Welcome to affordability and availability in Orlando’s housing market. You are in the best home buying market in the entire country! However, you don’t have to take Palm State Mortgage Company’s word for it! You can check the facts on Zillow!
Affordability Makes Orlando One of the Top Housing Markets In the USA.
Real Estate and Mortgage professionals agree that Orlando is now one of the top, top competitors among best housing markets for first-time buyers in the USA. Orlando is exceptional because most of the other good markets with affordable homes for house hunters are in the Southeast or Midwest. The news is not so good for buyers on the West Coast. Take a look at this list of Palm State Mortgage Company’s top five best housing markets for first-time buyers, based on Zillow’s statistics:
1. Orlando, FL
2. Tampa, FL
3. Indianapolis, IN
4. Las Vegas, NV
5. San Antonio, TX
Affordability Factor Shines In Orlando
Balance affordability with beauty in an Orlando Home.
You can see that our city, Orlando and a second Florida city, Tampa, crown the number one and two positions on the affordable housing list for first-time buyers. Why?
Let’s look at Palm State’s Criteria for judging the best and most affordable home markets. Ironically you will find that our top criteria are a close match to Zillow’s metrics for judging the best markets for first-time buyers:
- Magic Median Home Value: Orlando presently posts a lower median home value. This means, of course, your down payment will be lower. Awesome Affordability!
- Hot Home Value: Being strong in home value indicates your Orlando home will build equity well.
- Heavenly Higher ratio of inventory to the household: Orlando is now exhibiting a nice-sized available supply of houses to match multiple sizes of family groups!
- Great Advantages Available for Orlando Home Buyers over Renters: Zillow terms this, “Shorter Breakeven Horizon to show a financial advantage of buying over renting.”
- Lovely Listings: There are simply a larger amount of affordable listings with price cuts in Orlando. Therefore, you know the market here is less competitive.
As long-time residents of the area, the owners and staff of Palm State Mortgage Company add that the amenities and natural beauty of our state brings a richly rare and uniquely wonderful quality to the Florida lifestyle of Orlando homeowners. a beautiful home on one side of the scale and an affordable mortgage situation on the other, We can help you balance home buying dreams with budget-conscious reality in Orlando.
Affordability and Optimism Begin To Rule The National Home-buying Scene
Orlando presents one of the best housing markets for first-time homeowners.l
The good news for home-buyers is not just in Orlando. Looking at the national scene, with interest continuing to be low, first-time home buying has increased. May was a good month for home ownership.Orlando presents one of the best housing markets for first-time homeowners.
The numbers from Mortgage News Daily tell the story: There’s a huge difference between the housing report of April, and the new one concerning May. “The report on May new home sales, released this morning, paints a much brighter picture than last month’s release of April data.
In that report, the U.S. Census Bureau and the Department of Housing and Urban Development said new home sales had dropped 11.4 percent from their March level to a seasonally adjusted annual rate of 569,000 units. As we look at May, from the perspective of today, that rate was revised up to 593,000.”
Affordability and Sales: More About Shifting Our Focus to the National Statistics
When we add the formula for seasonal adjustment, the impact is even greater. The experts stated, May sales “were up by 2.9 percent from April to a seasonally adjusted estimate of 610,000…” This was a record-smashing event since it was only the fourth time we crossed the 600,000 line since the 2008 housing crisis hit.
In summary, this means, “Sales are now 8.9 percent higher than in May 2016 when the estimate was 560,000.
On a non-seasonally adjusted basis, sales in May were 1,000 units higher than in April of this year. In human terms, that means 1,000 more families than the market expected, have purchased their own homes in May 2017.
Affordability and Availability Are Today’s Critical Factors—in Orlando and in the USA
So, if there is not an inventory of homes offered to the buyer, then the market cannot thrive. Let’s check that availability factor for homes in the USA: “At the end of May, there were an estimated 265,000 new homes available for sale (unadjusted), 60,000 of which are ready for occupancy.” This shows a growing economic optimism because it is an increase of 6,000 more homes from the previous month.
Family loves beauty and affordability of new Orlando Home.
Palm State Mortgage Company would still like to see more inventory so we could always count on a 6 month supply of available homes for buyers. However, May figures reveal a 5.3 month supply, and that’s pretty good if the sales pace keeps on going the way it has.
Here is another interesting fact for house hunters. Nationally, “The median time that homes have been on the market is 3.1 months. This is down from 3.7 months in April. ”Consequently, if you find an Orlando home you like, we are here to help! Palm State Mortgage Company can sort out the lenders and develop a mortgage situation that fits your budget.
Then there is no time to waste in becoming a home owner. Claim that house you like because in about 3.1 months from now, maybe less, that house will be someone’s home. We hope it will be yours–And welcome to Orlando, the nation’s newest hotspot for first-time homeownership!
