Tag: Jenny Zamora realtor

Home Buyers in Orlando Gear Up as Rates of Fixed Mortgages Fall Further

Posted on by Jenny Zamora

The spring buying season of 2014 started off on a good note and it seems to only be getting better. Rates of fixed mortgages were on a downward spiral since the first week of April. The week beginning April 14 marked the second time when the rate of fixed mortgages fell to its lowest levels since February.

As noted by Freddie Mac, the government-sponsored mortgage buyer, the average rate of interest on standard 30-year home loans dropped to 4.27 percent in the week beginning April 14. The week before (April 7-13), fixed mortgage rates stood at 4.34 percent. The 4.34 percent – rate was again, 0.7 percent below the rate of fixed mortgages in the week beginning March 31. At the beginning of the year, these rates stood fairly high at 4.5 percent.

This week’s decline marked the second consecutive week when fixed-mortgage rates were the lowest since February and Orlando Realtors say prospective buyers are getting more enthusiastic about the spring buying season.

Will the Drop-in Fixed Mortgages Sustain Itself in the Coming Weeks?

Most probably yes. According to 56 percent of the market analysts interviewed by the website Bankrate.com, the rates are going to hold steady in the coming weeks. They say the rates of interest will continue to be low and remain stable over the next couple of weeks. They did not predict a rise in mortgage rates.

Realtors note that concerns of a weak market – one that wouldn’t be able to support a dynamic increase in prices of residential real estate  – to be one of the primary reasons rates began spiraling downwards in January 2014.

A good time to buy homes?

According to the Orlando real estate agents it is. According to the most recent report from the US Department of Housing and Urban Development, March was marked by an increase in new residential construction. The report, released April 16, revealed that housing starts in March increased by 2.8 percent, compared to February. The month also saw a  reduction in permits for residential buildings, as compared to the number of permits issued in February (2.4 percent decline). The number of permits was, however, 11.2 percent higher than the number in March 2013.

Increasing inventory and reducing rates of mortgages typically result in increased buyer activity. The Orlando real estate industry has seen its fair share of residential starts and realtors say more prospective buyers are inquiring about the rentals and purchases in upcoming properties.

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Mortgage Regulations Change In 2014

Posted on by Jenny Zamora

With 2014 came a whole new list of regulatory and legal changes for mortgage companies.  These rules and regulations were established with the intention to help both lenders and borrowers from making bad decisions when it comes to home mortgages. Here is a list of regulations that began in January that will affect the mortgage process for potential home buyers according to the Assoc of Mortgage professionals.

New Mortgage Regulations

* Stricter Regulations for the Self-Employed. People that don’t have an IRS form w-2 will be finding it more difficult when you apply for a loan. It’s a much greater task for individuals to prove their debt to income ratio without documentation even if their net worth is high with perfect credit to go along with it.

* A Decreased FHA Loan Limit. The Federal Housing Authority has announced that as of the beginning of 2014 that mortgages shall not exceed the amount of $625,000.00 which is down from the previous amount of $729,750.00. People wanting to apply for a larger loan would have to apply for a “Jumbo Loan”, which will probably involve a much higher down payment.

* A Cap on Loan origination Fees. As of January 2014 points and fees for a new mortgage cannot exceed 3%of the total loan.

* The Ability to Repay Mandate. This regulation was set in place by the (CFPB) Consumer Financial Protection Bureau. Its purpose is to set a standard for lending to make sure that each borrower is a truly qualified borrower. Lenders will now have to follow a set of rules in order to establish a consumer’s income, assets, and current obligations before approving them. This is what the government considers a “Qualified Mortgage”.

As a Realtor in Orlando, I think it’s a great idea that these new rules are now in place. It helps to protect potential homebuyers from getting in over their heads and in the long run, it should decrease the number of future homeowners from falling into default with their lenders. These are signs that the mortgage industry has learned a lesson from the real estate crash of 2007.

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Orlando Foreclosure Activity #1 in the Nation – Real Estate Business Stays Unaffected

Posted on by Jenny Zamora

A new industry report places Orlando first in its list of cities and metropolitan areas with maximum foreclosure activity for the month of March. The number of foreclosure filings in the Orlando real estate marketplace increased by 13 percent in comparison to the figures from one month earlier (February 2014).

According to some Orlando realtors, the March foreclosure figures also bear another distinction. With a total of 2,886 foreclosure listings in the community, the March figures represent a nine-month high.
But Orlando real estate agents are not worried. The figures are still lower than they were at the same time, a year ago. Further, as noted by a majority of the top Orlando realtors, the business hasn’t slowed down for the residential real estate community of Orlando at least.

Foreclosure trends around Orlando

Orlando’s number one position in the foreclosure activity charts contributed to Florida’s status as the state with the highest density of foreclosures. While the national average lay at one foreclosure for every 1,126 homes, Florida saw one foreclosure in every 407 houses on an average.

Metropolitan Orlando led other cities and metropolitan areas in the state with one foreclosure action in every 326 homes. The numbers present a grim situation no doubt, but not when compared with statistics of previous quarters and years. Orlando’s March 2014 foreclosure rate is lower than the rates of March 2013. This also marks the third consecutive quarter when Florida’s foreclosure rates have decreased.

Cities and counties around Orlando have seen their own ups and downs in foreclosure activities. The biggest hike in foreclosure activities was experienced by Polk County. With 786 foreclosure filings in March 2014, the rates went 15 percent above those in February 2014 and 28 percent above those in 2013.

Realtors Not Worried About Increasing Foreclosure Activity

Several years ago, real estate agents in Orlando were soliciting business from property owners who were just beginning with the foreclosure process. However, the trend has changed of late and realtors no longer depend on “foreclosing owners” for business. Realtors have enough business in their hands, further proof that increasing foreclosure activity will not slow the market.

Residential real estate buyers have witnessed an increase in their home buying confidence. The inventory shortage has been softening since February 2013. Banks have become lenient with their mortgage lending and Americans have seen a reduction in their unemployment rates. Add to it the several new construction projects underway in Orlando and you have all the reasons why home buyers are undeterred in their purchasing.

The spring buying season has just begun. And if you’ve been waiting for an opportune moment to purchase property, now is the right time.

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Real Estate Development in Orlando

Posted on by Jenny Zamora

A recent and large-scale Orlando real estate development is the apartment complex that will soon come up in Altamonte Springs. A. Charlotte of N.C. development plans on converting an 80-acre area into one of the biggest apartment buildings in Orlando. Top Orlando real estate developers, Crescent Communities LLC, also plan on contributing a 300,000 square feet mixed-use center to the $20.3 million, 249-unit Crescent Gateway Apartments. The development of this center, which will have a  mix of offices, retail outlets, and, possibly, a hotel as well, has a whopping budget.

There is also another real estate development proposal to construct a 450-unit apartment complex near the Orlando Fashion Square mall. This project, however, has raised concerns about increased traffic and congestion in the area.

Benefits of real estate development

The huge increase in Orlando real estate development is sure to generate a good amount of construction jobs for many unemployed workers. The construction of these mega apartment complexes will require huge amounts of manpower, which will in turn, help reduce the unemployment percentage in Orlando, Florida.

Besides creating construction jobs, the 300,000 square feet project which will be initiated in Crescent Gateway Apartments, is sure to provide ample amounts of hotel management jobs, retail jobs and desk jobs at the office. Crescent Gateway will provide a solution to the increasing demand for office space in an under-supplied economy.

More residents will be able to move into luxurious and affordable homes, and facilitate greater community involvement. Other benefits include a higher economic growth rate, better investment, improved lifestyle, and increased home-ownership value.

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The Villages Shines as the Fastest Growing Metropolitan in the US

Posted on by Jenny Zamora

According to a report released by the US Census Bureau on Thursday, March 27, “The Villages” is the fastest-growing metropolitan area in the US. The population census report reveals that over the 12-month period spanning from July 2012 to July 2013 – The Villages registered an impressive population growth of 5.2 percent, the highest in the US.

 

The top 10 fastest-growing metropolitan areas

1.    The Villages, Florida
2.    Midland, Texas
3.    Odessa, Texas
4.    Bismarck, North Dakota
5.    Fargo, North Dakota
6.    Casper, Wyoming
7.    Myrtle Beach, South Carolina
8.    Austin, Texas
9.    Daphne, Alabama
10.  Fort Myers, Florida

Technically, The Villages is not a metropolitan city, but only an unincorporated community of retirement homes, stretching across the Sumter, Marion and Lake counties. It is, however, widely acknowledged as a city since it is home to more than 107,000 citizens. This is nearly twice as much as the benchmark population of cities (50,000 people).

 

The Villages Responsible for Six cities Experiencing high growth

According to top Orlando realtors, the 5.2 percent increase in population can be attributed to the community’s improving facilities for seniors. Real estate agents who have worked in The Villages have revealed that the community has been witnessing a surge in the number of seniors and retirees. Warm temperatures, selection of executive golf courses, parks, fitness trailers, and the increasing number of “Neighborhood” and “Regional Centers” are some of the factors influencing this trend.

Six areas around the Greater Plains and the metropolitan region near the Gulf Coast were included among the 10 fastest-growing cities. The cities include Odessa, Austin-Round Rock and Midland in Texas, Fargo in Minnesota, and Bismarck and Casper. Rich in oil and gas, these metros witnessed a rapid growth in population primarily because of the energy boom.

Promising future for the Orlando real estate market

The recent report has left Orlando realtors with fresh hopes and a positive outlook for the rest of 2014 with respect to the real estate market in Central Florida.

Baby boomers from all over the nation are flocking to Florida’s much-talked-about retirement homes just northwest of Orlando. Further, residential projects like the $56 million apartment complex at Crescent Central Station, the 800 luxury apartments to be constructed by BentleyForbes Del American, and the Winter Park Village projects, are expected to bring in a lot of business for Orlando realtors.

 

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