Market Update Dec 2015

Median home price rose 10.30 percent in November compared to November 2014.   The Orlando median home price has now experienced year-over-year increases for 52 consecutive months; as of November the median price is 57.84 percent higher than it was in July 2011.   The market in 2016 will likely continue to grow as the employment is showing healthy positive trend.

Rental costs are skyrocketing, and they’ll probably keep going up in 2016. More than 85 percent of the nation’s markets have rents that exceed 30 percent of the income of renting households.

Rents are accelerating at a more rapid pace than home prices, which are moderating.   Because of this, it’s more affordable to buy in more than three-quarters of the U.S.

Screen Shot 2016-01-10 at 10.04.54 AMNegotiation Tip.    Be Prepared

Before starting an offer on a home,  make sure you understand market value of the property and surrounding area.   Every home is unique and has characteristics that are attractive (i.e schools, floor plan,  lot backing up to conservation, etc.).    Identify the recent sold comparables and homes currently under contract in same neighborhood (we can email you a report).  Once you are better informed about value of the property,  you will enter the negotiations better prepared.

For instance,  if a bank lists a property for sale at 200K and you know the market value is 225K,  you will want to offer as close as possible to list price, as the property is under priced.  If you are negotiating with a regular traditional seller,  you will also be prepared to not make an emotional decision but a decision based on the numbers of recent sold comparables in  the neighborhood and characteristics of the property.

Preparation is key in every negotiation.