It's a seller's market for central Florida home sales

ORLANDO, Fla. — The housing market in central Florida has definitely picked up in a big way. For the first time in years, real estate agents said there aren't enough available houses to meet demand, which is making it tough to buy unless you have deep pockets.

Real estate agents said central Florida residents wanting to buy need to be prepared and ready for some competition.

Chad Shernet and his wife are closely watching the market, waiting for the right time to buy.

"It's difficult to get the mortgages, and you're losing out on those bids to people who have the cash," he said.

It's a big change from a couple of years ago, when home values plummeted and too many homes were in foreclosure.

Now, Keller Williams real estate agent Tanya Donohoe said there is fierce competition going on between buyers.

"It's like an auction," she said. "You're not at the auction, but it really is, each house is like an auction."

And it's not just locals trying to buy, experts said, as investors from all over the world are coming in and purchasing homes with cash in central Florida.

Right now, cash sales make up 66 percent of home sales in Florida, according to RealtyTrac. The national average is 40 percent.

Agents said if you're looking to sell your home, now is the time to do it, because in many cases, homes are selling for more than their market value.

WFTV