It has been in the back of every Realtors® mind lately that we are starting to see some changes in the market. In our hyper-local area new home construction is still booming and highly-rated school districts, the lack of state income tax and our sunny weather continue to drive families and retirees to our area.
However, a recent article published by the Florida Realtors Association really is brining to the forefront how a switch from a booming Sellers Market is starting to slow. Low Inventory and Interest Rates have been fueling the strong Sellers Market for a few years now, but with interest rates rising, new construction adding significant inventory to our market and the millennial generation saddled with student loan debt and not in a rush to buy a home, times are starting to change.
The article in reference was announcing that Wells-Fargo is laying off 638 employees in their mortgage division, including 137 people in the Orlando office, due to loan demand falling. Claiming the layoffs are due to slow home sales.
Change is not always bad and like the article references a lot of buyers are being priced out of the market. Personally, our listings that would typically take 2 weeks to sell are now on the market 45 days-60 days. That is a direct result of more inventory to chose from and again, the buyers just aren’t coming like they were.
We would LOVE to hear your thoughts on the market as well! You can read the full article from the Florida Realtors® here: https://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=370611