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It’s a Seller’s Market: Here’s What You Need to Know!

Greater Seminole County Real Estate Report 2-3-21: It’s a seller’s market! Here’s a snapshot of December’s statistics and pitfalls to avoid when you get ready to sell.

seller's marketThe real estate market in Central Florida is holding firm despite the ongoing pandemic. Here in Seminole County and surrounding areas, it is still a seller’s market. Let’s take a look at the market update for December 2020 and what you need to know when you are ready to sell your home.

Snapshot: December’s Real Estate Market Update

The total number of sales for all types of housing combined is 3,672, which is a 21% increase year-over-year. The overall median price is $275,000, which is a 10% increase compared to December 2019. The following is a breakdown of the numbers for December 2020 compared to December 2019 by housing type:

  • Single-family homes – Total sales rose 20%, with a median price increase of 12%.
  • Townhomes – Total sales increased by 15%, with a median price increase of 6%.
  • Condominiums – Total sales rose 36%, and the median price increased 6%.

Demand currently exceeds supply, which means there is still a housing inventory shortage in Central Florida. This is especially true in houses that fall in the mid to low price ranges. Now is the perfect time to sell your home. Homebuyers are knocking down the door trying to find homes within their price range. Putting your home on the market now increases the chances of getting multiple offers on your home, which can drive the final sales price up.

Pitfalls to Avoid When Selling Your Home

Selling your home is a massive milestone in your life. It is exciting to close the door on one chapter of your life as you enter the next. However, making a mistake during the selling process can be costly. Be sure to avoid these common pitfalls when selling your home:

  • Unaware of the actual cost of selling – Underestimating the costs of selling can have a negative financial impact. An experienced Realtor can help you understand and navigate the true costs.
  • Setting the sale price too high or too low – A list price too high means your home will sit on the market and not sell. On the other hand, a list price too low, and you will leave money on the table.
  • Overlooking home repairs – Any major repairs you ignore will be discovered during the home inspection. This can delay the closing process or even cause the buyer to pull out of the deal.
  • Not allowing access to the home – Your home will not sell if potential buyers cannot see it. Once your home is on the market, you will need to make sure that you cooperate with your agent to schedule as many showings and open houses as possible.
  • Failing to stage your home – Staging your home allows potential buyers to visualize it better being their home. Homes that are staged tend to sell faster and for more money.

Partnering with the Best Realtor in Lake Mary

The most important pitfall to avoid is selling your home on your own. A reputable Realtor can negotiate a deal that is in your best interest. He or she will make sure that you sell your home for top-dollar and successfully navigate any issue that may crop up along the way.

It is a seller’s market. Now is the time to strike while the iron is hot. With over 30 years of experience in the real estate industry, the Gitta Sells team is here to help you sell your home. Please feel free to ask me any questions you may have by reaching out at gittasells@gitta.com or 407-330-2181.

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