Category: Orlando Realtors

Orlando Realtors Going back to Basics

Posted on by Jenny Zamora

 

 

The Orlando housing inventory is at its lowest level in over a decade and buyers are constantly competing for a limited supply of homes. The lack of sellers in the market is forcing real estate agents to go to extremes that they would normally not go to in order to try and get more listings. Hungry real estate agents are going back to old-school real estate marketing techniques in order to get more listings.

 

Orlando Realtors are once again pounding the pavement for new listings. I know one agent that parks his car on a street located somewhere in his farm area and starts knocking on doors or putting outdoor flyers with his info on it. according to him, he’s lucky to get one listing out of every 20 doors that he knocks on. I personally think he’s insane and don’t like this way of marketing because it’s an intrusion of privacy. Let’s face it…Everyone hates an unannounced visit AKA the “Pop-in”. Besides, if I’m in my yard minding my own business or doing something in the yard, the last thing I want is a stranger coming up to me and asking me if I’m interested in selling my home.

 

Hungry real estate agents are going back to basics in marketing like calling on expired listings and “For sale by owners” with the hope that they are able to convince the homeowner to list the property with them. Other agents are resorting to sending out mass postcard mailers to entire zip codes praying for more listings. These conditions are not only affecting newer agents but experienced agents as well.

 

Another reason that I think is contributing to extremely low inventories right now is that homeowners who have a bit of equity are keeping their homes off the market. They figure that they’ve gone through the worst of it and they believe that prices will continue to rise for the next few years and intend on cashing in when it happens. The problem with this strategy, however, is that no one can predict what will happen with Florida’s real estate market and people that wait too long, will wait themselves out of making a profit from the sale of their house.

 

The reality is that if sellers aren’t truly motivated to sell, then they’re just not going to and I believe that it’s wrong to try and convince somebody to try and do something that they really don’t want to do.

 

Lenders that are holding on to thousands of REO properties are also reluctant to sell because they’re afraid of hurting prices. And when banks finally do release the properties into the market, they’re snatched up by the dozen by large investment firms. Most of the time, they never even hit the MLS.

 

One thing that I learned a long time ago about the Orlando real estate market is that you have to learn to adjust to the market which also means adjusting your marketing strategies, take what the market gives you. Over the years I’ve seen real estate agents that refuse to change their marketing as the market changes and most of them are now no longer realtors. You have to go with the flow if you’re going to survive by buying and selling real estate.

 

 

Orlando Real Estate Broker

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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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Can I Buy my Home Back after I Short Sale it?

Posted on by Jenny Zamora

One of the most common questions I get from sellers is “Can I buy m house back after the short sale is done”. The truth is that there are cash investors, hedge fund buyers as well as non-profits out there that specialize in doing just that. They will buy the property as a short sale then lease option it back to the original seller after 2 or 3 years. It’s actually a great option for a seller because they don’t have to deal with the hassle or expense of moving all of their stuff to another house.

Even though there have been laws in the past that have prevented these situations from happening, there was an amendment made to the “Making Home Affordable Program” that now allows a Non-Profit Organization to buy a property then lease it or resell it back to the seller. However, in order for everything to be done legally all requirements under the “Home Affordable Foreclosure Alternative aka [HAFA] must be met by the seller. As with any important transaction, it’s important that you read the fine print.

Here are some things to consider when entering into a buy-back agreement with a non-profit organization or cash investor.

 

1) You must qualify for a HAFA short sale in order for this to be an option for you. Not only that but even if you do qualify for a HAFA short sale this buy-back program is still subject to the approval by your lender. In other words, even if you meet all the requirements from HAFA, your bank still has to approve the sale of the property to a non-profit organization. There’s absolutely no guarantee that your lender will agree to this arrangement and you just won’t know until you try.

2) If the home is not your primary residence, you won’t qualify for HAFA. In the lender’s eyes..you purchased this home as an investment which defeats the whole purpose of the HAFA program.

3) When using a cash buyer expect to pay full market value for your home when it’s time to close. Cash investors expect to get a decent return on their money when entering into any lease option agreement. The deal just wouldn’t make sense to them if they weren’t guaranteed a nice profit when it’s all said and done. A typical cash investor will want at least 3-5% of the purchase price as a non-refundable deposit [sometimes more] to ensure that the buyer will do everything in their power to close on the deal. And if they’re not able to close, the investor gets to keep the deposit as well as the property.  Also, you can expect to pay a higher than the average interest rate, I’ve seen investors charge as much as 13% interest on a lease option contract.  Cash investors will usually want full market value for the property at the time of the contract signing. This can be a double-edged sword because if the property appreciates over the time of the lease contract, then it benefits the buyer. However, if the property depreciates over the time of the contract, then it benefits the investor because the purchase price was locked in at the signing of the agreement.

 

A short sale may still be your best option

Even if you’re not approved for a buy-back program, a short sale may still be your best option. Surrendering a home that owes much more than it’s worth is a smart business decision. By doing a short sale, a homeowner can walk away free and clear from debt. Many times homeowners can even come away from the closing with thousands of dollars through certain programs. Throughout the years we’ve helped thousands of homeowners avoid foreclosure by completing a  short sale on their homes. Our team of dedicated real estate professionals is dedicated to finding real solutions for Orlando homeowners that are facing foreclosure.

 

 

Orlando short sale expert

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How to train your Orlando Buyer’s agent

Posted on by Jenny Zamora

For first-time homebuyers in Orlando, it’s imperative that they’re able to communicate to their real estate agent exactly what they’re looking for.  This will save the potential home buyer as well as the Realtor a lot of time. It may seem like an easy task but you’d be surprised at the lack of communication that goes on between Orlando buyer’s agents and their own clients.

Here are some helpful tips on how to make the most  of your agent buyer relationship

Be clear on what your wants and needs are. The more details that you’re able to provide your agent with like; How many bedrooms and bathrooms, how many sq ft? what neighborhood or subdivision you want to live in? are you interested in Orlando short sale homes? etc., the less time you will waste on looking at houses that don’t meet your criteria. With all the technology available to real estate agents these days,  they are able to eliminate a lot of the leg work by searching for homes for sale online. A good buyer’s agent will do more than just search the MLS, they will also search for homes that aren’t listed on the MLS like FSBOs [for sale by owner]. They do this by extending their search to craigslist, and newspaper classifieds, and even by driving around in the neighborhood where their buyer wants to live.

Be demanding…in a nice way.  Real estate agents want to close deals so that they can get paid. However, agents also want to be the “Hero” when it comes to finding the perfect house for their buyers because they know that if they do their job well, they will probably get more clients from the buyer’s friends and family. It’s OK to be a demanding buyer, I mean you’re about to make a huge investment by buying a house. However,  you should also be nice at the same time. The last thing you want is for your agent to have you on their “Difficult Client” list. This may negatively affect your relationship with your real estate agent and they will be less interested in finding your dream house.

Be responsive. Good real estate agents work very hard for their clients and there’s nothing more frustrating to an agent than when they spend time searching for the perfect house for a buyer then that buyer doesn’t return their call or email and they end up losing that house to someone else. By being responsive to the agent and returning their calls or emails immediately, this will most likely create a reciprocal effect and the agent will be just as responsive to you as you are to them. This will also give you the upper hand if you need to tell your agent to be more responsive to your messages.

Be honest with your agent. If your real estate agent finds you a house that meets all your criteria but for some reason, you still don’t like it, then you need to tell them. Don’t be afraid to hurt the agent’s feelings, it’s not their house. Remember that this is about you [the buyer] first and foremost, therefore it’s the agent’s job to make you happy. If you can’t be honest with your agent, then you probably won’t end up with the house you want and you will end up settling. Would you lie to your doctor about what hurts? Of course not because you want results!

Evaluate your agent. Not all real estate agents were created equally, therefore you should evaluate your agent’s performance after a week or two. Ask yourself these questions

     a. Has your agent shown you houses that meet your criteria?

     b. Has your agent been responsive to your calls or emails as you are with them?

     c. Are you happy with your agent’s performance so far?

If you can answer yes to these three questions, then you may want to hang in there. However, if you feel that your agent is neglecting you or they just aren’t getting the job done as per your expectations, then I would say it’s time to find another real estate agent to represent you.

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Orlando Real Estate is Flipping Hot!

Posted on by Jenny Zamora

Orlando real estate is once again providing some of the best market conditions in the U.S. for house flippers to make a fat paycheck. Homes are in serious demand and prices keep rising. For smart investors, this means big money. The practice of buying homes and then rehabbing them to sell for a big profit reduced drastically during the prolonged downturn after the real estate market crash of 2007. Within the last two years or so, we’re seeing the Orlando Real Estate market get increasingly hotter. 

With home prices climbing again and buyers circling for deals like sharks in bloody water, rehabbers are again flooding back into the market to capitalize on the appreciation.

We’re also seeing a tremendous opportunity for people or companies that are able to buy houses in bulk, then turn around and flip them. It’s obvious that Orlando has completely changed to a seller’s market.

The company RealtyTrac analyzed over 700 metro areas in the nation where single-family homes were rehabbed and flipped last year. Then they selected the top 25 areas based on the gross profit as a percentage of the original sale price of the property.

Orlando’s ranking came as a result of over 2,500 single-family homes that were flipped in the past year, that’s over an 85% increase over the homes that were flipped in 2011-2012.

The average purchase price of those properties was around $120,000.00 with an average sale price of around $155,000.00. That means a $35,000.00 average gross profit on those flips which translates into a 32 percent yield according to RealtyTrac.

Do you want to see just how much your house is worth?   Visit us here at https://orlandorealtyconsultants.com/ to use our Home valuation Tool

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