Purchasing a home is exhilarating, especially if you are a first time home buyer. And like many other exciting things in life, it comes with fear. It is such a huge commitment and there are so many things to consider that it can become overwhelming. You need to be careful with every move and be well prepared. But then again, what is a few months of pressure compared to a lifetime of happiness and security? After all, this is going to be your home. Would there be a better time in starting to build it than NOW? Well, I don’t know about your city, but it is definitely the case in ORLANDO. Here’s why NOW is the best time to be an Orlando homeowner:
In an article published by Forbes early this year, Orlando was among the top five cities which were named as the safest bet when buying houses to hold for a long-term. The main reason for this is that the stability of jobs grows relative to the rising population while the prices of the houses remain comparatively low. To support this claim the Local Market Monitor, an organization which co- facilitated this research, said that the pricing on houses in the city is still considered “undervalue” which implicates that it is below or within the “income price” of the area. The housing market stays more inexpensive than most markets across the country. Top real estate education firm, Fortune Builders, concludes that proprietors in Orlando usually allot 10.9% of their monthly incomes to the mortgage. The typical U.S. homeowners normally spend beyond 16% of their monthly wages to pay off their mortgage.
On the other hand, the tricky part of the real estate market is that it is ever changing. For instance, on the same study conducted by Forbes last year, all the house pricing on each cities named on the list were considered as “undervalued” but this year 4 cities are considered a bit “overheated”. So, don’t wait for the prices to go up again, the best time to buy and become an Orlando homeowner is NOW!
Not only has Orlando been named among the top five best cities to invest in housing, but has also been ranked as number one in the nation for job growth (Orlando Sentinel). Most likely, you’ll get higher chances of easing your employment worries here than any other cities in the country. According to a report published by Fortune Magazine in November of 2014, by means of the data provided by the U.S Bureau of Labor Statistics, Orlando’s job growth was at 3.7% during the months of January- September of 2014, which doubles that of the national average. The city out-ranked all Florida markets in terms of employment development over the last year. The area’s employment zone is very active and will remain as the catalyst of resource and demand for real estate in the region.
Orlando is a beautiful city which falls in the right mixture of vigour and tranquillity that it can embrace the lifestyle you prefer. It is a delightfully harmonized community despite the population of the Orlando homeowner being very diversified.
Whatever the reason is for you to consider buying a starter home, may it be financial concerns or your lifestyle, there is no slowing down that is happening here in Orlando. There is no better time to buy than right NOW!
“Best Buy Cities: Where to Invest in Housing in 2015”. Erin Carlyle. (http://www.forbes.com/sites/erincarlyle/2015/01/09/best-buy-cities-where-to-invest-in-housing-in-2015/)
“Orlando: Real Estate and Market Trends”. Than Merill. (http://www.fortunebuilders.com/orlando-real-estate-market-trends/)
“Fortune ranks Orlando No. 1 for jobs growth”. Paul Brinkmann. (http://www.orlandosentinel.com/business/brinkmann-on-business/os-fortune-ranks-orlando-no-1-for-jobs-growth-20141105-post.html)