Tag: Buy A Home

7 Reasons Why Now Is A Great Time To Buy A Home in Orlando

Posted on by Jenny Zamora

Why You Shouldn’t Wait To Buy A Home in Orlando

As a Realtor in Orlando, I’m constantly being asked by potential buyers whether or not they should wait to buy a home in Orlando…They ask me things like “Should I hold out for a great deal?”… “Am I better off renting?”. The truth is that no one can predict what the future holds and all we can do is see what’s happening now and see where things are going. In my opinion, people who are thinking about buying a home in Orlando, FL shouldn’t wait. Here are some reasons why…

1- Higher than normal rent prices- The rent prices in Orlando are getting higher and higher, even faster than median home prices. This is especially true with homes in Orlando and other parts of Central Florida. This means that if you’re able to buy now you’ll probably be paying less on a mortgage payment than you would in rent.

2- Mortgage rates are still low– If you have a decent credit score and a steady job, you’re probably in good shape to get favorable terms on a home mortgage.

3- Cheaper to buy than rent- If you can qualify for a mortgage loan and you can get a payment that’s less than you’re paying in rent, then it’s a no-brainer. This is especially true if you’re a first-time home buyer and can qualify for down payment assistance.

4- Low mortgage rates won’t last– Unfortunately, we are arriving at the end of an era of lower than normal mortgage rates combined with moderate pricing on Orlando homes. Home prices are expected to rise soon as are the mortgage rates.

5- Personal income levels are on the rise– Florida’s economy is strong which means unemployment rates are low and people are making good steady incomes. Studies show that Floridians are staying at their jobs longer which means they understand the importance of holding on to a steady job.

6- Demand still exceeds supply- This means that Orlando home prices will continue to rise. By waiting it will be more difficult to find the ideal home at a price that’s affordable to you.

7- Millennials are arriving at their home-buying years- Millennials represent a huge group of Floridians and now that they are entering their peak home-buying age it will surely tighten the supply of  Orlando homes on the market.

RIGHT NOW THESE ARE SOME OF THE
HOTTEST ZIP CODES BASED
ON SUPPLY AND DEMAND
33778 Largo
32708 Winter Springs
32826 Orlando
32904 Melbourne
33624 Tampa
32828 Orlando
32905 Palm Bay
32765 Oviedo
32907 Palm Bay
32825 Orlando

THESE ZIP CODES ARE PREDICTED TO BE THE
FASTEST GROWING OVER THE NEXT FIVE YEARS
32081 Ponte Vedra 19%
34211 Bradenton 18%
32832 Orlando17%
32163 The Villages 17%
34484 Oxford 16%
32162 The Villages 16%
33473 Boynton Beach 16%
34747 Kissimmee 16%
32227 Jacksonville 16%
32544 Hulbert Field 16%

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8 Factors That Increase Your Orlando Home Value

Posted on by Jenny Zamora

 

Are you looking to buy an Orlando home and make a smart investment at the same time? Be aware of these important factors as identified by Realtor.com by analyzing millions of home sales throughout the country.

Having Fewer Bedrooms- As an Orlando realtor, I was surprised when I first read about this. Homes with 1 bedroom experienced an increase in appreciation of over 7% since 2012. Homes with 2 bedrooms have increased by 6.6%, 3 bedroom homes 6.3%, and 4 bedrooms was down to 4.9%. This just goes to show how popular down sizing has become in our country.

Bigger is not always better- especially when it comes to Orlando real estate. past 5 years have been a strong indicator that smaller homes  are more popular than ever among baby boomers as well as first time home buyers. Statistics show that homes smaller than 1,200 square feet have gone up by an average of 7.5% each year and larger homes [ over 2,400 sq ft] have only seen a 3.8% increase.

Open floor layout- These days everyone loves an open floor plan and so the more sought after something becomes, the value it will have. Homes in Orlando with an open floor plan appreciate an average of a whopping 7.4% per year. You can sometimes change your floor plan depending on if the walls you have to remove are load bearing or not. Upgrades such as granite counter tops and stainless appliances only experienced a 2-3% appreciation.

Having a view- Homes with a nice view across the country have increased between 4.9% – 7.9% over the past several years. If your fortunate enough to buy a home with a pretty view, you can always expect to enjoy a bit more appreciation on your home than your neighbor without one.

Modern design- With the exception of a small percentage of buyers who prefer older homes, newer more modern styled homes will always be more desirable for the majority of buyers. As a matter of fact, newer homes with modern designs have been rising an average of 7.7% per year. Bungalows are 2nd at 6.5%, traditional 5.6%, ranch homes 4.5% craftsman 3.7% and victorian at 2.2%.

Homes with 2 car garages-  Orlando homes that have space for 2 vehicles have had an increase of 6.4% per year Vs homes with a one car garage at 6% increase. And believe it or not homes with 3 car garages only saw an increase of 3.8% annually.

Being in the city- This was another one that surprised me a bit, but I guess I’m a little bias. Homes that were in or close to the city near mass transportation had an increase of a whopping 8.4% in value where as homes in the suburbs in good school districts and shopping areas only increased by 7.2%.

 

 

 

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Before Buying A Home In Orlando

Posted on by Jenny Zamora

Things To Do Before You Buy A Home In Orlando

Do your homework before you buy a home. Buying a home will be one of the most important decisions that you will make in your lifetime. Most home buyers get a bit overwhelmed when they realize that they are about to be on the hook for an enormous debt for the next several decades.

In order to avoid these feelings of doubt and anxiety is to make sure that you’re buying a home that you can really afford. Here are some tips you can use that will help you to make good choices when it comes to buying a home.

 Figure out how much you can afford.

As a rule of thumb, you can generally afford a home between 2 to 3 times your annual gross income. It’s important to consider all costs involved with owning a home like property taxes, homeowners insurance, HOA fees if applicable, maintenance, utilities, etc.

In addition to costs associated with the home, you must also include your own personal expenses like food, health insurance, daycare, car insurance, etc. Make sure to include everything no matter how small the expense.

 What type of home suits your needs?

Wanting something and needing something are two very different things so be realistic when you’re making your home wish list.  Make a list of certain things that the home must have in order to meet your family’s needs then make another list of things would like but don’t really need. This will help you to focus on the things that are truly important when shopping for a home.

If you really want granite countertops and high-end appliances and it fits your budget, then go for it. Just make sure that you’re being realistic with yourself.

 Figure out where you want to live

 Then decide what your second and third choice would be for the neighborhood you choose to live in. Ask your Realtor for recommendations about neighborhoods based on your priorities. Don’t settle for a neighborhood that you really don’t want to live in. You will surely regret it.

 Save for the down payment 

Remember when your mom and dad told you to save for a rainy day? Well look up and you’ll see the clouds starting to form. Generally, to get the best terms on a loan, you should plan on coming to the table with at least 20% of the purchase price. If you go lower than 20% then your lender will require you to get PMI [private mortgage insurance] which will add between $200 to $300 to your monthly mortgage payment.

Also, keep in mind that the less you put down, the higher your loan amount will be and the higher your payment will be. If you’re a first-time homebuyer, It’s also a good idea to see if you qualify for any state or federal programs that help with down payment assistance.

 Be clear on the closing costs

Consult with your real estate agent about all the additional costs involved with a real estate transaction, especially the ones that you’ll be responsible for. Items like transfer fees, home inspections, attorney fees, etc. can add up to a substantial amount.

Consult with your realtor about negotiating the closing costs with the seller before committing to anything. Like my teacher said on the first day of real estate school…Everything in real estate is negotiable. Sometimes it comes down to the realtors involved in the transaction. If the listing agent is more experienced and a better negotiator, then chances are the buyer will get the short end of the stick.

Get pre-qualified for a loan

There’s a ton of paperwork involved with getting a loan, so be prepared. Lenders require proof of income, bank statements, w-2’s, etc. The smart move is to get pre-approved before you even start looking at homes. That way you know exactly how much you can afford to pay for a house and you’ll be ready to submit an offer right away. There’s nothing worse than finding your dream home only to find out that it’s out of your budget.

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