Latest Trends in Florida’s Real Estate Market

With the gaining economic strength of Florida, the housing market is also witnessing a lot of positive growth in terms of buyer interest as well as seller outlook. The market is showing major developments throughout the state but especially in Orlando where many Orlando realtors have marked continuous gains in sales prices for all kinds of houses. Some of the latest trends and positive aspects that this sector is witnessing in Florida include the following:

 

      High levels of inventory

You can find plenty of homes in all price ranges. However, you should not wait, as with high sales volume, the inventory is likely to shrink.

 

Right time to buy a house

It is the best time for a buyer to purchase his/her dream home as the volume of sales is on a rise.

 

Retirement destination

Many of those who have retired recently are coming to Orlando because of the booming Orlando real estate market which offers  many amenities. Apart from that the pleasant climate which Orlando enjoys throughout the year is another advantage.

 Incentives to buy

With the introduction of many housing programs and many amendments in the law being made, it has encouraged people to buy more.

 

 Great price

The prices of many homes have fallen so drastically in the past few years that it was natural for this kind of a boom to take place. It has led to the coming up of many short sale negotiators.

Low mortgage rates

The mortgage rates have not gone up for a long time in this region. It automatically increases the financial power of the buyers.

 

 A state of long term growth

A constant rise in population will naturally lead to creation of better job opportunities. It acts as the foundation for an overall growth including the real estate as well as for short sale realtors.

  Ideal for kids

With more and more people being able to afford their own house in Orlando, their kids get to have a better childhood. They are likely to stay at school and graduate.

 

 A better lifestyle

People here have access to a much better lifestyle.

You get a lot of benefits in terms of community development when you have your own house.

 In the end, if you are planning to buy a house, don’t forget to consider Orlando as one of your options.

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Orlando Foreclosure Buyers Beware! Was it Ever a Meth Lab??

 Was Your Orlando Foreclosure House Ever Used to Cook Meth?

I’ve been buying and selling Orlando real estate since 2004 and in that time I’ve re-habbed over 300 houses. About 95% of these homes were Orlando foreclosure homes that were lost or given up by the homeowner due to none payment. Most of the time it was just typical normal things that happen in life type stuff like loss of employment,  divorce, medical illness, etc. However, every once in a while we would pick one up that was used as either a drug dealers house or even worse,… a meth lab. “Meth” or “Crystal Meth’ is the abbreviation for the drug called Methamphetamine. It’s a highly addictive drug that can be created or “cooked” using over-the-counter products found at any local drug store.

Based on National studies that have been done, the U.S. has an estimated 2,500,000+ homes that have been contaminated with meth! The majority of Orlando realtors, home buyers, renters, wouldn’t have the slightest idea if a house was formerly used to cook this awful drug. This is why you sometimes you should rely on your own instincts. If something seems odd or weird about the house or you feel like something’s just not right, then you should investigate further. It’s not hard to tell when a house was recently used as a Meth lab as long as it hasn’t been cleaned up yet. Many times the owners or the lender will hurry up and change out the carpet or give it a coat of paint in order to make the house appear to clean and normal. Unfortunately, it takes a lot more than a coat of paint and new carpet to decontaminate a house from these nasty toxins.

Here are some tips to see if the house was ever used as a Meth Lab even after it’s been cleaned up

1- Ask the neighbors- This is the easiest and probably most accurate way…[Unless they’re lying to you so they can get a decent neighbor to move in next door] 2- Buy a chemical testing kit. 3- Contact the local police dept and inquire about any police issues on the property. 4- Talk to the local health dept for further advice on your suspicions. 5-Have it professionally tested [This may be a bit expensive, but worth every penny if plan on living there]

Here’s a Scary Piece of Info:  According to law enforcement departments and contractors that specialize in meth lab clean-ups, only an estimated 1 out of every 10 homes that have been used to cook meth have ever been found by the police!

For former meth labs that haven’t been cleaned or covered up, it’s much easier to tell especially if everything was left as-is.

Tips to see if the house was recently used as a Meth Lab and never cleaned up

1- Look for chemical stains on the floors and walls. Meth labs rely heavily on strong chemicals and acids to manufacture the drug which means spillage resulting in permanent staining. 2- Dead or burned grass and landscaping. Meth is sometimes cooked in remote locations in order to avoid being found out by neighbors. They will then burn the evidence such as packaging materials, etc. in the yard. Look for burn pits and or dead or stained grass, this could indicate a place where meth-producing ingredients have been disposed of 3- There’s kitty litter present and no other signs of a cat ever living there. Kitty litter is sometimes used to soak up chemicals that have spilled. Look for it in unusual places like in piles or scattered on the floor as opposed to a litter box. 4- Windows covered or painted to keep outsiders from seeing what’s really cooking. 5- Weird plumbing and glassware. Meth labs will usually be rigged with some sort of ventilation system to get rid of toxic fumes. Police will also find different glassware around the house like what you’d find in a high school

chemistry class. 6- The house hasn’t been cleaned for a long time. Meth users only care about meth and cleaning the house is not even close to making their “to-do” list. 7- Plastic bottles are present. The “shake and bake” method of making meth is very popular and is made with the use of plastic bottles of all shapes and sizes. The bottles will sometimes explode causing people to get burned as well as fires in the vicinity of the explosion.

I realize that this article may be quite a shocker for someone looking to buy a foreclosure or a short sale in Orlando. However, when I read about the statistics regarding the relation between meth labs and foreclosure properties I felt that I just had to write about it. Toxins that can be left behind from a meth lab can cause serious sickness in people and eventually even death if someone is exposed for a long time.  

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Orlando Realtors Fed Up With Bad BPO’s

Bad BPO’s= Inflated Values

Orlando Realtors that specialize in short sales know how important the broker’s price opinion [BPO] part of the process is. The BPO refers to the value of a property as decided by a local real estate agent or broker. It’s important to note that BPO agents are not appraisers. BPOs should be done by taking into consideration the characteristics of the subject property such as similar properties in the neighborhood [square footage, upgrades, etc.] They should also consider other important factors such as the repairs that will take to make the property ready to be put on the market.

Once a contract is submitted to a lender on short sale property. The lender will then order the BPO to be done through a large BPO agency. The agency will then hire a local real estate broker or agent to do it. Most of the time the broker or agent will then do the BPO based completely on electronic data and will sometimes even complete their BPO report before even leaving the office. This means that some of the items such as necessary repairs, neighborhood trends, etc. aren’t taken into consideration often resulting in bad BPOs that a short sale agent receives.

What can an Orlando Short Sale Realtor do to prevent a Bad BPO?

1- Automatically assume that the BPO will be bad or overinflated. This will give you more time so that you’re ready to fight it.

2-Do your own Comparative Market Analysis [CMA] providing at least 5 comparable properties that will help to prove your case.

3-Take a bunch of pictures of any cosmetic, structural, or neighborhood issues that can negatively affect the value of the subject property. You should also take pictures of dated appliances, old water stains, mold and mildewed walls, worn-out wall coverings, and fixtures. Big-ticket items like roof, ceiling, AC, and water heater damages should also be included. You should also take pictures of any overgrown landscaping, broken or deteriorated fencing as well as any other issues with the yard. You should also take pictures of nearby commercial locations that could potentially influence the value of a property.

4-Carefully review the BPO report that was completed by the other agent. Remember… you are the local expert, not them. Take note of how old the comparable properties are as well as the square footage making sure that the comparables provided are a good match for your property. Make sure that the school ratings and nearby amenities were also recorded correctly such as parks, shopping, entertainment, and dining.

5-Make sure that any needed repairs were also considered as part of the BPO, this is a big one! If possible take any pictures of the comparable properties that were used that will help to prove your case with the lender. By doing this, you can prepare a detailed side-by-side comparison showing the lender that the BPO agent got it wrong.

6-Submit your analysis to the bank as soon as possible after you received the unreasonable BPO that was prepared by the Broker or agent. This will not only show the lender that you know your stuff but that you are ready to move quickly towards a resolution.

Once you’ve done all these things, it will undoubtedly make the bank take notice. Remember to always be respectful with the negotiator and use humor whenever appropriate to keep things light. I don’t care who it is, people will always appreciate a good laugh. Then the only thing left to do is follow up, follow up, follow up. At the very least the lender will have no choice but to order a second BPO.

 

 

 

Certified Distressed Property Expert

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Florida’s Housing Market Recovery Still Intact After October Hesitancy

 Florida’s housing market has been seeing great development in the recent past, even though this recovery process paused in October. According to Florida real estate agents and builders across the state, the underlying trend of recovery is still improving despite October’s setback.

The October setback for Florida’s housing market

Prices and sales were slowly scraping their way back to normality from the housing market collapse. The lower interest rates were doing well to lure buyers looking for their first home. Price appreciation was also doing a great job to boost move-up purchases from buyers who could sell existing homes that were bought in the last few years, without incurring any losses.

However, October presented a few obstacles in this steady recovery process. The partial shutdown of the government that lasted for two weeks seemed to have affected the confidence of consumers. The recent spike in flood insurance costs also hit the desire for customers to buy homes in coastal communities. Along with these reasons, seasonal trends of home-buying injured the number of sales when compared to the buoyant market in summer. Even though sales percentages were up from last October, the pace was slower than a 36% year-to-date growth recorded by the Florida area president of David Weekly Homes.

The housing market is recovery still recovering strongly

Recovery had taken a rapid and noticeable growth spurt in May, though October made itself a nuisance due to dramatic cost spikes in insurance as federal subsidies fell away. There were insurance bills that topped $10,000 which easily scared off prospective buyers. Such insurance bills effectually took away a large provision of inventory from the market. However, even though October was regarded as a small “hiccup” in the recovery progress, buyers are now focusing on newer homes that are less affected by these insurance premium increases. Thanks to this, November sales were off to quite a good start.

Price appreciation has started to bring move-up buyers and sellers back onto the market as their home equity returned. One-time homeowners that were subject to Orlando short sales and foreclosure have now repaired their credit enough to enable them to buy again. Even though it is quite normal for the market to dip at this time of the year, the government shutdown did not help. The biggest problems that are being faced right now are the job markets and consumer confidence. Builders are also not producing as fast as they once did. However, there are many Orlando realtors that remain very optimistic concerning the industry.

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Top Orlando Realtors Work Harder During The Holidays

With the holiday season among us, it seems that buyers and sellers take a vacation from buying and selling just like everyone else. With all the distractions that the holidays have to offer like shopping, dinner parties, celebrating, traveling, etc. Many Orlando realtors welcome this time of year to enjoy some much-needed downtime with friends and family. Real estate professionals know that once all the holiday distractions disappear that it’s back to work as usual because historically that’s what happens. This is why Top Orlando Realtors never stop working and even work harder through the holidays.

Marketing your business and keeping up with the competition is no easy task but it’s by far the most important. The fact that the phone doesn’t ring as much during the holidays allows for top real estate professionals to work even harder so that when things go back to normal again they find themselves ahead of the game instead of having to play catch up. I hate coming back from a long vacation to face an even longer to-do list. It makes me feel like I need a vacation!

 Catch up on your Blogging

With the phone not ringing as much, it also provides more quiet time during the day which is perfect for writing articles for my blog, like this one. It’s a lot more challenging keeping up with a daily blog when you have to follow up with 20+ Orlando short sale files every day. I get my best ideas when I have silence and the more silence that I have, the more I write.  As a matter of fact, I usually do enough writing during December to cover my company blog all the way through the end of January freeing up more of my time to work on other projects.

A Great Time to Sharpen Your Real Estate Marketing Tools

It’s also the perfect time to knock out some things that I’ve meant to get to for a while like revamping my website by changing over to a new theme with responsive capability. This means that when it will be user-friendly on all devices including desktops, tablets, and smartphones. Have you ever gone to a website on your smartphone and you can only view a small portion of it?  It’s very frustrating… you have to manually scroll over to see the information one tiny section at a time. Not only that, but the new Google algorithm “Hummingbird” is supposedly going to start penalizing websites that aren’t mobile-friendly moving into 2014.

Thank Your Real Estate Clients From 2013

Working as full-time Orlando Realtors, we depend on our clients for 100% of our income. I think it’s very important to reach out to those people that have bought and sold properties through us during the past year. Not just so that they refer their friends and family to us but because it’s just the right thing to do. After all, if it wasn’t for our clients, we wouldn’t be able to survive.

That being said, I would to thank all of our clients from this past year for choosing https://orlandorealtyconsultants.com/ and putting your faith in us to handle one of the most important transactions of your life. Thanks to you it’s been a fantastic year for us. It’s been our pleasure to serve you.

Happy Holidays!

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