Orlando area homes in short supply: Read helpful tips from experts if you’re looking to buy

ORLANDO, Fla. — While it is a great time to sell your house, home experts say you better know where you’re going once your house sells because you could be left without any options.

The Orlando metro is running out of homes.

READ: Central Florida housing market sees massive demand, not enough homes

A balanced market has about a six-month inventory of homes. But right now, Tansey Soderstrom, president-elect of the Orlando Regional Realtor Association, said our area has only a three-plus week inventory.

Here are her tips and things she thinks you should know if you’re looking to buy in the current market:

• If you find a home you really like, be ready to make an offer, Soderstrom said.

“I’ve seen a lot of Realtors getting offers prepared before the buyers even see the property,” she said. “And they have everything in place if the buyer says go ahead, pull the trigger, they’ll present the offer.”

READ: Low supply of existing homes on the market lead Central Florida homebuyers to new builds

• Homes are averaging 36 days on the market right now, which is the fewest number of days since before the great recession in 2007.

• Soderstrom said that’s because so many people are moving here from states like New York, New Jersey and California following pandemic shutdowns.

READ: Florida Realtors sue CDC over eviction moratorium

• With the moratorium on forbearance ending in a few weeks, some believe there will be a lot of foreclosures on the market soon. But Soderstrom said she doesn’t see that happening because lending institutions have been working hard to keep owners in their homes.

• Experts say another ripple effect from this kind of housing market is that rent prices will also be going up.