Welcome to the Kissimmee Real Estate Market Update! If you're thinking about buying or selling a home, you’ve come to the right place. In this detailed market update, we'll focus on my favorite segment: single-family homes. Let's dive into the latest trends, statistics, and valuable tips to help you make informed decisions in this dynamic market.
Kissimmee Housing: Current Market Inventory
In the last 30 days, 474 homes have entered the market, making a total of 1,795 homes available for buyers.
Inventory Breakdown
- Total Homes on Market: 1,795
- New Listings (Last 30 Days): 474
Pricing Trends
Setting the right price for your home is crucial. In the last 30 days, 780 homeowners reduced their asking prices by an average of 5.42%. If your home is overpriced, it might sit on the market longer, causing potential buyers to question its value.
Pricing Insights
- Average Price Reduction: 5.42%
- Homes with Price Decreases: 780
Sales and Price Per Square Foot
In the past month, 370 homes were sold in Kissimmee. The average cost of a home is $395,000. For those interested in the price per square foot, here are the details:
- One-story Homes: $215.37 per square foot
- Two-story Homes: $190.62 per square foot
Contract and Sale Dynamics
In the last 30 days, 407 homes received contracts, with only 20 returning to the market. It's essential to navigate the inspection period carefully to avoid contract cancellations.
Contract Details
- Homes under Contract: 407
- Contracts Fallen Through: 20
Sales Statistics
- Homes Sold: 370
- Median Sale Price: $395,000
- Sale Price to List Price Ratio: 98%
This means that homes in Kissimmee are selling close to their listing prices. For sellers, pricing your home correctly and ensuring it’s move-in ready can lead to achieving or even exceeding your listing price.
Seller Credits and Negotiations
One notable trend is that sellers are offering credits to buyers. These credits can help with closing costs, repairs, or even buying down interest rates. Here’s the breakdown:
- Average Credits by Private Owners: $7,912 (down from $28,000 last month)
- Average Credits by New Constructions: $16,815
Days on Market and Buyer Financing
On average, homes are receiving offers within 35 days. If your home has been on the market for 20 days without offers, there’s still time. However, buyers should avoid lowball offers, especially within the first month of listing.
Buyer Financing Trends
The most common types of financing in Kissimmee are conventional and FHA loans. Understanding your buyer's financing can help you navigate appraisals and ensure the sale goes smoothly.
Inventory Supply and Market Type
Currently, Kissimmee has about 5 months of inventory, indicating a balanced market. While sellers have an advantage, buyers can still negotiate favorable terms.
Inventory Insights
- Months of Inventory: 5
Conclusion and Tips for Buyers and Sellers
For Sellers:
- Price it Right: Proper pricing is essential to avoid prolonged market time and unnecessary price reductions.
- Prepare Your Home: Make necessary repairs and upgrades to attract buyers.
- Offer Credits Wisely: Consider offering credits to help buyers with closing costs or interest rates.
For Buyers:
- Get Pre-approved: Have your financing in order before house hunting.
- Compare Loan Options: Take the time to get pre-approvals from multiple lenders to secure the best rates.
- Understand the Market: Know that homes are selling close to their list prices, so be prepared to make competitive offers.
If you're thinking about buying or selling a home in Kissimmee, contact me for a detailed consultation. I'm Jury Hernandez, a local real estate agent with over a decade of experience. I'm here to guide you, inform you, and inspire you to make the best decisions in the real estate market.
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If you are ready to take the first step on your real estate journey, Let's talk!
