Orlando among booming economies in Florida
While some people peruse the inventory of homes for sale in Orlando, FL, others have been taking advantage of the city's employment opportunities. Combined, these factors have contributed to the region's improving economy.
Citigroup Inc. economist Shawn Snyder told Bloomberg that Orlando, which features one of the nation's largest inventories of foreclosed properties, has recently seen economic improvements. While selling these homes may help the local economy, Snyder notes that it may not be necessary for the city to advance further.
The state's declining jobless rate and the availability of mortgages with low interest rates have contributed to this trend. Review the list below to see how these factors could help you land an affordable home in the city.
According to the U.S. Bureau of Labor Statistics (BLS), Florida had a jobless rate of 9 percent in March 2012, and it has fallen 1.7 percent over the past 12 months. The Sunshine State stands out for its improving job rates, and only three other states - Alaska, California, Delaware - and the District of Columbia showed bigger decreases during that period.
There are plenty of open positions if you're interested in moving to Orlando. You can create a strategy to explore the job market even if you are hundreds of miles away from the city. This can help you find your perfect career and discover a home you'll enjoy for years to come.
Central Florida has gained new jobs recently, and the BLS notes that the region gained 11,900 positions in September 2011, according to the Orlando Business Journal. The education and health services industry showed a 2.6 percent gain during that period, while the professional and business services sector displayed a 1.2 percent increase.
The area's leisure and hospitality industry remains among its top businesses. People travel across the globe to visit attractions such as Sea World and Disney World, and it employed approximately 207,000 workers in September 2011, the BLS notes.
There are plenty of opportunities to take your talents to Orlando. Once you find your dream job, it'll be time to review the housing market.
Affordable interest rates
While the city's housing inventory may be decreasing, foreclosed properties are still available, and banks might be willing to offer low interest rates to attract buyers.
For example, you could be eligible to receive to receive a 30-year fixed-rate mortgage with an interest rate between 3.7 and 4.6 percent. That's roughly 3 percent lower than typical mortgage rates available a decade ago.
Reviewing your options with local banks is a great way to start your search for a home in Orlando. Experts at these institutions can offer you the advice and expertise you need to make the best financial decisions based on your money management.