The Florida housing market has had its share of volatility in the past. However, based on the overall real estate market, Florida house prices have increased steadily since the housing bubble back in 2008. The causes for that crisis have been mitigated, however. This means the current Florida real estate market appears hot and healthy. From the Federal Reserve Economic Data site, you can see how fast the housing index has risen. In the process, the Orlando house value has also risen to an all-time high.
There’s a lot in Orlando
The rise of shared economies and the work from anywhere mentality have made Orlando an ideal location. Whether for visiting, working, or even relocating to. It’s got the right mix of higher education, weather, and entertainment. Added into the mix, it’s one of the best places in the United States for Job growth. All of this has increased the Orlando house value by 24%, and the average home price in Orlando sits at $338,272, with a 24% increase over a year.
Meanwhile, the median rent is over $2,000 in Orlando for a 3 – bedroom. There’s a big renter’s market there currently. In turn, this is allowing the Orlando house value to increase. This is due to the fact the Florida real estate market is both for homeowners and investors. In general, the Florida housing market has been a place for a second home. Alternatively, it’s a retirement home for the golden years. Snowbirds and retirees alike have both believed the statement to buy a Florida home was a valuable one.
Since there has recently been a lack of inventory on the market, that’s another reason the Orlando house value has been on the rise. Not to mention the average home price across Florida going up. It doesn’t matter if you’re looking in Orlando, Jacksonville, Miami, or other parts of south Florida or central Florida; the Florida housing market is still a rare seller’s market.
However, this does not mean that these types of prices will last forever. There are already some signs, just like winter thaws, the Florida real estate market isn’t everlasting either. Whether it makes a big dip or the pricing is simply starting to stabilize and follow a more statistically standard annual rate of return is still to be seen.
Cash in quickly on the High Orlando House Value
For the time being, those looking to sell already have seen their Orlando house value skyrocket. Therefore they can take all-cash offers to quickly profit without worrying if a dip in the price will happen during the retail buying process. It’s better to take advantage of the known quantity based on current Orlando house prices than wait any longer and see that price dip. This benefit will be more than likely because there’s an increase in demand for new constructions to lessen the massive need in the current limited housing market inventory.
Real estate is always an excellent steady investment. So even if you’re going to buy at the current all-time highs or take the profit and look for something else, the trend will always go up.