The Orlando real estate market has been on an upward trend for several years, and as we enter spring 2023, there are several predictions for what we can expect in the coming months. Here are some key trends to keep an eye on:
Continued Demand for Housing: With Orlando’s growing population and strong job market, the demand for housing is expected to remain high. This means that prices are likely to continue to rise, particularly in desirable neighborhoods and areas close to downtown.
Low Inventory: Although improved since 2020 and 2021, there simply aren’t enough homes on the market to meet the demand still, which can lead to bidding wars and higher prices. This trend is expected to continue at least through spring 2023, making it a seller’s market.
Interest Rates: While interest rates have remained low in recent years, they began to rise last year to counter rising inflation. This could make it more difficult for some buyers to afford homes, particularly in higher-priced areas. There is a method to counter this for buyers, such as 2-1 buydown options.
New Construction: To help address the shortage of inventory, new construction has been increasing over 2022.
Technology: As the real estate industry continues to evolve, technology is likely to play an increasingly important role. From virtual tours to online home buying platforms, buyers and sellers alike can expect to see more tech-driven solutions in the coming years.
Overall, the Orlando real estate market is poised for continued growth in spring 2023. While challenges such as low inventory and rising interest rates may present some hurdles, the strong demand for housing and increasing new construction should help to keep the market moving forward. If you are looking to buy or sell in the coming months, it is important to work with a knowledgeable real estate professional who can help you navigate the market and find the right opportunities, and it would be our team’s pleasure to assist you.