Category: Agentes inmobiliarios de Orlando

Orlando Home Sales Show Continued Increase

Publicado el por Jenny Zamora

 

Rising interest rates and property values drive Orlando sales up by fifteen percent

The numbers are in and home sales are up! Median home prices jumped more than 25% this July compared to July of 2012. This is the greatest increase we’ve seen year to year since the peak of the Orlando real estate market back in 2006, as reported by the Orlando REALTOR Association.

Steve Merchant, the current ORRA Chairman, says that continued price increases are jump-starting buyers to take action. People have a sense of urgency now because they feel like soon they will be out of reach of still getting a good deal on an Orlando home. Mortgage interest rates are on the rise just as fast as home prices and potential home buyers are trying to get in on a good opportunity while they still can. It’s now wonder why home sales are up by fifteen percent when compared to July of last year.

Click here to  check out current market statistics, mortgage rates, as well as how many new listings are coming on to the market.

Are We Headed for Another Bubble Burst?

With this dramatic increase in home sales and property values over the past couple of years, one can easily speculate and say that we are headed for another market crash sooner than later. When you look at it, this was kind of the same pattern that was taking place back in 2004-05. Property values were increasing at astronomical levels, buyers were like hungry sharks and banks were lending money like it was going out of style. It’s impossible to predict how all of this will play out over the next year or two but I’m hoping that people don’t forget what not only Orlando went through but what the entire nation went through when the market crashed in 2007.

Potential home buyers should beware to not fall into that trap of feeling of having to buy a property as if their life depended on it.  Many times I will recommend to certain clients to rent as another option to buying. To some people it just makes more sense to rent and even though I lose a potential buyer by doing this, it’s my job as an Orlando realtor to do what’s in the best interest of my client.  I believe that many home buyers are set up to fail just as soon as they sign those closing papers. You have to be realistic with your financial situation. People tend to let their emotions get involved when purchasing a home and that’s OK to a certain extent but it can also get you into deep water. Don’t let that thought of yourself having margaritas with your friends in the pool of that house you just fell in love with [that you really can’t afford] cloud your judgement. Buying in a new house is a special feeling kinda like being a newlywed. However, just like a marriage if you picked the wrong one, your headed for some pretty rough times. 

 

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Orlando’s Real Estate Boom and How to Take Advantage Of It

Publicado el por Jenny Zamora

The Bienes raíces en Orlando scene has seen renewed residential construction activity this year. According to Real Data Apartment Market Research, more than 6,100 dwelling units are being constructed in the Orange and Seminole counties – double the count of September 2012. Central Orlando and the areas near the University of Central Florida have seen frenetic construction activity. Another 5,000 units are being considered for development in Orlando.

Price recovery

Resale homes from Orlando short sales residential markets are now selling at a higher price compared to last year. The average resale price for a single-family unit in the four-county metro area of Orlando is $172,000 – an increase of 22.9% when compared to the previous year’s price. It is a clear sign that the economy is progressing towards recovery.

How to take advantage of Orlando’s short sales

Foreclosures usually mean an advantage for would-be buyers. But all is not rosy on the property front. Short sales are usually accompanied by costly problems. Buyers must be aware of a few facts before they sign the check to buy a short sale property.

   * Property problems should not be ignored. Prospective buyers should understand that the previous owners were unwilling to part with the property. They tend to take their frustrations out on the construction before leaving. Many of the original owners willfully damage the interiors before they move out. Besides this, many Orlando short sales properties have been lying vacant for an extended period of time. This gives rise to mold, termites, leaks, and filth. Squatters further damage the residential unit.

* This problem is further compounded by the fact that banks are not required to furnish the disclosure statement generally required from a standard seller of a property. It would not even reveal whether the dwelling unit was constructed from quality materials or not. The rule of thumb, in this case, is that if the house is between 15 to 30 years of age, then there is a strong possibility of it requiring some expensive repairs.

*The buyer should physically inspect the home. It is better to physically go to the house and ask all the required questions. If there is an existing problem, the buyer should ask for repair estimates. If required, specialized inspectors should be called in before making an offer.

*Insurance and Legal information should not be ignored. A disclosure statement would state whether the house is constructed on a flood plain. If it is so, the buyer will have to pay thousands more a year as additional insurance costs.

If you’re interested in seeing what properties are available, contact an Agente inmobiliario en Orlando to get the ball rolling.

 

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How Do Orlando Real Estate Agents Get Paid?

Publicado el por Jenny Zamora

I was meeting with a client last earlier this week that was looking for a 4-bedroom home in East Orlando. At one point in our meeting, she looked at me with a blank stare on her face and asked me how much I was going to charge her to find her a house. Just at that moment, I realized just how many pieces there are to the puzzle in a real estate transaction.

As Agentes inmobiliarios en Orlando, we’re aware of everything involved with buying and selling homes because it’s our profession and it’s something we do every day. However, a first-time buyer may be completely clueless about how a real estate transaction works. That’s why it’s our job as real estate agents to make sure the buyers and sellers are completely informed about every last detail of the transaction they are about to be involved in.

Typically the buyer’s agent’s commission gets paid by the seller. Here’s how it works… The agent representing the seller AKA the “Seller’s agent” signs an agreement with the seller AKA a “Listing agreement” to pay a specific amount of commission in order to sell the home. Then the listing agent will enter the listing into the Multiple Listing Service [MLS] and based on whatever amount they agreed upon with their client, they will usually offer the buyer’s agent 50% of the commission. When the transaction is complete both agents are paid out of the seller’s proceeds.

How do Realtors get paid when it’s a short sale?

It works a bit differently when it’s a short sale or foreclosure situation. In a short sale scenario, the seller is upside down on their mortgage which means that there is more money owed on the property than the property is actually worth. A short sale is a pre-foreclosure arrangement between the seller in which the lender is agreeing to the sale of a property for less than what is owed in order to re-cooperate some of their money. This usually means that the seller is financially unable to bring any money at all to the table. In this case, the Bank pays both real estate agents. Banks will usually approve a commission of 5% or 6% which is to be split 50/50 by both agents involved.

There is one situation in which the buyer pays the commission which is pretty rare. Some homeowners choose to sell their property “For Sale By Owner” in order to avoid paying any commission at all on the sale of their home. In rare cases like these, the buyer pays the agent when the transaction closes. It’s never a good idea for a buyer to enter into a real estate transaction without the representation of a licensed Orlando realtor. 

Orlando Real Estate Broker

A Real estate agent plays many key roles in getting the transaction closed. A realtor can also play the role of negotiator making sure that the buyer gets the best price possible on the property, most of the time the amount of money that a buyer saves on the transaction far exceeds what they agreed to pay the agent.

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Cash buyers fueling Orlando Real Estate market recovery

Publicado el por John Conde

The Orlando Real Estate market recovery continues on a positive path and some Orlando realtors claim that the tidal wave of cash deals is behind the recovery. “Florida realtor” studies show that fifty-one percent of single-family home sales are all-cash deals. Cash buyers have a huge edge over buyers that need to qualify for a mortgage and they are preferred over traditional buyers by sellers as well as listing agents.

One reason is that cash buyers have their own money and don’t have to wait on any mortgage company for anything. Also,  sellers know that a cash deal means a quick closing, this can mean big savings for the seller who has to make another mortgage payment for every month that their home is on the market. These days a cash offer doesn’t always mean a low ball offer anymore, investors are aware of the competition and a low ball offer could mean losing the deal.

As Orlando realtors,  we are seeing more cash offers for the full listing price of properties than ever before.

Lower-end properties [under 100k ] are being devoured by investors because of the huge demand for rentals right now. Cash investors are able to buy more of the less expensive properties and turn them into monthly cash cows. And although lower-end properties are also being bought and then re-sold for a modest profit, for the most part, we are seeing them end up as rental properties.

Other investors buy properties with the sole intention of flipping them. They want nothing to do with being a landlord and are only interested in getting in and out of a property as quickly as possible.

These buyers usually have to do some rehabbing in order to see some substantial profit and this means that they are usually pretty limited on how many they can do at once. I have investor clients that will buy one or two properties and then have to wait until the houses are renovated and sold before moving on to the next deal.

So what does this all mean for the Orlando Real Estate market?

I believe that all the cash purchases that are happening right now are driving up prices as well as home values in the Bienes raíces en Orlando market. And the healthier the market is, the less risk there is for lenders to approve more mortgages for traditional buyers. This is all great news for now and hopefully will be for several years to come.

What worries me is that if home prices continue to rise to unjustifiable degrees, banks will then start giving mortgages to people that can’t afford them, then…2007 all over again!

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Demystifying the Short Sale Process

Publicado el por Jenny Zamora

 

For those buyers facing an imminent threat of foreclosure, a short sale is a viable option indeed. Through a short sale, the seller eliminates the debt burden that comes with his value- depleted property that no longer attracts enough of a sale price to pay off the loan in full. Scores of homeowners saddled with underwater properties have taken the help of short-sale negotiators to get a reasonable price for their homes in recent times. If you are looking for advice and information on Orlando short sales, read on. 

 

Getting the Short Sale Package Approved

 

This is the first step in your Orlando short sales process. Your lender needs to approve your sale of the property at a price that is less than your total debt due to him. To do this, he needs to be sure that you cannot afford to pay off his loan from other sources (e.g.: your savings).  The first step of the short sale is for you to present a short sale package to the lender. This package outlines an overview of your finances and your credit score along with a hardship letter and the home’s documents indicating the purchase price. Once the lender is convinced that a short sale is your best option, he approves the process.

 

Listing the Property

 

Now it is time to present the property in the best possible way so that you can attract the most number of buyers. Working with reputed Orlando realtors who are also experienced short-sale negotiators is a great advantage at this stage. The realtor has an understanding of the market and the skill to present your property as a good buy to prospective homeowners. Locate a realtor who has a deep insight of the current Orlando real estate market so that you can price your home right. The Orlando realtor will also ensure that your home appears in all the right listings so that it is highly visible in the marketplace.

 

Sell the Home and Get Rid of Your Debt


Once your home gets an offer you like, it is time to start processing the short sale. Your lender may require several documents to process the actual sale. Here too, an experienced Orlando short sale realtor can prove to be of immense help. Collect all the documents and present them to your lender for approval of the proposal. Once he gives his approval, the sale can be finalized and closed. In some situations, the lender may reject the proposal.

 

If this does happen to you, don’t give up hope. Ask your lender to give the reasons for rejection in writing. There may be some negotiations that you can do with the buyer/ lender with the help of your Orlando realtor to ensure that the proposal is tweaked to meet his approval.

 

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