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Real Estate Sales Report May 2024

Real Estate Sales Report May 2024

Real Estate Sales Report May 2024

Real Estate Sales Report May 2024

Existing-home sales slightly declined in May while the median sales price reached a record high, as reported by the National Association of REALTORS® (NAR). Sales fell month-over-month in the South but remained stable in the Northeast, Midwest, and West. Year-over-year, the Midwest saw a rise in sales, whereas the Northeast, South, and West experienced declines.

Total existing-home sales, encompassing single-family homes, townhomes, condominiums, and co-ops, decreased by 0.7% from April, reaching a seasonally adjusted annual rate of 4.11 million in May. Compared to last year, sales dropped by 2.8% from 4.23 million in May 2023.

The NAR Chief Economist, Lawrence Yun, stated that more inventory will eventually help boost home sales and tame home price gains in the upcoming months. Increased housing supply is expected to benefit consumers who want to see more properties before making purchasing decisions.

Total housing inventory at the end of May was 1.28 million units, marking a 6.7% increase from April and an 18.5% increase from one year ago (1.08 million). The unsold inventory is at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.

The median existing-home price for all housing types in May was $419,300, the highest ever recorded, up 5.8% from one year ago ($396,500). All four U.S. regions registered price gains.

Yun noted that home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers. The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Despite this, first-time buyers in the market understand the long-term benefits of owning.

REALTORS® Confidence Index According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in May, down from 26 days in April but up from 18 days in May 2023.

First-time buyers accounted for 31% of sales in May, down from 33% in April but up from 28% in May 2023. NAR’s 2023 Profile of Home Buyers and Sellers, released in November 2023, indicated that the annual share of first-time buyers was 32%.

All-cash sales made up 28% of transactions in May, unchanged from April but up from 25% a year ago. Individual investors or second-home buyers, who comprise many cash sales, purchased 16% of homes in May, the same as in April and up from 15% in May 2023. Distressed sales – foreclosures and short sales – represented 2% of sales in May, unchanged from both last month and the previous year.

Mortgage Rates According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.87% as of June 20, down from 6.95% the previous week but up from 6.67% a year ago.

Single-family and Condo/Co-op Sales Single-family home sales declined to a seasonally adjusted annual rate of 3.71 million in May, down 0.8% from 3.74 million in April and 2.1% from the previous year. The median existing single-family home price was $424,500 in May, up 5.7% from May 2023. Existing condominium and co-op sales were unchanged from April, at a seasonally adjusted annual rate of 400,000 units in May, but down 9.1% from one year ago (440,000 units). The median existing condo price was $371,300 in May, up 5.1% from the previous year ($353,300).

Regional Breakdown

  • Northeast: Existing-home sales were unchanged from April at an annual rate of 480,000, a 4% decline from May 2023. The median price was $479,200, up 9.2% from the previous year.
  • Midwest: Existing-home sales remained steady from April at an annual rate of 1 million, a 1% increase from a year ago. The median price was $317,100, up 6.4% from May 2023.
  • South: Sales fell 1.6% from April to an annual rate of 1.87 million in May, down 5.1% from the previous year. The median price was $374,300, up 3.6% from last year.
  • West: Sales in May were unchanged from April at an annual rate of 760,000, a 1.3% decrease from one year earlier. The median price was $632,900, up 5.5% from May 2023.

About the National Association of REALTORS® The National Association of REALTORS® is the largest trade association in America, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark identifying a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.



When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

Located in the vibrant Four Corners area near Orlando, REMAX Heritage understands that advice on the best times to buy or sell property is readily available. But what if your goal isn’t to sell? What if you’re looking to rent out your single-family home or an apartment within your complex? Knowing the optimal time to list your rental property can significantly enhance your chances of finding tenants.

Why Spring Is the Optimal Time to List Your Rental

Spring emerges as the prime season to market your rental property for several compelling reasons, paralleling some of the logic behind property sales:

1) Aligning with the School Calendar: Families prefer moving during the summer to avoid disrupting the school year. Listing in spring caters to these potential tenants, helping them plan their relocation right after the school term ends.

2) Advantageous Weather: Generally, more people are inclined to move during spring and summer, favored by milder weather. This makes not only property viewing but also the physical move smoother and more pleasant.

3) Enhanced Property Aesthetics: Properties tend to showcase their best look in spring, with blooming flowers, lush greenery, and vibrant landscapes. Enhancing your property’s curb appeal with fresh landscaping or colorful planters can make a significant difference.

4) Financial Boost from Tax Refunds: The influx of tax refunds during spring provides many renters with extra funds, which they might use for moving expenses, making it a financially opportune time to seek new living arrangements.

While spring stands out as the ideal time to list, REMAX Heritage offers strategies to effectively market your rental during other seasons:

Seasonal Rental Listing Tips

  • Summer: Highlight features like pools, air conditioning, and proximity to outdoor activities. Be ready to inform about local school timelines, reassuring families they can settle before the academic year starts.
  • Fall: Utilize autumnal decor to create a cozy, inviting atmosphere. Emphasize the natural scenery and plant seasonal blooms like chrysanthemums to maintain an appealing exterior.
  • Winter: Ensure your property feels warm and welcoming. Preheat the space before showings, utilize seasonal scents, and maximize natural lighting to counteract the shorter days.

By adapting your strategy to each season, you can attract tenants year-round, maintaining a successful rental venture even during traditionally slower months.

Exploring Opportunities in the Off-Season

What strategies do you consider effective for listing your rental property outside the peak season? At REMAX Heritage, we’re always looking for innovative ideas to serve our clients better and keep occupancy rates high throughout the year.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Strategies to Maximize Your Home’s Selling Price

Strategies to Maximize Your Home’s Selling Price

Strategies to Maximize Your Home’s Selling Price

Even in a seller’s market as competitive as Orlando’s Four Corners area, where inventory is low and bidding wars are common, there are key steps you can take to ensure your home sells for top dollar. Partnering with a skilled real estate agent who knows the local market inside and out is paramount. According to data from the National Association of Realtors, homes sold with the assistance of a Realtor typically command higher prices, emphasizing the importance of finding the right agent for you.

Here are ten invaluable tips, endorsed by Realtors, to set your home apart from the competition and maximize its selling price:

1) Engage a Local Real Estate Expert: A knowledgeable local agent can expedite your sale and increase your profit margin. Interview multiple agents to find the best fit for your needs and objectives.

2) Invest in High-Value Improvements: Prioritize home improvements that offer the highest return on investment, such as minor kitchen and bathroom updates. These areas are often focal points for buyers and can significantly boost your home’s appeal.

3) Enhance Curb Appeal: First impressions matter. Ensure your home’s exterior is inviting by tidying up landscaping, applying fresh paint, and adding welcoming touches like potted plants or stylish mailbox.

4) Consider a Pre-Listing Inspection: Identifying and addressing potential issues upfront can prevent surprises during negotiations and instill confidence in prospective buyers.

5) Showcase with Professional Photography: High-quality photos can make your listing stand out online and attract more potential buyers. Leave some aspects to the imagination to spark curiosity and encourage in-person viewings.

6) Stage for Success: Less is more when it comes to staging. Decluttering and depersonalizing your space can help buyers envision themselves living in your home. Consider professional staging for optimal presentation.

7) Price Strategically: Trust your agent to set a competitive yet attractive price that generates interest without deterring potential buyers. Click HERE to find how much your home is worth

8) Minimize Personalization: Remove personal items to allow buyers to envision the space as their own. This helps create a neutral canvas that appeals to a wider audience.

9) Be Prepared to Act Quickly: Once your home is listed, be ready to respond promptly to inquiries and offers. Organize necessary documents and information to streamline the process.

10) Maintain Objectivity: Selling your home can be emotional, but it’s essential to approach negotiations with a clear head. Assess buyer requests objectively and consider the bigger picture to secure a successful sale.

 

Ready to embark on your home-selling journey in Orlando’s Four Corners area? Trust RE/MAX Heritage to guide you through every step of the process with expertise and dedication. Contact us today to learn more about how we can help you achieve your real estate goals. Click HERE to find out your home value

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Must Do’s After Buying a Home from RE/MAX Heritage

Must Do’s After Buying a Home from RE/MAX Heritage

Must Do’s After Buying a Home from RE/MAX Heritage

At RE/MAX Heritage, conveniently located in the Four Corners area of Orlando, we understand the excitement and the challenges that come with purchasing a new home. Congratulations on your recent home purchase! Successfully navigating today’s real estate market and becoming a homeowner is an achievement worth celebrating.

However, the journey doesn’t end with receiving your keys. As you transition into homeownership, there are immediate steps you should take to ensure a smooth and successful start in your new residence. Here are some essential actions to consider right after buying your home:

Essential Steps After Buying a Home

1) Set Up Utilities: Before moving day, make sure your water, gas, and electricity services are set up. This is crucial for a seamless move and to avoid any inconvenience like unpacking in the dark.

Pro tip: Contact local service providers early as setting up utilities might require certain verifications and scheduling.

2) Enhance Home Security: Change all exterior locks, update garage codes, and secure any other access points immediately before you settle in. You never want previous owners or strangers to have access.

Pro tip: Inspect around your home for hidden spare keys which previous occupants may have left behind.

3) Inspect Smoke and Carbon Monoxide Detectors: Ensure your safety by checking that all detectors are functional, possibly replacing batteries or the units themselves.

Pro tip: Install detectors in key areas like near bedrooms, kitchens, and on each floor for optimal safety coverage.

4) Review or Purchase a Home Warranty: If a warranty was provided, understand what it covers. If not, consider buying one to protect major appliances and systems.

Pro tip: Customize your warranty plan to cover essential and costly items, adjusting for your specific needs and climate.

5) Familiarize Yourself with Your Home’s Essentials: Locate and label the circuit breaker and main water shut-off valve. Gather all appliance manuals for future reference.

Pro tip: Organize all house-related documents and manuals for easy access during emergencies or routine checks.

6) Refresh Paint and Flooring: Painting and floor refurbishing are more manageable in an empty house and can dramatically enhance your home’s feel and value.

Pro tip: Negotiate with contractors for potential discounts when working in unoccupied spaces, potentially saving money and time.

7) Utilize Your Inspection Report: Address any pending issues highlighted in your home inspection report to avoid future complications.

Pro tip: Prioritize repairs and maintenance from the report to keep your home in prime condition and prevent costly future repairs.

8) Establish a Maintenance Schedule: Regular home upkeep is crucial. Plan for periodic tasks like filter changes and gutter cleaning.

Pro tip: Set aside a budget for maintenance and unexpected repairs—typically at least 1% of your home’s purchase price annually.

By taking these steps, you not only protect your investment but also enjoy your new home with peace of mind and security. Welcome to homeownership, and welcome to the community at RE/MAX Heritage!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

JUST LISTED: 17717 WOODCREST WAY, CLERMONT 

JUST LISTED: 17717 WOODCREST WAY, CLERMONT 

JUST LISTED: 17717 WOODCREST WAY, CLERMONT 

17717 Woodcrest Way, Clermont, FL

Just Listed

$ CLICK FOR CURRENT PRICE

4 BEDROOMS 2.5 BATHROOMS 6717 sqft Lot

Welcome to your future home! This spacious two-story pool home features 4 bedrooms and 2.5 bathrooms, offering ample space for comfortable living. With a newer roof installed in 2022, this property is not only well-designed but also well maintained, ensuring peace of mind for years to come. This home benefits from a south-west facing pool and spa overlooking a serene pond, providing a tranquil backdrop for relaxation and entertainment. Upon entering, you’re greeted by a welcoming foyer alongside which is tiled kitchen decorative arch cut outs overlooking the great room. The kitchen has been recently updated with freshly painted cabinets and stainless appliances, including a newer stainless dishwasher, stove, and microwave. A pantry closet and eating space add to the convenience and functionality of the kitchen. The foyer also grants access to the laundry room, ready for your washer and dryer, as well as providing access into the two-car garage with epoxy painted flooring and an electronic door opener. The great room, which opens up from the entrance hall, comprises a carpeted living room and dining room with sliding doors to the covered lanai area, seamlessly extending the living space outdoors. The spacious primary bedroom overlooks the pool area and is easily accessed off the family room. Its ensuite bathroom features a walk-in shower, garden tub, toilet cubicle, and a walk-in closet, providing a luxurious retreat. Upstairs, three additional bedrooms offer comfortable accommodation with easy access to the family bathroom. Step outside to your own private oasis—a fully screened pool and spa area with covered lanai overlooking the pond behind. The pool heater was replaced in 2021, ensuring year-round enjoyment. Conveniently located on Highway 27, this home offers easy access to medical facilities, restaurants, grocery stores, and major roadways, including Highway 192. Plus, its proximity to theme parks, designer outlets, and the airport as well as grocery stores, restaurants and medical facilities makes it an ideal choice for experiencing the quintessential Florida lifestyle.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Discover expert tips for successfully leasing your property in Orlando, Florida

Discover expert tips for successfully leasing your property in Orlando, Florida

Discover expert tips for successfully leasing your property in Orlando, Florida

Security deposits can sometimes be a controversial topic, but they’re necessary for keeping a property in tip-top shape. Security deposits are enforced for residents in order to protect the space, while also giving you some motivation to keep your residence in good condition. It’s never fun paying a fee upfront for damage that hasn’t happened, but receiving the money back after a harmless stay is encouraging! As a property management company in Orlando Florida, we want to give you your money back at the end of your lease. With these expert tips, you can avoid damage and have a good chance of recouping the fee you paid upfront.

Read Your Lease Thoroughly reviewing your lease is a great starting point.

Your lease should have clear information on the expectations in place to receive your security deposit back. It could be helpful to make a checklist and hang it on your fridge, so, throughout your residence, you remember what needs to be done in order to regain your deposit.

Document Your Space Be sure to take photos and videos of everything.

This content should include date and timestamps. Having physical proof of your space being neat and undamaged will only benefit you. If you notice something is damaged upfront, be sure to alert your landlord so you aren’t charged for those damages.

Clean Up

A deep, thorough cleaning of your space before you move out will give you a good chance of recouping your deposit. Be sure to wipe down inside the refrigerator and oven, as those two spaces are typically forgotten. Other than that, general dusting, mopping, nail hole patching, and vacuuming will ensure your home is in good shape.

Repair Damage Sometimes, things happen that are out of our control.

If you have any damage at all, make sure to repair it before you move out. Work with your landlord to determine if on-site maintenance staff can fix the damage or if an outside vendor needs to take on the job. It’s always best to fix the damage immediately instead of waiting until your move-out date!

Security deposits are set in place to protect properties from long-term damage.

By following these expert tips, your odds of receiving your deposit are high. At RE/MAX Heritage, our top priority is to keep clients satisfied with their place of residence. Ready to take the next step towards owning your own home in Orlando, Florida? click HERE to get started on your home search! Contact RE/MAX Heritage today to begin your journey to finding your dream home. Let us guide you through the process and make your homeownership dreams a reality!

Landlords, are you looking for a property management company in Orlando, Florida?

Consider the advantages of partnering with RE/MAX Heritage as your property management company. Our experienced team handles everything from tenant screening and lease agreements to property maintenance and rent collection, allowing you to enjoy a hassle-free landlord experience. With our expertise, you can rest assured that your properties are well-maintained and your tenants are satisfied, maximizing your investment returns while minimizing your stress. Trust RE/MAX Heritage to professionally manage your properties and help you achieve your real estate investment goals.

Our Property Manager- Lucy Hinson

Lucy Hinson is a seasoned property manager with over 12 years of experience, currently excelling in her role at RE/MAX Heritage. Her expertise spans tenant relations, lease negotiations, property maintenance, and financial management, all underpinned by a commitment to client satisfaction. Known for her proactive approach and attention to detail, Lucy is trusted by clients and colleagues alike to deliver optimal results in real estate investments. Outside of work, she enjoys family time, travel, and community engagement. With a passion for her craft and a proven track record, Lucy continues to make a significant impact in property management.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.