Kissimmee Real Estate Housing Market Report: Trends and Predictions
Hello, welcome! Like everywhere else in Florida, the spring and summer markets in Kissimmee are the busiest seasons. And if you are planning to list your property during the spring or summer of 2023, you must know what is going on in the Kissimmee real estate market. In this article, I will cover the following:
- Exploring the Kissimmee housing market conditions.
- Understanding the local housing market trends.
- How is the housing market doing now compared to a year ago?
- What the future holds for Kissimmee real estate.
- My recommendations for buyers and sellers are based on current
conditions and predictions.
Here is the latest update about the Kissimmee housing market.
Exploring The Kissimmee Housing Market Conditions: Supply, Demand, Inventory, Prices, and Days on Market
I will share with you the Kissimmee stats in three sections, Buenaventura Lakes, Kissimmee City, and Poinciana Villages so it is more digestible.
First, let's talk about Kissimmee's Supply, Inventory & Demand
So, in how many months will Kissimmee run out of homes to sell if no new homes come to market? In Buenaventura Lakes, the Supply of inventory reached 1.4 months which is very low. In Kissimmee City, the Supply of inventory is a little higher at 2.1 months, which is higher than Buenaventura Lakes but still low. Now, in Poinciana, the Supply is way higher, coming in at 3.7 months of inventory.
Next, Let's talk about Home Prices in Kissimmee
Things have cooled down a bit in Kissimmee, but there are still strong house prices. The median sale price for a single-family home in Buenaventura Lakes is $340,000 Kissimmee City is $372,500, and Poinciana is $310,000.So if you are considering buying a single-family home soon. You can expect to find these prices when looking for a single-family home in Kissimmee.
Last, Let's Talk About Days on Market
Knowing how long it will take for you to get an offer it's important so you can plan your move accordingly. Buenaventura Lakes homes take a little over two weeks to get an accepted offer. But in Kissimmee City, it takes an average of 31 days, and in Poinciana, it takes 52 days to get an acceptable offer. Kissimmee is adjusting due to changes in market conditions, leading the marketplace to adopt new trends, which we will discuss next in this article.
Understanding the Local Housing Market Trends
We covered the basic market trends already, but now let's dive deeper and go over what no one is talking about.
Three things are impacting the Kissimmee housing market, which could influence your decision as to whether you want to put your property on the market.
- Home appreciation has slowed down significantly, and to get your home sold, pricing your home right is more crucial than ever.
- Due to the increase in interest rates, home buyers qualified to buy your home are struggling to afford the monthly payments with higher interest rates. Home buyers are asking on average for 3% on seller concessions to pay for interest-rate buydowns or closing costs.
- The Kissimmee home buyer is looking for a move-in-ready home. And we are seeing price declines or extended days on the market in homes that need TLC.
How is the housing market doing now compared to a year ago?
2023 is definitely a different market than a year ago. In 2022 homes were flying off the shelves. Today prices have increased from a year ago despite of the 24% decline in home sales. Home Sellers are not getting over asking for their properties; on average, home sellers are getting 96.5% of the asking price. For example, if you list your property for a hundred thousand dollars and you get 96.5% of the list price, you would get an offer for $96,500.
What the Future Holds for Kissimmee's Real Estate
Kissimmee has grown tremendously. We have a larger population than we did 5 years ago. You can tell with the increase in traffic and the new developments everywhere. Predicting the market is complex because of so many moving parts. But one thing is for sure. If interest rates continue to climb, the home buyer pool will shrink, causing the inventory of homes for sale to increase, and it will take more negotiations to make a deal happen.
My Recommendations for Buyers and Sellers Based on Current Conditions and Predictions.
Home Buyers:
If you are ready to buy your home now, here are a few things you can do to secure your home.
- Build your team of professionals (a loan officer and a real estate agent like me) before you start house hunting.
- Know what your estimated mortgage payment will be before you make an offer.
- Find out if you qualify for Down Payment Assistance ( you may qualify even if you are not a first-time home buyer.)
- Structure your offers well.
Home Sellers:
- Showcase your home in the best light possible. Work with a Kissimmee real estate agent like me with a robust marketing plan.
- Be prepared to negotiate if you want to sell your home as-is so you don't leave money on the table.
- Pricing your home right in today's market, it's critical. So make sure you get all the data to know where to position your home in the marketplace so you can sell it for the most money and the best terms possible.
Pro Tip: If you are planning to list your house for sale soon get your property value from a real estate expert, not Zillow. There you have it, the Kissimmee real estate housing market March 2023.
Based on the last year's market data and trends, the median price for homes in Kissimmee has gone up, and all although home appreciation slowed down in the past months. Home prices remain strong.
Whether you're a home buyer or a homeowner looking to rightsize, it's a good time to buy or sell.
P.S. If you want to start your journey to find a new place to write your story, let's talk! I offer free consultations for homeowners, home buyers, and investors. What are you waiting for? The consultation is free, so you have nothing to lose.
