Category: Florida Real Estate

Are Florida Real Estate Prices Set to Plummet with the Onset of Global Warming?

Posted on by Jenny Zamora

Global warming is not an unfamiliar topic of discussion; every day we move closer to a very grave situation, that of the steadily melting polar icecaps. The water from the melting of these icecaps is slowly resulting in a rise in the sea level, and it’s not just scientists that are keenly studying this phenomenon; Florida real estate agents have also begun to consider the fact that rising sea levels may start to eat into the desirability of real estate in low lying areas.

If reports are to be believed, the onset of the first dramatically noticeable effects of global warming is just a decade away, and anxious real estate owners are looking to sell their land in a bid to avoid losing money due to the predicted drop in Florida real estate prices in areas that are low-lying, with respect to their altitude above sea level. In a situation like this, the only measure that would offset this price drop is preventive action on behalf of governments, to reduce practices that contribute to an increased rate of global warming.

Some buyers are still unaware

According to a statement given by one of the directors at the Florida Atlantic University’s Center for Environmental Studies Florida real estate agents are discretely in contact with the university in order to gain an approximate idea of how much the sea level is expected to rise over a certain time frame. What scientists are puzzled about is the small number of realtors that have actually thought of this possibility.  People are still buying waterfront property at premium prices, unaware of the possible threats they face a decade down the line.

Rising sea levels are the cause of concern

According to the calculations of the Southeast Florida Regional Climate Change Compact, the price drop on account of a one-foot rise in sea level are approximately four million USD, with a three-foot high rise in sea level exponentially increasing this value to thirty-one million USD. Real estate agents are speculating on how much longer such waterfront properties are going to remain desirable.

According to the projections generated by the Army Corps of Engineers, South Florida is expected to see a three to seven-inch rise in sea levels by the year 2030 and anywhere between nine and 24 inches by the year 2060. According to the Florida Atlantic University, the change in these real estate prices will be clearly visible when the region experiences a natural calamity, post which rebuilding initiatives will determine which areas are worth rebuilding and which aren’t.

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Online Property Searches in are More Popular than Ever! – Orlando Real Estate

Posted on by Jenny Zamora

Several years ago in the not-so-distant past, potential home buyers would start searching for a house the traditional way which was by calling up an Orlando realtor in the area where they want to live. The next step would be for the buyer to give the agent all the criteria that they were looking for in a home and wait for the agent to provide a list of great homes to go see. However if the buyer chose the wrong agent to work with, there are several things that can go wrong such as the agent coming back with a list of properties that the buyer doesn’t like, or maybe the agent won’t call back at all. Either way, this was very frustrating for homebuyers but unfortunately, they had no other choice than to search for properties by using a realtor. The whole key to finding the perfect home all hinged on finding the right agent first.

Buyers are now able to search the MLS just like a real real estate agent

The web has truly changed the way that the Orlando real estate business is done. Potential homebuyers benefit from this just as much if not more than real estate professionals. Homebuyers are now able to search the MLS on their own without even speaking to a realtor first.

Anyone and everyone are now able to search for properties on the MLS at their own convenience from their own home at all hours of the day or night. All the buyer has to do is present a list of homes that they have chosen to their Orlando realtor and go see them. By doing this, the buyer saves time and so does the agent.

Online Property Searches are also a huge advantage for realtors

Realtors also benefit greatly from people being able to search the MLS on their own. It’s a huge time saver if a buyer comes to the agent with a list of homes they want to see instead of the other way around. All the agent has to do at this point is make the appointments to show the properties.

In our office potential buyers are instructed to click on the “Find Florida Properties” tab on our home page. Here they are able to search the entire state of Florida for all the properties that are listed on the MLS at their own convenience.

Recent studies show that 9 out of 10 potential home buyers begin their property search online long before contacting a real estate agent.

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House Hunting Tips To Make Your Life Easier

Posted on by Jenny Zamora

House hunting is a process that takes a lot of time and quite a bit of effort on your part. In addition to setting a budget that you can work with, you also need to create a list of must-haves, while also keeping in mind things that you can do without. For example, while you may hope to get a house with four bedrooms and two bathrooms, you may realize upon further reflection that you really don’t need that extra bedroom or that you can manage with just one bathroom after all.

Continue reading for some more tips that are meant to help you make the process of hunting down your new home easier than you would’ve imagined.

Work with a Professional Real Estate Agent

When it comes to finding your dream home, whether you’re looking for your very first home or your third home, you should definitely employ an experienced real estate agent in Orlando. Someone who will be able to show you the very best options that are currently on the market in your price range.

While you can certainly look for homes on the many real estate websites that are available, a real estate agent has access to homes that may not be listed right away and he or she can also be there at every step of the way to answer all of your questions about a property before someone else is able to swoop in and purchase it before you have a chance to even see it in person.

Know the Type of Home You’re Willing to Purchase

Are you looking for a condominium, a townhouse, or a single-family home? Or would you rather invest in a multi-family home that you can use for extra rental income each month? No matter what type of home you wish to move into, you should be able to make your decision before hiring a real estate agent to help you. This will save you time because you can focus only on the types of properties that you want to invest in.

Keep in mind that there are benefits and drawbacks involved with each type of property out there, so weigh the pros and cons before coming to a final decision. For example, even though you may think a single-family home is the only way to go, you may realize that you really don’t want to be mowing the lawn every two weeks and you would rather have someone else take care of the landscaping. In that case, a townhouse or a condo would be more appropriate.

Look for Homes Outside of Your Target Area

Although you may have a specific suburb or city that you really want to live in, open your mind to surrounding areas as well, which may be surprisingly charming and affordable. Once again, working with a real estate agent will really help you in finding homes that are perfect for you, even though they may not be in the town you hoped for.

House hunting can certainly be a tedious process. But by making your decisions ahead of time and working with a professional, you can find your dream home more easily and quickly.

This post was written by Jenny Wadlow; she is a freelance writer and often writes articles for ORC, one of the leading real estate brokerages in Orlando. She enjoys sharing her views and opinions on various issues related to house hunting.

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Renting A Property? Here Are Some Things You DON’T Have To Worry About!

Posted on by Jenny Zamora

Many people see renting as a bit of a pain – they would much rather buy a property, but they just can’t pull enough money together to get a mortgage. While there are some disadvantages to renting (for example not being able to decorate it to your own taste, having to sign regular contracts and having no long-term security in the house), there are some big advantages too. For people that move around a lot, it can be the perfect solution with minimal commitment. Other people rent while they wait for their perfect house to become available on the market. On top of the logistical reasons why renting is not always such a bad idea, there are some practical reasons too. Here they are:

Plumbing & Heating? Not Your Problem!

The beauty of renting a house or apartment is that if anything goes wrong with the plumbing, the heating or even the electricity for that matter, it’s just a simple case of putting a call in to your landlord or letting agent who will in turn appoint a plumber to sort things out. You may be inconvenienced while you wait for things to be put right, but at least you won’t have to foot the bill! The cost of repairing or replacing plumbing and heating systems can run into thousands, but somebody else can worry about that for you. If your boiler packs in then it will be repaired or replaced as part of the tenancy agreement. It’s a very stress-free way of living as you know exactly how much is going to come out of your bank account every month.

Maintenance Tasks? Not Your Problem!

A homeowner’s heart will sink when they discover a leaking roof or some missing tiles. Roof repairs can get very expensive indeed, and it’s never a welcome bill. If you rent your house, then at the first sign of damage you can call the maintenance men in who will fix it and send the bill to your landlord. With roofs needing to be replaced every 8-10 years on average, this is a huge headache that you don’t have to deal with (or pay for!). The same goes for loads of other maintenance tasks such as repairs to the flooring, the fixtures and fittings and the windows. All of these could be very expensive if you had to foot the bill yourself.

Need To Move Quickly? Not Your Problem!

Although you may feel very settled where you are right now, what if your company decide to relocate you to somewhere brand new right out of the blue? Homeowners can really struggle to sell or rent out their property, but if you are renting yours then it is a simple case of putting a month’s notice in, and packing your bags ready for the move. Many people really appreciate this way of living as it offers them far more career flexibility.

If you choose to rent a property then always make sure it is through a reputable estate agent in Orlando so that you know that your interests will always be protected.

 

 

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Looking For An Investment Property? How To Choose The Right One

Posted on by Jenny Zamora

Ten years ago, savings accounts earned interest and those of a less risk-averse persuasion could earn a decent income by investing their spare cash in the stock market and other investment vehicles. But since the global recession, savings accounts and investment funds are no longer performing in the same way, so if you want to make your money work harder, property investment is a much better choice.

Buy To Let Property

Investing in rental property can be a smart move. There is always a demand for rental property, particularly in certain parts of the world such as London, New York, Tokyo and Shanghai. Young people are far more likely to rent an apartment than buy, and with the demand for rental property so high, it is possible to enjoy excellent profit margins on an investment property.

Location, Location, Location

Choosing the right location is vital. Some areas are always more attractive to tenants than others. In the case of student lets, student tenants will want to be close to their college or university campus as well as in the middle of the nightlife. Young professionals will prefer to have public transport links at close hand, plus they too will want to be in the thick of it. Executive lets are a different story. To attract higher paying tenants, you would be better off investing in larger properties in more affluent areas.

Do Your Homework

If you are looking to invest in an unfamiliar area, be sure to do your homework before you buy a property. Talk to property agents and find out where the most popular areas are and whether there are any large developments being planned which could affect local property prices in the near future. Once you have identified a few potential properties, investigate the average rental income for such a property to help you decide whether (or not) it would be a worthwhile investment.

What Type of Tenant Are You Aiming For?

There are several key types of tenants in rental properties.

  • Students – You will never be short of tenants if you aim at the student population, but properties are more likely to suffer from wear and tear.
  • Young professionals – Young people in the early stages of their careers make good tenants. They don’t have huge amounts of disposable income, but they will generally treat a property better.
  • Executives – This is the higher end of the rental market, but the cost of the investment property will be higher and profit margins lower.

Apartment or House?

The type of property you invest in will probably depend on which area you are looking at. In many large cities, rental apartments and multiple occupancy properties are the norm. This type of property will often be cheaper to buy, but it may be subject to different legislation, so always make sure you are familiar with your obligations as a landlord before you invest.

Before investing in an apartment or house to let out to tenants, think very carefully about whether the investment is right for you. Property prices can go down as well as up and if you end up with a significant void period between tenants your investment property could end up costing you a lot of money.

The author of this post, Wei Wong, is an avid blogger who often writes about Orlando Realty, a company providing homes in Orlando, FL.

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