Your Orlando Real Estate Market Report

Your Orlando Real Estate Market Report

Good evening everyone. It’s been a while! I just wanted to give you all an update of the current real estate market here in The City Beautiful aka Orlando 🏠🌴For those who do not yet know me, I am a “straight to the point” kind of guy so let’s get right to it!

 

The number of COVID cases throughout Florida are continuing to go down. We saw the number of new cases hovering around 10,000 throughout the entire month of July. Two months later, with the efforts of social distancing and sanitization, we’re seeing the number of new cases drop to under 2,000* [Bing.com]. The end is nearing!
But, as you know, I am a realtor, not Doctor Fauci. So what does this mean for the real estate market? Eventually we will see homeowners come out of the panic of the pandemic and feel more comfortable putting their home on the market again. Please understand that there is not only a financial risk to sellers due to the pandemic, but a health risk as well.
Keep in mind that for each time an owner sells a property, they must also find a home to move into. Many homeowners are landlords. With the ongoing eviction moratorium, they’re not sure how their mortgage will be covered each month. However, it is set to expire this Thursday, October 1st at midnight sharp. We are in uncertain times that haven’t been seen since the 2008-2009 recession. As you can see, Florida’s unemployment rate shot up more than 10% due to the pandemic. Since businesses have been opening up again, we are starting to see a recovery. The current unemployment rate is at 7.4%*[Department of Numbers].
As you know, I am a realtor, not Dr. Fauci. Now that you’ve passed your health safety and economics classes, let’s get into real estate! While we are certainly in a seller’s market, it’s still a great time to buy. Worried that you have low credit? Afraid you don’t have enough for a down payment? (I feel like I’m writing the script to a commercial buy anyways…) I’m here to help! I work with lenders that specialize in those with bad credit scores and down payment assistance. Interest rates are still at historical lows so lock in these rates while they’re still hot. It can also be a great time to refinance your current mortgage.
Orlando is still a hot spot for consumers. According to MSN.com: “Florida markets occupy four of the top 20 slots for year-over-year appreciation” Orlando ranks number 8 at 8.9%*[MSN.com]. This isn’t expecting to change anytime soon. With the third phase of the reopening phase in effect, we should now see the light at the end of the pandemic tunnel. Attractions are opening up. Bars and restaurants are opening up. Per my ORRA Leadership meeting, the sale of one home creates eleven jobs on average. Let’s get this economy going again!
ANNOUNCEMENT! I’m excited to join the Downtown Orlando Partnership (DOP) and build relationships with the Orlando community! I look forward to bringing you all the most up to date information as it pertains to real estate in Orlando!
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