Orlando Ranked 4th Popular City to Live

Pew surveyed people where they preferred to live and Orlando ranked 4th due to casual lifestyle and warm whether.Read full story.

New Home Builders Going Smaller

Affordability is on everyones mind today and demand for smaller, better built homes is on the rise and opposite trend experience 20-30 years ago. “We’re trending toward smaller homes,” says Gopal Ahluwalia, director of research for the National Association of Home Builders. He says growth in the average size of new single-family homes, which went from 1,750 square feet in 1978 to 2,479 in 2007, is starting to reverse." Read More.

Central Florida Foreclosure Rate up from 2007

Central Florida's 2008 foreclosures by county

County Foreclosures* Foreclosure rate** Increase from '07 Increase from '06
Brevard10,274 3.9% 101% 496%
Lake 4,714 3.5% 138% 393%
Orange 25,524 5.8% 209% 551%
Osceola 10,529 9.6% 214% 935%
Polk 10,251 3.8% 98% 260%
Seminole 6,076 3.6% 179% 427%
Volusia 8,794 3.6% 111% 380%

Orlando Real Estate December Market Statistics

Orlando Regional Realtor Association just released real estate statistics for metro Orlando.

• Average Mortgage Rate: 5.4%
• Inventory: 22,524 homes
• New Listing: 3,460
• New Contracts: 1,871
• Under Contract: 3,265
• Back on the Market: 597
• Expired: 2,707
• Withdrawn: 1,579
• Sales Closed: 1,305
• Average: 109 days

To view historical months Click Here

2009 US Real Estate Predictions

2009 is likely to be a year of continuing adjustment to a changing real estate marketplace, according to HGTV's Front Door website. Prepare yourself and your business with the predictions:

• Sellers will continue to face falling home values in the new year because they’ll be competing with banks and builders who are slashing prices to sell off the still-huge inventory of foreclosures and new homes.
• The Obama administration will act on its plan to crack down on abusive lending practices.
• Mortgage holders in danger of losing their homes will receive more assistance from a variety of programs since the Senate's Joint Economic Committee has predicted two million foreclosures in 2009.
• Banks' restructuring should bring increasing calm, making loan modifications and short sales easier to obtain. Eventually this will lead to a decrease in the number of bank-owned properties on the market.
• Mortgage applications will continue to receive a comprehensive review, requiring borrowers to provide extensive income and debt documentation. Those with the best credit will get the best rates.
• The foreclosure crisis has created wiser consumers, with a deeper understanding of real estate, mortgages, and credit enabling better decision-making going forward.
• Green is good with increasing numbers of buyers opting for smaller homes that are within walking distance of school and work.
• Buyers and sellers will be more and more tech savvy, relying on tools like video, webcasts, and mobile search. Consumers and practitioners will benefit from being ahead of the curve.
• Prices will be low as will interest rates, creating great buying opportunities, and likely, inspiring reluctant buyers to make their move.
• The recession will end and buyers will regain confidence in the market.

Lenders are Still Lending

People think the mortgage industry is no longer lending money to borrowers. The days of 0% down are gone. There are plenty of people buying and qualifying for mortgages as little down as 3.5%. Here is some information on todays mortgages.

Now’s the time to get a great deal on a mortgage, but borrowers should shop around.

Rates are changing constantly and they differ widely among lenders. Borrowers typically need a FICO score of at least 720 for the best interest rates, although for a fee Fannie Mae and Freddie Mac will guarantee loans with FICO scores as low as the mid-600s. Having enough cash for a 20 percent down payment is also important. But borrowers can get loans with lower downpayment requirements. FHA, for instance, makes loans available for a minimum 3.5 percent down.

For a conforming loan, monthly mortgage payments can’t exceed 28 percent of gross income, while all debt payments, including student loans, can’t exceed 36 percent of gross income.

Orlando Condo Prices Great for Investors

Buying a condo in today market can be more challenging for borrowers who do financing. Lenders have tighten their underwriting guidelines and scrutinize condo communities for too many rentals, or financial statements are lacking, or simply black listed in a lenders computer database. These are the communities showing opportunities for investors as prices have been significantly reduced. There are great communities in great resale areas that have 1 bedroom condos as low at $35,000. What a deal...

Here are quick few examples of communities to consider and their properties for sale.

• Villas at Lakeside: This community located in Seminole Counties top school district, with 10 minute drive to UCF. Shopping and restaurants around the corner. With 417 Expressway a 5 minute drive.
• Cabana Key:Gated community located in Casselberry with walking distance to grocery stores and shopping, in well respected school district in Seminole county. Close to major roads.
• Regal Palms: Located in Davenport with 20 minute drive to Disney. Zoned for short term rentals, so you can rent our your vacation townhome while not using it. Resort Style amenities, and a community pool like no other.

If you would like more information about buying Orlando homes, please contact Buyers Broker of Florida.

Buying Opportunities for First Time Home Buyers

With prices slashed in last few months, has made housing affordable for first time home buyers whether new construction condo or town home or resale single family home.

• With large available inventory, selection has never been better
• Interest rates trending downward in 5% ranging providing lower payments than ever before
• FHA loan programs allow buyers to put down as little as 3.5%.
• Prices slashed in past few months offering price ranges affordable for first time home buyers
• First Time Home Buyer Tax Credit, offering additional incentives

Do not wait now contact Buyers Broker of Florida to discuss home buying options in Central Florida.