Californians are Central Florida Dreaming
Almost 165,000 people vacated Los Angeles according to a report from Redfin. A large percentage of which moved to Orlando and other parts of Central Florida. This added about 60,000 new residents which fueled the housing market in Orlando. The Orlando real estate market continues to attract home buyers from the Northeast United States, which is pretty typical for Central Florida. The flood of west Coast buyers, however, is something new to us and it’s because of the dramatic rise in people working remotely, said Jenny Zamora Broker/Owner at Orlando Realty Consultants, based in Hunters Creek, FL.
Now there is no need to attend corporate meetings or conventions for people in the corporate world. I believe there will be an increased number of Californians throughout 2021.
Since April of 2020, Realtors in Orlando say they have seen the largest influx of out-of-state residents coming to buy homes ever. The cheaper home prices together with the rising concerns of COVID-19 are also major factors for so many people moving clear across the country.
While Orlando home prices are steadily climbing, they still don’t compare with the housing costs in Los Angeles. The median home price in Orlando is $275,000 while in Los Angeles it’s at $830,000, according to Realtor.com. The cost of living between these two US cities is another huge motivator for Californians to head East. Los Angeles residents are realizing that by moving to Central Florida, they can afford to live on a much lower income because their mortgage was just cut in half.
The City Beautiful is more attractive to Californians than other major US cities like Phoenix, Austin, or Dallas, Texas. most real estate agents in Orlando will agree there’s a steady flow of new residents from the Northeast, New York, and Chicago. Although we can expect to see a rise in new residents coming from the Midwest and the West.
The sudden increase of out-of-state buyers caused home sales to jump 22% from December 2019 to December 2020 according to the Orlando Regional Realtor Association. The housing market in a certain area can also be a reflection of the health of the local economy.
Orlando Real Estate Agents Scrambling To keep up with Demand
The influx of out-of-state buyers overall can create a home buyers frenzy… especially in neighborhoods that are in high demand like Hunters Creek, FL. “For some Realtors in Orlando, they are the busiest they’ve been in a long time” claims Jenny Zamora Orlando Real Estate Broker at ORC. We just don’t know when [or if] this stream of new residents will slow down, or how this will affect the future housing market in Orlando. While this current seller’s wave continues to crest, Orlando homeowners are continuing to cash in on the buyers’ frenzy.
The Perfect Storm for Buyers and Sellers
Right now is a great time to sell your house in Orlando, claims Zamora, the homeowner gets top dollar for their home and the buyer can take advantage of historically low mortgage rates… It’s a win-win for everyone… including local real estate agents. Out-of-state buyers can benefit tremendously by working with an experienced buyer’s agent. Many times an out-of-state buyer will buy a home site-unseen which means they never actually see the house in person before purchase. For these buyers especially, having an experienced Orlando buyer’s agent in their corner is crucial.
