Orlando, Florida once was the prime location for primarily northerners to come and purchase property, but now we see its attraction has extended nationwide. We have people coming from California, Utah, Colorado, Seattle, Washington and so on. This location is in hot demand and the pricing is reflecting that.
As we all know from basic economics, when demand rises, but supply is the pricing has to go up. That’s what we are seeing in the Orlando real estate market and will continue to see in 2017 and beyond.
Let’s take a look at the historical data to understand.
Per this visual, in 2013, the median listing price of an Orlando home was $160,000. In 2016, the median listing price of an Orlando home rose to $207,000. The interest rates did not change a lot, but they did actually go down. The interest rates for 2017 at this time are predicted to rise to 5 percent. So an increase in price and interest rates might make one consider purchasing now rather than later. Contact me if you’d like to get the ball rolling.