We will talk about what the housing market is telling us for 2019. In addition, we will go over the general real estate market, home prices in Clermont Fl Real Estate and surrounding, the days on the market in Clermont Fl, mortgage rates, and what to do in a buyers market when buying a home and/or selling a home.
In Clermont there are only 269 homes for sale, excluding apartments condos and Town homes, just single-family homes.
The average days on Market for Lake and Sumter Counties is 63 days. Average days on the market means how long a home is up for sale before someone makes an offer and they are under contract.
Therefore, what does that mean for you as a homeowner that is looking to sell? The housing market in 2019 is telling us that since homes for sale are taking longer to sell you have more competition. It will take longer to sell and keep taking longer for June 2020 and June 2021. I recommend if you had things you wanted to do before you sell you better start planning. If needed, make the necessary updates so that you stand out to a buyer.
The truth is that I am not a fortune teller and even though I have a high sense of intuition – I can’t possibly predict what will happen in the future. In order to forecast the future, we have to look at the past. Let’s look at the prior years of days on the market.
In the month of June 2017 ADOM was 64, June 2018 was 55 days and in June 2019 was 63 days. There is an ongoing trend here because since 2014 the days on the market started to go less and less. We reached 55 days on the market in June 2018. Then back up again in June 2019. All the years prior ADOM we were getting less and less and then all of a sudden it goes up starting this year. Therefore, we can predict that along with significant price cuts nationwide, we are entering a buyers market, slowly.
It means the ball is in favor of the buyers and buyers control the market. People will ask for you to cover their closing costs and concessions. So now that the ball is in the buyer’s court there’s not much room for negotiation since there are so many homes for sale. Knowing this, that the buyer has so many other choices, that they might just go with a different house. Your best offer is the first one you get!
Remember, Buyers want to see the value. There’s two ways this can go. You make updates or drop your price. You have more competition since there’s more homes for sale in Clermont. Therefore, you have to find a way to beat the out the competition. Redo old carpet, make your home stand out by adding curb appeal. Make sure to watch my video Home Improvements That Add the Most Value . You will get some great tips on what home improvements are worthwhile such as curb appeal, landscaping, painting, some flooring and more!
On average lake county takes 62 days to sell their homes and my office which is the top office in all of lake county takes 30 days to sell. That’s a huge difference! Pro Tip: Get yourself a great agent! Check out their numbers and office numbers. Get an agent that shows total transparency instead of falling for sales tactics.
Affordability is at an all time low. With the average interest rate being 4.75%, this is amazing! And I’m seeing people get as low as 3.75% who have outstanding credit. Now this is a great time to be alive! I mean saving thousands on your home mortgage over time is a great benefit.
In conclusion, whether you are buying a home, selling a home, thinking of moving to the Orlando Area or just browsing, make sure you get the latest market updates, tips on selling, moving hacks and so much more by following Krish on YouTube, Pinterest, Facebook, and Instagram.