The central part of the state of Florida continued to experience a real estate recovery this year, and the same positive results are expected for 2015. The residential real estate market is currently considered to be the perfect market for sellers. However, buyers in 2014 witnessed an increase in the total amount of inventory available.
Home buyers had over 30 percent more homes from which to choose in the area of greater Orlando in 2014. In addition, interest rates are still lingering at around 4 percent, which is relatively affordable for many home buyers. This is positive news for buyers who wish to claim their dream homes.
The fact that the median price of homes in the Orlando area is rising is good news for sellers who are eager to unload their residential properties. The median price of homes increased by 7.5 percent between September 2013 and September 2014. The housing market in this area has actually seen price gains for 39 straight months, and values of local homes don't appear to be dropping anytime soon.
Now is also an ideal time for investors to dabble in Central Florida's residential real estate market, as they can still buy properties featuring flaws, repair these properties and sell them for a profit or use them to generate constant income. However, finding the ideal home or the perfect investment deal is only half the battle when it comes to accomplishing one's personal goal in real estate; knowing what steps are needed to see the deal through legally is just as important. An applied understanding of real estate law can help people on both sides of the closing table to seek their best interests in a deal and achieve the outcome they desire in our state.
Source: wpmobserver.com, "2015 Central Florida real estate forecast", Christina Rordam, Dec. 10, 2014