buildings-216927_1280At the end of November 2016, Realtor.com released its predictions for the housing market in 2017, and the results look especially promising for Orlando. In a list of the 100 largest metros ranked according to increases in price and sales volume, Orlando ranked seventh with a price rise of 5.7% and a sales volume increase of  6.1%. This is a good sign for Orlando buyers and sellers operating in the seventh most promising real housing market in the U.S. for 2017, and Orlando closing agents at Real Estate Closing Solutions are happy to share the good news.

The national real estate market, compared to 2015 and 2016, is not expected to experience as much growth. In fact, growth is expected to lag. On the other hand, Orlando, along with the other top 10 metros, is expected to exceed the anticipated national growth of 3.9% in average price gains and 1.9% in sales volume. Furthermore, according to Realtor.com, Orlando and the remaining top 10 metros are predicted to have “relatively affordable rental prices, low unemployment rates, large populations of millennials and baby boomers, as well as a high number of listing views on Realtor.com.”

The Orlando area also has some positive predictions in Zillow’s 2017 housing market forecast. Zillow reports that $158,200 is the average value of an Orlando home having risen 10.3 percent in 2016 and is expected to rise another six percent in 2017. The rise in home values is promising, but prices have yet to surpass those of 2007.

The Orlando housing market appears to have an auspicious year ahead of it, but it is still advisable to be aware of national trends. The Realtor.com forecast also shows interest rates reaching 4.5% in response to predictions of inflation the next year and an interest rate jump following the election that may prove to be too expensive for new buyers in the market. The rate of homeownership is expected to stabilize at 63.5%, and new home sales are predicted to grow 10%. All predictions are based off of a 2% rise in GDP , a 2.5% rise in the consumer price index, and employment rates increasing to 95.3% by the year’s end.
With a good forecast ahead of us, it’s a great time to get involved in the Orlando housing market, and if you’re looking for skilled Orlando closing agents to help guide you through this promising year, then look no further than Real Estate Closing Solutions!