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Orlando, FL Real Estate News

By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make t...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments.  Let’s connect so you have an expert to help separate fact from fiction in today’s housing market.  Contact us:PHP Houses142 W Lakeview AveUnit 1030Lake Mary, FL 32746Ph: (407) 641-1531Fax: (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 contai...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Found this new search engine. Is it the new search engine. I don't know, but I will say it's pretty cool. However, I am disappoint that it doesn't have my photo of my website when I do the search. I don't know why. Is it my website or is it managedQ? It's at least worth a look. enjoy! BY the way I think the name is terrible.http://beta1.managedq.com/ManagedQ: The Next Step In Search The field of Search is years behind where it should be, as it hasn't fundamentally changed in more than a decade. Results may have improved a bit, but people Search in literally the same way they did in 1995. Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country....
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?The mortgage insurance is not there for your protection, just the lender's. If you are paying PMI (private mortgage insurance) it is there to protect the lender in case you default on your loan. You can usually get the PMI removed after you have enough equity in the home. The lenders will not remove this for you. It is your responsibility to get this removed. Afterall, why do you want to be paying PMI if you don't have to. It doesn't protect you, it protects the lender.For more information on PMI, contact me. If you are a first time buyer, please contact me and we'll set up a buyers consultation to discuss buying a home. About the author: Jerry LaRose is an Orlando Area Residential Real Est...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
I owe more than my home is worth. Am I eligible for short sale or is my only option foreclosure or bankruptcy?Always consult your lender as to what your options are. The options usually are: a short sale, deed-in-lieu of foreclosure (basically an accelerated voluntary surrender), and foreclosure. The banks like to prevent foreclosure when at all possible. They've even been known to lower people's rates and/or payments because of all the new defaults in the past few years. Either way, your first stop should be to get information from you lender on what options they provide.Contact me for an assessment of your costs. We can go through the fees involved in selling your home. About the author: Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purcha...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
Happy Spring! It does appear as if the spring buying season is off and running in Orlando. The run up in pending sales has slowed a bit, but that's a good thing. It looks like closings may be starting to catch up. I am not positive, but it appears quite a few contracts have closed in just the last few days. So far between yesterday and today there have been 50 closings, and most of today's won't get entered into the MLS before Monday. This month there have been 1,064 new contract written compared with 1,537 for all of February. From what I can tell during the first three weeks of February about 971 contracts were written. If this pace holds, we could see close to 1,700 new contracts. It should lead to just over 1,000 closings for March. The downside to this is that the median price of t...
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By Alexander Harb, Dallas, Texas Real Estate Investing
(Knights Investing)
 Here is another community I am doing a market report on:This community is called Sky Lake, and it is just north of the Florida Mall in southern Orange County.Florida Mall has long been a tourist mecca, drawing thousands of visitors every year and they compete directly with The new Festival Bay Mall and the Prime Outlets Mall at the end of International Drive in the tourist corridor.This area has LONG been misunderstood as a low wage, high crime area, BUT it is NOT that way at all.Sky Lake has not just the distinction of being a stones throw away from the Florida Mall, BUT it is right near the Florida Turnpike and Route 528... you can get ANYWHERE FAST from this area of central Florida.There are 104 homes for sale in Sky LakeThe LOW asking price for these homes is $120,000 which is a ST...
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By Alexander Harb, Dallas, Texas Real Estate Investing
(Knights Investing)
 Here are two NEW communities I will be doing market reports on:The Ginger Mill and Pepper Mill subdivisions. These two subdivisions are right next to each other bordering on South Orange Blossom Trail in Southern Orange County, Florida... they are not far from Hunters Creek. They are both west of Southchase, and together these four communities (Southchase, Pepper Mill, Ginger Mill and Hunters Creek) make for GREAT living in southern Orange County.There are 31 homes for sale in Ginger Mill and Pepper Mill.The low asking price is $188,900 and the high asking price is $344,000.These are nicely built homes and most of them are block construction with stucco exteriors.Ginger Mill and Pepper Mill are very established subdivisions, that is the reason for the lack of homes for sale. People who...
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By Drew Peterson
(Keller Williams Advantage II Realty)
In "No Market For Unrealistic Buyers I & II" we introduced and began discussing the topic of crafting and presenting offers in a buyer's market. So far, we've covered the first, and most important phase, the pre-offer research (if you missed it, click here to get caught up). That means it's time to make our way to the second phase, actually crafting the offer.Before we get into the meat and potatoes of writing up an offer, we should note that this blog is written assuming you are working with a Realtor. If you are going it alone, please seek the counsel of an attorney prior to submitting your offer. There are some landmines in the standard contracts you'll want to avoid, and seeking the advice of a competent real estate lawyer is a great way to steer clear of them.With that disclaimer o...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
According to Metrostudy the inventory of new single family homes under construction and completed inventory totaled 8,732 units which is down considerably from a year ago. That number represents a 6.5 month supply based upon current sales. The 4th quarter is usually the slowest of the year, so hopefully things will pick up. If builders can get that inventory down to half that number by summer, we should see a real pick up in resales. Much of the feedback I am getting from agents showing my listings is the buyers are going for new homes because of the incentives. I have customers under contract with a builder that came off his price 10% to get the deal done. My customers are purchasing a brand new home for less than some of the re-sales on the market right now.www.davidwelch.com
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By Drew Peterson
(Keller Williams Advantage II Realty)
In "No Market For Unrealistic Buyers" we introduced the topic of crafting and presenting offers in a buyer's market. We'll continue that subject in this blog, albeit in a little more depth. Specifically, we'll address the first phase of crafting an offer, the pre-offer research.Simply put, research is the most important phase of the offer creation process. We cannot emphasize that enough. If you skip this phase, it will be to your detriment. One of the unique advantages of being a buyer is the wealth of information you can very easily learn about the seller and the property. During the negotiation, this information will help you create a win-win situation for both you and the seller.The first step in the research phase is to forget everything you already know about the property. Start w...
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By Robert Schott & Paula Hemani, Your Link to Real Estate
(TeamConnect Realty)
Search Dr Phillips real estateDr Phillips Estate Homes - Dr Phillips Waterfront Homes   Dr Phillips Luxury Homes  & Gated CommunitiesOrlando real estate                        When looking at the media's input on the pulse of the real estate market a person has to take into account their local markets and again area subdivisions.  As in the past the markets that tend to come back from falling prices are areas that were highly sought after before a downturn.  Dr Phillips fits this mode with its Award Winning Schools, location, restaurant row, the new Dr Phillips Park and all around community feel.  With many experts predicting home prices bottoming out in 2008 it's time for these communities to start looking attractive again.  A comeback would be more of what a normal market looks like, ...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
The Median Sales Price for homes in the Orlando area as we all know has decreased significantly. Everyone is asking, where's the bottom. Well, I'll be the first to say that I see the bottom. I will go on record to say that we're almost there. I pulled this trend chart from Trulia and it represents the median sales price of homes. The most important lines are the black and purple. The black line is actual sales of the median priced home. Notice that this jumped out of proportion Jan.1 2004. If prices had not jumped due to supply and demand and had just progressed normally at a 3-5% increase, that average which is represented by the purple line would be approx. $205,000 today. However, the actual today is at $225,000. Therefore, I see the market still correcting another 10% and possibly ...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
So far in March 306 home sales have closed with a median price of $215,000. That is a drop of $8,000 from February's median of $223,000. The last time we had a median price of $215,000 was April of 2005. That was at the beginning of the big boom, so the big gains may have been completely eroded. Looking forward at pending sales, there are 1,220 that are expected to close between now and the end of the month. The median list price of those pendings is $219,900. Any way you look at it the median price for March is going to go down. The good news is, if half of the expected sales close we will be pushing 1,000 closings in March. My expectation or prediction was that we would see closings in the 1,400 range by summer. With over 2,450 pending sales right now, we may be seeing better numbers ...
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By Robert Schott & Paula Hemani, Your Link to Real Estate
(TeamConnect Realty)
 Cypress Point is located off of Apopka Vineland south of Sand Lake Road in the heart of Dr Phillips. Consisting of three areas when turning west on Cypress Point are to the north and south gated Reserves at Cypress Point. If you continue going straight on Cypress Point you enter the prestigious guard gated Cypress Point.  The meandering tree lined boulevards on the shores of Lake Tibet of the famed Butler Chain of Lakes with lovely ponds, landscaped parks and stunning estate homes many built by Bill Akers and strike the perfect balance between comfort and sophistication. Conveniently located close to downtown Orlando, the airport, golf courses, theme parks, renowned restaurants and shopping, it is tucked away in one the Orlando's most distinguished gated neighborhoods.  The community i...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
Check out the link below. It references an article in the Orlando Sentinel today. The important point this makes is the media presenting a more positive perspective on the Orlando Real Estate market. It is not a rosy picture, but we are not in a rosy market if you are trying to sell. It does however paint a more favorable view than what we have been seeing in the media of late. I am on the board of directors for the Orlando Regional Realtor Association, and I know Steve Moreira very well. His comment about the light at the end of the tunnel is a good depiction of where we are. I also really like the points Dr. Fishkind made about household creation in the area. That is the best determinant of home sales. What was not mentioned is that the builders are hardly building any inventory, so t...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Don't wait too long to buy a home in today's market? While today's market plays to your advantage as a buyer, with reduced housing costs and favorable interest rates, are you sitting by waiting? When the market turns, today's bargains will be yesterday's missed opportunities.While it is conceivable that home prices may drop further, it is likely that the decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by having to pay off your mortgage at a higher interest rate making "playing the waiting game" a waste of time (and very little fun).This rate increase isn't just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jum...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
If your home is on the market, you better make it easy for buyers to see!I was showing homes yesterday and I had problems showing 3 of the 7 homes I was to show my buyers. At the first home, the home owner was there and unaware of the showing. I guess the realtor never told them. (It's never a good idea to have the home owner at home when the buyers are there.) The whole situation was awkward and the buyers just rushed through the home.At the second home, there was a combination lock box on the home. When I opened it up, there was no key inside......how am I suppose to get into the house? I am sure the home owner removed the key. With combination lock boxes, home owners can open them......actually, in my opinion; they are completely unsafe because ANYONE can open them. With electronic l...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
I must admit that it is a challenging time to be selling your home. Improve your odds of selling your home in today's buyer's market with the following tips:1. Be motivated! There are many homes listed right now. If you don't need to sell, then don't. Ask yourself: Why am I selling?2. Condition. Gone is the day where the buyer wants to fix up a home. If it's broken, fix it. If it's not neutral, make it. Why should a buyer buy your home over another. Contact me for staging tips.3. Price it right! What does that mean...........be prepared to list your home 10% below other comparables. Next, be prepared to lower the price every couple of weeks. Contact me for a CMA. (Comparative Market Analysis)4. Hire a REALTOR! Call me at (407) 580-7011 to schedule your marketing consultation.
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By Drew Peterson
(Keller Williams Advantage II Realty)
Each month, the Orlando Regional Realtor Association publishes its Market Pulse, a report containing essential market data. Here is our breakdown of the March edition (you can read the full report by clicking here):First, the bad news:1.) Overall inventory increased by 260 homes to 25,984. We actually debated whether to include this on the list of bad news or the list of good news. A net increase of 260 is actually far less than expected. However, as long as inventory remains high, prices will have to come down.2.) 922 total sales closed last month. Although this is an improvement from January (813), it's still not anywhere near the number we'd like to see.3.) The average days on market continues to creep upward. In January it was 117. Last month it was 123.Now, the good news:1.) There ...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
February numbers were released today, and the median price was up a bit from January to $223,000 on sales of 922 homes. This compares with a median price of $221,500 on sales of 813 homes in January, The total number of contract was up 25% which is a much bigger story because that is a great indication of future sales, and indicative an what I believe is the beginning of a turn around. You can read more by going to www.RealEstateOptimist.com or you can download the full report released today at www.DavidWelch.com and clicking on Market Pulse.
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
I just wanted to let everyone know that the epsidoe that I taped back in September of My House is Worth What is finally airing on HGTV, Tuesday March 18th at a 11 pm. I also recently was selected to tape an episdoe of House Hunters this past weekend. I had a great time filming both shows and look forward to the airing. Here is a clip from a news special I did Christmas of 2006 about first time home buyers For information on buying or selling in Central Florida, Orange County and Seminole County, new construction or Relocation services contact your Lake Mary Real Estate Agent Heather Joubran @ 407-810-6304 or hjoubran@remax.net Seminole County consists of Lake Mary, Sanford, Heathrow, Longwood, Altamonte springs, Winter Springs, Oviedo. Orange County consists of Orlando, Downtown Orlando...
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