Orlando home sales will jump 6 percent in 2017, experts say

$175,000- $300,000 homes will be in big demand

By Mike Holfeld - Investigative Reporter

ORLANDO, Fla. - Central  Florida homeowners with properties in the $175,000 to $300,000 price range could see increased demand in 2017 if they decide to sell, realty experts News 6 spoke with said.

If the homes are in the right location and priced right they could sell in days, Sheryl Logue with Orlando-based Westgate Realty said.

“We’re still in bidding wars,” Logue told News 6. “We have multiple offer situations because that is the affordable price point.”

Realtor.com placed Orlando and Jacksonville in the top 10 market for home sales in 2017, projecting Orlando will see a 6 percent increase in existing home sales, which is double the projected national average.

Good deals should bring in a wave of homebuyers to the Central Florida area next year, Jonathan Smoke, Realtor. com’s chief economist, said.

“In Orlando, and most of Florida in particular, home values are not fully recovered” Smoke said. “That really represents a buying opportunity that doesn’t quite exist in many parts of the country.”

Veteran Orlando Realtor Ash Sharma handles properties from $300,000 to $1 million and more.

Sharma said he expects potential buyers to zero in on affordable family homes in established communities with good schools.

“The fastest movers are usually three to four bedroom homes in the $300,000 price range,” he said.

Sharma said the right price would generate interest and many times get more than the asking price.

Chelsea Florig and her husband ended up in a bidding war for a four- bedroom Orlando property for sale at $299,000.

They bid $315,000 but the home only appraised at $305,000, so they got the house at that price.

Courtney Whitaker and Jocelyn Davis, with the Essential Team Exp Realty, said the biggest story is the lack of inventory in the $150,000 to $300,000 price range.

“We’ve got people looking for homes and no homes to show them,” Whitaker said.

Davis said many homeowners have an opportunity to capitalize and “move up.”

“(Buyers) are willing to pay over asking price because there are not a lot of options,” she said.

Interest rates are currently at 4.15 percent for a 30-year fixed mortgage.  Interest rates are expected to go up another 50 basis points next year, according to Realtor.com.

For more information on local home sales and values visit to:  http://www.regalrealtyorlando.com. www.essentialteamrealestate.com , sheryllogue@yahoo.com and realtor.com

Copyright 2016 by WKMG ClickOrlando - All rights reserved.