Just three
to four years ago, Central Florida’s housing market was deeply rundown,
however, now, the home sales volume is experiencing a rise, which is an
indication of market recovery. The current situation is ideal for people
investing in real estate in Orlando, since the inventory is ample and
available in all price ranges. This availability of homes for purchase is helping
to meet the unexpressed
demand and has driven
sales up by 18 percent in October, as reported by the Orlando Regional REALTOR® Association. Additionally, the median price of Orlando homes sold in October has risen by nearly 4 percent since October 2013. This rise can be contributed to
the near one-year low mortgage rates. Since June 2013, interest rates have
fallen from 4.25 percent to 4.05 percent.
For years,
rent prices have surpassed the income growth; as a result, families and
individuals had started to combine their incomes in order to share affordable
homes. But, now as the economy is improving, the hidden households are
releasing and entering the household market. According to recent statistics
uncoupling of hidden household in Orlando could increase the number of
household by 10.5%.In addition, the young adults moving out of their parents’
house or splitting with roommates to live separately, is also contributing to
increased households.
However,
there are other reasons that play a role in driving demand nationally. There have been improvements in the consumer
attitude and also the labor market has strengthened in recent years. Since the
job outlook in the state is steady and the economy is growing, stability and
consistency have been noticed in Florida’s housing market.
The growth is seen not
just in the household market, but also in the office market. The infrastructure
and logistics are improving in Orlando, and office market is bouncing back,
resulting in increased real estate development.
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