Orlando Homes On The Upswing
It is an excellent time for home owners in the Orlando area. Value of homes in Orlando metropolitan area are predicted to increase by 7.3 percent in 2015. According to the Real Estate Market Report published by Zillow, this rise easily beats the national prediction of 2.9 percent.
Other than the predicted increase in home values, there are a number of other predictions about Orlando real estate residential market embedded in the report:
* The average Orlando real estate home value will increase by 15 percent every year. The value has increased to about $161,300. In the other facet, values also decreased in short term, and dipped by 1.1 percent in the period between April and May. According to Orlando realtors, home values in the Orlando metropolitan area are now back to the levels witnessed during 2004 to 2007.
* The average rental value increased by 4.4 percent every year to reach $1,296.
* The inventory of total listed for sale residences increased 36.5 percent every year and increased by 4.4 percent every month in May.
When considered all over the United States, the listed for-sale home inventory increased in May and jumped 11.8 percent. Another fact that should be considered here is that a majority of these gains were achieved among residences that are priced in top one-third and middle home values. According to Orlando realtors, sale of homes in affordable Orlando real estate – the kind of property favored by people who are buying their homes for the first time – decreased every year in 28 of the country’s biggest metro jurisdictions. These findings came up when the numbers were crunched by Zillow.
All over the US, rents fell a little in May compared to April. It was a reduction of 0.1 percent and the median rent was calculated as $1,310. National rents (year on year basis) increased to 2.3 percent in the previous month (May).
In May, value of homes all over the US increased by 0.1 percent as compared to April and touched $172,300. This marked its consecutive rise in 28 months when considered year over year. In May, the value of homes increased in Orlando by 5.4 percent. This yearly appreciation in values is the slowest when considered for more than one year. Average rate of interest paid by purchasers decreased to touch 4.39 percent in April.