Although real estate values in the Sunshine State have been inching their way back up since the 2008 recession, the good news is likely to continue into 2018 – and this can mean profits for Central Florida rental property owners.
According to the Realtor.com 2018 National Housing Forecast, the Orlando / Kissimmee / Sanford area was ranked as Number 17 in its Top 100 Largest U.S. Metros Ranked by Forecasted 2018 Sales and Price Growth report.
Here, based on the Realtor.com survey, Orlando is expected to see a 1.24% rise in home sales, along with a price increase in the range of 7%. Some of the surrounding areas in Florida also fared quite well, including the Deltona / Daytona Beach / Ormond Beach metro area ranking as Number 3, with a predicted growth in home sales in that location of just under 6%.
What exactly is driving these increases?
One of the key factors has been the post-hurricane bounce back. And, as inventory declines begin to slow down in early 2018, fewer available properties going forward means that new potential buyers can face some challenges – with many turning to the alternative of being tenants.
So where exactly are the zip codes with the most homes sold in the Orlando and Central Florida locale? Based on Realtor.com’s data, the top areas include the following:
- #1: Winter Garden / Oakland with 512 homes sold in the second quarter of 2017
- #2: Windermere with 352 homes sold in the second quarter of 2017
- #3: Waterford Lakes with 316 homes sold in the second quarter of 2017
- #4: Oviedo with 313 homes sold in the second quarter of 2017
- #5: Lake Mary with 302 homes sold in the second quarter of 2017
Thinking about starting – or expanding – your rental property portfolio in the Central Florida area?
If so, hiring a property management team to take on the day-to-day duties of maintenance and management could be extremely advantageous. For more details on how you can benefit by working with an experienced property manager, give us a call.