Lake Mary, FL Real Estate News

By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights It’s important to understand history proves an economic slowdown does not equal a housing crisis. In 4 of the last 6 recessions, home prices actually appreciated. Home prices only fell twice – minimally in the early 90s and then by nearly 20% during the housing crash in 2008. If you have questions, let’s connect to discuss why today’s housing market is nothing like 2008.  Contact us:PHP Houses142 W Lakeview AveUnit 1030Lake Mary, FL 32746Ph: (407) 519-0719Fax: (407) 205-1951email: info@phphouses.comLet’s Connect:FacebookLinkedinTwitterInstagramThe information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions cont...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can truly be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.If you’re thinking about buying a home this year, here are some of the benefits you’ll experience when you do.The Emotional Benefits of HomeownershipBecause it’s a place that’s uniquely yours, owning a home can give you a sense of pride and happiness in several ways.Your Home Can Reflect Your Tastes and PersonalityInvestopedia puts it like this:“One often-cited benefit of homeownership is the knowledge that youown your little corner of the world.”That knowledge can lead to a powerful, emotional connection to the...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
In today’s housing market, many are beginning to wonder if we’re returning to the riskier lending habits and borrowing options that led to the housing crash 15 years ago. Let’s ease those concerns.Several times a year, the Mortgage Bankers Association (MBA) releases an index titled the Mortgage Credit Availability Index (MCAI). According to their website:“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is . . . a summary measure which indicates the availability of mortgage credit at a point in time.”Basically, the index determines how easy it is to get a mortgage. The higher the index, the more available mortgage credit becomes. Here’s a graph of the MCAI dating back to 2004, when the data first became available:As the graph...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? Here’s what experts have to say.The Number of Homes Available for Sale Is Likely To GrowThere are early signs housing inventory is starting to grow and experts say that should continue in the months ahead. According to Danielle Hale, Chief Economist at realtor.com:“The gap between this year’s homes for sale and last year’s is one-fifth the size that it was at the beginning of the year. The catch up is likely to continue, . . . This growth will mean more options for shoppers than they’ve had in a while, even though inventory continues to lag pre-...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
You may be someone who looks forward to summer each year because it gives you an opportunity to rest, unwind, and enjoy more quality time with your loved ones. Now that summer is just around the corner, it’s worthwhile to start thinking about your plans and where you want to spend your vacations this year. Here are a few reasons a vacation home could be right for you.Why You May Want To Consider a Vacation Home TodayOver the past two years, a lot has changed. You may be one of many people who now work from home and have added flexibility in where you live. You may also be someone who delayed trips for personal or health reasons. If either is true for you, there could be a unique opportunity to use the flexibility that comes with remote work or the money saved while not traveling to inve...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking of buying or selling a home, chances are you’re focusing on the many extraordinary ways it’ll change your life. But do you know it has a large impact on your community too?To measure that impact, the National Association of Realtors (NAR) releases a report each year to highlight just how much economic activity a home sale generates. The chart below shows how the sale of both a newly built home and an existing home impact the economy:As the visual shows, a single home sale can have a significant effect on the overall economy. To dive a level deeper, NAR also provides a detailed look at how that varies state-by-state for newly built homes (see map below):You may be wondering: how can a single home sale have such a major effect on the economy?For starters, there are mult...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
As mortgage rates started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to appreciate. The latest data on home prices seems to confirm that trend.According to data from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green:This is largely due to an ongoing imbalance in supply and demand. Specifically, housing supply is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more. Selm...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Because buying or selling a home is such a big decision in our lives, the need for clear, trustworthy information and guidance is crucial. And while no one can give you perfect advice, when you align yourself with an expert, you’ll get the best advice for your situation.An Expert Will Give You the Best Advice Possible Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to their office, they won’t immediately tell you how the case is going to end or how the judge or jury will rule. What a good attorney can do, though, is discuss the most effective strategies you can take. They may recommend one or two approaches they believe will work well for your case.Then, they’ll leave you to make the decision on which option you want to pu...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights If recent headlines about rising inflation are making you wonder if it’s still a good time to buy, here’s what experts have to say. Housing is an asset that typically grows in value. Plus, your mortgage helps stabilize your monthly housing costs, and buying protects you from rising rents. Experts say owning a home is historically a good hedge against inflation. Let’s connect if you’re ready to start the homebuying process today.  Contact us:PHP Houses142 W Lakeview AveUnit 1030Lake Mary, FL 32746Ph: (407) 519-0719Fax: (407) 205-1951email: info@phphouses.comLet’s Connect:FacebookLinkedinTwitterInstagramThe information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the a...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.The National Bureau of Economic Research (NBER) defines a recession this way:“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.” To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six reces...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re trying to decide whether to rent or buy a home, you’re probably weighing a few different factors. The financial benefits of homeownership might be one of the reasons you want to make a purchase if you’re a renter, but the decision can also be motivated by having a place that’s uniquely your own.If you want to express yourself by upgrading and customizing your living space but are feeling held back by your rental agreement, it might be time to consider the perks of owning your home.A Little Change Can Bring Lots of JoyThere’s a significant level of pride that comes from owning a home. That’s because it’s a space that truly belongs to you.A recent report from the National Association of Realtors (NAR) shows making updates or remodeling your home can help you feel more at ease an...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking about buying a home, you’ve probably heard mortgage rates are rising and have wondered what that means for you. Since mortgage rates have increased over two percentage points this year, it’s natural to think about how this will impact your homeownership plans.Today, buyers are reacting in one of two ways: they’re either making the decision to buy now before rates climb higher or they’re waiting it out in hopes rates will fall. Let’s look at some context that can help you understand why so many buyers are jumping off the fence and into action rather than waiting to buy.A Look Back: How the Current Mortgage Rate Compares to Historical DataOne factor that could help you make your decision to buy now is how today’s mortgage rates compare to historical data. While higher t...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
In today’s housing market, homeowners have a great opportunity to sell their house and receive the best terms for their personal situation. That’s because there’s a limited number of homes for sale, which is creating competition among buyers. Right now, homebuyers want three things: To be the winning bid on their dream home To buy before mortgage rates rise more To buy before home prices go even higher These buyer needs give you an amazing advantage – also known as leverage – when you sell.What Does This Mean for Sellers Today?You might already realize this enables you to sell at a good price, but you’re also in a great position to get the best terms to suit your needs.According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average home sol...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the housing crash in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time.1. There Are Fewer Homeowners in Trouble Today’s data shows that most homeowners are exiting their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today.If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.Early Signs Inventory May Be GrowingThe latest data from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year (see graph below):This indicates more sellers are listing their homes for sale each month this year. And according to real...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Many people are wondering: will home prices fall this year? Whether you’re a potential homebuyer, seller, or both, the answer to this question matters for you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals. What’s Happening with Home Prices?  Home prices have seen 121 consecutive months of year-over-year increases. CoreLogic says:“Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”So why are prices climbing so much? It’s because there are more buyers than there are homes for sale. This imbalance is expected to maintain that upward pressure on home prices because homes for sale are a hot commodity in today’s low-inventory housing market.Where Do Experts ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power.Today, the average 30-year fixed mortgage rate is above 5%, and in the near term, experts say that’ll likely go up in the months ahead. You have the opportunity to get ahead of that increase if you buy now before that impacts your purchasing power.Mortgage Rates Play a Large Role in Your Home S...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights What does the rest of the year hold for the housing market? Here’s what experts have to say about what lies ahead. Home prices are projected to rise and so are mortgage rates. Experts are also forecasting another strong year for home sales as people move to meet their changing needs. Let’s connect so you can make your best move this year.  Contact us:PHP Houses142 W Lakeview AveUnit 1030Lake Mary, FL 32746Ph: (407) 519-0719Fax: (407) 205-1951email: info@phphouses.comLet’s Connect:FacebookLinkedinTwitterInstagramThe information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein shou...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you’re looking to purchase your first home, you may be wondering what’s happening in the housing market today, how much you need to save, and where to start.Here are three things that can help give you the information you need to confidently pursue your dream of homeownership.1. Consider All Options When the Number of Homes for Sale Is LowToday, there are far more buyers in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types. For first-time buyers, considering ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know – your home might be closer to list-ready than you think in today’s housing market. A survey of recent sellers from realtor.comfinds that many were able to get their house ready in less than a month. It says:“With many homeowners expecting a quick sale, and in many cases a lack of contingencies, the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks.”Those sellers expecting to sell quickly are following recent buyer trends. With mortgage rates and home prices rising, buyers in today’s market are serious about finding a home quickly. But with...
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