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Considering a real estate purchase this year? Things to know.

Whether one is dealing in residential or commercial real estate, there is a lot happening on both fronts in Florida this year. When it comes to real estate matters, things are looking good for the Orlando area. For anyone looking to make a real estate purchase in 2016, there are a few things to consider.

For those interested in residential real estate, median home prices are increasing. In fact, this trend began back in November of 2015. Home prices increased by approximately 10 percent. However, home sales were down. Residential inventory is expected to to drop this year, though, which is great for sellers, but it means buyers may want to make their purchases as soon as possible in order to get good deals.

When it comes to commercial real estate, new industrial and commercial properties are bringing businesses and jobs to the city. There are still prime pieces of property for sale, but price per square foot is going up, which could affect the commercial market throughout the year. Again, those looking to purchase commercial properties may also still get great deals at this point, but it may take some discussion and compromise.

In order to make a real estate purchase strong, negotiating skills are important. An experienced Florida real estate attorney can help during this process by negotiating and reviewing contracts and ensuring the client is legally protected. Real estate matters can get confusing, but, by having legal representation on one's side, it is possible to fully understand the process, draft a contract that is in one's best interests and smoothly complete a transaction.

Source: theglobaldispatch.com, "6 Things to Know About the Orlando Real Estate Market in 2016", Carmelo Hannity, Jan. 13, 2016

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