Orlando earns spot on NAHB most-improved U.S. housing markets list
More people are considering their options and pursuing homes for sale in Orlando. The National Association of Home Builders (NAHB) identified Orlando, Florida, as one of its most-improved housing markets in the United States, according to the organization's April 2012 First American Improving Markets Index (IMI).
NAHB Chairman Barry Rutenberg notes that the index shows the country's improving housing market could help homeowners, especially those who obtain property in Orlando.
"While housing markets across the country continue to struggle under the weight of overly tight lending conditions and other challenges, the April IMI indicates that at least 101 individual metros are showing measurable and consistent signs that they are headed in the right direction," Rutenberg said.
Orlando ranked within the top 15 of the nation's most-improved markets, thanks to its rise in building permits, employment totals and home prices over the past six months, the Orlando Sentinel reports.
Home prices in the area reached their low in April 2011, but have seen a gradual increase by 2.7 percent since that time. Additionally, building-permit totals have risen 3.1 percent from their low point in May 2009, which may indicate that the region's economy is improving.
Low-priced homes could help stimulate the city, and may lead more people to consider property in the area. You can acquire many homes in Orlando for less than $86,000.
These loans have become popular because they allow people to make affordable monthly payments, giving them the chance to control their budgets as they relocate to a new home. They also offer a set term, which may be between 10, 15 or 30 years.
For instance, you could be receive an interest rate of 3.13 percent on a 15-year mortgage. The rate will remain intact for the life of your loan, and allows you to manage your costs during this time.
Considering the pros and cons of short- and long-term fixed-rate loans can help you determine which option works best for you. Some prefer short-term loans because people will own their property in less time, but these mortgages will require a larger down payment. However, others may choose the extended terms so they can use the money on save on home improvements and renovations.
Contacting financial professionals is valuable if you are interested in buying a home in Orlando.
"Borrowers who are in the market for either a purchase mortgage or refinance need to be proactive with their lenders and explore all available options," Lending Tree chairman and CEO Doug Lebda said.
You can buy a home in one of the most-improved housing markets in the United States at an affordable price today.