The Orlando housing market started 2015 strong with rising home prices that will likely continue throughout the year, according to CoreLogic’s first quarter Home Price Index report. The data shows that home prices in the Orlando-Kissimmee-Sanford area rose 4 percent in January compared to the year-ago period, and year-over-year prices increased by 5.8 percent in January compare to the same time in 2014. Month-over-month, home prices in the area, including distressed sales, increased by 0.4 percent in January compared to December. Furthermore, foreclosures among outstanding mortgage loans has remained steady of the last few months, and was reported at 3.1 percent in February 2015, down 3 percentage points from February 2014.
What does this mean for Orlando homeowners and home buyers?
Housing market health is often looked at as a representation of the overall economic stability. Fewer bank repossessions indicate a stronger homeowner market, meaning that residents are able to keep up with mortgage payments. In response, the lower foreclosure rate indicates that the market is improving and helps boost property values so homeowners can feel more secure and see more of a return on their investment. When foreclosures and repossessions are low, it is a strong sign that the overall economy is moving in a strong direction.
A strong housing market also provides property owners with a greater flexibility in regards to handling their property assets. Economic stability stimulates buyers to enter the housing market which can drive up demand for new housing, thus rousing the economy as well. When the market is strong, it can also present the perfect opportunity for Central Florida property owners to sell off extraneous properties for top prices, making a profit on their initial investment. Furthermore, many homeowners choose to invest more in home improvement projects and renovations when the housing market is up in order to improve the functionality and value of their property for future sale.
Whether you are looking to buy, sell or renovate your property, it is important that your personal insurance portfolio is able to adapt to your changing needs. At Newman Crane, we specialize in helping Central Florida property owners create policies and strategies that will help keep all their assets protected. Our specialists can help fulfill all your Home Insurance Orlando needs. To learn more about our Central Florida Insurance Agency, contact us today at (407) 859-3691.