Ocoee is a medium-sized Florida suburb with big potential. As part of the booming Orlando–Kissimmee–Sanford Metropolitan Statistical Area, droves of real estate investors and soon-to-be homeowners are flocking to Ocoee as we speak.
Let’s take a closer look at what makes Ocoee such an ideal candidate for your next property investment.
Ocoee: From Past to Present
Ocoee is an Orange County town that currently has a population of almost 50,000. The town has a spread-out suburban feel, with a blend of longtime homeowners and aspiring young professionals. But Ocoee wasn’t always like this — far from it.
The town got its start in the 1850s when a small lakeside camp was first established. As the camp slowly metamorphosized into a village it took on the name Starke Lake. Later on, in 1886, it was renamed Ocoee by Captain Bluford Sims. Interesting factoid: Ocoee means “apricot vine place” in Cherokee.
You wouldn’t know Ocoee had such humble beginnings based on its real estate market. As of June 2022 the town’s home prices are up over ten percent compared to a year prior; the median home now sells for $390,000. The average home stays on the market for just one week.
In case you need more indicators of market hustle and bustle, here are a few other stats:
10.4% compared to last year, selling for a median price of $390K. On average, homes in Ocoee sell after 7 days on the market compared to 6 days last year. There were 69 homes sold in June this year, up from 69 last year.
- A significant portion of homes gets multiple offers, sometimes with waived contingencies
- The hottest homes sell for roughly 5% above their list prices
- The median home sells for roughly 2% above its list price
Ocoee FL: Property Buying Tips
But fear not — you can still stand out from other Ocoee buyers by following a few simple tips.
The first (and most important!) tip is about communication. It’s a good idea to clearly communicate your intent to any seller you’re interacting with. Whether you’re planning on buying, considering buying, or just browsing, be sure to make your intentions clear to the seller. At the end of the day, good communication just makes things easier for everybody.
A second tip relates to the buying process itself. If you can, consider making a larger-than-normal down payment. You may also find success locking in the most hotly contested home deals by paying cash (if you can afford to, of course).
Icon Makes Property Investing Simple
Central Florida’s real estate market is finally showing signs of cooling off.
But the cooldown has been relatively subtle, and it may not last for long — meaning that 2022 may be a particularly great time to buy. If you’ve been waiting for the right moment to acquire your next investment, you may want to act fast! At Team Icon our team of experienced realtors has helped thousands of clients find the perfect investment property to meet their financial goals.
Contact us today if you’re ready to maximize your assets with a minimum of stress. We’re looking forward to seeing how we can help you!