Are you going to be buying a home in Orlando shortly? If you know that you want to buy in this area, you should look at what the market trends are saying. Orlando market trends can help you decide what sort of property you should purchase. Here are a few patterns you should be aware of:
Median Sales Prices Are Rising
The real estate market in Orlando is very healthy. One of the easiest ways to see the current state of the market is to look at median sales prices. You’ll see that the prices have been steadily rising for quite a few years.
Because prices have been going up, it’s more challenging to find an affordable home than it was a few years ago. However, if you do choose to buy a house in Orlando, you can expect that investment to pay off for you. The value of your home should increase substantially in your first year of home ownership.
Price Per Square Foot Is Going Up
The prices for homes aren’t the only thing that is rising. The average price paid per square foot is also going up. People aren’t just shelling out for large and luxurious homes. People are willing to pay more for smaller properties in the Orlando area as well.
The average price per square foot of an Orlando home is about $132. The price should only rise in the months to come. Even smaller properties can be excellent investments in a city like Orlando.
The Number Of Sales Is Decreasing
While the prices of homes have been rising for a while now, the number of sales has been going down. A lot of people become concerned when they see this data. Some people think that the decrease in sales means that Orlando isn’t the right city for them to buy a home in. The number of sales has been decreasing because there are fewer homes for sale in the area. Demand for Orlando homes is still very high.
High Rental Rates
Rental rates have been steadily increasing for quite a while, and they have surged in the last year. If you rent out a home, you’ll be able to charge a lot for it.
Because rental rates have been going up, it’s easier than ever to earn a profit from your second home. Even if you hand your property over to a management company, your home should be a steady stream of income for you.
Even though the demand for homes in Orlando is quite high, the average buyer isn’t willing to settle. There aren’t many people that are interested in purchasing fixer-uppers. The average home buyer in Orlando is looking for a home that is move-in ready.
Since the trends favor upgraded homes, you may want to consider buying a property that needs a lot of work. If you invest in an asset like this and make a few small upgrades, you’ll be able to turn around and sell that home for a very high price. Buyers are incredibly discerning, but that doesn’t mean that you should avoid homes that need some work.
Pools Aren’t A Draw Anymore
In the past, a pool could do a lot to increase the value of a property. This trend was especially true in areas like Orlando. People saw pools as the perfect way to beat the heat.
In recent years, however, the demand for pools has gone down. Many people don’t have the time to maintain a pool properly. Other people have safety concerns. Because of this, a large number of buyers actively avoid properties that have pools in the yard.
You need to think carefully before purchasing a piece of property that has a pool. It’s okay to buy a home with a pool if a pool is something that you desire. However, if you’re looking to make a real estate investment, pools may be something that you will want to avoid.
Buying real estate isn’t something that you should rush. If you’re planning on buying in Orlando, you need to look at market trends before you do anything else. You should always try to glean as much information as you can from market trends. Real estate data can help you to make informed decisions.