Has the housing market in Central Florida peaked?

Aerial photo near Orlando, FL | mortgage rate news

Have we seen the real estate market in Central Florida peak?

For the past few years there have been multiple metro areas throughout the state of Florida that have seen tremendous growth in housing. Central Florida has often had cities and towns claiming spots on multiple top 10 hot market lists, but has the market peaked? Based on recent data, it may have. A recent survey by the Orlando Regional Realtor Association (ORRA) saw that two thirds of responding agents believe the market has already peaked, and 48% see signs of cooling.

The Orlando Business Journal spoke with Lisa Hill, ORRA president, and she had a few observations.

Hill said, “If you jumped in two years ago, you really didn’t have to do anything — the house sold itself. Now we’re re-training agents on how to do lead generation and do things like knocking on doors, open houses. I think what we’re seeing is a lot of agents that weren’t really prepared [for a tougher market].”

Hill also observed that she’s having to send agents farther away from Hill also stated, “I think Lake County is definitely kind of the hotspot right now for that reason — out in Astatula, Groveland, Eustis, Tavares and some parts of Mount Dora.”

Bozeman, MT approves new housing development

It’s not just major metro areas that are struggling to meet housing demands. The city council in Bozeman, MT recently approved a plan for land development that includes nearly 500 housing units. Ninety-five acres of grass fields in Bozeman will be developed into mostly residential and some commercial space in the first phase of the project.

Barry Brown, a member of the development’s ownership team, stated, “Our vision for the project is to thoughtfully shift the land from agricultural use to a vibrant mixed-use neighborhood that is integrated into the fabric of Bozeman.” Brown also added, “We’re focusing on being able to deliver at least at a minimum attainable housing that could include affordable, but it could also include some market-rent (or) sale property of housing that is sized to make it attainable.”

Why does a Pennsylvania mansion come with its own jail?

A brick mansion in Bedford, PA is listed for $274,000. Not only does it come with a unique history, but it also has 18 jail cells. The property dates back to 1895 and was originally a prison with an attached mansion for the warden to live in.

The jail operated for nearly 100 years, and it was sold by the county in 2008 to the current owner who renovated it.

The mansion itself features five bedrooms and one full bathroom. It features multiple turrets and seven fireplaces. The property is listed at the current price point because it still needs a lot of work. The roof needs to be replaced and there are other areas that will require repair.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.