Selling your home two years ago would have been an absolute breeze. Though Orlando's real estate market is faring better than most of the nation, we are still looking at a slowdown in supply and demand.
Are more people looking for homes for rent in Orlando? If you're ready to move out of your home, are you better off selling or renting it out?
We know that not everyone wants to become an accidental landlord. The good news is that with rental property management, you can earn a rental income without having to do all the work.
So, what's the best choice in 2023? Read on to find out if you should sell or rent out your house in Orlando this year.
What to Expect When Selling in 2023
We're not seeing a huge plunge in home prices in Orlando, meaning that you can still hope to make a decent profit. This is especially true if you made any of the most popular upgrades to your home in the last few yearsthink indoor-outdoor living spaces, home offices, and luxury bathrooms.
The only problem is that buyers are looking at historically high interest rates and low buying power. Many are holding off on the hunt for a home until the economy starts to level out again. In other words, while you can find a buyer who will pay big money for a great Orlando property, it's going to take some timeand a listing that sits on the market for too long starts to appear less desirable.
Do People Want Homes for Rent in Orlando?
Believe it or not, Orlando is one of the toughest places in America for renters. This is in large part because there are so many people who either work at the parks or want to take advantage of a season pass and are looking to rent, rather than buy. Renters face low inventory and high prices in our corner of central Florida.
How does this work to your advantage? In such a clogged rental market, it won't be hard to secure tenants for both short and long-term leases.
Putting your home up for rent now gives you more freedom than you might realize. Not only can you secure the funds to start paying down the mortgage on your new home but you can also reevaluate your decision to rent or sell in the future when the market starts to balance out again.
Hire a Property Manager and Rent Out Your Orlando Home
Homes for rent are doing well in Orlando, and this may be the best choice for homeowners looking to relocate in 2023. If you aren't looking to become a landlord, you have options.
We offer everything from full-service property management to customizable rent management and consulting services. To find out more about how we can help you rent out your home with ease, contact us today.