Our Ocala real estate investment forecast points to this area being at the vortex of a perfect storm. The economic forces generated by the amazing efforts of our Chamber & Economic Partnership and the opening of the World Equestrian Center create extraordinary opportunities for real estate investors. We have reported on the effects of these forces in prior posts, but comprehending their impact is vital to understanding the Ocala real estate market. Therefore, we feel beginning with a brief overview of each before we present new, relevant information is warranted.
The CEP: Instrumental To Ocala’s Economic Outlook
Under the stewardship of Kevin Sheilley, the CEP has been instrumental in bringing large business enterprises to our community. Indubitably, Amazon and Lockheed Martin lead the pack. In the process, it has drawn high paying jobs to Ocala at a pace well ahead of all projections. Because of its success, the CEP took its place among finalists for the title Chamber of Commerce of the Year three times.
Then, in 2020, it finally lay claim to the honor. But the efforts have just begun. The CEP is now intimately involved in expanding our airport so that it may receive commercial flights within four years. Additionally, it continues to promote Ocala as the ideal locale for major corporations to be headquartered. Of course, the CEP is also integral to the efforts to build the infrastructure necessary to support the World Equestrian Center and ensure its success.
The WEC: Making Ocala Real Estate Investment An Outstanding Opportunity
For its part, The World Equestrian Center is well on its way to making Ocala a global destination. Just before its opening, I attended a presentation by Mr. Sheilley. In his speech, he estimated that demand for hotel rooms in Ocala exceeds supply by more than 4000 rooms. Additionally, during equestrian events we can clearly see that our road system is stressed by the volume of traffic.
While plans are under way to address these needs, much more infrastructure will have to be developed to meet the demands of our equestrian industry. To be sure, the “Horse Capital of the World” is in the throws of an expansion. We believe that, as a result, Ocala will evolve from a sleepy, bucolic village into a major Florida metropolis. All signals point to the wisdom of Ocala real estate investment.
N.A.R Reports Show Ocala’s Real Estate Market Is Outperforming
But there is more. Here we present new information contained in the 3rd quarter, 2022 Ocala housing market report produced by the National Realtors’ Association. We extracted the above graphic from that report. It shows that over the twelve months ended September of 2022, permit applications to build residential single use structures exceed average yearly levels by an astounding 108.4%. This clearly indicates that builders are bullish on our economy and project a huge surge in demand for homes in the short term. Additionally, the N.A.R. report shows that Ocala’s year over year property appreciation nearly reached 19%. That performance positioned our town as one of the top ten real estate markets in our nation.
With economic forces that drive demand for Ocala real estate expected to intensify, is it any wonder that we project a bounty of opportunities to profit? Below are three articles that support our thesis that this is a great time to invest in property generally, and to channel financial resources into Ocala real estate investment in particular. Enjoy reading:
2023 Could Be an Explosive Year for Real Estate Investing. Here’s Why. | The Motley Fool
The coming year could be ripe with real estate investment opportunity. | LIZ BRUMER-SMITH
The Ultimate Guide to Getting Started in Ocala Real Estate Investing [2023]
Are you thinking of getting into real estate investing, but you’re not sure where to begin? Here’s everything you need to know to make a successful start. – FINANCEBUZZ
Home Prices Rose Year-Over-Year in 98% of Metro Areas in Third Quarter of 2022
The median income needed to buy a typical home in the 3rd quarter of 2022 rose to $88,300, almost $40,000 more than it was prior to the start of the pandemic. Amazingly, Ocala was also one of the top 10 real estate markets in the nation that quarter, featuring year over year appreciation of 18.8%. Read the rest of the report here: WWW.NAR.REALTOR
“Find out where the people are going and buy the land before they get there.” – William Penn Adair
Interest rates have climbed aggressively over the last twelve months and real estate sales have slowed. Yet throughout our country, and particularly in our community, prices have held firm. Additionally, builders have continued their pattern of pulling permits at more than twice the historic rate in Marion County. Further, in this period of rising interest rates, the inventory of homes for sale has stayed historically low. In our view, these are all signs of a continued economic expansion that creates a great opportunity to profit from Ocala real estate investment.
Andrew Kruglanski, MBA, ABD, Broker
(352)234-3048
andy.k@ocalahomes.onine