Record numbers in Orlando Tourism is contributing to the shortage of Orlando real estate.
Increasing numbers of domestic tourists are buying up Orlando properties creating a noticeable decrease in nice Orlando homes. Who could blame them? This is a great place to live and even better place to visit. It seems everyone wants their own little piece of Orlando Realty. The majority of tourists that buy Orlando Real estate, intend to use these properties as vacation homes or second properties.
Orlando is considered to be the world’s top destination for families.
The theme park capital of the US attracted over 55 million visitors last year. As a matter of fact, Orlando beat out New York to be the first tourist destination to attract more than 50 million visitors in a single year.
Thriving tourism means more demand for quality Orlando properties, especially for the neighborhoods located close to the theme parks like Disney World. Although some people choose not to rent out their vacation home most people do. Homeowners are cashing in on the Orlando short term rental market. Since Orlando never really has a low season, savvy out of state landlords are able to pull in a steady stream of income all year round.
So what does these mean for the future of Orlando real Estate? Increased sales means a continued stabilization in Orlando realty and I really can’t think of a downside. We can only assume that this will translate into an even higher sense of urgency for potential Orlando home buyers.
Jenny Zamora, Lic Orlando RE Broker