What a difference a few weeks makes in the Real Estate Market. After a torrid Jan-March, the Orlando housing market seems to be shifting towards at least somewhat of a more balanced market. The reason? The Federal Reserve is doing everything it can to pump the breaks on runaway inflation + overvalued home prices.
In turn, mortgage rates have seen their sharpest & quickest increase in the last 30 years recently, and the reality is that many buyers can no longer afford as high of a purchase price as they could just a short time ago. And conversely, sellers - particularly those in higher price points - are beginning to notice that their leverage is waning amidst a declining buyer pool (pricing appropriately actually matters again).
So where do we go from here? Well, Orlando has been in such a severe inventory deficit over the past year that homes valued below $500K will likely continue to appreciate albeit at a much slower rate going forward. And with rates also expected to increase even further, buyers who are financing may want to purchase sooner rather than later.
But there's no doubt that the market is cooling as rates rise, recession talk intensifies, and inventory slowly improves. Stay tuned!