SEMINOLE COUNTY, Fla. – Realtor and mortgage broker Alex Khalil showed News 6 the latest property he is selling in Seminole County.
The home was initially listed for $480,000 and is now pending for $425,000.
“About 2,000 square feet. Nice backyard, as you can see lots of potential for the buyer to come in and do some renovating,” Khalil said.
The median Orlando-area home price for April was recorded at $388,500, the region’s highest monthly median home price on record, according to the Orlando Regional REALTOR Association.
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“Definitely it doesn’t make a person happy to know that it used to be 245 (thousand) years ago, and it’s not slowing down the signs of it. The inventory is low, the rates aren’t decreasing, although that’s what buyers have been hoping for,” Khalil said.
The association said April’s interest rate was 6.9%, up slightly from 6.7% in March, but despite that, homes are selling quickly.
“Who isn’t (buying a home?) Everybody around the globe, around our nation and more expensive states like New York, California,” Khalil said.
Though Khalil explained there are still people waiting for interest rates to come down but believes that may not happen anytime soon.
“Getting the house now is making sure they have the trifecta: income, credit, low debt. If they have a lot of income, then those other two can balance themselves out,” he said.
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