Residential real estate prices skyrocket in Orlando area

Residential real estate prices skyrocket in Orlando area

Several counties in Central Florida have been outperforming the whole state in terms of home prices, according to new data. The successful counties are particularly those along the corridor of Interstate 4. This may be welcome news to those who are interested in selling or buying residential real estate in this part of Florida.

The four counties around Orlando saw home prices increase by more than 7 percent during the 12 months leading up to August. The midpoint home price is $185,000. Throughout the state, house prices increased by 4 percent during the same period, reaching a $181,000 median price.

Real estate agents have been witnessing consistency and stability in the state's overall housing market. However, the Orlando area is especially slated to experience continued price increases of an estimated 4 or 5 percent during the next 12 months, due to supply and demand. Although the inventory supply is increasing, quality houses in the popular price range of between $150,000 and $350,000 are not high in number.

When residential real estate is booming in an area of Florida, this is a signal that now may be a good time to sell. It's also a sign that the area may be worth buying into, as selling a home there in the future may be easier and more profitable. However, failing to understand applicable real estate law and local procedures may cause a deal to die quickly. An applied knowledge of related laws can help in navigating the ins and outs of a Florida real estate transaction. Fortunately, professional assistance is available to help ensure that sound investment decisions are supported by properly drafted and executed documentation.

Source: orlandosentinel.com, "Orlando home prices outperform Florida's", Mary Shanklin, Sept. 22, 2014