US Economic Prediction Now to 2012

Dr. Sean Snaith from University of Central Florida, right here in Orlando, has put together a report on our economy and future predication from all sectors with economic forecast includes written information and many graphs and tables. There is information that 30 year fixed interest rates expect to hover around 5% in 2009 and increase to 7% in 2011. Now is the time to buy Orlando Real Estate. New Housing Starts will start to rebound this year more to levels of 2007. For indepth study and review, please visit this report here.

Orlando Home Price Fell 18% in 2008

Orlando Metro area home prices fell 4.7% in 1st quarter of 2009, showing signs of nearing the bottom. Orlando Real Estate in 2009 will be the year for first time home buyers taking advantage of FHA loan program and $8000 tax credit (which does not need to be paid back). And investors who are looking to pay cash for low priced condos and single family homes.

Septic Tank Inspection Mandatory in Home Sale?

A septic tank rule opposed by Florida Association of Realtor was voted down yesterday by a state advisory panel. The proposed rule covers the Wekiva River area of Central Florida, but it's also a possible blueprint for new septic system rules throughout the state. If enacted as written, one area of concern to Realtors is timing: It would mandate a septic system inspection as part of every home sale; and since most septic systems would fail the seepage test, they'd have to be replaced. While the advisory panel's decision carries some weight and is applauded by FAR, the vote is not binding. The Florida Department of Health will make a final decision later.

Using An Attorney for Your Title Work & Closing

The Florida Legislature has tried to make it easier through the years for residents to buy and sell homes without the need for high-priced lawyers. But more people these days are going to their closings accompanied by an attorney, or are at least having one review their sales and financing contracts in advance.

Henry M. Cooper, an Orlando-area lawyer recently installed as president of the Central Florida Real Estate Council, said the rising tide of foreclosures and horror stories about deals gone bad have prompted more buyers and sellers to seek legal counsel -- up front.

"It makes a lot more sense to do that, before the problems occur. It's a lot less costly," said Cooper, a real-estate specialist with the Bogin, Munns & Munns law firm in Orlando.The 3-year-old Central Florida Real Estate Council has several hundred members and is growing rapidly, he said, as more lawyers look to network with colleagues. The practice of having lawyers handle a residential closing or participate in the transaction is commonplace in South Florida, Cooper said, but still relatively rare in Central Florida.

Many Florida Realtors don't like the idea of lawyers being involved in what should be a simple residential sale, but the laws are changing all the time, Cooper said, and "it's getting more complex, not less."

New Website Design for Florida State Owned Land

The Florida Department of Environmental Protection's (DEP) Division of State Lands launched a redesigned Web site to streamline access to Florida's land resources. "The revised State Lands Web site (allows) anyone with access to the Internet the ability to point, click and retrieve forms, maps, records and history for public lands throughout the state with ease," says DEP Director of State Lands Deborah Poppell. The Web site is broken down by "highlights" - quick links to resources for buying, selling and using state-owned land, in addition to information on the Florida Forever Program, land stewardship, and surveying and mapping resources. The site also has information on the Division of State Lands' rules, meetings, history, frequently asked questions and news. To view the redesigned Web site, visit: http://www.dep.state.fl.us/lands.

Orlando Foreclosures Increased

According to Mutiple Listing Service, the Orlando Area experienced an increase in Foreclosures and distressed properties by 20.40% in 4th quarter of 2008.

First Time Home Buyer Tax Credit Is Better

The American Recovery and Investment Act shows provide important changes for home buyers. The legislation contains two important housing provisions advocated by NAR. The final stimulus bill increases the first-time homebuyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation. In addition, the credit availability has been extended from July to Dec. 1, 2009.

Unbelieveable Pricing New Construction Townhomes

New Construction Townhomes as little at $100K for 2/2.5 with 1 car garage at Preserve at Eagle Lake. There is no other community with this pricing in metro Orlando. This is gated community along a nice lake in the back and easy access to North East Orlando and 417 Expressway located in Sanford, Florida.

• Low Homeowner’s dues of only $205 per month which include all landscape maintenance, common area, gated-entry and amenities maintenance, reserves collected to re-paint the exterior, curb-side trash collection and recycling and Brighthouse Cable (75 channels!).
• The best quality home in the business and proud recipient of the National Housing Quality Award: http://www.nahbrc.org/builder/quality/certifiedcontractor.aspx
• Remarkable location less than 4 miles from Publix, one-tenth of a mile to 417-the Greenway, 5 minutes from all of the convenient shopping of Lake Mary, less than 6 miles to the Sanford International Airport and very easy access to Interstate 4 and the Seminole Town Center Mall.
• Lowest price per square foot amongst other new homes!
• Outstanding Seminole County Schools.

Unbelievable Pricing
1,274 2-Story, 2 Bedrooms, 2.5 Bath, 1-Car Garage $99,990
1,290 2-story, 2 Bedrooms, 2.5 Bath, 1-Car Garage $102,990
1,473 2-Story, 3 Bedrooms, 2.5 Bath, 1-Car Garage $107,990
1,474 2-Story, 3 Bedrooms, 2.5 Bath, 1-Car Garage $110,990
For more information contact Buyers Broker of Florida

Orlando Real Estate January Market Statistics

The median price of Orlando homes sold in January ($148,274) decreased by 33.06 percent compared to January 2008 while the area’s average interest rate dropped to its lowest point since May of 2005, creating market conditions that further tilt in favor of buyers.

• Average Mortgage Rate: 5.28%
• Inventory of Homes: 22,613
• New Listings: 4,340
• New Contracts: 2,282
• Under Contract: 3,830
• Back on the Market: 556
• Expired: 1,377
• Withdrawn: 1,598
• Sales Closed: 957
• Average Days on Market: 104

For historical months, please click here.

Metro Orlando Foreclosure Rate Doubled

December Foreclosure rate of 11.9% is double from 5% December 2007. The total foreclosure in Central Florida of Orange, Seminole, Osceola, and Lake counties are 26,734. Foreclosure account from 25-30% of home for sale in the Orlando area.

Homebuyer Tax Credit Pending Congress Approval

Last summer a new homebuyer tax credit of $7500 is offered to first time homebuyers who make a purchase to July. This tax credit, along with low interest rates, has helped to generate 10-15% more in home sales.

Now Senate has passed a new homebuyer tax credit to all buyers who claim a property as their primary residence will get a tax credit of 10% of the purchase price up to $15,000 tax credit.

• The current version of the tax credit still must be approved by the House and signed by the president
• If passed, the homebuyer would be eligible for a tax credit up to $15,000 for federal income tax for any principal residence by any homebuyer
• Actual amount of credit would be based on 10% of the purchase price of the home or $15,000 which ever is less.
• The tax credit does not have to be paid back, unless the buyer sells the home within 2 years or less.
• Purchases must take place within one year of the legislation enactment.
• The credit maybe claimed on 2008 income tax form.
• If enacted, the new tax credit would immediately negate the $7500 first time homebuyer tax credit currently available.

Short Sales Why Difficult to Buy

Short Sales account for 25-30% properties in the Metro Orlando market and short sales are difficult to get offers accepted, many times lenders are backlogged and unorganized, other times they make no money on the transaction until the property goes into foreclosure. In addition, there is liability issues when a servicing company agrees to a short sale and violates investor agreement in certain situations. Here is an article that demonstrates the issues lenders consider when viewing a short sale, which complicates these sales further. Buyers Broker of Florida is experienced in short sales for buyers. They are for buyers that are willing to wait and willing to give up on short sale properties that go now where or bank does not take their offer, after months of waiting.