Buy a Home for Only $100 Down!

Yes, HUD is offering a $100 down program through October 2012 for owner occupied properties, and sold in AS IS condition.  If financing you must use FHA loan program and ask for this incentive in the contract.  We are HUD approved buyers broker and can assist you with finding the right HUD home.  See more on this HUD $100 Down Program.  Search HUD Homes Now.

Orlando Real Estate 2011 Predictions

Let 2011 be the year to move your family into your dream or buy your Disney vacation home.  Central Florida has real estate for everyone whether looking at spectacular lakefront home, or living in downtown Orlando in a condo tower in the heart of the action, to relaxed lifestyle on the outskirts, Orlando has a place for everyone. 2010 is behind us with 2011 down right the best time to buy Orlando Real Estate, and here is why:

Interest Rates are low:  Interest rates are in the 4%, and slowly are creepy up.  If you buy now you will get more house for your money, rather than waiting for interest rates to increase.

Inventory is decreasing:  Bank foreclosures are forecasted to be around for a few more years, and so will the investors.  Investors are buying up affordable properties, and inventory is decreasing.  Buy now why you still have choices.

Home prices are low:  Distressed properties have put pressure to keep home prices low. Orlando homes prices have exceeded the affordability index, offer option for buyers with different budget.  Bank foreclosures that have not been released in the market, or shadow inventory, is predicted to keep prices low.

Short Sales are becoming streamlined:  More lenders have made efforts to improve the short sale process with online submissions.  Listing Agents are more educated and have enlisted short sale teams to get the job done.  More efficient short sales are always better for buyers.

Bank foreclosures becoming streamlined:  There was numerous times, that I would submit an offer on a bank owned property, and not hear anything for days and weeks, while other offers were being submitted, and not a live person at listing office that could give you a status. Now more banks are setting up online offers.  This helps buyers in many ways because it goes straight to the asset manager, and buyers have a fair shot knowing its going directly to the right person, and not lost or not submitted in a non-responsive listing office. 

More options for owner to stay in homes:  Lenders have pressure from government to modify loans to prevent further errosion of economic conditions, and keep owners in their homes.

Winter Park, Florida Affordable Lake Bell



View from Back Yard of a Lake Bell Home

Many buyers dream to live on a lake, but many people do not know there is affordable lake front living in Winter Park on Lake Bell. Lake Bell is located in Northwest Winter Park off Lee Road, east of I-4.  Lake Bell's shores are divided between the City of Winter Park and Town of Eatonville.  Homes exist on the Winter Park side.  Lake Bell is 33 acres in size, spring fed lake, ski lake.  Since the Eatonville side is not developed, it offers a very natural setting, in this urban jungle.  There are a total of 36 homes directly on the lake mostly all ranch styles built in 1950-1960's.  Lake Bell neighborhood is ideally situated, its a 1 minute drive to I-4 and 10 minute drive to either Altamonte Springs or Down Town Orlando. Its a 5 minute drive from Winter Park Village and Park Avenue, making shopping, restraurants, movies convenient.   Right now there is one property available for sale on Lake Bell.

Condo Financing: Tips Before You Buy

Florida one of the condo capitals of the U.S. has been the hardest hit with foreclosures and distressed properties.  As a result when owners do not pay their mortgage, they do not pay their condo fees, and the condo association struggles financially.  Lenders do not want to see less than solid finanical statements, too many renters, or too many people paying condo fees late.  If certain thresholds are not meet FHA or Fannie Mae guidelines, the condo community will be denied and you will not obtain financing even if you are borrow with excellent credit and sufficient down payment.  This is widespread and common, and many condo communities can only be bought with cash.

Condos are an affordable option for all type of buyers, but how does a buyer find out if a condo community is "financiable" before they start their home search?  Well ultimately,  you will not be able know until you are under contract, and your lender requests a "condo questionnaire".  This will tell your lender what the current status of the condo.   Sometimes, by the time your lender receives this form, you have spent money on the transaction such as appraisal and inspection fees.

Here are some tips to minimize, but not eliminate, the risk of buying in non-financiable condo community.

• Is the community on the Approved List:  FHA and Fannie Mae have a website you can look up the condos by name.  If the condo does not exist on the list, does not mean it would not be approved.
• Look at Sold Properties:  Have your buyers agent look at recent sold properties in a specific community to see if one closed with financing or cash.  If there was financing involved, find out what mortgage broker the buyers used.
• Call the Condo Association:  Sometimes the condo association will know if they have had financed sales.
• Buy Home Path Properties:  Fannie Mae offers Home Path financing, and they do not scrutinize the condo community, with requiring a condo questionnaire.  Search condos Fannie Mae. 
• Buy New Construction:  Many new construction condos project make all necessary applications to lenders Fannie Mae and FHA to ensure their condo project can be sold with financing when certain number has been sold.  These condo association are controlled by developer for a period of time and not overload with distressed resales.
• Buy a Town Home Instead:  Town homes offer the same features of a condo community are not subject to approval of the community, so you avoid this financing issue altogether. 
• Investigate Yourself:  If you have been watching a particular community and finding pricing too good to be true, such as 1 bedrooms for $25,000, and 2 bedrooms for $50,000 and there is a bunch of short sales and foreclosure for sale, it highly unlikely financing will be an option.  

Orlando Real Estate November Market Statistics

Orlando Real Estate Market Statistics for November is showing the median price of a home at $105,000 is holding steady September, October, and now November, making Orlando area real estate an affordable option for buyers.  Breaking this down by catergory, the median price of a bank foreclosure is $78,101, median price for short us $99,950, and for a normal sale is $159,000. Distressed properties consisting of short sales and bank foreclosures consisting of approximately 66% of sales keeping property prices low.  With historically low interest rates, and selection it is great opportunity to buy Orlando Real Estate!

• Average Mortgage Rate:  4.28%
• Inventory  15,192
• New Listings:  3,346
• New Contracts:  3,243
• Under Contract:  8,998
• Back On Market: 999
• Expired:  630
• Withdrawn:  1,083
• Sales Closed:  1,843
• Average Days on Market:  97

Click here for historical Orlando Market Statistics.

Orlando Market Statistics for October 2010

Orlando Regional Realtor Association has published the Orlando Market Statistics for October 2010.  The median price of a home has remained steady at $105,000 from September.  All data is lower across the board most likely with some effects from foreclosure freeze and seasonal adjustments with less listings, sales, contracts, and inventory.

• Average Mortgate Rate:  4.28% lowest all year round
• Inventory:  15,441
• New Listings:  3,650
• New Contracts:  3,466
• Under Contract: 8,817
• Back on Market: 1,080
• Expired: 707
• Withdrawn:  1,323
• Sales Closed: 1,848
• Averages Days on Market:  91

To review the entire Orlando Real Estate Statistics Report.

Orlando Local Market Report

National Association of Realtors has compiled an Orlando Local Market Report for Third Quarter 2010. This is well worth reviewing on statistics in the local Orlando Market.  Some items that caught my attention is Orlando median price of a home is well below the United States, and because of the affordability government backed financing is available to most buyers.  This affordability maybe a result of higher than national average of foreclosures.  Foreclosures most often are priced the lowest in the neighborhood has driven down homes prices.  Also noted Orlando has highest number of home ownership compared to the rest of United States.  Click here to review Orlando Local Market Report for Third Quarter 2010.

Plunk Down $50,000 for an Orlando Condo

Plunk down $50,000 for an Orlando Condo are the cheapest in the State of Florida, and 40% lower than national pricing for a condo.  These condos can only be purchased with cash, as lender will not finances these condos and many investors are buying them up.  Search for Orlando Condos to buy. 

But will prices stay the same?  Some believe Orlando home prices could further drop if all the stalled foreclosures re-enter the market at once. 

If you are in the market for an Orlando Property, please contact a buyers agent to represent you in your home purchase.

"Fauxclosures" Hitting Florida Real Estate Market

Fauxclosures hitting Florida real estate market.   It seems that bank foreclosures has been a fore front in the media lately, and now a new phenomenon hitting the real estate market. With many buyers and investors gravitating to these bargain foreclosures, some real estate agents and sellers have been marketing properties as foreclosures, but they were actually just property flips, and should not be labeled as foreclosures.  One Naples couple thought they purchased a foreclosure for $464,100 in September, but found out they purchased from an investment group who bought in May for $231,000.  Realtors job is to provide full disclosure and market the property accurately.

Orlando Real Estate Statistics for September

Orlando Realtor Association has published its monthly September real estate statistics for Orlando Real Estate.  Inventory of homes slightly up from September of 2009, but with many foreclosures frozen, I suspect these inventory numbers to go down when October statistics is published.  The median price a home has increased from August $99,900 to September $105,000.  Distressed properties such as bank foreclosures and short sales continue to dominant the sales market.  September distressed sales consisted 71.38% while the rest where normal sales at 20.62%.   New contracts and pending closings slightly down.  Mortgage rates remain very, very low.

• Average mortgage:  4.46%
• Inventory: 16,359
• New listings: 3,984
• New contracts: 3,654
• Under contract:  8,713
• Back on Market:  1,169
• Withdrawn:  1,301
• Sales Closed:  2,226
• Average Days on Market:  88

Read about the entire article about Orlando Real Estate for September 2010.

Builders Selected for Disney's Golden Oak Luxury Vacation Homes

Builders selected to built Disney Golden Oak Luxury Vacation Homes in a previous post Disney Luxury Vacation Homes.   Cahill, Goehring & Morgan Construction, and Issa Homes have been selected to build the Village Style properties.  Derrick Builders, Jones-Clayton Construction, J. Richard Watson Construction Co. and Ray Coudriet Builder Inc. will be building the estates and grand estates.  Its exciting to see such a project launched, during economic times were development has slowed.  Sales are expected to start early 2011.

Bank Servicing Companies Stopping Foreclosures

My first time home buyers, were excited they were at the end of the transaction purchasing a bank foreclosure and making preparations to close the end of this week, until the we received notice, that banks servicing company has stopped this transcation from closing until further notice. 

Bank of America, JP Morgan-Chase, and Ally Financial, have halted all their foreclosure transactions, until a thorough review of all the foreclosure documents have been done and its determine the title to the properties have been done correctly and legally. 

This means that properties in the middle of foreclosure process has been stopped, properties already available for sale have been stopped, and properties waiting for close has been stopped.

Even Old Republic the nations top title insurance company has refused to issue title policies on Ally Gmacs pending transactions.  

This is causing a lower amount of foreclosures to hit the market, and pending transactions waiting to close stop.  If you are considering purchasing a bank foreclosure, your agents maybe able to find out the servicing company (they change frequently on properties) to see if the property your are interested in is effected.

Orlando Ranks the Lowest in Credit Scores

As everyone knows credit scores are very important in our business culture with the ability to get loans, insurance, credit, utitlities and so on.  But it was intereesting to read Orlando was ranked 4th worst city for lowest credit scores, very shocking really for me a local resident and buyers agent.  See Credit Rankings below.

Worst 4 Cities with scores 501-601
1) Memphis, Tennessee 27%
2) Las Vegas, Nevada 26%
3) Riverside-San Bernadino, California 25%
4) Orlando, Florida 23%

Best 4 Cities with scores 901
1) Minneapolis, Minnesota 24%
2) San Jose, California 24%
3) San Francisco, California 22.9%
4) Seattle, Washington 22%

Orlando Mortgage Rates Unbeliveable Low

Buyers if you are thinking about buying your piece of Orlando real estate, get off the fence, these mortgage rates are at an all time low.  This means you can buy more of home now, than if you wait.  Talk to a mortgage broker, chances are, buying is cheaper than renting.  Mortgage rates for 30 year loan is 4.32% and 3.75% for a 15 year loan.  To get started on home buying, speak to an experienced mortgage broker, contact Eric Intihar at Eric@SpecialtyMortgage.com

Orlando Home Prices Being Reduced

Fall is typically a slower season for real estate sales as people are preparing for their children to go back to school and planning for holidays, rather than shopping for a home.   It's a difficult time for sellers and often have to reduces prices to generate interest in a property in hopes an offer comes in.  The Orlando Sentinel just published an article about price reductions becoming a common.  Our inventory is decreasing, interest rates so low in 4%'s, pricing low, its a great time if you are a buyer.

Orlando Condo Prices Lowest in Florida

It's no wonder that Orlando has been ranked to have the cheapest condos in Florida, when I read that 57.39% or 361 condos sold in the month of August where priced under $50,000.  The median price of condo sold in August was $49,300 and median price for the State of Florida was $81,600.  These prices have been stable for the past year, but you do condo sales pace increasing month after month as our inventory decreases.  Orlando once ranked in the top three for condo conversions, many of these properties are condo conversions.  Orlando condos are not without problems with finances of HOA, maintenance of community, or high HOA fees, and these condos are sold for cash only as financing is nearly impossible.

Summerport in Windermere, Florida

Summerport located in Windermere, Florida in Southwest Orlando.  It is ideally located close to all the attractions and 20 minutes from downtown Orlando, with easy access to 429 & 408 Expressway and Florida's Turnpike.  This master planned community consists of both townhomes and single family homes. 


Summerport amenties include community pool, playground, clubhouse, fitness room, two tennis courts, volleyball and basketball courts, miles of paved walking trails, ponds, sitting areas, and access to Lake Speer.  It has excellent schools and Keens Crossing Elementary located right in the community.  This community is in biking distance to Publix shopping center, and 2 minute drive to Winter Garden Village packed with shops and restaurants.

There are two home owners associations for Summerport; the master association & town home association.  The master association covers the landscape, signs, and amenities which is $251 per quarter.  This applies to single family homes and town homes.  The town home association is $158 per month and applies to town homes only.  This covers reserves for roof and painting when roof needs replacement and buildings need repainting.  Includes landscaping, lawn maintenance, termite bond.  There are 4 town home sections.

Each new home owner is required to pay $1000 initiation fee at closing.

Summerport Town homes are priced from $120,000 to $189,000.  Summerport Single Family homes are priced from $170,000 to $720,000.

Fannie Mae Increasing Approval for Florida Condos

Fannie Mae is increasing financing approval for Florida Condo Communities, which will start to revive the condo market.  As many condo buyers know in the last few years most all condos have been paid with cash, as lenders no longer financed condos communities as there were too many investors, too many non-paying home owners, for example.  Now Fannie Mae is going back and re-evaluating condo projects on a case by case basis and have approved 23 Florida condo projects to be eligible for financing.  Keep in mind both the borrower and condo community has to qualify for financing.  As condo associations get back on their feet, and more lenders provide financing, the values of the condos will go up, but will be some time, as this is in the very early stages as many, many condo communities are still not approved.

Orlando Real Estate August Statistics



Orlando Real Estate Statistics



Orlando Real Estate August Statistics shows that sales of are up 10.91% over last August.  Distressed properties, consisting of short sales and bank foreclosures, are leading the majority of sales by 71.55% while regular sales accounted for 28.45%.  Condo sales have increased to 43.28% over last August, and condo sales throughout Florida is continue to be rising.  The median price for all types of homes is $99,900, which dipped 8.10% from July.  For more details, click on Orlando home sales increase as affordability hits all-time high.

• Average Mortgage Rate:   4.61%
• Inventory:  16,535
• New Listings:  4,416
• New Contracts:  3,892
• Under Contract:  8,945
• Back on Market:  1,277
• Expired Listings: 613
• Withdrawn:  1,285
• Sales Closed:  2,429
• Average Days on Market:  84

For historical data, see Orlando Regional Realtor Market Pulse.

Do you need to contest your 2010 property taxes? August is your month to file.

Do you need to contest your property 2010 taxes? August is your month to file.

With property values going up and down like a yo- yo in last few years, with different values for distressed homes and homes maintained by owners in traditional sales, its no wonder that property values vary greatly.  The county is operating with less staff to keep property values consistent across the board.  August is when notices are mailed to homeowners about their 2010 taxes.  If you feel your taxes are not going down like the rest of the neighborhood, as values have decreased, be sure to petition your property taxes to be reviewed with your respective Tax County Authority.

Case in point, we had a buyer purchase a home in which the last sale was $800,000 and taxes were about $8000, but the neighbor next door with larger home and pool was paying $3000 for property taxes.  This buyer is proceeding to contest her taxes especially when she paid $385,000 for the property and not $800,000.

We pointed this out to our buyer, make sure your real estate agent is dedicated to look out for your interests.  Need help with home buying? Contact Buyers Broker of Florida.