Category: News and Information

Overseas Demand for Central Florida Real Estate Remains Robust

Posted on by Jenny Zamora

Undeterred foreign demand in U.S. real estate has saved realtors from the worries of an under-performing real estate market. The U.S. residential real estate market, though amidst recovery, has been plagued with concerns over slowing rates of property-price hikes and flat sales. Residential properties projected a median value of $198,500 in 2014 – marking a 7.9 percent hike in price. The percentage seems rather small when compared to the previous year-over-year hike of 11.8 percent, a year ago. The sales of existing homes fell seven times in a period spanning eight months and the sales of new homes dropped by 14.5 percent in March 2014.

Market watchers, economists and experts predict improvement

Real estate agents across all U.S. markets agree that sales activity has been low for most of 2014. Experts however believe the market is going to pick up soon enough. According to real estate agents, the on-going creation of new jobs and shopping activity that was overdue to the bad winter weather are two key factors that will promote market pick-up.

Further, the realtors say, increasing inventory would fuel the pick-up. Industry leaders hold that if mortgage rates rise only modestly or continue to dip weekly, as they had for close to three weeks in the April of 2014, the market would witness increased activity.

Economists have added another factor to the pool of events that are expected to cause the U.S. housing market to improve – overseas sales. The strong overseas demand that has been largely undeterred by flat sales rates and low median-price hikes will help the market pick-up.

Orlando real estate industry’s overseas investors pumping the market up

Investment in the U.S. markets has been only growing as investors from different countries across the world continue to be charmed by the prospects of the American market. Asian investors have been particularly interested in investments in the American residential real estate market.

For Central Florida real estate alone, Realtors in Orlando were able to list robust investments from the Asians, Britons, Canadians, Germans, and South American investors apart from other smaller but significant contributions from UAE-based and Swiss buyers. A recent industry, in fact, cited a 350-percent increase in the activity of interested buyers from the UAE and Switzerland.

Further, with improving home equity, experts have projected that the backlog of distressed homes would clear significantly. By the end of 2014, distressed homes would form a single-digit market share. The demand is expected to increase further, during the spring home-buying seasons presenting a great opportunity for sellers to put their homes on the market, according to the top listing agents in Orlando. Motivated by overseas investors, indigenous buyers too can make the best of the spring buying season.

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Home Prices Expected to Rise Through the Next Year

Posted on by Jenny Zamora

Market reports at the end of the first quarter of 2014 reveal the US real estate industry is inching toward increasing home prices. Almost 20 percent of the nation’s metro residential real estate markets have freed themselves from the pangs of declining home rates experienced during the recession. Further, the median prices of homes experienced a one percent hike nationwide.

Amidst the new information, is speculation that home prices would continue to grow through the four subsequent quarters. According to analysts, a 3.3 percent hike in home prices can be expected through March 2015.

Homes To Sell At Pre-recession Prices by March 2015

Compared to peak housing prices in 2007, before the market crashed and housing prices fell by 22.6 percent in 2011, the nationwide increase in 2014-Q1 is still low by 13.5 percent. However, compared to last year (fourth quarter of 2013), the value of homes saw a nationwide increase of 0.5 percent.

According to a recent industry report, 527 cities and towns out of the 6,781 that witnessed at least 10 percent decline in housing prices, have already recovered or will recover by March 2015. Further, in close to 60 metro housing areas, prices have already exceeded (or are predicted to exceed) the pre-recession values by 2015.

Affordability Not A Concern For Orlando Home Buyers

Orlando Home buyers need not be concerned about the steady appreciation in housing prices. Not yet at least, according to a majority of the real estate agents in Orlando. Top realtors hold that housing affordability will not be affected by the rise.

Affordability has been strong and will continue to be so in a majority of metro markets including the Orlando real estate market. In a couple of markets, however, San Diego, San Jose, and Los Angeles to name a few, the situation is a little different. According to the report, affordability is already a concern for these metros, with rents rising 2.7 percent from their value in the first quarter of 2013. Low affordability often causes home values to drop in certain places, especially when buyers are forced to look for affordable housing farther from the business hubs and urban job centers.

For metros, where affordability is not a concern, the first quarter presents some great home-buying opportunities. Rates of fixed and variable-rate mortgages have reduced significantly and banks have become more lenient in lending.

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It’s Time For The Final Walk-through!

Posted on by Jenny Zamora

A final walk-through is not at all like a home inspection or an appraisal. The final walk-through occurs after all the dust has settled from negotiating the price to scheduling inspections, getting the loan approved, etc.  A final walk-through is an inspection usually performed by the buyer and buyer’s agent anywhere from a couple of hours to several days before the closing. I like to schedule final walk-throughs for my buyers 5-7 days before the closing.  

The main purpose of this type of inspection is to make sure that the buyer is getting exactly what was agreed upon by both buyer and seller as well as to check on repairs, if any, that were supposed to have been made by the buyer. It’s the last opportunity for the buyer to walk through the house as the buyer and not as the new owner.  

The final walk-through shouldn’t be skipped by the buyer, it’s never a good idea to assume that things will be the way you expect without verifying, especially with something as important as purchasing a home.      

Here are some tips when it’s time for the Final Walk-through  

Finishing touches- paint

1- Bring a hard copy of this checklist with you so you don’t forget anything.  
2- Check the exterior of the home for new damage, especially if it’s been storming since your last visit.  
3- Turn on the sprinkler system, pool pump, and all exterior lights, and check outlets.  
4-Run all water faucets throughout entire house, check hot and cold. Look under sinks for water leaks.  
5- Test all appliances  
6- Make sure that the seller hasn’t removed any fixtures, chandeliers, etc. they agreed to leave behind.  
7-  Test air conditioning and heater.  
8- Flush every toilet.  
9- Open and close every single window and door.  
10- Check ceilings, walls, and floors for new water stains.  
11- Turn on garbage disposal and exhaust fans.  
12-Make sure any debris has been removed and the home has been cleaned.  
13-Make sure you test any remote controls such as the garage door.  

Take your time!

As an Orlando Realtor, I always stress to my clients that this is one time that you DO NOT want to rush. Spend a good hour or more going through the house that you will call home. The last thing you want to deal with when you move in is cleaning or repairing something that should’ve been done by the seller.

Be sure to take notes about anything you may have noticed that wasn’t the way it was supposed to be and inform your real estate agent. Remember, the final walk-through will be your last opportunity to mention anything that you’re not pleased with before the closing of the transaction.

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Orlando Realtor Client Testimonial

Posted on by Jenny Zamora

This is the story of an Orlando homeowner that was losing her house to foreclosure.  Through a frantic Google search, she found our company, Orlando Realty Consultants after typing in “Orlando short sale experts”. Jenny Zamora, Broker for ORC met with Ms. Porter and explained the situation, and went through all the different options available to her in detail.

When Ms. Porter realized that she just couldn’t afford to keep the home, she opted for an Orlando short sale. We then went to work immediately with the lender to minimize any chance of the lender setting a foreclosure sale date. Within two short weeks, we were able to get an offer approved on her home and three weeks later we closed on it. We also managed to help Ms. Porter receive $3,000.0 from the lender so that she can move into another house.

We were very happy to help Ms. Porter get out of a bad situation and move on with her new life. But don’t take our word for it, watch her video testimonial and hear it in her words.

If you or someone you know is in need of doing a short sale on their home. Feel free to contact us at 407-902-7750 or visit us at https://orlandorealtyconsultants.com/ for a free consultation where we will explain all the different options available to you.