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Housing Market Confidence: What's Happening Now Main Photo

Housing Market Confidence: What's Happening Now

We are looking at a buyer's confidence issue, not a market issue.
Posted: October 27, 2022 by Dana Vander Meer

What's the current status with the market in Clermont, FL and greater Central Florida? THE MARKET IS STABLE. 
Yes, you read that right. Despite news media and whispers of a crash our housing market in Central Florida is currently stable. It's consumer confidence causing the stand still and uneasiness in today's housing market. 

What is CONSUMER CONFIDENCE? Consumer Confidence "is how consumers view the overall economy, business conditions, and labor market presently and over the next six months"

With political disruptions, extreme high inflation and financial stressors it is no wonder that consumer confidence has dropped. When consumer confidence falls people immediately think the housing market is crashing, but the two don't go hand in hand. The numbers you see in the news sound daunting but it's all perspective. 

For instance, on average, homes in Orlando sell after 20 days on the market- that is phenomenal; but statistically it shows a drop compared to 13 days last year. Perspective.

According to Fannie Mae, "A meager 17% of Americans say it’s a good time to buy a home. In addition, the percentage of consumers believing it’s a good time to sell has also trended downward in recent months, falling to 67% in July from 76% in May."

It is obvious people are nervous about purchasing a new home BUT life is still happening. People still have reasons to move whether it's a job, downsizing, upgrading, to be closer to family, retiring, first time home buyers and more.
Push the news aside and focus on your personal situation and goals. Buying a home is never a bad investment long term. With raising rent prices your money may be better spent on purchasing a home in Central Florida. Refinancing when rates drop is a great option to counter higher mortgage rates as well. If you're looking for direction on your situation I would love to talk to you. Let's weigh the pros and cons, talk bout your goals and see what we can do for YOU. 

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