Orlando Housing Market

 

 

Orlando City is the county seat of Orange County, Florida and the Orlando Housing Market is enlisted under the Housing Market of Florida. Prices of houses in the Orlando Housing Market area, including Orlando apartments have recently suffered (in April 2007) but is most likely to recover. In contrast, the houses concentrated mainly along the east and west coasts of US are under high housing-price risk, California being the most risk-prone state.

 The city is mainly dependent upon its tourism industry. In the number of hotel rooms, Orlando is the second largest in the country. The Walt Disney World Resort in Lake Buena Vista (outside Orlando city limits) is the main tourist attraction.

• The Orange County Convention Center , now the second-largest convention complex in the US (trailing only McCormick Place in Chicago) has also made Orlando one of the busiest. The City at present competes with Chicago and Las Vegas for conventions and conferences.

The Orlando Housing Market is doing very well with the housing stock selling, in spite of being priced significantly high for reasons stated below :

• The population is on the increase with more and more people flocking to Central Florida
• Gradual return to normality, with the hurricanes occurring no more
• Demand for new houses exceeding the rate of construction
• Resale homes often command the same value and price as that of the newly constructed houses
• Significantly low interest rates (just under 6 percent) motivating people to buy or invest in housing stock, before the rates rise
• Orlando will always remain a popular tourist resort

However in April, 2007 the sales of housing stock in the Orlando Housing Market suffered with the median house prices somewhat falling back, as stated by the Florida Association of Realtors. Reducing the prices of housing stock put up for sale on the Orlando Housing Market is being looked upon as a possible turn around. People can only wait eagerly for the Orlando Housing Market to make a comeback.