Florida housing market: Supply of homes increased, report shows – WESH 2 Orlando

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YOUR THOUGHTS ON OUR WEBSITE. JUST GO TO WESH DOT COM. THERE ARE MORE HOMES COMING ONTO THE MARKET HERE IN CENTRAL FLORIDA. ACCORDING TO A NEWLY RELEASED REPORT FROM THE ORLANDO REGIONAL REALTOR ASSOCIATION. NOW, WITH THAT INCREASE IN INTEREST RATES SHOWING SIGNS OF GOING DOWN, WESH 2’S PAOLA TRISTAN ARRUDA EXPLAINS WHY SOME REALTORS ARE INCREASINGLY OPTIMISTIC. THE HOUSING MARKET HAS SLOWED DOWN IN THE GREATER ORLANDO AREA. IN NOVEMBER, PROPERTY SALES FELL NEARLY 18% FROM OCTOBER. THAT’S BASED ON DATA FROM A RECENT ORLANDO REGIONAL REALTOR ASSOCIATION REPORT. BUT THERE’S A CHANCE THAT COULD CHANGE. UM, THIS IS THE SEASON THAT’S TYPICALLY, UM, AT LEAST IN THE LAST 23 YEARS THAT I’VE BEEN IN REAL ESTATE, THAT WE SEE IT, UM, SLOW DOWN. BUT I THINK THE OTHER REASON YOU’RE SEEING THAT IS BECAUSE THERE IS ANTICIPATION RIGHT NOW FROM THE CONSUMER. UM, THAT INTEREST RATES ARE FALLING AND THEY DID FALL A BIT. NOVEMBER’S INTEREST RATE WAS DOWN HALF A PERCENT FROM OCTOBER. AND WHEN IT COMES TO INVENTORY, FOR THE FIRST TIME SINCE 2019, THERE’S MORE THAN A FOUR MONTH SUPPLY OF HOMES. IT GIVES BUYERS MORE OPTIONS OF HOMES TO PICK FROM AND WE HAVEN’T SEEN THAT IN A LONG TIME. WHEN, UM, THE COVID LOCKDOWN HAPPENED. AND COMPARED TO OCTOBER, THERE’S 5% MORE PROPERTIES FOR SALE. AND WHILE SOME HOMES ARE SITTING LONGER, REALTORS SAY THAT THE RECIPE FOR A STRONGER MARKET IS THERE. AND I HAVE A LOT SEVERAL SELLERS IN THE PIPELINE THAT ARE READY TO LIST. IN JANUARY. THEY’RE, YOU KNOW, GETTING READY AND SUPPOSEDLY THERE AREN’T GOING TO BE ANY MORE INTEREST RATE HIKES UNTIL THE UP UNTIL THE ELECTION. SO THAT’S PROMISING. BUYERS FEEL MORE SECURE. REALTORS SAY THE START OF NEXT YEAR WILL BE A BUSY ONE FOR BUYERS AND SELLERS. SO IF YOU’RE THINKING ABOUT GETTING A HOUSE NOW. I THINK YOU’LL SEE THAT DEMAND GO UP AFTER THE HOLIDAYS. UM, AND SO AGAIN, I THINK IF YOU’RE SERIOUS BUYER, THIS IS A GOOD TIME TO GET OUT THERE, MAKE A LITTLE BIT OF TIME T

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Central Florida’s home supply sees highest level since 2019, report shows

There are more homes coming onto the market in Central Florida, according to the latest report from the Orlando Regional Realtor Association.November’s data shows that for the first time since January 2019, there is more than a four-month supply of homes.Rose Kemp, the president-elect of the association, said the increase in inventory and interest rates starting to lower will help create a stable housing market in 2024.”It gives buyers more options of homes to pick from, and we haven’t seen that in a long time from when the COVID lockdown happened. It’s been a real struggle for many buyers over the past few years to secure not just a home, but a home that they’re really excited about,” she said. “So for us to see about a four-month inventory and knowing that builders are still out there building, I think that’s really good news for the consumer.” While property sales fell nearly 18% from October to November, Kemp said that drop isn’t out of the ordinary to see during the holiday season.Carrie Shawfield, a broker and owner of Shawfield Realty Group, said she is also optimistic about the market in the new year.”I have several sellers in the pipeline that are ready to list in January. They’re getting ready and supposedly there aren’t going to be any more interest rate hikes until the election, so that’s promising. Buyers feel more secure,” she said.Top headlines: Armed suspect in custody after lengthy, fiery Deltona standoff Central Florida temperatures to gradually warm back up this week Officials reveal new name for Orlando’s Amway Center

There are more homes coming onto the market in Central Florida, according to the latest report from the Orlando Regional Realtor Association.

November’s data shows that for the first time since January 2019, there is more than a four-month supply of homes.

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Rose Kemp, the president-elect of the association, said the increase in inventory and interest rates starting to lower will help create a stable housing market in 2024.

“It gives buyers more options of homes to pick from, and we haven’t seen that in a long time from when the COVID lockdown happened. It’s been a real struggle for many buyers over the past few years to secure not just a home, but a home that they’re really excited about,” she said. “So for us to see about a four-month inventory and knowing that builders are still out there building, I think that’s really good news for the consumer.”

While property sales fell nearly 18% from October to November, Kemp said that drop isn’t out of the ordinary to see during the holiday season.

Carrie Shawfield, a broker and owner of Shawfield Realty Group, said she is also optimistic about the market in the new year.

“I have several sellers in the pipeline that are ready to list in January. They’re getting ready and supposedly there aren’t going to be any more interest rate hikes until the election, so that’s promising. Buyers feel more secure,” she said.

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