We understand! The sales market has taken a sharp trajectory shift starting in August of 2022, ostensibly due to the Fed’s rate hikes which have made the affordability of purchasing a home even more daunting.
A monthly mortgage payment on a home purchased for $430,000 in March of 2022 when the average interest rate was 3.85% (without taxes and insurance (which is going up consistently IF you can even get insurance) would have been:
$2,016.00 per month
A monthly mortgage payment for a home purchased for $430,000 in October of 2022 while the average interest rate is 6.7% (without taxes and insurance (which is going up consistently IF you can even get insurance) would be:
$2,775.00 per month
And let’s face it, most homes in the Lake Nona Region on average couldn’t be touched at $430,000.00
The amount of price reductions is staggering in a market when just a few months’ ago homes were flying off the market in record numbers and in most cases with offers over asking price, and with very few contingencies.
Not to mention that buyers are backing out in record numbers even though they’ve locked into a contract. The FUD (Fear, Uncertainty and Doubt) that buyers are experiencing is devastating sellers. A record percentage of buyers who closed in the past 7 months say they paid to much and regret their purchase!
On top of that, the rates are expected to continue to rise as the Fed has clearly stated they are trying to correct the housing market which needs to undergo correction to make home prices affordable again.
If it’s Not the Right Time to Sell Your Property? We Have the Solution!
Verandah Properties, LLC IS Lake Nona’s Local Professional Property Management Advisor
If You Want:
- Cash Flow;
- Qualified Tenants Who Are Extremely Responsible;
- Risk Mitigation Management (against damage, rental payments, and litigation);
- Your Property Consistently Maintained with Integrity & Transparency;
- Your Tenants Managed with Customer Service Top-of-Mind Yet Consistently Enforcing the Lease Terms Professionally;
- Hyper Thorough and Consistent 3rd Party, Unbiased Property Inspections;
- 24/7 Ability to Access and Manage all your Property Management Records;
- And More.
Then have the solution, until the market returns to a strong Seller’s Market, and you can fetch the price that you feel you deserve.
So, what’s next? Just reach out to us and Schedule an Appointment so we can go over how we can help support you during this housing downturn. We are the professional, not part time sale’s Realtors, but full time, long term, hyper local Property Management experts in Lake Nona!
Click here to Schedule an Appt with Ashley Herring! We look forward to serving you!