Tag: Orlando Real Estate

Outer Edges of Orlando Enjoys Strongest Recovery in Home Prices

Posted on by Jenny Zamora

Residential property prices at the edge of central Orlando have revived the most, according to listing agents in Orlando. Pockets of growth are being seen in Paisley, Montverde, and Eustis. All three come under Lake County and have exhibited price gains of up to 30 percent since February 2013. A few localities of St. Cloud and rural regions of the southern part of Osceola County also showed an uptick in prices.

Maximum gains in a few areas

The total increase in value of all the four counties in the metropolitan area of Orlando was 20 percent in the same period. Lawrence Bellido, an agent of Keller Williams, one of Orlando’s real estate companies, said that the above-mentioned areas are showing the maximum recovery since they were hit the hardest. He specifically mentioned Montverde’s Bella Collina and Harmony, where not a single property was sold at one point in time.

Gains not equal

Orlando has exhibited unequal gains in price when one community is compared with another. To give an example, the growth areas located in the southern borders of St. Cloud have exhibited gains of approximately 30 percent in 2013. In contrast, prices have risen only half of that number in older localities of St. Cloud, where a few homes were constructed in the 1920s.

Similarly, older localities of Kissimmee, Oviedo, and Casselberry saw an appreciation in price by approximately 15 percent in 2013. The numbers reveal an excellent recovery by a majority of standards but are still trailing behind the region’s other parts. Prices in Apopka and Mount Dora areas escalated by 11 percent. In contrast, home values in the Winter Park locality rose 8 percent in the same period.

Foreclosures

A possible reason for prices getting increased quicker in a few neighborhoods might be foreclosures. The foreclosure phenomena hit hardest in areas that are newly developed as the house owners in 2007 had negligible or no home equity. These owners were more prone to enduring short sales. Lenders incur short sales when they give their assent to sales prices that are lower than the mortgage. Values plunged to the maximum in these foreclosure-scarred neighborhoods, so they bounce-backed quite rapidly.

According to Mike Timmeran, President, MJT Realty Economic Advisers, the markets where prices rose the most were also those that fell severely. Buyers, however, can be very confused about these wide swings, presently. It will be very difficult for them to assess the correct market value of a property.

 

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Orlando Short Sale Closed After A Year

Posted on by Jenny Zamora


 

Orlando Short Sale Testimonial 407-902-7750 Video https://orlandorealtyconsultants.com/

 

This is the story of Shary Babinski who needed to get a short sale done on her Orlando home. After a year of battling with her lenders, Jenny Zamora RE Broker not only managed to get the short sale completed but she also got Mrs. Babinski $3,000.00 in relocation costs.  In addition, the Babinski’s ave no deficiency judgments or promissory notes against them.

If you or someone you know needs help with a short sale on your Orlando home then give us a call at 407-902-7750 or visit us at  https://orlandorealtyconsultants.com/short-sales/.   One of our sort sale specialists will sit down with you and figure out a plan that works best for you.

 

 

Orlando short sale expert

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Pitfalls Of Pocket Listings

Posted on by Jenny Zamora

The idea of getting your house sold without ever having to list it on the MLS for the whole world to see can be attractive to many. It’s kind of like if you found the perfect house for you by just driving around and all you had to do was knock on the door and hand the owners a check.

Sellers take a huge financial risk by choosing to sell their homes to be sold via “pocket listing” as opposed to a normal listing. 

The term “pocket listing” refers to an arrangement between the homeowner and their Brokerage in which the Realtor markets the property without the use of the multiple listing service. Instead, the property is advertised through the realtor’s own network which basically means “word of mouth”.

I completely understand someone wanting to be discreet about the sale of their home especially with nosy neighbors lurking about, but not to the point where it can hurt them financially.

 

Sellers Should Beware Of Losing Money On A Pocket Listing 

The home may sell for less than market value.  If the home isn’t exposed to as many potential buyers as possible, how can a seller feel confident that they received the best sale price?… They can’t. Only homes listed on the MLS get enough exposure and have a chance to be involved in bidding wars with multiple offers.

A pocket listing, much like homes that are for sale by the owner, will never get the amount of exposure that a traditionally listed home will. An estimated 47% of homebuyers in 2013 found their home through an internet search, not through a real estate agent.

Small concerns may become big concerns. Just like in a traditional listing scenario, pocket listing sellers may have to make certain repairs or concessions in order to make the deal go through. The big difference is that in a competitive environment a seller has more options. Repair issues, as well as appraiser problems and other issues, can be negotiated or even ignored when there are multiple interested buyers.

Buyers Should Always Use A Realtor

Buyers shouldn’t even think about making an offer on a pocket listing without the proper representation of a buyer’s agent. With a pocket listing, the agent represents the seller and will put the best interest of the seller first. By using an experienced buyer’s agent in a pocket listing transaction, you can have peace of mind that the seller’s agent hasn’t overpriced the house. A buyer’s agent will also be able to help navigate an interested buyer through the contract making sure that there’s plenty of time for inspections, etc.

Buyers should also do their best to try and remove emotion from the transaction. Especially when an interested buyer approaches the homeowner directly or tells their realtor to canvas a specific area looking for homeowners that are interested in selling. By showing too much interest in a home, the buyer automatically puts themselves in a position of perceived weakness. The seller now knows that they have something that the buyer really wants.

It’s always best to let the realtors handle the communication between buyer and seller. Experienced realtors will handle everything in a professional manner leaving emotions out of the equation.

 

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Orlando Housing Spurs as Consumer Confidence Pick Up Speed

Posted on by Jenny Zamora

2014 was a significantly sluggish year for the Orlando real estate market. Consumer activity, as well as confidence in the industry, proved to be rather low. But things are changing nationwide and the top Orlando Realtors say “The City Beautiful” will see more consumer activity in the months that lie ahead.

Momentum expected to increase in housing

A report by the Commerce Department showed that the number of new housing projects in the nation jumped by 13.2 percent, far exceeding the forecasts made by the analysts previously. Further, permits filed for buildings nationwide rose eight percent and stood at a figure of 0.7 million more than what was previously expected.

Locally, real estate agents in Orlando explain that demands for new construction work rose because of banks easing up on borrowing costs and their strict credit conditions. Increasing job growth across the nation and the aid of federal stock markets has resulted in improving consumer confidence. All factors together, realtors say, have spurred up the housing market.

In Orlando alone, realtors say they have seen more prospective buyers enter the market in April than in the months before, further increasing the demand for builders. So, the next few months are going to be marked by increased housing momentum.

Factors responsible for the effect

An increase in housing inventory may just be one of the biggest reasons why more buyers are venturing into the market. With the U.S. housing inventory reaching a near two-month high, affordability conditions have improved for many buyers.

Listing agents in Orlando reveal that April witnessed a 16.8 percent increase in the number of previously-owned houses, up for sale. Further, improving jobs and the overall economy as well as lower costs of borrowing has enabled more people to become buyers. The rates of standard 30-year fixed mortgage averaged 4.14 percent – the lowest in close to nine months.

In April, sellers received 5.2 percent more for their existing homes, in comparison with figures from 2013. The median price of such houses was recorded as $210,700 in April 2014. Of the total number of sales closed, 17.5 percent were from properties valued under $100,000. 44 percent of the properties sold ranged from $100,000 to $250,000.

Retailers like Lowe’s Cos. and Home Depot Inc. are in fact forecasting in favor of improved sales after more consumers began making use of the spring buying season. It’s a great time for buyers as well as sellers, realtors add.

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Downtown Orlando To Have More Than 1,000 New Residential Units

Posted on by Jenny Zamora

The month of May in the Orlando real estate industry is all set to be marked by a plethora of new housing programs. Orlando Realtors can count on builders adding more than 1,000 new residential real-estate constructions in the downtown area alone.

On Monday, May 12, “The City Beautiful” reviewed plans for two new residential units. Further, work on a third apartment complex is all set to begin in a week or two. Top Orlando Realtors say several interested investors and first-time buyers have started showing a lot of interest in the projects.

 

Orlando City Council reviews plans for two complexes

The city council met to review the phase-one plans of the proposed “Citi Towers” and “Elan at Audubon Park”. Citi Towers, proposed to be erected on the north-eastern corner of Lake Avenue and East Church Street, will be built by the Summa Development Group if everything goes as planned.

The group had filed an appeal before the city council to replace what is currently known as the Lutheran Towers planned district with the Citi Towers apartment complex. The complex is expected to have 22-story and house 223 individual housing units. The site spreads over 0.7 acres and the complex would include commercial space spanning over 22,300 square feet as well. Developers also requested the council to extend the maximum allowance and let Summa Group raise 710 units in total.

Plans for the Elan at Audubon Park were also reviewed by the council on Monday. Orlando Heights LLC, which owns property on the site, appealed to the council to rezone or reassign a planned development community that currently exists near the Orlando Fashion Square mall. If approved, developer Greystar would be roped in to raise an apartment complex featuring 450 individual units, at the site. The site stretches over close to 20 acres and would be filled with four-story apartments including garage space.

Work on a new residential complex in Thornton Park, Downtown Orlando to begin in May

While the future of the two proposed apartment complexes remains in the hands of the city council, work on a third apartment complex is set to begin this month. The complex would be raised in Church Street of the Thornton Park area and house 299 units. The complex will also house close to 9,000 free spaces for commercial leasing and have 10 individual live-work units.

According to some Orlando listing agents familiar with the plans, a part of the commercial space is to be leased out by one large and two mini art galleries. New artists will be able to display their work and keep the community abuzz with several activities.

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