Wednesday, March 25, 2009
Polk County Cutting Impact Fees
Polk County just cut impact fees from $11,595 to $9,664, saving a buyer of new construction home $1901. This was done at the request from developers and passed to continue growth in Polk County.
Orlando Home Sales Pick Up
Florida's existing-home sales rose in February, the sixth straight month of slow but steady improvement in the year-to-year comparison, and Metro Orlando's sales continued to outperform the state average. Full Story
Friday, March 20, 2009
Orlando Real Estate Fast Facts
- Orlando Area distressed sales and bank owned represented 54.57% of active listing in January 2009.
- First time home buyers account for 41% of the homes sales in 2008 compared to 33% in 2005.
- Osceola County is leading among Central Florida Counties for -51.10% median price decline over past 2 years.
- 410 Condos were sold for under $50K in January 2009 as compared to 28 in January 2009. That equal 1,364.29% increase in condos sold under $50K.
- Orlando ranked #4 in overall most Wired city including broadband, access options, and wi-fi spots.
Wednesday, March 18, 2009
$0 Down Financing at Chulota New Construction Community
The days of $0 down financing have been long gone...at least thats what I used to think. A brand new home community built buy Maronda Homes in Chulota, Florida, in Seminole County part of Metro Orlando is approved for USDA financing programs for qualified buyers which offer $0 down and no mortgage insurance. This commmunity located in Chulota along area of nature parks and excellent schools offer several floor plans 3-5 bedrooms all on 1/4 of an acre priced from $199,000 for 1615 sq. ft. to $304,990 for 3900 sq. ft. For more information or to tour this community, please contact Buyers Broker of Florida.
Thursday, March 12, 2009
Orlando Auction Coming April 11th
Auction coming to several areas in Florida, and will be held in Orlando April 11,2009. Selling Condos, Townhomes, Single Family Homes in Central Florida. Preview and inspection on properties available to be done on:
- Saturday March 21, 2009
- Saturday March 28, 2009
- Sunday March 29, 2009
Buyer representation available through Buyer Broker of Florida. Buyers Broker of Florida will help you prepare for the auctions, select the best properties to consider, arrange for inspections, help you with contracts and adminstrative details all the way to closing.
Lowest Inventory in Two Years
Low priced and affordable homes have caused the inventory to continue to shrink for the past 6 months. And the inventory levels have been the lowest in 2 years. With interest rates hovering in the 5's% and first time homebuyer credit of $8000 has caused a surge in sales. For the full story, please click here.
Tuesday, March 10, 2009
Orlando Real Estate February Statistics
Orlando Regional Realtor Association has just published the statistics for Orlando Real Estate. Orlando area home sales have again experienced an increase in activity, with members of the Orlando Regional REALTOR® Association involved in the sale of 28.18 percent more homes in February of this year than February of last year: 1,219 to 951.
In addition, Orlando REALTORS® filed 58.36 percent more contracts in the month of February (2,434) than in February 2008 (1,537). Overall, pending sales — considered by housing economists to be a reliable indicator of future sales — continued its upward trend in February to 4,348. There are twice as many more homes under contract in February 2009 than compared to February 2008 (2,175).
“Conditions are aligning very favorably in Orlando for buyers,” says ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp. “Local first-time buyers are particularly well positioned as a result of the new $8,000 first-time homebuyer tax credit, record low interest rate, and decreasing median price.”
The median price of Orlando homes sold in February ($145,500) decreased by 34.75 percent compared to February 2008 while the area’s average interest rate dropped yet again to 5.25 percent, its lowest point since May of 2005.
The decrease in median price drove the area’s affordability index to yet another record high of 169.17 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,193 can qualify to purchase one of 11,976 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $246,140 or less.
The first-time homebuyer affordability has increased to 120.30 percent.
Homes of all types spent an average of 102 days on the market before being sold in February 2009, and the average home sold for 93.03 percent of its listing price (an increase from January 2009’s 92.63 percent). In February 2008 those numbers were 123 and 92.94 percent, respectively.
The majority of single-family homes (154) that changed hands in February 2009 were sold in the $200,000 - $250,000 price range; 97 homes sold in the $140,000 - $160,000 category and 81 homes sold in the $160,000 - $180,000 category. Five hundred seventy-nine homes sold for less than $200,000 in November, and 114 sold for more than $300,000. On the far ends of the scale, 10 homes were sold for $1 million or more while 64 homes sold for less than $50,000.
Local new-home builders reported 122 new-home sales for the month of February, with a median price of $234,950.
In addition, Orlando REALTORS® filed 58.36 percent more contracts in the month of February (2,434) than in February 2008 (1,537). Overall, pending sales — considered by housing economists to be a reliable indicator of future sales — continued its upward trend in February to 4,348. There are twice as many more homes under contract in February 2009 than compared to February 2008 (2,175).
“Conditions are aligning very favorably in Orlando for buyers,” says ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp. “Local first-time buyers are particularly well positioned as a result of the new $8,000 first-time homebuyer tax credit, record low interest rate, and decreasing median price.”
The median price of Orlando homes sold in February ($145,500) decreased by 34.75 percent compared to February 2008 while the area’s average interest rate dropped yet again to 5.25 percent, its lowest point since May of 2005.
The decrease in median price drove the area’s affordability index to yet another record high of 169.17 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,193 can qualify to purchase one of 11,976 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $246,140 or less.
The first-time homebuyer affordability has increased to 120.30 percent.
Homes of all types spent an average of 102 days on the market before being sold in February 2009, and the average home sold for 93.03 percent of its listing price (an increase from January 2009’s 92.63 percent). In February 2008 those numbers were 123 and 92.94 percent, respectively.
The majority of single-family homes (154) that changed hands in February 2009 were sold in the $200,000 - $250,000 price range; 97 homes sold in the $140,000 - $160,000 category and 81 homes sold in the $160,000 - $180,000 category. Five hundred seventy-nine homes sold for less than $200,000 in November, and 114 sold for more than $300,000. On the far ends of the scale, 10 homes were sold for $1 million or more while 64 homes sold for less than $50,000.
Local new-home builders reported 122 new-home sales for the month of February, with a median price of $234,950.
- Average Mortgage Rate: 5.25%
- Inventory: 22,168
- New Listings: 3,876
- New Contracts: 2,434
- Under Contract: 4,348
- Back on the Market: 599
- Expired: 1,134
- Withdrawn: 1,488
- Sales Closed: 1,219
- Average Days on Market: 102
Monday, March 09, 2009
Real Estate Auctions
Here is an article in the Orlando Sentinel about auctions. Some things to know about auctions is that your only opportunity to inspect the property will be before the auction, as properties are alway sold "As Is" condition. The buyers pays for any inspections costs.
Other fees not addressed in this article is most auction companies add a buyers premium of 5-10% of purchase price at closing that is an adminstrative fee going to the auction company. Also you may have to pay the sellers past HOA dues.
In addition, if you are financing the property, you may be required to use the auction companies lender or forfeit the financing contingency, this does not allow you to shop around for the best rates.
You will be required to bring money to the auction, and once under contract an additional deposit maybe due.
Auctions are not for people looking for move-in ready properties, but willing to do repairs. They are not for people who are low on cash reserves due the amount of cash needed to go to contract, and increased closing costs with the additional buyer premium being added. In addition, you have to be willing to put an effort in this process and be willing to accept you may not get the home at the price you wanted or at all.
If you are thinking about purchasing an auction property, do your homework and hire a real estate agent to help represent you through the process. Realtors do get paid by auction companies, but a reduced rate.
Other fees not addressed in this article is most auction companies add a buyers premium of 5-10% of purchase price at closing that is an adminstrative fee going to the auction company. Also you may have to pay the sellers past HOA dues.
In addition, if you are financing the property, you may be required to use the auction companies lender or forfeit the financing contingency, this does not allow you to shop around for the best rates.
You will be required to bring money to the auction, and once under contract an additional deposit maybe due.
Auctions are not for people looking for move-in ready properties, but willing to do repairs. They are not for people who are low on cash reserves due the amount of cash needed to go to contract, and increased closing costs with the additional buyer premium being added. In addition, you have to be willing to put an effort in this process and be willing to accept you may not get the home at the price you wanted or at all.
If you are thinking about purchasing an auction property, do your homework and hire a real estate agent to help represent you through the process. Realtors do get paid by auction companies, but a reduced rate.
Affordable Orlando Real Estate
The outlook for residential real estate in the Orlando area has improved in two ways, according to University of Central Florida finance professor Stanley D. Smith: affordability relative to the rest of the country, and affordability relative to local income.
In his latest report to the Mortgage Bankers Association of Central Florida, Smith noted that "our affordability is becoming attractive again." He said an index that is widely used by chambers of commerce, economists and researchers shows that Orlando's cost of housing has slipped back below the national average.
The ACCRA Cost of Living Index uses 100 for the national average, and the Orlando area's housing-cost index fell to 88.6 late last year. The area's housing index had been below average for years, and was still a below-average 87.8 in the third quarter of 2004, but then it began rising with the housing boom, peaking at 105.9 in the third quarter of 2006, Smith said — up 20.6 percent in only two years.
Not only has the local housing index now dropped back below average, Orlando's composite cost-of-living index, which includes grocery items, utilities, transportation, health care and miscellaneous goods and services in addition to housing, also has receded. It rose from 97.7 in the third quarter of 2004 to 106.6 in the third quarter of 2006, but has dropped since then, to 101.3 in the third quarter of 2008 — close to the national average.Smith said the cost of buying a home in the Orlando area also has plunged relative to household income. The median household income is about $52,136, and that's more than enough to afford the area's median-priced home, now about $148,000, Smith said. The median home price in the area has dropped by about one-third in the past year, while household income has stayed roughly the same, making it easier for people to qualify for a mortgage based on income.
In his latest report to the Mortgage Bankers Association of Central Florida, Smith noted that "our affordability is becoming attractive again." He said an index that is widely used by chambers of commerce, economists and researchers shows that Orlando's cost of housing has slipped back below the national average.
The ACCRA Cost of Living Index uses 100 for the national average, and the Orlando area's housing-cost index fell to 88.6 late last year. The area's housing index had been below average for years, and was still a below-average 87.8 in the third quarter of 2004, but then it began rising with the housing boom, peaking at 105.9 in the third quarter of 2006, Smith said — up 20.6 percent in only two years.
Not only has the local housing index now dropped back below average, Orlando's composite cost-of-living index, which includes grocery items, utilities, transportation, health care and miscellaneous goods and services in addition to housing, also has receded. It rose from 97.7 in the third quarter of 2004 to 106.6 in the third quarter of 2006, but has dropped since then, to 101.3 in the third quarter of 2008 — close to the national average.Smith said the cost of buying a home in the Orlando area also has plunged relative to household income. The median household income is about $52,136, and that's more than enough to afford the area's median-priced home, now about $148,000, Smith said. The median home price in the area has dropped by about one-third in the past year, while household income has stayed roughly the same, making it easier for people to qualify for a mortgage based on income.
Thursday, March 05, 2009
Buying FSBO (For Sale By Owner)
I read in the newspaper the other day that more sellers are selling without a realtor…which would mean that more buyers are buying without an agent….personally; I do not believe that for a minute.
I just had someone call me yesterday that was trying to get out of an unfavorable contract with a FSBO (For Sale by Owner) and wanted my advice….geez; my only advice now is to hire an attorney. I probably know the answer to his problem, but I cannot practice law without a license.
So what was he thinking when he thought he did not need a buyers agent? Or any agent?
Lets get serious…do you really think that a owner selling his home without a realtor is doing it to save you, the buyer, money? You cannot be that naïve. Sellers are trying to put more money in their pocket, not yours. Here are some of the reasons that you should NEVER travel that road alone….
1. What makes you think that you know just what the property is worth? Just because the seller says so, does not make it so. Appraisers do not care if the new carpet is top of the line or if owner paid extra for designer paint…it is irrelevant. Appraisals are based on many things and most important the size home and what the immediate neighborhood is selling for….and don’t think that the home is worth more because homes in the next subdivision down the street are selling for more… that is also irrelevant. Forget looking at the tax records, because that is not market value either…and don’t say you will get an attorney, because they know nothing about market value either.
2. What are you going to ask for in the contract? Don’t know do you? Are you going make it subject to your financing, your inspections, and the septic tank certification, homeowner’s disclosure, homeowner association document, insurance availability, getting all the appliances, plus the washer and dryer that they did not mention, etc. Who is going to fix all the things wrong with the house? How much of your closing costs can or will the sellers pay? What happens to your money deposit if the property does not appraise?
3. How are you going to face the seller when you negotiate…face to face or by e-mail because you are nervous? Think about that. You are personally involved, you like the property and now you want to ask for things that the seller thinks is ridiculous and yet you want to keep the seller happy….ever experienced being talked into something you really are not happy with, but don’t know how to confront it? What if the seller is a bully and wants everything their way…are you going to crumble and cheat yourself?
Buying a home is not for the consumer to do on his or her own. Buying a 2nd or 3rd home does not make one “experienced”…things change, and each year there are more “buyer beware” issues to deal with. Did you know that if you buy a home today that is not up to building code, you may be liable for bringing up to code when you sell? I as a realtor know that and as a buyers agent will be glad to tell you everything. I can also negotiate much better, because I know what to ask for and how to get it. I am experienced…my heart does not palpitate when I ask for things that are in your best interest.
Eve
I just had someone call me yesterday that was trying to get out of an unfavorable contract with a FSBO (For Sale by Owner) and wanted my advice….geez; my only advice now is to hire an attorney. I probably know the answer to his problem, but I cannot practice law without a license.
So what was he thinking when he thought he did not need a buyers agent? Or any agent?
Lets get serious…do you really think that a owner selling his home without a realtor is doing it to save you, the buyer, money? You cannot be that naïve. Sellers are trying to put more money in their pocket, not yours. Here are some of the reasons that you should NEVER travel that road alone….
1. What makes you think that you know just what the property is worth? Just because the seller says so, does not make it so. Appraisers do not care if the new carpet is top of the line or if owner paid extra for designer paint…it is irrelevant. Appraisals are based on many things and most important the size home and what the immediate neighborhood is selling for….and don’t think that the home is worth more because homes in the next subdivision down the street are selling for more… that is also irrelevant. Forget looking at the tax records, because that is not market value either…and don’t say you will get an attorney, because they know nothing about market value either.
2. What are you going to ask for in the contract? Don’t know do you? Are you going make it subject to your financing, your inspections, and the septic tank certification, homeowner’s disclosure, homeowner association document, insurance availability, getting all the appliances, plus the washer and dryer that they did not mention, etc. Who is going to fix all the things wrong with the house? How much of your closing costs can or will the sellers pay? What happens to your money deposit if the property does not appraise?
3. How are you going to face the seller when you negotiate…face to face or by e-mail because you are nervous? Think about that. You are personally involved, you like the property and now you want to ask for things that the seller thinks is ridiculous and yet you want to keep the seller happy….ever experienced being talked into something you really are not happy with, but don’t know how to confront it? What if the seller is a bully and wants everything their way…are you going to crumble and cheat yourself?
Buying a home is not for the consumer to do on his or her own. Buying a 2nd or 3rd home does not make one “experienced”…things change, and each year there are more “buyer beware” issues to deal with. Did you know that if you buy a home today that is not up to building code, you may be liable for bringing up to code when you sell? I as a realtor know that and as a buyers agent will be glad to tell you everything. I can also negotiate much better, because I know what to ask for and how to get it. I am experienced…my heart does not palpitate when I ask for things that are in your best interest.
Eve
Wednesday, March 04, 2009
Retirement Visa for Foreigners
A retirement visa that would allow foreigners who own homes and cars and pay taxes in Florida to stay more than six months at a time would help boost the state economy, according to Lee County businessman Eugene Borosch.
He says 50,000 couples with such a visa would add $8.75 billion to the local economy by purchasing homes for an average of $175,000, and they would add another $750 million if they each bought a $15,000 car. The economy would see even more money from investments in businesses, Borosch says, and goes as far as saying the government could bolster the national economy without stimulus packages or bailouts simply by approving a retirement visa program.
Under a proposal sent to President Barack Obama, the retirement visa could cover foreigners aged 45 and up who purchase a house and a car, undergo a financial review every three years, and agree not to work in the country. The Florida Association of Realtors® (FAR) offered support for a retirement visa in 2006, but the National Association of Realtors® (NAR) is researching demand for such a visa before taking a position
He says 50,000 couples with such a visa would add $8.75 billion to the local economy by purchasing homes for an average of $175,000, and they would add another $750 million if they each bought a $15,000 car. The economy would see even more money from investments in businesses, Borosch says, and goes as far as saying the government could bolster the national economy without stimulus packages or bailouts simply by approving a retirement visa program.
Under a proposal sent to President Barack Obama, the retirement visa could cover foreigners aged 45 and up who purchase a house and a car, undergo a financial review every three years, and agree not to work in the country. The Florida Association of Realtors® (FAR) offered support for a retirement visa in 2006, but the National Association of Realtors® (NAR) is researching demand for such a visa before taking a position
Tuesday, March 03, 2009
Busiest Builders in Orlando
Pulte Home Corp. and Engle Homes were the busiest builders in 2008. Engle Homes sold more Single Family Homes and Pulte sold more multifamily homes. 2008 New Homes Sales decline by 62.7% from 2007.
- Builder closed transactions $2Billion 2008 vs. $3.9 Billion in 2007
- Mulifamily Sales: 61% in 2008 vs. 66% 2007
- Single Family Homes: 39% 2008 vs. 34% 2007
Our office sells alot of new construction homes as pricing and incentives have been very competitive with the resale market. The majority of new construction market share is townhomes which is the prevalent choice. Most townhomes community are spread out through all areas of Central Florida. Single Family Homes community overall are more prevalent in the SW & SE Orlando areas.
Monday, March 02, 2009
New Builder Coming to Orlando
Canadian based builder, Mattamy Homes USA, will be building in 4 locations in Orlando starting in the next quarter.
- Lake Jean off University Blvd will be building a 46 single family home community starting from low $200's. Model home expected to be completed in late April.
- Tuscany Place at the Millenia Blvd. with 2 & 3 bedroom townhome with 2 car garage opening late summer.
- 68 Baldwin Park Townhomes built from high $200's will start construction range from 2,500-2,800 sq. ft. with 3 stories and 2 car garages.
- Lake Burden area near Windermere will be building in May Mediterrean Villas starting at $170's with 2 car rear entry garages.
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