Is our local market heating up?
On Sunday the day after the Independence Day holiday, we were out and about with buyers for new homes.
The buyers were in a price range in which I have recently been working with buyers, literally just a couple of months ago. ( Same budget and requirements). I had been to the same new construction communities and generous inventory had been available. The Builders were offering great incentives and there were plenty of options.
Not so much this week. In one community which had had almost every home model in inventory there were no homes left other than ones under construction with a three month wait time. The inventory had been depleted and families had already moved in. SOLD signs prevailed in the yards.
The next community we visited had just one home available and it too was several thousand dollars more expensive than it would have been just two months ago.
I too live in a new construction home in a new community on the Narcoossee corridor. There the SOLD signs appeared again this weekend and there is barely any inventory left. Two of the signs appeared on homes where the LR Group had planned OPEN HOUSES this weekend. We had selected homes which we believe offered exceptional value and were priced better than right. The inventory may increase again, but in the not too distant future buyers will now simply have to wait until the end of the year before they are able to move in to a to be built home.
Unfortunately it looks like the expression "If you Snooze you lose" fits in this market. We would like our buyers to know that sometimes procrastination will not lead to a better solution.
The interest rates are edging up some buyers who just waited will find that they now will qualify for a smaller home than would have been the case just months ago. As the new homes sell out in given areas sellers of existing inventory will ask more and new home buyers will likely see prices rise. That is just Economics 101.
If you are in the market for a home now, don't wait to get engaged in the home search process.
Call us and we will meet with you to discuss your needs, set you up on searches, connect you with lenders and get to work finding you a home. If you are looking here in the general Lake Nona area there are a lot of communities you may not know about. An active local Realtor should be able to show you homes in areas you might no have thought about, which still meet your requirements and needs.
We try to think outside the box and support our customers even when the market is changing. Our sellers will be better able to sell and our buyers will enjoy our support and tips on closing the deal.
Our multi-lingual Team looks forward to working with you
The LR Group 407-593-8234
www.homesinlakenona.com
