Tag: Jenny Zamora realtor

Value of Orlando Homes Predicted to Increase by 7.3% in 2015

Posted on by Jenny Zamora

Orlando Homes On The Upswing

It is an excellent time for homeowners in the Orlando area. The value of homes in the Orlando metropolitan area is predicted to increase by 7.3 percent in 2015. According to the Real Estate Market Report published by Zillow, this rise easily beats the national prediction of 2.9 percent.

Other predictions

Other than the predicted increase in home values, there are a number of other predictions about the Orlando real estate residential market embedded in the report:

* The average Orlando real estate home value will increase by 15 percent every year. The value has increased to about $161,300. In the other facet, values also decreased in short term and dipped by 1.1 percent in the period between April and May. According to Orlando realtors, home values in the Orlando metropolitan area are now back to the levels witnessed from 2004 to 2007.
* The average rental value increased by 4.4 percent every year to reach $1,296.
* The inventory of total listed for sale residences increased 36.5 percent every year and increased by 4.4 percent every month in May.

When considered all over the United States, the listed for-sale home inventory increased in May and jumped 11.8 percent. Another fact that should be considered here is that a majority of these gains were achieved among residences that are priced in top one-third and middle home values. According to Orlando Realtors, the sale of homes in affordable Orlando real estate – the kind of property favored by people who are buying their homes for the first time – decreased every year in 28 of the country’s biggest metro jurisdictions. These findings came up when the numbers were crunched by Zillow.

Rents

All over the US, rents fell a little in May compared to April. It was a reduction of 0.1 percent and the median rent was calculated as $1,310. National rents (year on year basis) increased to 2.3 percent in the previous month (May).

In May, value of homes all over the US increased by 0.1 percent as compared to April and touched $172,300. This marked its consecutive rise in 28 months when considered year over year. In May, the value of homes increased in Orlando by 5.4 percent. This yearly appreciation in values is the slowest when considered for more than one year. Average rate of interest paid by purchasers decreased to touch 4.39 percent in April.

 

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Average Home Price in Orlando Rises to $165K

Posted on by Jenny Zamora

The average price of houses in Orlando rose in May, making it the fourth successive month to touch $165,000. According to Orlando realtors, this has been a peak period since 2008.

According to reports published by Orlando Regional Realtors Association, prices inched up about 1.5 percent in April and about 13.7 percent in May compared to the rates of last year. The report of the association mainly reflects the sales which occurred in Seminole and Orange counties.

The previous time prices of homes were this high, was in December 2008. At that time the prices were $167,500 – a sharp dip from a high of $264,436 achieved in July 2007.

The statistics

Members of the Orlando Regional Realtors Association closed approximately 2,651 sales in the month of May. Sales were down approximately 1 percent in the period starting from April, standing at approximately 11 percent. The available inventory rose from about 3.9 months during April to about 4.1 months during May. This is quite below the six-month level but is adjudged normally.

Probable causes

Zola Szerences, the Association Chairman, said that sales decline can be partly attributed to investor decline. The investors went away from Orlando real estate market as the prices increased. While foreclosures add sorely required inventory injections, they are responsible for slowing the sales. Like Orlando’s short sales, transactions due to foreclosures take more time to process compared to standard transactions.

After many years of shrinking proportions, foreclosures rose about 15 percent in May this year compared to the same period of 2013. Normal sale of homes lowered a little but still comprised approximately two-thirds of total sales. Orlando short sales went down by 62 percent in the period between May 2013 and May 2014. The highest decrease was recorded in the sales of Orlando’s condo market, which fell by 24 percent from last year.

Immediate future

According to Moe Musleem of Re/MAX Legacy, the reason for such an occurrence is that a number of foreclosures are now appearing in the market as the loans are being acquired by a number of loan servicers. He added that the construction of residences has quenched a little of the demand, but not their prices. Musleem is hopeful that a greater number of foreclosures will appear in the market. Since a lot of construction projects are coming up in Seminole and Orange, a large number of properties will sit out in the market.

 

 

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Higher Tax Bills to Follow Higher Property Values in Orlando

Posted on by Jenny Zamora

For Orlando residents who are trying to sell their properties, there is a cause to celebrate: residential property prices in the region went north in 2014. However, the celebration will cease to exist for people who do not plan to sell their properties. The reason is simple: a high property value comes saddled with bigger tax bills. This will hold true for all Orlando real estate, even if the government doesn’t change the tax rates.

 

The rise in property values

According to Orlando realtors, people with homestead exemptions will face a lesser blow, but their tax rate will go up anyhow. The property values in Seminole County are anticipated to increase by almost 5.5 percent in 2014 when compared to 2013. Property values in Orange County are expected to increase by approximately 6.6 percent. In Osceola, property values will spike by about 2.4 percent and Lake’s nearly 3.6 percent.

Among the cities, property values in Winter Garden are anticipated to rise to almost 13.2 percent up 2013 prices. About 14 percent appreciation is expected in Groveland and the value of properties is expected to increase in Altamonte Springs by approximately 5.5 percent. This increase in property valuation across the region for the second consecutive year is a sign of a healthy economy.

 

The economy bounces back

According to Rick Singh, a property appraiser in Orange County, the economy is slowly clawing back and with sound fundamentals. He added that both the home buyer and the investor show more prudence today than what they exhibited in the past, in a reference to a market which went ballistic and plunged the country into a Great Recession.

Orlando realtors cite a number of causes for the rise, the factor of new home construction prominent among them. To give an example, Lake County will see an extra $295 million in value from brand-new residential construction. Another important factor is that the number of employed persons is increasing and they are purchasing homes. The profile of other kinds of buyers includes investors who purchase foreclosures only to rent them out to tenants.

In totality, residential properties in Orlando are becoming rarer, leading to an increase in residential prices. Singh pointed out that the Orlando real estate agents are beginning to receive a number of offers on the same property.

In the usual sense, a property’s appraised value, which is determined by the government, is quite less than its purchase price. The market is exhibiting unmistakable improvement signs. https://orlandorealtyconsultants.com/blog/

 

 

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Fewer Number of Orlando Multifamily Units in Market

Posted on by Jenny Zamora

Multifamily properties, a mix of condominiums and townhomes, available in the market went down by 14 percent in Orlando compared to the same quarter in 2013. This fact was revealed in the report published by Charles Wayne Consulting, a trusted source of knowledge among Orlando Realtors.

Reduced number of available units

The research firm, known for its specialist real estate focus, reported that about 459 such units were listed in the first quarter. This was less compared to 531 units recorded a year ago. According to Orlando real estate agents, the average price per unit increased 14 percent to touch $214,200 in that period of time.

According to Jim Lewis, President, of Charles Wayne Consulting, the multifamily segment in the Orlando real estate market has undergone a significant transition during the last 10 years. The residential construction of the area has gotten back to its normal mix of approximately two-thirds single-family and one-third multifamily units after a distinct trend towards condos and town-homes when the Orlando real estate market was at its peak.

Lewis is of the opinion that in a few submarkets, noticeably in the Greater Orlando area, multifamily unit availability is quite less. More and more Orlando realtors are going back to their drawing boards and proceeding with further actions to make the planned projects fruitful.

Trends

The first quarter of the year saw construction begin on 2,617 residential houses in the area. Closings of single-family homes were up by 40 percent compared to 2013’s first quarter.

The Crescent Gateway project is being developed by Crescent Communities. It is a mixed-use development spread over 80 acres of property. It is expected to be functional from the 2015 summer in Altamonte Springs at State Road 434 and Maitland Boulevard.

The apartment site itself will be spread over 8 acres and will consist of 294 units. Crescent Multifamily Construction is the general contractor for the project. Charlan Brock and Associates is its architectural firm.

A $10.3 million priced property located at the southeast corner of Harmon and Binion roads was purchased by GoGrowth One LLC. The buyer was represented by Rick Gonzalez of Crosby & Associates and by Jerry McGratty, a broker working with Westhampton Realty. The property was formerly the site of the Driftwood Gardens Nursery. The site comes under the enterprise zone, which is being planned to be developed as a research park.

 

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Orlando Home Buyers Buy Their House Back After Losing It To Foreclosure!

Posted on by Jenny Zamora

Every once in a while we hear a story about something that inspires us and that reminds us that good things still happen in the world. In this case, it was about one of our clients, Jose and Mary Guadalupe had gone through some financial hardships due to loss of employment and ultimately ended up losing their South Orlando dream home located in the Meadow Woods sub-division to public foreclosure auction.

After it went through the foreclosure process another family bought it and just 2 years later, they hired our Company to complete a short sale on the property. And so we did then we actually ended up buying it ourselves as a re-hab property. We completely rehabbed the home installing new cabinetry, flooring, fixtures, etc. The day I went to put a “For Sale” in the yard was the day I met the Guadalupe family for the first time.

These Orlando Home Buyers Never Gave Up Hope

They went on to tell me their story about how they lost their dream house to foreclosure and about the deep depression the family went through because of that experience. Since going through that experience, Mr. Guadalupe was now employed as a local truck driver for over 2 years and their financial situation had really turned around for the better. As a matter of fact, the family had recently been house hunting in that same neighborhood for the past several months never finding one that interested them.

Mrs. Guadalupe claimed that she would drive by her old house several times per week just hoping that one day it would be for sale. Then one day came when they spotted me installing our sign in the front yard. After listening to their story, I was happy to show them around the newly renovated home. It didn’t take long for Mrs. Guadalupe to start getting teary-eyed as she walked into the kitchen where she had prepared thousands of home-cooked meals for her family. ” My kids were raised in this house,” she said. It was right then and there that we decided to do everything in our power to help the Guadalupe family get back the house that they had lost just a few years prior.

stop foreclosure

Typically, it’s much harder to get a mortgage on a property after you’ve gone through a foreclosure or short sale and it used to be that you would have to wait 7 years before you could even apply for a mortgage but with the new lender guidelines in place it could go down to only 3 years for some people. Although buying back the same home that you lost to foreclosure is extremely rare, the Guadalupe family is among a recently emerging group of purchasers, that were able to get back into the housing market under new, more forgiving lender guidelines.

With these new rules in place, thousands of Central Floridians who have gone through foreclosure have the potential to make buying a home a reality again. Over 100,000 homeowners in Orlando have lost their homes to foreclosure or short sale since the real estate crash of 2007.

 

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