great time to buy before the prices continue to rise.
Price per Square Foot
The price per square foot has shown a similar trend as the median listing price. In March 2015, the median square footage price was $107 and rose to $120 the next year. By March 2017, the median price per square foot was $133 and then rose 6.8% to $142 by March 2018. This consistent increase in square footage price shows that the real estate in Orlando is becoming more valuable, and therefore more popular.
Get Started Today
If you are in the market for a house and need an Orlando home loan, contact the Harper Mortgage Team at 407-614-3095 today to get started. Our team of professionals would love to work with you and make your dreams of homeownership come true.