Due to COVID-19 real estate prices in Central, FL is rising at a steady rate, according to real estate agents in Orlando. The main reason for this trend is the overwhelming amount of people from other states moving to Orlando every day. Unfortunately, this also affects the affordability for local home buyers.
The main reason for this trend is the overwhelming amount of people from other states moving to Orlando every day. The cost of living in northern states like New Jersey and New York is much higher than in Central Florida. Buying and renting a home is typically a lot more expensive in those states than it is in Florida.
With this steady stream of newcomers moving to Orlando buying and renting becomes more expensive for the locals. This is one of the reasons why home prices continue to rise and inventory remains low.
I recently had a client from New York who was now working remotely due to COVID-19 and he could not believe the home prices per sq ft compared to his home state. This is what he said when I started showing him Orlando homes for sale, “3,000 square foot house for 525k??… this house would cost me 1.5 million in NY!”. He then submitted a cash offer for the full asking price.
As prices rise in real estate, buying a home in Orlando suddenly becomes unaffordable for a lot of people. I believe this increases the demand for rentals which is why we are seeing so many new apartment buildings throughout Orlando. Unfortunately, this also makes traffic worse causing us to spend more time on the road.
I’ve been a Real Estate Broker in Hunter’s Creek since 2005 and I can tell you that traffic has increased to at least 5 times what it was since I’ve lived here. It seems like I spot a new apartment building going up every time I drive down John Young Parkway.
Virtual Tours For Orlando Homes
The use of virtual tours for buying and selling homes in Orlando has been booming since the pandemic. Stay at home orders by the state and public concerns prevented potential home buyers from physically walking through homes. Now more than ever the use of virtual tours is by far the best tool Realtors in Orlando have at their disposal.
Although it’s not quite as good as being there physically… It does provide the buyer with a greater understanding of the home’s location, features, and neighborhood amenities. This increased knowledge creates a more knowledgeable buyer and better seller. A buyer who knows more about a property before they view it in person has a greater likelihood of being a successful buyer
While some Orlando Realtors have embraced virtual reality as a legitimate tool for their business practices, many traditional realtors will discount the value of this emerging marketing strategy. Realtors that are willing to give a more holistic view of a prospective house and the surrounding neighborhood should be a big factor when looking at virtual home tours.
Real estate agents that can see the whole picture of a neighborhood should be considered because they can act as a catalyst for a quick sale or buyer, hold the buyer’s interest longer, and provide a more logical reason for the seller to enter into a contract. The rise in popularity of the virtual reality genre means that any prospective home shopper can experience a house or neighborhood through this medium. A trip to the virtual world of the internet is a compelling, and necessary, component of today’s Orlando real estate market.
COVID-19 A Major contributor To Influx of new residents
The Coronavirus has affected and continues to affect our country in a very negative way. Thousands of businesses have gone under, hundreds of thousands have lost their jobs and it’s not over yet. Even as the vaccines begin to get distributed there seem to be more cases than ever. Unfortunately for many people, recovering from this pandemic to the way things were isn’t very realistic.
Some people were fortunate enough to be able to continue working remotely from their homes, depending on what they do for a living. These people now realize that they no longer have to live near their workplace and are moving to other states. Orlando, FL is mainly known for world-class amusement parks like Disney World, Universal Studios, and too many others to mention. However, many people don’t realize that Orlando is also home to just about every industry imaginable.