Category: Orlando Realtors

Orlando Home Prices Increase Despite Fewer Sales

Posted on by Jenny Zamora

There are fewer listings in Orlando than ever since 2005 according to a report released recently by the Orlando Regional Realtor Association.

The Orlando Real Estate market [Orange and Seminole counties] had 8,642 active listings for last month. There hasn’t fewer listings since September of 2005. With fewer homes competing for buyers, the median price went up from $115,000 in March to $116,000 in April.

“The overall median price has increased for three consecutive months, while demand has created inventory declines for the last 18 months” said Stephen Baker, chairman of the Orlando-based association. “Add in today’s prices and the lowest mortgage rates since the 1950s, and now we have a market with buyers competing for available homes.”Both REOs and short sales have seen an almost 6% increase in sales prices over the past year while normal sales prices have decreased 2%. In April traditional sales account for about 45% of Orlando Real Estate’s overall sales. Just one year ago ago traditional sales made up about 1/3 of overall sales.
Although interest rates on a 30 year fixed mortgage have gone up slightly [4.02%], these rates are still among the lowest historically. In February interest rates were the lowest ever at 3.92%.

With a fewer amount of listings on the Orlando Realty market, this will obviously impact local sales volumes. In April, sales were down 3.4% as opposed to 4.5% one year ago. Orlando homes are also spending much less time on the market as opposed to a year ago with a higher sales price, about 95% of the asking price as opposed to a year ago when home were selling at about 91% of asking price.

What it all means to Orlando Real Estate Today?

After looking at all these statistics from recent and past Orlando home sales,  mortgage rates, etc., it can be a bit confusing about what it all means to Orlando Realty today if you’re not an experienced Orlando realtor.  In a nutshell, the Orlando Real Estate market is getting stronger and more stable everyday.

With all the cash incentives for Orlando Short Sales and with the mortgage relief act of 2007 still in play, it’s absolutely the best time to short sale your Orlando home.

For Orlando Home buyers, you can still get a great price on a home and take advantage of the lowest interest rates in history. Feel free to use our Orlando home search tool and in just seconds you will be able to see all the great properties in Orlando.
For traditional sellers who want or need to sell their Orlando home, they no longer have to worry about getting insulted with low ball offers. Find out what your Orlando home is worth here.

 

 

Ask me anything, I’m here to help.

 

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Growing Demand for Orlando Real Estate is Absorbing Shadow Inventory

Posted on by Jenny Zamora

 

Orlando Realty Sales are slowly overtaking the number of distressed properties coming on to the market

Chief Economist Dr. John Tuccillo says “The fear is that the inventory of delinquent and foreclosed loans will be released onto an already weakened market,” , explaining the findings of a new report conducted by the Florida Industry Data and Analysis department. “But the reality appears to be different, even here in Florida where distressed properties make up a significant portion of the market.”

Lenders have no reason to flood Florida’s real estate market with more homes especially if it ultimately affects their profit. Think about it, if the Orlando real estate market gets flooded with homes all at once then this would drive prices down significantly. Many people thought that lenders were holding inventory back on purpose when the true cause of this hold up was because of all the robo-signing issues they had to figure out.

Tuccillo says, “We looked at the recent history of distressed property listings and transactions relative to normal market data, as well as estimates for the shadow inventory, and came to some conclusions about the likely course for the future.”

 

These are the findings of recent studies done using data from the Florida MLS

* Even though Orlando Florida remains one of the Country’s hardest-hit areas for distressed property sales, foreclosure sales keep dropping while Orlando short sales continue to steadily rise.

* Prices for all residential properties including both distressed and normal property sales have been steadily increasing.
Orlando Realtors have learned how to cope with distressed properties in a way that stabilizes the market. It’s no longer an issue whether the  property is in distress or not.

* Currently, the number of distressed property sales [Orlando short sales and REOs] is more than keeping up with the amount of distressed  properties [90 days or more behind] coming on to the market.
 
 * The number of Orlando foreclosures and REOs were significantly lower in February of 2012 than one year earlier, suggesting slower shadow inventory growth.
 Distressed properties in Orlando will be a common trend for many years to come.  It will be so common that “distressed property” will be considered just another property type to a potential buyer.
 
Orlando Real Estate Broker

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Things you Must Know when you’re Choosing an Orlando Short Sale Agent

Posted on by Jenny Zamora

 All Orlando Realtors Were not Created Equally

When it comes to doing an  Orlando short sale, many things come into play. One of the most important aspects of this particular home selling process is the agent that you choose. Your real estate agent will be doing all of the negotiations for you with your bank as well as with the potential buyer; therefore, you have to trust your short sale agent.  In order to trust your agent, you should know important things about them before turning the steering wheel over to them when it comes to selling your home.  When picking an agent, it’s absolutely crucial that you do your research on that person.

The first thing you should do is research the agent’s background and area of expertise in Orlando Real Estate. The best way to research the company is to utilize online search engines. Simply type in the company or the agent’s name followed by “reviews.” Within seconds you should be able to find numerous reviews from previous clients that will help you to determine the reputation of the company in which your agent is associated.

Certified Distressed Property designation

As with anyone that you hire, you should take into consideration the agent’s real estate experiences. You can also ask the agent to provide you with references, which you can call to obtain detailed information from previous Short Sale clients. References can provide you with the best information about what to expect if you need to do a short sale on your house.

Also, make sure that you agent has their Certified Distressed Property Designation. Although this isn’t the most important thing that you should consider when hiring an agent, it certainly doesn’t hurt to hold this endorsement.

 

Ask About Getting Cash Back for Your Short Sale

There are many “Cash For Keys” type programs out there right now from organizations such as HAFA. We’ve gotten our clients anywhere from $3,000.00 to $20,000.00 back from the bank at closing. When interviewing a realtor, make sure that you ask about these programs and what the plan of attack will be before signing anything. If they don’t specialize in short sales, then chances are they’re not going to know what the latest laws and regulations are and what they’re able to qualify you for.

The problems start when a homeowner hires an agent to do their short sale and the agent either has very limited experience with short sales or none at all.  Short sales are not easy and not all realtors have the skills, work ethic or experience required to be an expert short sale agent.  When homeowners make the mistake of not hiring the right agent for the job, the result can be disastrous resulting in your home getting foreclosed on.

If you’re in the market for a real estate agent that specializes in doing short sales do your research and find out everything that you can about the agent before making your decision, you’ll be glad you did.  Ask me anything, I’m here to help.

 

 

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HOA Foreclosures Keep Rising as Associations Seek ‘Revenge’ on Delinquent Homeowners

Posted on by Jenny Zamora

HOA foreclosures are becoming more and more common these days. Tired of putting up with late duesAvoid foreclosure Orlando, FL and mounting maintenance bills, some homeowner associations are motivated by spite and revenge, instead of sound business sense, to foreclose on delinquent owners.


I believe that taking title to a property for a few thousand dollars in unpaid association fees is just wrong and isn’t the best answer.


Here in Orlando a Home Owner Association will only receive 1 year worth of payments if the property goes to foreclosure sale. Sow why are soo many Associations initiating the foreclosure before the lenders even do?


Here’s what I think, HOAs are fed up with being playing fiddle to the lenders. It used to be that HOAs were easy to work with. If someone was behind on their HOA dues it was no big deal. If the seller owed ten thousand dollars in delinquent HOA dues, experienced Orlando realtor could usually get them to accept one to two thousand dollars and they would only get paid at the closing table.

 

The fact is a lot of members aren’t paying because they haven’t seen that the associations mean business, Associations are now very educated on the subject. Now they  are getting serious about it and moving towards foreclosure much faster and many times, beating the lenders to the punch.

 

Because it’s easier for an association to foreclose than a bank  [no proof of ownership necessary, no issue with robo-signed documents ] real estate attorneys say that the biggest reason for the increase in HOA foreclosures is that HOAs are tired of getting pushed around and are now pushing back with a vengeance.

 

 

Orlando Homeowner Associations getting rental income from foreclosed houses

There’s another reason why HOA’s are foreclosing way before the lender does. When the homeowner association forecloses and takes title to a home, they rent it out until the bank forecloses as the primary lien holder. With banks taking years to foreclose on some properties, the board can collect thousands of dollars by the time the bank gets around to foreclosing.
I’ve seen with some of my own clients that HOA boards will even implore tactics such as taking away there gate key forcing them to park outside the community and walk.The fact is that many times the HOA will push for foreclosure out of spite even when there are other options available.

If you happen to find yourself in a similar situation with your HOA, then you should consult with an Orlando Realty Expert. It doesn’t cost you anything and you may find the solution to your problem

 

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Hunters Creek Florida Voted one of America’s Best Neighborhoods!

Posted on by Jenny Zamora

Hunters Creek, FL comes in at number 21 for best places to live in the U.S.

Twenty-one is a pretty good number considering all the great places there are to live in the entire US. As a resident and business owner in Hunter’s Creek, I’m very proud of my neighborhood, but Hunters Creek Real Estate has definitely had its share of ups and downs. When the crash of 2007 happened, houses that were worth 500k were all of a sudden worth somewhere in the low 200’s, I know this all too well because that’s exactly what happened to me.

Our house actually appraised at 580k in 2006 and ended up all the way down at 220k appraisal value in 2008. Although that was a hard fact to face, we really loved the beautiful and kid-friendly neighborhood, and that was priceless to us.

The Parks of Hunters Creek

Having two young boys, one of the biggest attractions for us was all the clean and perfectly manicured parks. You can definitely tell that when they started building Hunters Creek 25 years ago, they had young families in mind all the way. There are playgrounds, soccer fields, baseball fields, football fields, basketball courts, tennis courts, and racquetball courts for residents to enjoy. Hunters Creek also has youth sports programs for just about any sport you can think of for children wanting to participate. There are also gazebos and community centers that can be used for private activities.

Shopping and Restaurants

Hunters Creek is conveniently located close to several good restaurants right there in The Village. Wherever you live in Hunters Creek, you’re only a few minutes away from a healthy selection of family restaurants, pubs and there’s even a Farmers market. If it’s a mall your looking for, try going to the Loop. It’s just minutes away and it has a wide array of stores as well as a movie theater.

Shingle Creek Trail

 

Over the years we’ve seen enough animals in our backyard to start a zoo. We’ve seen deer, turkeys, river otters, bobcats, foxes, wild boar, bald eagles, sandhill cranes, and owls just to name a  few. With ponds everywhere, most residents are able to go fishing, kayaking, or canoeing without even having to drive. Although we’ve seen small alligators in the water, the larger ones are removed by animal control and taken to Gatorland.

Shingle Creek Trail is a beautiful conservation area that consists of hiking trails, bike paths, lakes and there’s even a

trail that travels along the side of Shingle Creek where people go kayaking, canoeing, and fishing. We often go bike riding through the trails because my boys love it.

Hunters Creek Real Estate is in High Demand

Hunters Creek Realtor

Being an Orlando real estate broker I can tell you that there is a serious demand for houses in Hunters Creek right now.  It’s also a good time for people that want or need to sell a property because of the steadily increasing property values. The top-rated schools in addition to everything else I mentioned make Hunters Creek one of the most desirable neighborhoods in Orlando. The good news is that you can still find a great deal in Hunters Creek.

If you’re ready to see some great homes in Hunter’s Creek, feel free to contact me on my Cell @ 407-902-7750 or you can email me here.

ORC IS HUNTER’S CREEK BASED REAL ESTATE BROKERAGE

 

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