Category: Florida Real Estate

Frustrations Increase among active Orlando Real Estate Buyers

Posted on by Jenny Zamora

Active Orlando Realty buyers are more frustrated than ever

People that are actively searching for an Orlando property are getting more and more concerned about rising prices on quality Orlando homes and they have every right to be. Inventory is at an all time low while demand is through the roof. Many of them have even decided to put their home buying plans on hold and have elected to remain in their current housing situation.

One of the biggest concerns right now is the lack of inventory in Orlando real estate. Buyers get very frustrated when they find a property that they like only to find that there is already 10 offers on the table for the same property.

In Orlando there is about half as many homes for sale as there was this time last year. Some people still believe that prices will drop and are holding out for that “deal of a lifetime”.  Thinking that prices will drop in the near future is just not realistic and is just flat out not true.

The fact is that prices of Orlando real estate will continue to rise for quite a long time. Sure you can still try to get a good deal on a house needing to be refurbished, but in that market you’re competing experienced Orlando real estate investors. Re-habbers make their living on buying properties, fixing them up and selling them for a healthy profit. If you think that competition is tough on the retail side of real estate, try competing with local investors. The wholesale market is just as competitive if not more than buying an Orlando home that is move-in ready.

 

Orlando homeowners are staying put

For homeowners who were on the fence about selling but really don’t want to, have reconsidered and have decided to remain in their home. They see what’s going on in the Orlando Real estate market and they are loving it.  There seems to never be a time when both buyers and sellers are pleased with whatever the market is doing. Sellers will always want top dollar for their home and buyers will always want to get a fantastic deal on a great property.  Let’s face it, Who in their right mind would sell right now if they didn’t have to?

 

Jenny Zamora, Lic Orlando Real Estate Broker

 

Jenny Zamora Broker

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The days of Low Ball Offers on Orlando Real Estate are Long Gone!

Posted on by Jenny Zamora

Buyers are realizing that they have to Pay the Price if they want a quality Orlando Property

Orlando Homebuyers have had the upper hand since 2006, but today’s reality tells quite a different story, sellers are back in the drivers seat. Prices of Orlando Realty have been rising steadily much like many other parts of Florida and inventory is way down.

The problem with some Potential buyers is that they have trouble accepting the market has changed and they continually miss out on good deals because they bid too low. These days you have to go above the asking price to get taken seriously, and even then you might not get the house you’re after.

Some buyers come into my office thinking that the Orlando Real Estate market is the same as it was in 2008 and 2009 when sellers were desperate to sell their homes. Sellers are no longer desperate and they know that they now have the upper hand. The days of submitting low ball offers are over.

A typical Orlando Seller considers a low ball offer to be anything below 90% of full asking price while on the other hand Buyers feel that offering 80-85% is a reasonable offer.

Orlando Buyers are starting to get the “Big Picture”.

Some people are the type to stick to their guns even if they’re wrong about something, however the majority of Orlando property buyers are starting to realize that if they want to get their hands on a quality piece of Orlando Realty, then they have to pay the price.

 

Jenny Zamora Broker

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Orlando Realtors Being Targeted in a New Scam

Posted on by Jenny Zamora

Scam Artist Targets Orlando Realty

Last week I picked up a beautiful $300,000.00 listing in Winter Springs. Less then a week later a man calling himself Dr. Andrew Cowley contacts me through my Orlando Realty Consultants website regarding this listing, it went something like this.. I am Dr. Cowley from the UK and I found my dream house on your website. I want to submit a full offer contract on it right away and I would like to submit an offer for $5,000.00 less than the listing price”.  A day or two go by and Dr. Cowley sends in the offer for almost full offer price complete with his financial statements which showed a balance of $5,856,765.00 .

I thought to myself, great! This guy really wants the house and even more importantly he really has the money. Being the only Orlando agent involved, I stood to make an $18,000.00 commission and it was all supposed to be done within a week. I got my seller to sign the contract, collected a $195,000.00 deposit from Dr. Bs and submitted everything to my Title Co.

The next day I get a call from my title company that blew me away. My title agent informed me that as soon as he submitted everything to underwriting, about a million red flags went up when Dr. Cowley name was submitted.  Apparently, this guy has been ripping off title companies throughout Central Florida, and now they were on to him.

 When something appears to be “To Good to be True” it probably is, especially when it comes to Orlando real estate

Here is how his scam worked. First he finds a house to submit an offer on and contacts the Orlando Listing Agent.  He then tells the agent how he is a successful Dr. from the UK and he has the financials to prove it. He also tells the agent how he has to have this house and is ready to buy sight unseen because he doesn’t want to lose it. The whole time, he goes back and forth the the agent on details of the contract to make himself more believable. Finally, after all thishe sends in a signed contract with a deposit of $195,000.00, when the contract only requires a $2,000.00 deposit.

Here’s the kicker…. A  couple of days later, he contacts the title company and tells them that his wife had a miscarriage and he really can’t move forward with the deal and that he needs his full deposit back immediately. By doing this two days after he sends the deposit, he knows that his bad check is still being processed and requests the title company to wire him complete deposit amount immediately.

I know what you’re thinking… Do title companies really fall for this scam?! Thank God my Title company is on top of things and saw this guy coming a mile away. However, there was a  title company that actually fell for this scam and he got away with it!

Jenny Zamora,  Lic RE Broker. Orlando, Fl

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Domestic Tourists Agressively Buying up Orlando Realty

Posted on by Jenny Zamora

Record numbers in Orlando Tourism is contributing to the shortage of Orlando real estate.

 

Increasing numbers of domestic tourists are buying up Orlando properties creating a noticeable decrease in nice Orlando homes. Who could blame them? This is a great place to live and even better place to visit. It seems everyone wants their own little piece of Orlando Realty. The majority of tourists that buy Orlando Real estate, intend to use these properties as vacation homes or second properties.

Orlando is considered to be the world’s top destination for families.

The theme park capital of the US attracted over 55 million visitors last year.  As a matter of fact, Orlando beat out New York to be the first tourist destination to attract more than 50 million visitors in a single year.
Thriving tourism means more demand for quality Orlando properties, especially for the neighborhoods located close to the theme parks like Disney World.  Although some people choose not to rent out their vacation home most people do. Homeowners are cashing in on the Orlando short term rental market. Since Orlando never really has a low season, savvy out of  state landlords are able to pull in a steady stream of income all year round.

So what does these mean for the future of Orlando real Estate?  Increased sales means a continued stabilization in Orlando realty and I really can’t think of a downside.  We can only assume that this will translate into an even higher sense of urgency for potential Orlando home buyers.

 

 

Jenny Zamora, Lic Orlando RE Broker

 

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Orlando Realty Sales being affected by Bad Appraisals

Posted on by Jenny Zamora

Orlando Real Estate Sales are being affected by appraisers who fail to recognize appreciation

With the current Orlando Real Estate market on the rise, appreciation has become an actual factor again. It’s very common these days for an Orlando property to receive multiple offers on it thousands of dollars above the asking price, especially in the more desirable Orlando neighborhoods. One of the problems we are seeing here is that appraisers rather than taking into consideration the recent appreciation of a property, are just looking at the original listing price and are trying to get as close as they can to it.

The big problem with that is, if the house doesn’t appraise for the contract price, then the bank won’t finance the deal. At this point, there are three things that can happen.

1- The buyer can make up the difference by bringing cash to the transaction  [This hardly ever happens]

2- The buyer will want to change his or her offer to the “appraisal value”, however the seller now believes their property is worth more than the original listing price and will refuse to go down on the price.

3-The deal falls apart and the process starts all over again unless the buyer can get a different lender or appraiser or both to try and make the deal go through.

Any way you choose to look at it, bad appraisals are affecting Orlando Realty sales.

Are Orlando Appraisers afraid of history repeating itself?

Back in 2004 through 2006, many appraisers ended up in deep trouble because of overinflated appraisal values.  Things were soo crazy back then that it was common for Orlando Real Estate Investors to tell their appraisers what value they wanted the property to come in at and that’s what it would come in at. Everyone was making soo much money that nothing else seemed to matter.  Fast forward to 2007- The doo doo hits the fan. Appraisers among other people in the industry such as mortgage brokers, etc. ended up in serious legal trouble for fraud.  Inflated appraisal values, bad loans, illegal kickbacks, you name it, and any real estate professional with a license was getting in trouble for it.

I don’t blame appraisers for being extra cautious about not turning in inflated appraisals. That being said, I think that some appraisers are going to the opposite extreme now and are under appraising properties which are having a negative effect on Orlando Home sales.

Here’s a tip on dealing with the appraiser

Make sure the agents on both sides of your transaction have created a CMA [Current Market Analysis] that demonstrates how the market has changed in the past six months or less. Then make sure the appraiser gets a copy.

Your sale or purchase doesn’t have to be jeopardized simply because the appraiser doesn’t have — or chooses not to collect — all the relevant recent facts.

Jenny Zamora Lic Orlando RE Broker

Jenny Zamora Broker

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