What will happen to Orlando short sales if the Mortgage debt relief Act of 2007 is not extended?
Short sales have been very popular since the market crashed in 2007, mainly because sellers have the benefit of not being taxed for the deficiency between the mortgage amount and the actual payoff. What people worry about now is that the Mortgage Forgiveness Debt Relief Act of 2007 is about to come to an end at the end of 2012 and so far we haven’t anything about the government extending it.
What do you think would happen if the law doesn’t get extended? In my opinion, this would be the end of Orlando short sales as we know them.
When you think about it, what incentive would a seller have to do an Orlando short sale if they end up with a massive deficiency when it closes? That’s right… there would be no incentive. In fact, I think that most people will just end up letting it go to foreclosure. This means that Orlando REO realtors would be busier than ever.
Deep down I truly believe that this law will be extended, it just makes good business sense for everyone involved… sellers buyers, and lenders. Orlando real estate is moving right now and a big part of that is because of the short sale inventory.
If you are considering an Orlando short sale on your house, don’t take a chance on the mortgage debt relief act of 2007 being extended. Consult with an Orlando short sale specialist and find out what your options are now or you might regret it.
Orlando real estate is once again a good investment for retirees
After the huge real estate bubble, we experienced between 2000 thru 2006, we all learned a painful lesson in 2007 when the market tanked. It’s just not normal for Orlando real estate prices to double over the course f only seven years. When the market crashed, Orlando’s real estate prices dropped to 50% of where they were and in some areas of Orlando, it was even more than that.
What I have been seeing more of recently, however, is that people are considering Orlando realty as a good investment for retirement once again. Here in Orlando, the bottoming process has already happened and prices have been on a steady rise. There is still a long way to go before we see a normal housing market, however, historically low mortgage rates are helping the market by making the cost of ownership more affordable, assuming that the potential buyer can qualify.
Sensing this opportunity, many are jumping into the rental market to boost retirement savings and income. There are however several important factors to consider when buying an Orlando property for the purpose of receiving a steady stream of income.
5 Tips for potential Orlando Landlords
1- Make sure that you buy at the right price- This is where working with an experiencedOrlando realtor will pay off big. Make sure your agent shows you the recent comparables in the area. Chances are that you won’t find anything at 30% market value unless it needs work done, but you should be able to buy something at fair market value, which is OK if you’re thinking long term.
2- Forget about flipping- The days of flipping houses for a huge profit are gone for the most part and you shouldn’t go into this thinking that you will be able to sell your investment property for twice what you paid for it in six months, it’s just not going to happen.
3- Take advantage of Historically low mortgage rates- Even if a potential home buyer is able to purchase an Orlando Investment property, I always suggest to them that they should consider getting a mortgage. With historically low rates right now, it’s a great opportunity for potential investors if they can qualify.
4-Consider hiring a property management company- Being a landlord can be a great source of income if you’re up to the task. However, I must warn you that it’s not for everyone. Landlords have to deal with not only the maintaining of the property, but they have to be available to tenants at a moment’s notice in case of emergencies. This is why you should consider hiring a property management company right from the start. You should work this expense into your budget before even buying your investment property so that you will know if the numbers make sense.
5-Get familiar with Orange county eviction laws- If you become a landlord for any amount of time you can expect to have a deal with an eviction or two [at least]. It’s very important that your rental agreements are solid and that you do background checks on ALL of your tenants no matter how nice you think they are. It may cost you a few extra bucks to get a quality tenant into your house but I can tell you from experience that paying a bit more upfront to do things correctly will save you time, money, and headaches in the long run.
It’s important for people considering Orlando real estate as retirement income to remember what the goal is. The goal is for the owner to be mortgage-free and to collect a steady stream of income on a house that’s free and clear.
When it comes to Selling Orlando Real Estate, there’s only one chance to Sweep potential buyers Off their Feet.
Top Orlando realtors know the importance of staging a house to get it sold. The truth is, with the exception of owner occupied homes that are furnished because the homeowners still live their, hardly any one wants to spend the money to have their house staged for showings. Even the houses that are owner occupied and fully furnished can work against you. Let’s face it, not everyone has the best taste to pick out furniture or decorating a home to look it’s very best.
I’ve entered many owner occupied Orlando homes and have been forced to have that ever so awkward conversation with the seller about removing some of their personal belongings, de-clutter and sometimes about just basic cleaning.
Have you ever had to tell a cat lover that they need to get the cat smell out of their house, or even better, relocate the cat so we can get the property sold? Not funnest part of my job!
As an Orlando Listing Agent it’s my job to do my very best at getting my clients Orlando Property sold, and sometimes sellers will get their feelings hurt. Usually, once I explain to the seller why we need to do certain things to their home sold for the highest price possible, they understand that ultimately it’s for their own good.
I also make them understand that as a Top Orlando Broker, people seek me out for quality Orlando properties and it’s my responsibility to show everyone of my listings in the best light possible.
Top Tips on making your Orlando Property look it’s best with little or no money
1-Cleaning and De-Cluttering– If you could only do one single thing to a house to make it look better, it would be to clean it and get rid of the clutter. Most potential buyers don’t have the imagination to see anything except what you are showing them. So in other words the perception is the reality. Start by removing everything that you possibly can into the garage or out front. If possible, remove any large pieces of furniture that can make a room feel small and uncomfortable. Also, you should remove as many personal items as possible and put them in storage. Next,… clean, clean and clean more. Make every surface of your house as clean as possible, I prefer the term “sparkle”.
Warning: Once you clean and De-Clutter your home like never before, you run the risk of falling in love with it all over again and not wanting to move anymore.
2-Lighting– To show a house in it’s best light possible, you start with light and lots of it. There’s nothing worse than showing a house that looks dim and dark when you first walk in [that’s what they’ll remember]. Ample illumination can make a home feel warm, inviting and even larger and open. Lightening and brightening a home can offer one of the biggest returns to sellers at resale next to Cleaning, De-cluttering and paint. To make sure you get maximum benefit from your lighting efforts here are a few suggestions
a. Use clear light bulbs instead of opaque for a cleaner look- Get rid of any mismatched bulbs, they are an eye sore and can make a room feel chaotic. Also, avoid using those energy efficient bulbs that emit a harsh glare, instead use standard incandescent bulbs for a warm soft white light that. b. Clean or Update old lighting fixtures- If it’s not in your budget to update old light fixtures, then clean them. It’s a huge turn off to a potential buyer to look up at light fixture and see dust, spider webs and dead insects. I know it’s a pain to get the ladder out if the garage and clean fixtures that haven’t been cleaned in quite a while, but well worth your time and effort. c. Take advantage of window lighting- Start from the outside in, clean the glass and the screens. If the screens look really bad, get rid of them. Old screens can make a window look awful and I’ve never seen a deal fall through because of a house not having screens on the windows. On the inside get rid of any curtains or other window dressings that can be keeping the light from getting into the house.
3-Fresh Paint- If you were able to complete my first 2 suggestions, then you are off to a great start and many times you don’t need this final step. However, if you have chipped, scratched and missing paint on some of your walls, or if the colors you have on your walls now are very personal to you then you should definitely consider painting. Some people will see a color on the walls that they don’t care for and for that reason alone not like the house and not make an offer. If your house is extremely colorful to the point where it might turn some potential buyers off my suggestion is to paint all the interior walls off white. You can’t go wrong with off white; it’s bright, soft and elegant all rolled in to one. My husband is an experienced Orlando Real Estate Investor/Re-habber and he paints everyone of his Orlando properties “off white” with the trim “bright white”. You really can’t go wrong with this combination. It makes the house look clean, spacious and elegant. Also, these colors are very easy to paint over for new homeowners wanting a more dramatic look.
I hope this information was helpful to anyone looking to sell their Orlando property. If you would like to see how much your house would sell for in today’s market, even if you have no intention of selling. Feel free to come see us for a Free Consultation or call 407-902-7750
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
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.
