More 'for sale' signs are popping up in neighborhoods
Updated On: Apr 15 2014 11:00:00 PM EDT
Chief Economist Frank Nothaft says he has a pretty positive outlook for Central Florida's real estate for the spring, making it good news for potential home buyers and sellers.
"I think the spring home buying season is going to turn out pretty good," he said.
In fact, according to Nothaft, there has been a drastic turn around in Orlando.
"Central Florida and Orlando is one of the most improved markets over the past year," he said.
Why? Well, that is a combination of a few things.
-Prices are going up
-More houses on the market
-Houses are spending less time on the market
-Rates are great
Realtor Ericka Lankford says more homeowners are opting to list their home because of the rise in prices.
"The median price for a home has gone up to $158,000 that's 18 percent more than last year," she said.
For buyers there is more out there to choose from.
For example, February of last year a little over 7,000 homes were available. February 2014 more than 10,000 homes are on the market.
Analyst expects house prices to continue to rise in Orlando metro area over 2014 but not at the same pace. So if you weren't thinking about selling your home, now may be the right time.
Traditional sales are up, short sales are down this year and sellers are even receiving multiple offers.
So if you are looking to buy what's out there and available, Local 6 checked with Lankford.
"I printed out a house just this morning it's a four bedroom, three bathroom in Orlando it's over 3,000-square-feet for $150,000," she said.
Mortgage rates are very attractive right now a 30 year fixed rate mortgages is 4.5 percent.
Nothaft said he warns buyers not to wait.
"Potential homebuyers shouldn't expect that low rate that we currently have is going to be here forever, it's not going to be there forever," he said.
In Fact Federal Reserve board has been pretty clear they plan to gradually push up interest rates over the course of the next year or two. If you want to compare house prices this year to last year county by county we have a link posted on our website.