Are you interested in buying an investment property in Ocala, Florida? Then make sure you're up-to-date with the latest trends shaping the local real estate market. Unlike other areas, Ocala continues to attract new residents despite the current economic situation.
Industry giants like FedEx and Amazon are fueling the demand for houses in this area. Ocala appears to be increasingly popular among those ages 18 to 65, from students and young families to retirees. Some relocate to this city for school or work, while others are drawn by the breathtaking landscapes.
Most landlords in Ocala are busier than ever before. The houses are renting fast, bringing in good money. All in all, it's a seller's market.
Interested to find out more? For starters, check out these investment property trends in Ocala, Florida so you can plan your next steps.
1. The Number of New Homes Is Booming
As an investor, you want to find the perfect property quickly. You simply cannot afford to wait for months or years to decide where to put your money—and that's what makes the Ocala area such a great choice.
The number of new homes in Ocala is rapidly growing. New home sales increased at a median annual rate of 31% from 2013 to 2017—and this figure is on the rise.
HomeRiver Group has access to some of the best investment properties in the area. Let us know what type of property you're looking for, and we'll come up with the right offer.
2. Home Prices Are Going Up
Now it's the best time for rental property investment. Home prices are going up all over the country, and Ocala is no exception. The average price of a single-family home increased from $232,900 in August 2020 to over $333,000 in August 2021, reports Ocala StarBanner.
So, if you want to buy an investment property, don't wait any longer. Chances are, you'll have to pay a lot more for a house or apartment over the next few years.
This trend is seen nationwide. The average price of homes sold in the U.S. increased by one-third between 2010 and 2020. The sooner you buy a property, the more value you will get for your money.
3. The Local Economy Is Strong
The Marion West Community Hospital, Emergency One, Munroe Regional Medical Center, AT&T, and other top companies in Ocala attract thousands of people. As a result, there's a growing demand for rental homes and apartments.
This is one of the fastest-growing cities in the U.S. Its residents enjoy a low cost of living and excellent career prospects. This allows them to spend nearly one-quarter of the median household income on housing.
Given these aspects, it makes sense to buy an investment property in Ocala. The city's booming economy is fueling the housing market, so you'll never run out of tenants.
Find the Perfect Investment Property in Ocala
With its strong economy and career opportunities, Ocala is one of the best places to buy an investment property. Home prices are still reasonable, and you can find something that fits your budget.
If you are ready to take this step, contact us to discuss your needs. Our real estate experts can help you find the perfect property and then manage it on your behalf. Drop us a line or call (352) 245-2478 to find out more!