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TOR 028 : Avoiding Sellers Remorse

Posted on by Jenny Zamora

Hello and Welcome to the Top Orlando Realtor Podcast. 

In the last episode, we talked about how to combat Buyers Remorse and I thought the only logical follow-up would be to talk about Seller’s Remorse.

In This Episode:

Homeowners can prevent seller’s remorse by thinking through the entire process…

*Have a plan,

*Have a relocation goal

*Have strong reasons for selling.

If you’re wondering how much your home will sell for then gives us a call at 407-902-7750 and we’ll prepare a free Comparative Market Analysis for you with no obligation.

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Student Debt Crushing Dreams Of Homeownership

Posted on by Jenny Zamora

Just a decade ago, twenty-somethings were buying homes in Orlando at a much higher rate than is the case today. Much of the reason for this is the amount of student debt that most college students have accumulated during their education.

To make things worse, many college grads struggle with finding a good-paying job in their field. They end up having to settle for a position in which they are overqualified and underpaid.

Student debt in the US is also at an all-time high which is one of the main reasons we see fewer and fewer people in their young to mid-twenties borrowing money to buy homes.

Dennis Carlson the chief economist at Equifax, found that in 2004 students under the age of 30 in the US had over 146 billion dollars in student loan debt, by 2014 the amount of student debt was over 369 billion dollars…. that’s more than double the amount!

The Equifax data also revealed that there is a definite correlation between income and the rate of student loan delinquency. People making less than 30k per year are most likely to default on their loan payments. As you could probably guess, the rate of delinquency gets reduced as yearly income increases. This shocking piece of data demonstrates the amount of strain that student debt places on these young Americans right at the start of their careers.

Although having a steady job helps, the data also shows that these young workers struggle in making their payments as late as 4 years into their careers.

In a recent survey, renters were asked why they didn’t want to purchase a home, the number one answer has they already had too much debt and they didn’t have enough money saved.

Don’t Buy If You’re Not Ready

Working as an Orlando Realtor, I try to advise my clients to do what’s best for them. If I think someone’s not ready for homeownership, I won’t hesitate to let them know even when it means losing a buyer. Worrying if you’re going to make enough money to cover the next mortgage payment must be an awful feeling. Homeownership is a huge responsibility and If you’re not ready to buy, then don’t buy! The last thing you want is to set yourself up for failure.

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Top 10 Items to Check in Final Walk-Through

Posted on by Jenny Zamora

The final walk-through is a very important part of the buying process. This is usually done the day before closing with your Real Estate Agent.

This is a very exciting day for the buyer and you have to pay close attention to the small details. You want to bring a copy of your sales contract with you for the final walk-through, this will make it easier to complete.

The first thing you want to do is run the washer, dryer, and dishwasher on for a short cycle. You want to make sure these are the same working appliances offered with the home when you placed the offer.

Turn on all faucets and check under kitchen and bathroom sinks for leaks. Next, turn on all fans and light switches to make sure everything is operating properly. Ask for remotes and manuals.

Open and close the garage door, and ask for garage door transmitters if these were offered as part of the sale. Open and close all windows and look for any cracks in the glass, check all latches are closing properly. This should have been done by your Home Inspector, but you want to double-check to make sure nothing has happened after the inspection.

Ask the seller for any warranty information, this might apply to a refrigerator, range, AC unit, etc. If at the time of inspection any repairs were requested, make sure these were completed and done correctly. Ask if they have additional paint or flooring left over for future repairs and touch up.

Ask your Real Estate Agent to leave a list of your local utility companies. If you already know when you are moving in, make sure to call and order the connection ahead of time. Most utility companies have a 1-2 day waiting period.

If you have checked everything off your list, you are ready to close. Congratulations!

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Are Short Sales In Orlando Making A Comeback?

Posted on by Jenny Zamora

Short sales and REO properties in Orlando were once a big ugly stain on the real estate market reminding us all of the horrific market crash of 2007.

Savvy investors cleaned up as they bought properties left and right at massive discounts keeping them as rental properties or flipping them for a quick profit.

At one point in 2009 short sales and REO property sales accounted for more than 60% of all residential real estate sales in Orlando.

Since then however, the real estate market has made what many Orlando Realtors would consider a full recovery. Homes have been going up in value and new construction is once again in full swing throughout many areas of Central Florida. In the past couple of years, Orlando’s short sales have accounted for less than ten percent of residential real estate sales.

It’s become evident to us in the last quarter of 2015 that REO and short sale properties in Orlando are not at all a passing fad…not by a long shot. We’re only in the third week of 2016 and our company ORC has picked up 6 new short sale files!

Although it’s way too early in the year to check exact home sale statistics through the MLS, it’s obvious to us that short sales are once again on the rise.

Disclaimer: On this site, we only write about and discuss things that are happening or have happened within our own company, ORC. It’s never mattered to us what people are saying in the news or in local Orlando real estate forums because I’ve learned that a lot of information on the internet is inaccurate… what a shocker right!?  I believe that someone should only write about what they know about and what they’ve experienced in order to be considered credible.

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Preparing to List your Home

Posted on by Jenny Zamora

Many sellers have a difficult time preparing their homes once they’ve decided to list them for sale. How will you know what to do to get it ready?
This is why it’s so important to hire the best Orlando Realtor from the beginning.

There are many factors to take into consideration before listing your home. Your Real Estate agent will be the one to guide you thru the pre-listing process and will advise you on how to maintain the home throughout the listing period.

The first step is, Hire a professional Real Estate Agent.  Call your local Realtors office and meet with a few agents before you commit to a listing contract for a year to later found out this is not the right person for you.

When you are interviewing agents, ask about their background in the Real Estate business. How long have they been in business, and how long have they been listings homes? How many listings do they currently have? How many agents are in their Real Estate firm? How accessible is he/she? You want to make sure that if your Realtor is not available, someone else in the company will be.

After you’ve found the perfect Orlando Listing Agent, it’s now time to start looking at your home and set the listing price.

What is the condition of your home? When was the last time you had any maintenance done to the AC, heater, water pump, pool pump, septic tank, windows, doors, etc? You want to make sure there are no leaks in the sink, faucets, and or showerheads.

What upgrades does the home have, if any? Are there any repairs that can be easily done to help improve the overall condition of your home? Does it need interior or exterior paint, does it need flooring? What can you do the improve the curb appeal?

Remember, the better the home looks the faster it will sell!

 

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