Real estate is a very local game and the success of the investment depends on a number of factors. The job growth, the median age of population, the amount of infrastructure investments being made, the dynamic tourism sector, the affordable life style, the economy and many others- are all indicators that Orlando is a strong market, and will continue to be so in the upcoming years, Predicts Hirav Shah.
One of the biggest reasons why the Orlando real estate market here is so hot is, inbound migration from high-tax and high cost of living areas like California and Florida.
People and businesses are looking for less dense areas where the cost of living and doing business is lower and real estate prices are still affordable.
Also, investors love Orlando. Yes, they do, Avers Hirav Shah.
Reason is known to the world, which is, Nearly 70 million people visit Orlando each year, drawn by the area’s world class theme parks like Disney World and Universal Orlando, dozens of golf courses, and premium shopping outlets.
As the pandemic is brought under control and the economy begins to recover, these iconic resorts are likely to benefit from pent-up demand from visitors around the globe.
Economic growth in the region leaves many cities across the U.S. in awe. Other parts of the country watch enviously as people come to Orlando for the seemingly endless opportunities and great quality of life that can only be found in Central Florida.
On that note, Hirav Shah Reiterates “Real Estate will flourish and see an upward trend throughout 2021” and the same is discussed in detail below.
1. Residential Market
The current Orlando real estate market is an interesting one in terms of investment.The truth is, almost everything about Orlando makes it the perfect place for living, doing business, and investing in real estate, Says Hirav Shah.
With young families and professionals increasingly priced out of the Orlando residential market, there’s a place not far away poised for exponential growth. Given the steady job and population growth in the Orlando area, the byproduct has naturally been rapid home price appreciation.Currently, Orlando ranks 35th out of the top 50 metro areas for home appreciation.
2.One Of The Best Renters’ Market
Orlando is ranked as one of the best places to buy rental property in 2021, based on key investment criteria such as cash flow, affordable property prices, and a growing population and job market.
To make the market even more attractive, Florida has no state income tax and plenty of warm weather. Those are just two of the many reasons why many people and businesses are relocating to Orlando from other urban areas with taxes and the cost of living are sky high.
3. Hot Seller’s Real Estate Market
Orlando is a hot seller’s real estate market now. There exists a limited supply of homes in Orlando, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers.
Home sales recently spiked by 25% in Orlando, with buyers in the real estate market literally “shocked” at how fast things are getting snapped up. Tight inventory combined with an influx of buyers means Orlando may remain a “seller’s market” for the foreseeable future also, in 2021.
Property Trends In Orlando
Now, more than ever, the real estate industry has the chance to take the lead in using planning and development skills and investment capital to reshape work and lifestyle environments. These tools can be used to address societal issues of safety, green space and racial equity.
The gauntlet of responsibility is for the people of the US to embrace, and industry leaders to see the opportunities and respond with investment and leadership.
Meanwhile, Orlando’s real estate trend for 2021 is that, the shortage of supply and an increase in the demand for housing from new homebuyers will push the prices higher in the next twelve months. Low mortgage rates will bolster the home buying market and continue pushing up home price growth.
For sellers, now is the opportune time to put their Orlando home up for sale. The pricing of homes is trending higher and is more attractive for sellers in the current phase.
Florida home values have gone up 7.1% over the past year and the latest forecast is that they will rise 10.1% in the next year.
Orlando home values have gone up 7.1% over the past year and the latest forecast is that they will rise 10.1% in the next year.
Best Places To Invest In Real Estate In Orlando
Besides being a dream destination for tourists (thanks to Florida weather, beautiful beaches, and Disney World), Orlando also stacks up high in terms of investment opportunities. In fact, it has been ranked as the third best investment location in the US.
Neighborhoods to Invest in Real estate in Orlando, Florida are Winter Park, Oviedo, Lake Nona and Kissimmee.
If you’re a real estate investor in Orlando, you know that this is a growing market that offers a lot of possibilities. There are certainly challenges here, and different areas are growing at a different rate. That means you have to be smart and targeted about where you invest. Here are the neighborhoods that are on the verge of breaking out, so you can buy low and potentially see some good ROI on your hard work…Concludes Hirav Shah..