Tag: Orlando Real Estate

Cash Deals Dominate Orlando Real Estate In The First Quarter

Posted on by Jenny Zamora

An industry report from the last quarter of 2013 found that the state of Florida led the nation in cash sales for the year. Another more recent report released on May 7, shows that six months later too, cash is still king. Well, in the Orlando real estate market at least.

The residential real estate market of Metro Orlando was dominated by cash sales in the first quarter of 2014 – a claim all the top real estate agents in Orlando will confirm.

Over Half Of Orlando, Real Estate Buyers Prefer To Deal In Cash

In the last quarter, the sale of more than half of all the homes sold were cash deals. Standing tall at 56 percent, the percentage marks a significant increase from the number of cash deals struck last year. The percentage of cash-only sales jumped by four percent from the previous quarter and by a whopping 25 percent from the previous year.

Same time last year, cash-only residential real estate sales made up 31 percent of the total sales. Last quarter the percentage was 52 percent. The surge in all-cash sales was accompanied by a decrease in investment-based sales, however.

According to the report, the number of people who bought 10 properties or more, within 12 months, reduced from 8.2 percent in the last quarter to 7.2 percent in the first quarter of 2014. The number stood at 8.6 percent at the same time last year.

Osceola County led the four-county neighborhood with 60 percent cash deals on homes. The lowest in the group was Seminole County, with 47 percent cash deals.

Top Orlando Realtors Agree

Realtors in Orlando say the surge of cash deals in housing transactions could indicate strong buying sentiments from international buyers, like the Canadians. Cash buyers from up-North were also attracted by the cold winter this year, some real estate agents say. Such attention is largely unwanted because cash sales make it difficult for first-time buyers, who are typically reliant on mortgages, to compete in the buying market.

Further, the number of underwater homes was recorded to be significantly high in the Metro Orlando area. Underwater homes are those that are priced less than the mortgage owners owe on them. Another industry report has previously ranked Orlando fourth in the nation, in terms of financially underwater homes.

Though not good for the real estate industry, buyers could definitely make the best of the high percentage of underwater homes, which will typically cost them lesser than full valued homes. 

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More People Sign Contracts as Orlando Real Estate Picks Up

Posted on by Jenny Zamora

The summer buying season is traditionally associated with increased customer activity across the nation and 2014’s season was expected to be no different. Orlando Realtors overall have spoken of more and more prospective buyers in Orlando making offers on listed properties since the beginning of the buying season. We now have records that reaffirm their claims.

A new industry report cites that the number of U.S. buyers signing contracts to purchase property increased in May 2014. The hike signals an increased likelihood of the housing market picking up soon, following the early months of sluggish business. Some Orlando real estate agents familiar with the rise, credit an additional distinction to the event – an increased number of signed contracts has been seen for the first time since June 2013!

Significant rise in the index of pending sales

The indicator of pending residential real estate sales rose 3.4 percent in May 2014 with the seasonally adjusted value standing at 97.4 at the end of the month. The index of pending sales still remains 7.9 percent behind the corresponding value in the May of 2013. The 3.4 percent increase, however, does mark the first time, buying activity increased in close to nine months.

A gap of a month or two exists between the signing of a contract and the completion of sales. But the real estate industry considers pending sales to be a reliable indicator of future purchases. Further, with the economy improving and banks becoming more lenient in their mortgage-lending drills, more Americans are expected to sign contracts.

Sales of older homes, however, fell to their lowest levels since the July of 2012. In a period spanning eight months, sales of older homes fell seven times in a row. The numerical value of the dip was rather low. There exist some market specialists and real estate agents in Orlando however who hold that the sale of existing homes may have just reached the floor level.

US Housing market recovering from the relatively inactive winters

Economists and market watchers had previously made a forecast of weak sales and new housing constructs, largely due to the sluggish sales in the first two months of 2014. The nine-month increase in the number of pending sales comes as a heartening sign – not only for realtors but also for home buyers and sellers.

The May increase does reflect a partial recovery from the sluggish winters at the least. All over the U.S., sub-zero temperatures, snowstorms, and uninviting weather, in general, kept potential buyers from exploring new properties. The first two months of 2014 too, as a result, experienced very little or no activity from prospects. Further, for most of the second half of 2013, prices of houses went high due to a finite availability of homes.

The summer buying season is, however, marked by an increase in inventory and increased buyer activity. A good time to make an offer, realtors say.

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SunRail Fuels Housing Development in Central Florida

Posted on by Jenny Zamora

More than 3600 housing projects get underway

In the month of May, we saw the $1.3 billion SunRail commuter system run its first lap and if the first couple of days of service is any indication, the new commuter rail system is going to be a Central-Florida favorite! With close to 10,000 commuters onboard each day, in the first few days, the ride exceeded expected traffic (average of 4,300 commuters a day) by epic proportions.

While a lot of it could be all the buzz about the new inauguration or the free rides that SunRail has been providing since Day 1, market watchers believe there is more to the enthusiasm than just the attraction of the new system. Local businesses, jobs, construction activity, and real-estate activity are expected to surge around the 12 stations and their neighborhoods.

Realtors In Orlando Eye Transit-Oriented Development

Transit-Oriented Development, popularly known as TOD is expected to dominate Central Florida and become the key driver of the Orlando real estate and construction industry. Enthusiasm can be seen in the market as Central Florida moves towards being deemed as a “rail city of North America” and Orlando realtors couldn’t be happier. Why?

Because TODs are associated with increased buying and selling activity. Between 2016 to 2018, industry hubs and TOD districts are going to spring up in large numbers but real estate agents will be able to see increased activity much before that, in the form of anticipatory purchases and real estate investments.

Neighborhoods around transit systems are typically good places to live and work. Savvy real estate buyers begin purchasing properties in advance – a decision that makes good financial sense since prices shoot up once the neighborhoods develop into hubs in full swing.

Does it mean it’s a good time for investors and first-time buyers to consider buying a property? According to most industry watchers, it is. Central Florida also has a lot underway for residential and commercial buyers, as well as local businesses and job-seekers.

Orlando home buyers to be served with a host of new opportunities

14 new construction starts, worth a total of $785 million are up and coming within a ten-minute walk from the 12 SunRail stations of the first phase. According to listing agents in Orlando, these include 1,150 residential units that Orlando buyers have already started investigating.

Further work on another 13 projects worth $765 million in total is expected to begin soon, including the construction of 2,680 residential units. Industry insiders suggest interested parties or first-time buyers who have been waiting for an opportunity to invest to begin contacting realtors since the units are expected to get sold fast.

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Orlando Short Sale Help – VIDEO

Posted on by Jenny Zamora

Orlando Short Sale Help 407-902-7750 Video

Today’s headlines are filled with stories about homeowners going through financial hardship and having to face a lender’s foreclosure on their Orlando property.

The majority of loan modification programs fall short but there’s another way out. It’s called a short sale. It’s when a lender agrees to a sale of a property for less than what the property owes. But you need an experienced short-sale realtor to make sure everything gets handled correctly in a professional way.

We specialize in doing Orlando short sales.  The short sale realtors on our team have proven to be the best in Orlando at what they do. Through years of experience, our agents are very well equipped to handle any situation when it comes to processing a short sale from start to finish.

Are you or someone you know facing foreclosure? Come in and speak with one of our short-sale experts. Or you can visit us at https://orlandorealtyconsultants.com/

Don’t believe things you may hear about short sales being impossible to close and about how they can take forever. Short sale timelines are getting faster and lenders are starting to get their act together.

Find out who the top short sale agents in your area are. Our agents close 99% of their pre-foreclosure listings. This is more than 3 times the national average.

We have buyers for these properties and know how to get these offers accepted quickly by the lenders and get the deal closed. Over the years we’ve helped thousands of Orlando homeowners get out of upside own mortgages and move on with their lives by doing a short sale on their homes.

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Home Prices Expected to Rise Through the Next Year

Posted on by Jenny Zamora

Market reports at the end of the first quarter of 2014 reveal the US real estate industry is inching toward increasing home prices. Almost 20 percent of the nation’s metro residential real estate markets have freed themselves from the pangs of declining home rates experienced during the recession. Further, the median prices of homes experienced a one percent hike nationwide.

Amidst the new information, is speculation that home prices would continue to grow through the four subsequent quarters. According to analysts, a 3.3 percent hike in home prices can be expected through March 2015.

Homes To Sell At Pre-recession Prices by March 2015

Compared to peak housing prices in 2007, before the market crashed and housing prices fell by 22.6 percent in 2011, the nationwide increase in 2014-Q1 is still low by 13.5 percent. However, compared to last year (fourth quarter of 2013), the value of homes saw a nationwide increase of 0.5 percent.

According to a recent industry report, 527 cities and towns out of the 6,781 that witnessed at least 10 percent decline in housing prices, have already recovered or will recover by March 2015. Further, in close to 60 metro housing areas, prices have already exceeded (or are predicted to exceed) the pre-recession values by 2015.

Affordability Not A Concern For Orlando Home Buyers

Orlando Home buyers need not be concerned about the steady appreciation in housing prices. Not yet at least, according to a majority of the real estate agents in Orlando. Top realtors hold that housing affordability will not be affected by the rise.

Affordability has been strong and will continue to be so in a majority of metro markets including the Orlando real estate market. In a couple of markets, however, San Diego, San Jose, and Los Angeles to name a few, the situation is a little different. According to the report, affordability is already a concern for these metros, with rents rising 2.7 percent from their value in the first quarter of 2013. Low affordability often causes home values to drop in certain places, especially when buyers are forced to look for affordable housing farther from the business hubs and urban job centers.

For metros, where affordability is not a concern, the first quarter presents some great home-buying opportunities. Rates of fixed and variable-rate mortgages have reduced significantly and banks have become more lenient in lending.

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