Orlando is once again considered to be a seller’s market. In fact, according to the Orlando Regional Realtor Association, the sales activity in the area as versus the available inventory is currently at its lowest point in roughly four years.
Based on the ORRA’s statistics, the overall inventory of homes that were available for purchase in March 2017 shows a decrease of more than 19 percent as compared to just one year prior. And, when singling out just condos, the decrease jumps to more than 23 percent.
In addition, as we have moved full force into the Spring and Summer home buying season, the number of buyers during the month of April alone drove sales upward by almost 40% as compared to just one month earlier.
So, what can this mean if you’re a real estate investor in Orlando and the Central Florida region?
There are actually a few conclusions that can be drawn from this trend. One is that, provided you already own some investment properties, the value of those homes or units has likely gone up. And, if you’re considering selling any time soon – particularly if your properties are under the $300,000 range – you could see multiple offers from potential purchasers.
What the trends also show, particularly considering an average home price increase of more than 10% since March 2016, is that those who aren’t able to buy will be looking for rental options.
Seeing more potential tenants can mean more time that you may need to spend screening applicants, collecting rent, and ensuring that your units are in top shape. By having a property manager take care of these details for you, though, you can still take in the benefits of investment property ownership, yet without spending a great deal of time. For more details on how working with a professional property management company on your investment team can be beneficial to you, Contact Us.