The Truth About Price Drops, Rising Inventory and Deals in Orlando
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- Опубліковано 7 вер 2024
- Lower mortgage applications, home price reductions, and increased inventory! THE SKY IS FALLING! Or is it? We'll unpack our local market and see how things have changed in the past 6 months and where I see the market headed in the next 6 months. We'll also talk about some new developments, theme park updates, and more! Come hang out for Q&A or watch the replay!
Selling or buying a home? We want to help! Visit theorlandoreal.com/youtube to get started
Wish everyone in real estate would copy your style ,class and exuberance…Well done,thanks
Thank you! Love what I do.
It’s also an election year. And without mentioning politics here, the Fed usually makes changes to interest rates (usually lowering) and the market generally reacts to whom will be declared.
Hoping for more price decreases! This bubble is wild. Having lower rates mean nothing if we can't even touch the down payments.
There are usually lots of options for down payments and closing costs. The real issue that leads to struggles is rates, credit, property tax, and overbuying. It doesn’t mean much it to you have a low down payment, but the mortgage is absurd each month. Because that’s ultimate what your paying for the house. Not the down payment
@@GodsServant543 Except that it does. I went through the whole process and was finally able to purchase in '22 while fighting off "investors". As the price increase so do the closing costs & other items attached to the homes.
I do agree that the ultimate marker is what you can afford to pay monthly, but that means jack squat if we can't afford the entry ticket. Prices HAVE to come down. When they do, that will alleviate the insurance spiral we're in and hopefully the rates staying as is or maybe going up a bit more will scare off the "investors" class.
@@javiermorales1506 Well the price is only going to increase so much from the listing, and seldomly do investors go for those.
Meaning, if I’m purchasing a home and the price is listed at 450K and someone comes in with 515K… you’re not even talking a $10K increase in closing costs and down payment, unless you refuse to do less than 20% down. And that selling increase over asking is dramatic in almost all areas.
I have a 125k for a down payment but I. don't qualify for mortgage loan due to prices and interest right now, if these wild home prices come down to reality I can get the loan in a bit
Thank you Ken, when I clicked I thought you'd be doing the same song and dance most untruthful realtors would say. Pleasantly surprised, thank you sir. I think cutting rates won't change, the truth is, Florida is no longer the place to be, the interests just isn't there. Until it becomes affordable again, I'm not just talking real estate but groceries, restaurants, etc.
Never buy at the peak of a hockey stick curve. FL is still way over priced. Only reason it's still so high is because of the very low inventory in the North East causing sellers in the NE to be getting record numbers for their homes, and taking that $$ to FL.
Watching the replay 👍🏻
Thank you Ken!
Hope you enjoyed it!
Hi Ken, loved working with your team recently to sell our condo. We are in our new home and loving it, however I now have a (tough) question for ya.
As homeowners in a new build community, I am realizing that no one likes investors, they are viewed to have a negative impact on our community in the long run. I am pretty sure both new builds on either side of my home are purchased by investors. It makes me sad because I was hoping my neighbors would be families that are equally excited about the community and equally invested in it as me. The thought of a revolving door of renters is not appealing. Not that I am against renters!! I was just not expecting for so many of the properties around me to be owned by corporations or people who will not be living here.
What are your thoughts as someone who does invest in real estate and help many people find investment properties?
Great video Ken! This trend has been going on with price decreases in the selling season and sellers should definitely consider how many homes are on the market, especially in the average and median price range. If you look at Sunstats data, the inventory levels in those prices are well past 2019 levels. Other things to consider with rates are also the credit scores that people got adjusted due to the payment pauses, especially with student loans.
Rates could come down as credit scores decrease, raising their interest rates, if they choose to keep not paying their loans. The trend is your friend
How does someone get insurance for a Florida home if they need to finance. I bet this is stopping people from buying.
Great energy and info
Appreciate you tuning in!
What’s up man I missed you live again. I’m here listening to the replay here in Haines City
Welcome back 💪🏾
Like to know is there anything happening in the Groveland, Mascotte area as of retail I see lots of new home and no new stores.
New stuff coming to nearby minneola and Clermont
Unfortunately, renting is cheaper than buying right now especially for first time home buyers .. coming from someone who just bought lol
Never, you can rent forever with zero equity. Best thing is always 100% purchase
@@tears2040 good to hear! 👍👍👍
From the UK looking at moving to Florida in the next 5/10 years . We aim to have enough money to try and but a house outright. In 5 years we could have around $325,000 not sure if that would be enough. If you had this time frame in the current market when would be a good time to buy ? Thanks in advance
325k is going to be a little tough, but it’s doable. In 5-10 years it may be fairly impossible. Lots of options for you though. Just keep us posted and we’ll walk you through it.
2008 all over again
Old guy watching young guy expert on real estate. Good for a laugh.
5 mil is too cheap for me, im looking for 15 mil and up.