If you’ve been contemplating whether to buy a second home in Orlando, now is an excellent time to do so. Forbes magazine recently rated Orlando #2 in its list of the best U.S. cities to invest in housing in 2016. While rising housing prices and stagnant wages may dissuade first-time home buyers from entering the market, current economic conditions are excellent for investors who want to put their money into rental properties.
Forbes teamed up with data company Local Market Monitor to compile the Best Buy Cities list. Orlando and the other top cities were cited because they boast healthy job growth, strong population growth, and anticipated home price appreciation.
Housing prices fell sharply in the Orlando area during the recession as would-be retirees and vacationers stayed away. But since the national economy has stabilized and is growing again, “the factors that prompt people to go to Florida have recovered,” said Ingo Winzer, Local Market Monitor founder and president.
Florida Realtors® President Matey H. Veissi concurs, noting that Florida’s housing market remains on a steady path. “While inventory levels are tight, the months’ supply of homes for sale remains stable and distressed property sales continue to fall,” said Veissi. “And while mortgage rates are inching higher, they remain historically low, which gives consumers more buying power.”
The Orlando Sentinel recently reported that the hot spots of affordability for new homes are expected to grow near Lake County’s Minneola and west of Kissimmee. New turnpike interchanges have made South Lake more accessible to jobs, attractions and the airport.
Investing in Central Florida real estate can be rewarding, especially when you choose a vacation property near the area theme parks. There are many resort-style communities available, like ChampionsGate and Reunion, which offer beautiful homes at excellent prices. Since these homes can be rented out to holiday travelers on a short-term basis, you can recoup your investment while using the property as a second home part of the year.
One of the advantages of working with the agents at Team Donovan to purchase a second home is that we are experts at working with absentee owners, buyers and sellers. We work effectively with clients from around the globe, while providing the best possible real estate experience for our customers.
Contact us today at 407-705-2616 and let us help you locate your dream vacation home in Orlando.
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