Despite the ability to make a nice profit, one question keeps many homeowners from putting their houses up for sale: Where will they move?
While metro Orlando’s median home price is up 40% since January 2020, local home inventory has plummeted 67% to a 0.72-month supply of homes, according to the Orlando Regional Realtor Association. That often forces people who sell their homes to pay sky-high rents or move in with family until they’re able to buy their next house, Mainframe Real Estate agent Anne-Marie Wurzel told Orlando Business Journal.
For example, one of Weeks’ clients is selling their home this month. While the deal closes in April, the seller will not move out until June 15, Weeks said.
These agreements are examples of ways to alleviate sellers’ fears they won’t be able to find a new home if they sell their current one. It’s also a signal to the buyer that “price isn’t always what makes offers most attractive,” Weeks said.
A lack of home listings is contributing to a run-up in prices and frustrating many house hunters. Post-occupancy agreements are just one way Realtors work with homeowners to convince them to sell their homes.
In fact, Armel Real Estate Inc. owner and broker Deanna Armel previously told OBJ when she encounters neighbors while walking her dog in Lake Nona, she asks them for the price that would convince them to sell their homes.
Armel in 2021 sold at least six homes because of conversations that started while walking her dog, she said. “It’s scratching and clawing, staying connected every day.”
While metro Orlando’s home inventory has recovered slightly from its low point in April 2021, it’s unlikely to fully rebound anytime soon as the market stays hot. The Orlando Regional Realtor Association recorded 3,198 existing home sales in metro Orlando in February, up 5.4% from January and up 6.8% from February 2021. At the same time, the region’s median home price last month hit a new record high of $345,000, up 23% from February 2021.