Central Florida Real Estate and Community News

 

Orlando Ranks 7th in U.S. for Economic Growth

January 17, 2018

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Mary Shanklin - OrlandoSentinel.com

Job growth boosted Metro Orlando to rank seventh nationally as a Best-Performing City by nonprofit, nonpartisan analytics group the Milken Institute.

 

The four-county region area moved up two notches from last year’s ninth-place spot, according to a study released Wednesday. The annual review of 381 metropolitan areas considers growth in jobs, wages, and high-tech positions.

 

The region performed “particularly well” in the job growth, with employment rising than 4 percent from 2015 to 2016. Wages grew even more — nearly 8 percent from 2014 to 2015 — but remain relatively low due to the Orlando economy’s reliance on tourism. That reliance, though, is shifting.

 

“Though typically known as a tourist destination,the continued diversification of the metro’s economy will add to its success in the future,” Milken Institute researchers stated.

 

The region did not outshine metro areas including Provo, Utah and Raleigh-Durham, N.C. for drawing high-tech jobs over the last five years.

 

Metro Orlando lagged with a ranking of 81st for being a high-tech hub last year and 78th for high-tech jobs created during a five-year period ending last year. But the region appeared to be catching up to some extent with a ranking of 22nd place for creation of sought-after technology jobs from 2015 to 2016. That employment sector has shown some momentum more recently in part because the University of Central Florida, with enrollment of more than 64,000 students, helps feed growing high-tech industries, the report stated.

 

Among other employment hot spots, Orlando-area’s professional, scientific and technology positions grew 8.2 percent during that one-year period.

 

Construction, which as been a roller coaster jobs sectors in Central Florida for more than a decade, grew with expansions of Walt Disney World Resort and other projects adding 7,130 jobs last year, according to the report. Some of the draw may be rising costs elsewhere in the state.

 

“We view the Central Florida market as having a lot of potential, not least because of its connectivity, world-class educational institutions, and lower land costs compared to metro areas like Miami or Fort Lauderdale,” said Brad Meltzer, president of Plaza Construction Group Florida, which just expanded into the region.

 

Nearby Orlando, Brevard County showed the greatest growth of any of the cities. Researchers attributed those gains to “catching up on growth that had initially been elusive coming out of the recession.” They cited the region’s draw to retirees and growing medical hub as key drivers.

 

The only Florida metro ranking higher than Orlando was the Sarasota area, which was listed as sixth on the list of top-performing cities. Elsewhere in the country, the metropolitan areas of Provo; Raleigh; Dallas; San Francisco; and San Jose, Calif. were ahead of Orlando in the annual ranking.

 

Looking ahead, researchers noted that a planned $500 million expansion of the Orange County Convention Center should help draw more visitors to the region. And KPMG’s debut with a training campus in Orlando’s Lake Nona is set to bolster job growth with an estimated 1,000 new positions, according to the institute.

 

Written and Posted by Orlando Sentinel - January, 2018

http://www.orlandosentinel.com/classified/realestate/os-orlando-top-city-20180117-story.html

Tags:

Economic Growth

Orlando

Central Florida

April 2, 2018

9 Reasons Why Some Homes Sell Faster

Posted in Selling Your Home
April 2, 2018

7 Common Home Selling Mistakes

1. Setting a Price Without Careful Research

You may think that you can figure what your home is worth by checking listing portal estimates or list prices of area homes, but the real value can vary based on available inventory, time of year, recent sales prices and more. To arrive at a reasonable price range, get a comparative market analysis.

2. Pricing Too High From the Start

Statistics show that overpriced homes generate fewer showings than those priced closer to the market average. Also, homes priced correctly when first offered usually sell closer to the asking price than homes that start too high.

3. Using an Odd Listing Price

Buyers search real estate website for price ranges, such as "homes between $250,000-$300,000." If you set an odd price to make your listing stand out, say $302,499, you may miss some of your best potential customers. 

4. Overpricing because You're in No Rush to Sell

Think that pricing high and waiting will yield the most money? Think again. Interest is greatest during the first few weeks. The longer a home is on the market, the less likely you are to get showings, let alone your price.

5. Getting emotionally Involved

At the end of the day, selling your home is a business transaction. So don't get offended if you get a low offer. Consider it an opportunity for negotiation.

6. Expecting the House to Sell Itself

Even in a seller's market, you need to make sure your home is in tiptop condition, tastefully staged and effectively marketed if you want to sell quickly and at a good price.

7. Trying to Sell on Your Own

According to the National Association of Realtors, for-sale-by-owner homes stay on the market longer and sell for $39,000 less than those sold with the help of a real estate professional.

Posted in Selling Your Home
March 10, 2018

Bubble or No Bubble?

A New Housing Bubble Forming…Not Before 2024!

 

A New Housing Bubble Forming…Not Before 2024! | MyKCM

 

A recent report by CoreLogic revealed that U.S. home values appreciated by more than 37% over the last five years. Some are concerned that this is evidence we may be on the verge of another housing “boom & bust” like the one we experienced from 2006-2008.

Recently, several housing experts weighed in on the subject to alleviate these fears.

Sean Becketti, Freddie Mac Chief Economist

 “The evidence indicates there currently is no house price bubble in the U.S., despite the rapid increase of house prices over the last five years.”

Edward Golding, a Senior Fellow at the Urban Institute’s Housing Finance Policy Center

 “There is not likely to be a national bubble in the way that we saw the first decade of the century.”

Christopher Thornberg, Partner at Beacon Economics

 “There is no direct or indirect sign of any kind of bubble.”

Bill McBride, Calculated Risk

 “I wouldn’t call house prices a bubble.”

David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices

 “Housing is not repeating the bubble period of 2000-2006.”

A recent article by Teo Nicolais, a real estate entrepreneur who teaches courses on real estate principles, markets, and finance at Harvard Extension School concluded that the next housing bubble may not occur until 2024.

The article, How to Use Real Estate Trends to Predict the Next Housing Bubble, looks at previous peaks in real estate values going all the way back to 1818. Nicolais uses the research of several economists. The article details the four phases of a real estate cycle and what defines each phase.

Nicolais concluded his article by saying:

“Those who study the financial crisis of 2008 will (we hope) always be weary of the next major crash. If George, Harrison, and Foldvary are right, however, that won’t happen until after the next peak around 2024. 

Between now and then, aside from the occasional slow down and inevitable market hiccups, the real estate industry is likely to enjoy a long period of expansion.”

Bottom Line

The reason for the price appreciation we are seeing is an imbalance between supply and demand for housing. This has created a natural increase in values, not a bubble in prices.