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Monday, December 6, 2021

Investors purchased nearly 1 in 4 Orlando homes last quarter

Posted By on Mon, Dec 6, 2021 at 3:56 PM

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It's not your imagination. Homes in the Orlando area really are being snapped up by banks and businesses at an astonishing rate.

A new report from Redfin reveals that investors purchased 18% of all homes in the United States in the third quarter of 2021. And the problems is even worse in Orlando.

Over 23% of homes purchased in the city in that period were bought by businesses. Tampa suffered a similar fate, with 24% of all sales being investments. Nearly 30% of all homes purchased in Jacksonville were sold to entities rather than families.

The problem is getting worse, with the overall number of investor-bought homes increasing by 10% between quarters. The nationwide number of investor-bought homes has increased by 80% year-over-year. The news comes as much of the country, Orlando very much included, are suffering through a crisis of housing affordability.

“It’s very hard for regular homebuyers ... to actually compete with the investors that are swinging in with their higher offers,” Central Florida realtor Lou Brown told the Associated Press. “That’s just what time it is.”

The investor purchases, coupled with foreign investors and an influx of buyers from more-expensive states, have superheated the Orlando market to previously unseen levels.

This rapid rise in housing prices has squeezed renters as well, many of whom already can't afford their monthly bills.

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