Tag: Real estate market growth

Should you move to Florida?

Thinking About Moving to the Sunshine State?

Whether you live in Washington or Wisconsin, chances are good that you have visited Florida at least once.

After all, the Sunshine State is not only the theme park capital of the world but also boasts miles and miles of gorgeous coastline and some of the best opportunities for outdoor recreation in the country.

Maybe that’s why so many people are also deciding to move to Florida. They want to feel like they are on vacation for all 365 days of the year.

However, it’s important to realize that in many ways Florida is much like other places. You won’t have to look far to find quiet suburbs, great schools, parks where local families play and wonderful places to work.

While it might not feel like vacation all the time, it certainly does come close. That is just one of the benefits you get from choosing to live in a state that also happens to be a top vacation destination.

What are some of the biggest reasons why you should move to Florida?

Keep reading to find out!

1. Florida Is So Much More Than Theme Parks

Look beyond Orlando’s theme parks, and you’ll discover a state that’s loaded with charming and impressive cities. Miami, Tampa, Fort Lauderdale, Tallahassee, Destin and many others are all waiting to be explored.

Each Florida city is unique. Some of them are quite small and have a distinctive historical flavor. Others are large and pulsing with life. Whether you are looking for an urban center that’s filled with skyscrapers or somewhere a little more intimate and relaxed, you’ll find it in Florida.

2. The Beach Is Always Close

Who doesn’t love to spend their off hours at the beach? When you live in Florida, then going to the beach can be your main pastime. In fact, you could even choose to live in a single-family home or condominium that’s right on the ocean. Not only will you enjoy coastal views from your windows but also you’ll be able to dip your toes in the sand whenever you like.

Of course, seaside living isn’t for everyone. Perhaps you would rather find a home that is situated on one of Florida’s lakes or streams? Even if living on the water isn’t your destiny, it’s still nice to know that Florida’s beaches are just a short drive away no matter where you are in the state.

3. No State Income Tax

Florida is one of the few states in the union that does not have income tax. This means that you get to take home more of your pay, and that can be extremely attractive to many people.

Of course, Florida does have a sales tax, which currently is set at six percent. There are exceptions to this tax, which means that living in Florida could be financially advantageous for you.

4. A Hot Economy

Florida is fortunate to have a bustling economy that recently reached one trillion dollars. Unemployment rates are down, and new jobs are continuously being added. If you are looking for a new employment opportunity, Florida may be the place to find it.

5. Booming Industries

Florida is a great place to establish a business or join a thriving industry. Some of the top industries in the state include agriculture, international trade, aerospace and aviation, life sciences, financial services and tourism.

All of these industries are traditional highlights for the state, but tech is emerging as a new hot spot. Young professionals who are hoping to enter the tech field would do well to consider relocating to Florida. Startups abound here as do well-established firms.

6. Warm and Sunny Weather

For most of the year, Florida’s weather is exceptionally fine. Think sun and warmth for most days of the year. Summers do tend to be hot and humid, but most indoor places are air conditioned, and the mild winters make up for the sticky summers.

7. Cultural Diversity

If you want to be surrounded by a vibrant world of cultures, then Florida is the place to be. It’s a gathering place for people of all age groups, nationalities and religions. Many of the people who now call Florida home were not born in the state. This means that they all have diverse backgrounds and histories to share. It’s a wonderful place to meet new people and learn about other cultures.

8. Spectacular Outdoor Recreation

With more than 200 sunny days in the average year, outdoor recreation is a huge attraction in Florida. Pretty nearly anything that you can imagine is available from kayaking and canoeing to hiking, cycling and fishing. You can even choose to join upscale golf and tennis clubs or opt for a more rugged experience in the Everglades. Whatever kind of adventure you thirst for, you’ll find it in Florida.

9. Sports Fans Are Everywhere

Are you a fan of college or professional sports? If so, then Florida is the perfect place for you to call home. The people here are intense about their favorite teams. You’ll find them cheering for the Orlando Magic, Miami Marlins, Tampa Bay Buccaneers, Jacksonville Jaguars and many others. Plus, with the teams at Florida State University and University of Florida to cheer for, there’s also a game to watch or attend.

10. Outstanding Food and Drinks

With its miles of coastline, it’s easy to see why fresh seafood is featured on so many dining tables across the state. However, you won’t just find fish on the menu. Given the state’s cultural diversity, you’ll find food that’s influenced by Cuba, the Caribbean and ports of call around the world. Remember that agriculture is big business in Florida too, so this is an excellent place to sample some of the freshest produce anywhere.

Let Waypointe Realty Be Your Guide

Do you want to learn more about the Florida lifestyle? You just might be surprised by all of the diverse options that are available to you. From a high-rise condominium in the middle of downtown to a quiet and secluded suburban street lined with single-family dwellings, you’ll find it in Florida. Whether you want to live on the golf course or the beach, Waypointe Realty can help your dreams come true.

Florida is a fabulous place to live, but it isn’t always easy to find the best cities and neighborhoods. That’s why it’s important to have the expert local Realtors at Waypointe Realty along with you on the journey.

Call us at 407.801.9914!

Orlando Housing Market Snapshot- June 2018

Orlando home prices rise in May as sales and inventory tumble

The inventory of homes available for purchase in the Orlando area dropped to its lowest point this year in May, dampening sales at the time when buyers traditionally ramp up their efforts to secure and move into a new home in time for the start of school. That demand is continuing to squeeze prices upward.

The overall median price of Orlando homes (all types combined) sold May is $234,000, which is 7.3% above the May 2017 median price of $218,000 and 1.7 percent below the April 2018 median price of $238,000.

Year-over-year increases in median price have been recorded for the past 83 consecutive months; as of April 2018, the overall median price is 102.60 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in May increased 8.5 percent over May 2017 and is now $255,000. The median price for condos increased 6.1 percent to $125,250.

Sales and Inventory

Members of ORRA participated in 3,407 sales of all home types combined in May, which is 11.4 percent less than the 3,845 sales in May 2017 but 1.1 percent more than the 3,371 sales in April 2018.

We are experiencing an unusual market filled with buyers who want to buy but sellers who don’t want to sell out of concern that there is no place for them to go, expains ORRA President Lou Nimkoff, Brio Real Estate Services. Many would-be sellers aren’t moving because they worry about finding another home to buy in such a tight-inventory environment. In addition, the median length to stay in a home by recent sellers has now swelled to 10 years (historically, it was about six to eight years), which is further reducing inventory turnover.

Homes of all types saw sales declines in May. Sales of single-family homes (2,657) in May 2018 decreased by 12.4 percent compared to May 2017, while condo sales (410) decreased 3.1 percent year over year but actually increased 12.6 percent compared to last month.

Sales of distressed homes (foreclosures and short sales) reached 120 in May and are 70 percent less than the 282 distressed sales in May 2017. Distressed sales made up just 3.5 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in May (7,486) represents a decrease of 14.7 percent when compared to May 2017, and a 3.3 percent decrease compared to last month. There were 10.5 percent fewer single-family homes and 25.4 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for May. There was a 2.8-month supply in May 2017 and a 2.3-month supply last month.

The average interest rate paid by Orlando homebuyers in May was 4.64%, up from 4.51% the month prior.

Pending sales in May are down 11.4 percent compared to May of last year and are down 7.4 percent compared to last month.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory continues to lower and prices are up and steady, it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

Orlando Housing Market Snapshot- May 2018

Orlando home sales and median price both rise last month

Orlando’s median home price jumped more than 10 percent in April when compared to April of last year while sales likewise saw an increase of more than 8 percent, reports the Orlando Regional REALTOR Association. Inventory declined by nearly 11 percent compared to this time last year.

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Orlando Housing Market Snapshot- April 2018

 

Orlando home sales hold steady, median price rises in March

Orlando’s median home price rose 6 percent in March when compared to March of last year while sales held steady with a slight 1 percent increase, reports the Orlando Regional REALTOR Association. Inventory declined by nearly 10 percent compared to this time last year.

The overall median price of Orlando homes (all types combined) sold in March is $230,000, which is 5.5 percent above the March 2017 median price of $218,000 and 0.4 percent above the February 2018 median price of $229,000.

The median price for single-family homes that changed hands in March increased 6.3 percent over March 2017 and is now $249,900. The median price for condos increased 19.4 percent to $122,900.

The Orlando housing affordability index for March is 133.76 percent, up from 132.60 last month. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

The first-time homebuyers affordability index increased to 95.12 percent, from 94.29 percent last month.

Inventory

“Orlando’s housing market continues to be tugged by opposing factors such as low inventory and high demand”, says ORRA President Lou Nimkoff, Brio Real Estate Services. The result is a wash for sales: Transactions for the first quarter of 2018 closely mirror Q1 2017, with this year up by a slight 1.5 percent. However, the quarter’s median price is up by a healthy 9 percent and the dollar volume is up by 11.4 percent over Q1 2017.

Sales of single-family homes (2,727) in March 2018 decreased by 0.4 percent compared to March 2017, while condo sales (421) increased 3.2 percent.

The overall inventory of homes that were available for purchase in March (7,710) represents a decrease of 9.7 percent when compared to March 2017, and a 0.1 percent increase compared to last month. There were 6.1 percent fewer single-family homes and 24.3 percent fewer condos.

Buyers

Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs.

Sellers

Inventory continues to be low and prices are up and steady, it’s a great time to sell! In addition, Orlando home values are nearing normalized, which is helping to eliminate “underwater” mortgage conditions for many sellers. However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize.

Orlando Housing Market Snapshot- February 2018

Orlando’s median home price continued along its upward trajectory in January while sales held steady with a 0.5 percent increase compared to January of 2017, reports the Orlando Regional REALTOR Association.

The overall median price of Orlando homes (all types combined) sold in January is $225,000, which is 12.6 percent above the January 2017 median price of $199,900 and 2.2 percent below the December 2017 median price of $230,000.

Year-over-year increases in median price have been recorded for the past 79 consecutive months; as of January 2018, the overall median price is 94.8 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in January increased 10.1 percent over January 2017 and is now $240,000. The median price for condos increased 15.1 percent to $115,000.

The Orlando housing affordability index for January rose to 140.10 percent, up from 138.58 last month. The first time homebuyers affordability index rose to 99.62 percent, up from 98.55 percent last month.

Sales

Sales declined by 26.9 percent when compared to last month. “The nearly 27 percent drop between December and January is a decline that historically follows a big push to close in December as buyers seek to take advantage of homeownership tax benefits”, explains ORRA President Lou Nimkoff, Brio Real Estate Services. While low inventory conditions remain a significant challenge, REALTORS anticipate an improvement in month-to-month sales. In fact, the January pending sales tally increased by more than 1,000 homes compared to December 2017, making it the greatest month-to-month increase since ORRA began tracking pendings in 2006.

Sales of single-family homes (1,731) in January 2018 increased by 0.46 percent compared to January 2017, while condo sales (268) decreased 5.6 percent.

Inventory

The overall inventory of homes that were available for purchase in January (7,604) represents a decrease of 11.1 percent when compared to January 2017, and a 1.3 percent decrease compared to last month. There were 6.6 percent fewer single-family homes and 29.7 percent fewer condos.

Current inventory combined with the current pace of sales created a 3.42-month supply of homes in Orlando for January. There was a 3.86-month supply in January 2017 and a 2.47-month supply last month.

Buyers:

Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs.

Sellers:

Inventory continues to be low and prices are up and steady, it’s a great time to sell! In addition, Orlando home values are nearing normalized, which is helping to eliminate “underwater” mortgage conditions for many sellers. However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize.