Although the COVID-19 pandemic has shuttered businesses, costing people their jobs and source of income, news sources are reporting that residential real estate is on the rise in Orlando, FL. According to the Orlando Business Journal, real estate agents are busier than ever as the demand for purchasing a home has increased. The source says Christine Elias is one agent who has been working non-stop “because the demand for local homes is incredibly strong right now, and she’s [having] to work [harder] to keep up.”
Elias told the source that she has had to work 15 consecutive days to keep up with the increase in demand and says “buyers are extremely active. They’re frenzying.”
Although home buying was put on pause during April and May, the source reported that new data is suggesting that the “residential sector is roaring back.” It is because of this rapid increase that “Orlando agents are dealing with intense buyer demand, exacerbated by the region’s lack of available units.” In fact, the source cites that “new home listings in Orlando were up 7% week-over-week for the week ending July 4th.”
Elias told the source that she is attributing the increase in buyers to the “rock-bottom interest rates.”
Orlando-based realtor Beth Hobart also shared that out-of-state buyers are also contributing to the home-buying frenzy. Hobart says “[these buyers] are flocking to Central Florida’s cheaper real estate and suburban setting.” While more and more individuals are looking to purchase a home in the Orlando area, the source says that “the region’s housing inventory can’t keep up with the demand.” According to Zillow, “local inventory was down 12% year-over-year for the week ending July 4th, which has helped to keep prices “competitive.”
In June, 3,103 homes sold in the region which reflects only a 9% decrease from June 2019.
Are you looking to purchase a home in the Orlando, FL area?
If you want to buy a home while interest rates are low, now might be the perfect time for you to enter the residential real estate market. Whether you are purchasing a fixer-upper or a home that is move-in ready, you should consider contacting an Orlando, FL real estate lawyer who can help make the purchase process run as smoothly as possible. Buying a home can sometimes be stressful and confusing but it doesn’t have to be when you have an experienced Orlando, FL real estate lawyer like those at Legal Counsel P.A. assisting you.
To learn more about why you need to hire a real estate attorney in Orlando, FL when buying a home, contact Legal Counsel P.A. for an initial consultation.
Legal Counsel P.A. has an office in Orlando which is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]