How long will Central Florida stay a seller's market?
ORLANDO, Fla. - Buckle up buyers and renters: Orlando is set to remain a seller's market for quite some time.
Homes in Central Florida have been hard to come by with the market red hot right now – and experts say it's going to stay that way for the next 12 months.
According to the Orlando Regional Realtor Association, home sales have spiked nearly 13-percent compared to this same time last year.
"Within a matter of 24-48-72 hours, you can have as many as… I had one property that had 50 offers. I've never had 50 offers on a property," said Winter Park realtor Jennifer King.
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King has been a realtor in this market for 20 years. She tells FOX 35 News more than 1,500 people a week are moving to Central Florida, many fleeing California and New York, flooding the Orlando market with cash.
But that's not the only thing driving prices for both homes and rentals
"What I'm seeing now is people are actually moving their companies here because of our state taxes. They're moving their companies and hundreds of employees at one time.
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Some of those companies include Disney, which is moving 2,000 employees here from Los Angeles.
KPMG, relocating its capabilities center from up north. Sonesta International Hotels, with a new corporate office, and Innovacare Health Incorporated which is moving 60 high-wage jobs here.
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So what's really driving the price hike in Orlando's rental market?
"So many people had investment properties because of our market back in 2007. So they held on to those and prices of those properties have gone up so much. It made more sense for those people to sell those homes. So we've lost a significant portion of our rental properties."
Orlando home values are now up more than 21-percent and are forecast to go even higher through next year
with no signs of slowing down any time soon.
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