When it comes to investing in Orlando’s 2017 real estate market, time is of the essence. Though the Orlando area suffered as America’s highest market for foreclosures in recent years, a turnaround is now taking place.
2017 looks good for Orlando as experts are predicting it to be one of America’s hottest housing markets. Orlando appears to be well-positioned economically in terms of conditions needed for a hot real estate market.
The area is seeing a continued and steady supply of job opportunities, low unemployment, and modest increases in wages.
Along with this supportive economic landscape, Zillow has indicated that 2017 homes values in the Orlando metro area will increase by 7.1%. This compares favorably to the predicted average increase of 4.6% in home values nationally. The latest year showed an 11.1% increase in Orlando home values with the current median home value being at $160,400.
In addition to increasing home values, another factor that is contributing to the heating up of Orlando real estate is the shorter amount of time that properties are spending on the market. An article in the Orlando Sentinel recently reported on a local couple whose townhouse was signed under contract within mere hours of being placed on the market. A contractor is planning to flip the townhouse after improvements are made.
Investment property sales like this are happening within a matter of hours, some locals are claiming. According to the same Orlando Sentinel article, investors can get away with making cosmetic upgrades and improvements to properties in today’s climate. This is as opposed to market demands of a couple years ago, which required properties to be immaculate before anyone moved on them.
For investors, the Orlando rental market is promising for this upcoming year. Median rent prices have risen steadily this past year, indicating a solid demand that property investors need to see. Between Zillow and Trulia, numbers indicate that the median rent price in Orlando is between $1,350 and $1,500 per month.
Given the destination location nature of the Orlando area, property investors in this market also have the added bonus of capitalizing on rental demands during peak vacation seasons.
Take The Next Step
With so many healthy market indicators, investors looking to make new real estate investment moves in 2017 are wise to consider Orlando for their next purchase. With stable economic conditions, growing home values, and steady demand for rental housing, Orlando’s 2017 real estate conditions are prime for income property investors.