Kudos to Orange County for having the largest percentage of residential properties valued at $500,000 and above. 14 of the top 20 zip codes reside in Orange County.CLICK HERE for the list of zip code rankings. The report also has Seminole County and Osceola County with three and two zip codes in the top twenty respectively.
The report, done by Esri and reported by the Orlando Business Journal, also breaks down the zip codes by demographics. Here is the chart of demographic definitions as used and defined by Esri: CLICK HERE
Now this report is all fine and dandy but recently I was chatting with another broker over coffee and the question was posed about the inventory of #HomesForSaleInOrlando now and in the immediate future: If a seller has an attractive mortgage rate on their current home (say, obtained in the Great Recession), why would they want to sell and finance the purchase of another home at a higher interest rate? A fair question for sure and one that got me to do some thinking and research.
Recent studies by NAR (National Association of Realtors) suggests that only a small fraction of people who sell their home (approx. 10%) factor in the gain or loss of financing rates in the process of selling their home and buying another. I also found out that a third of all home owners do not have a mortgage at all!
The primary reasons why people move have everything to do with family, job and quality of life. Upsizing or downsizing because of family, a change of job location or status or just looking for a change in community and/or neighborhood, climate, etc. are the primary factors for buying a new home.
However, a new phenomena that is having somewhat of a factor on homeowners retaining their current homes is the dramatic increase in rental income. Homeowners are finding that it may be more financially beneficial to retain their old home and rent it out than it would be to sell the property out right. It should be noted that if this is an option for you, that you have an understanding of landlord/tenant responsibilities and obligations in the state of Florida or have a qualified property management company assist you. CLICK HERE for more information.
So it's a sunny day in #OrlandoRealEstate in terms of overall home values, renting properties and buying homes. Especially if you're buying new construction! Yes, we specialize in that!
If you have questions about buying or selling a home in Orlando or require property management solutions for your rental properties please CLICK HERE or call us at 866-642-2052.
Simplicity: A Real Estate Brokerage Company is a full service residential and property management company servicing the Greater Orlando Real Estate market.
Professionalism, Integrity: Simplicity
Rob Sassos
Broker/President
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