A new report released by the Orlando Regional Realtors Association says is the right time to buy and sell a house.
Right now, there are fewer homes for sale in Central Florida but low-interest rates are creating a high demand.
"I was very surprised. I thought when the pandemic started, I wasn't going to have any business, any clients,” realtor Beverly Dodds said. The pandemic has slowed many things down this year, bringing some things to an outright halt, but the housing market isn't one of them.
Dodds says compared to this time last year, she's even busier. "It's been wonderful. Hopefully, it stays that way and we don't get a lot of foreclosures,” Dodds said. Sales are up more than 20% compared to this time last year.
The biggest issue buyers are facing is that low inventory is creating a large demand. With low-interest rates, homes are disappearing off the market. If you're not in the market to buy or sell, real estate agents say now's the time to also consider refinancing.
Average rates have fallen to 2.7%, almost half of what they were in 2018 at 4.9%. "Quite a few have refinanced because you can save hundreds -- hundreds -- a month with how low-interest rates are now versus two years ago when they bought,” Dodds said. According to the November report, homes are selling faster on average than they have in three years.
[Source: WESH ]