Orlando Real Estate Market Cooling Off?

By Doug Packard

If you read the local media headlines, you certainly wouldn’t believe the Orlando real estate market is cooling.  But what are we really seeing in the trenches in our own little world here in Seminole County?  I’m definitely not seeing the buying frenzy we saw earlier this summer in Lake Mary, Oviedo, Longwood, Winter Springs, and Sanford.  Don’t get me wrong, there are still low numbers of homes for sale in all these areas  and the demand is still there.  Homes are just not jumping off the market like they were a few months ago.

A couple of reasons for this:  1)  School starts in Seminole County this coming Monday.  The local buyers with children planned their moves to get settled before schools started. 2)  Interest rates have gone up to just under 5%.  That’s still low historically, but well above the 3.25% rates we were seeing this last spring.  Because of these factors, expect to see the appreciation rate of homes to slow-down a bit, to more normal levels.