With the stable real estate situation in the Orlando Property Market, there is a vast choice of wonderful properties at affordable prices that make comfortable and affordable living desirable for not only the first time homeowner but also investors. It seems that the healthy housing Orlando Market is seriously attracting new homeowners and first time home buyers. The younger generation is looking at real estate as a great alternative to renting and at the same time Orlando market is ready for fresh blood.
The home buyers in Orlando feel more confident than ever and are now ready to purchase a home thanks to the improved housing market situation. This was confirmed in a recent report from Zillow, which showed that more than 4 million people, who are currently renting properties in the United States, are now willing to become first time home buyers in 2014.
The home buyers in Orlando are now feel ready to act and should be asking themselves several questions, which are important for the property investment they are about to make. These questions are:
• What is the location you prefer in Orlando?
• What is the budget you have for your new home investment?
• What are the must-have interior features you insist on?
• What type of property do you want to buy – a townhouse, a single-family
home, a condo?
Location is always at the top of the list for all property investments and this is especially true for the new first time home buyers in Orlando. Orlando is one of the most popular property markets in the United States, based on median housing list price, and price growth in the past year, number of good homes for sale and even the low unemployment rates in the area.
The median home price in Orlando is around $190,000, which marks an increase of almost 13 % compared to the prices this time last year. At the same time, the unemployment rate is 5.5 %, which is below the national average rate, also making Orlando’s housing market that much more appealing to first time home buyers. Property location always determines the atmosphere of the area, the infrastructure and the neighbors that the new buyers in Orlando will live with in close proximity.
The facts reveal that the number of homeowners in the area of Orlando who have entered a foreclosure has doubled in the period between July and August. This was most probably a result of the fast-track foreclosure law accepted in the state. According to the research ordered by the real estate companies, the initial filing numbers for foreclosure have increased to almost 20 % compared to August 2013. According to the experts, the increased number of foreclosures could mean that the home prices in Orlando will continue become more affordable as the banks will soon be listing more houses on the market. According to the Orlando Regional Realtors Association, the houses that the new home owners and first-time property buyers in Orlando can choose from now has doubled in the past 18 months.
Some of the benefits that the first time home buyers and new homeowners in Orlando have are the selection of stylish and elegant home designs, and abundance of different types of properties – namely condos, townhouses and single-family houses, etc. Thus, the first time and the new home buyers have everything necessary to make sure that their new property in Orlando meets their needs, style, requirements, and budget.