Tag: Orlando Real Estate

Median Prices of Orlando Real Estate Rise amidst Higher Inventory

Posted on by Jenny Zamora

According to an Orlando real estate industry report, the housing inventory for the city saw a 42 percent hike in February, just ahead of the much-awaited spring selling season. The increase in inventory however is not without an increase in median prices of homes – a phenomenon that Orlando Realtors are attributing to increased demands for residential properties in Orlando.

Orlando Real Estate- high inventory – high demand – high median prices

The overall median price of homes in Orlando for February 2014 stood at $158,000 – 18.80 percent higher than the median price during the same time in 2013 when it was $133,000. With the increasing prices, there has also been a rise in the number of non-distressed property owners entering the Orlando real estate market, providing the inventory a much-needed boost.

The nearly 19 percent increase in median price, despite a 42 percent increase in inventory is because desirable homes in Orlando continue to attract multiple buyers. As a result, these homes disappear quickly from the open market, tightening the inventory.

Considering consecutive year-on-year growth rates, the city’s overall median price has increased 36.80 percent in 31 months, registering year-to-year gains throughout the period. Further, the median price for February 2014 was 5.69 percent higher than in January 2014.

According to Orlando short sale realtors, the median prices increased 18.30 percent for short sales and 12.23 percent for “normal” sales. Condos registered a 16.40 percent hike in their median price, compared to February 2013 while single-family homes registered a slightly higher increase of 17.69 percent.

Short Sales, Normal Sales, and Pending

In February 2014, foreclosures and short sales accounted for 34.27 percent of all home sales. Back in 2013, they amounted to 46.01 percent of the total sales. The number of sales closed in February 2014 was 17.26 percent lower than in February 2013; however, the figure exceeded the number of sales closed in January 2014 by 1.48 percent.

Realtors hold that the slower rate of closure is because prospective buyers, especially first-time buyers, had to face the challenges posed by tighter credits, increased rates of mortgages, and higher prices.

Compared to the corresponding value in February 2013, “normal” sales of residential properties saw a 0.72 percent hike in February 2014. The rate of closure for short sales, on the other hand, saw a massive decrease of 63.53 percent and the sales-closing of foreclosed properties decreased by 15.29 percent.

The number of pending sales in February 2014 decreased by 19.72 percent as compared to the same period in 2013. However, it was recorded to be 9.67 percent higher than the number of pending sales in January 2014. Further, the report also found that homes came under contract or closed, faster in 2014 than they did in 2013. Homes typically spent 76 days, listed on the market in February 2014 as against 84 days in February 2013.

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Money-Saving Additions to Look for When Purchasing a New Home

Posted on by Jenny Zamora

When you are in the process of buying a home, you will have a list of amenities that you consider important or even essential. If you are wise about your home purchase, some of those amenities should focus on cutting down on the cost of owning a home. There are money-saving additions that you can look for when you are shopping for a home that will make your purchase that much more valuable and a few of them are listed right here…

 

Windmills

A single windmill on a property you are looking to buy can shave money off of your energy bill each and every month. A windmill can be set up to collect power in batteries and then access that power at a small but sustainable rate. It does not cost much for a property owner to install a windmill, and it can pay for itself over time. The only problem that can be seen with this is if you don’t have sufficient wind in your area to sustain yourself.

Solar Panels

You can always tell the more energy-conscious property owners by how they use solar panels around their homes. If you are looking at a property with the intention of purchasing it, and you see solar panels on the roof, then keep a lookout for solar panels on other parts of the property as well. Solar panels can be used to power landscape lighting, external security lighting, and even the swimming pool heater as well.

Water Wells

City properties are usually tied into the city water supply, which generates monthly bills for your water consumption. But when you find a property that has a water well or two onsite, then you can save money on those water bills and still have all of the water you need. A water well on your property is one of the many additions to a home that keeps on paying you back year after year. If your home doesn’t already have a well you can be sure to get ahold of a water well drilling company in Alberta, and you will soon be enjoying the benefits of owning your own.

Wood Burning Stove

If you have never experienced the warming power of a wood-burning stove, then you have no idea how much they can save on your energy bills. Some people put ducts on their wood-burning stoves and use the stoves to heat the upper floors of their homes as well. A wood-burning stove is a great way to enjoy a little rustic cooking and heat your home at a discount.

Buying a new home can be a long and exciting adventure but if you aren’t careful you can end up purchasing a home that will cost you an arm and a leg in utilities. As you look at the homes in your price range, you should also be looking for additions that the current owner has installed which will save you a lot of money in the future.

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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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Five Weekend Projects to Elevate Your Home’s Value

Posted on by Jenny Zamora

You want to raise your home’s value – that goes without saying. Should you ever decide to sell, you want to make enough from your existing home to purchase a new home without turning to a company or taking out mortgage loans. Luckily, there are several weekend projects you can take on to raise the value of your home very quickly.

1. Paint

It goes without saying – if your paint job is patchy, fix it. A good coat of paint will fix most problems and takes next to no time at all. A few hours on a Saturday, and you’re good to go. While it might cost a few bucks for the paint, it will raise the value of your home so much more when there aren’t unsightly spots on the walls.

2. Declutter

If you’re going to sell your home, present it in its optimal state – not like you just finished opening presents on Christmas morning. Spend a few hours putting up toys, tools, and dishes, and cleaning the home. Imagine you’re throwing a dinner party, and want to impress the guests with your cleanliness.

3. Spruce up the lawn.

Your landscape matters to the value of your home. If you’ve got overgrown plants, a lawn in desperate need of mowing, or just unsightly flowerbeds, take a few minutes to fix them. Mow the lawn, prune the bushes, and pluck the weeds from the flowerbeds. Spending a few dollars on flowers and planting them can do wonders for an otherwise dull yard.

4. Brighten your lighting.

If you have light fixtures with broken bulbs, or light fixtures that are just unattractive, swap them out for something better. Those fluorescent LED lights that are so common in kitchens? Get rid of them, and replace it with a nice chandelier instead. According to mortgage loan experts in Sacramento and other cities, this small investment will go a long way with lighting and add value to your home.

5. Clean up the bathrooms.

Too many homes have bathrooms that look like they feed straight into the Black Lagoon. If you clean up the bathrooms, scrubbing off any mold and mildew that might be present, your potential buyers will thank you for it in the best possible way – by paying more for your home.

These five projects would only take a few hours to do, and it’s likely you could do them all in a single weekend. Even though they are small, these things are necessary for raising the value of your home, and will pay in dividends later down the road. Besides, it’s nice to have a clean, well-put-together home.

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Orlando Foreclosure Rates Continue On A Downward Trend

Posted on by Jenny Zamora


CoreLogic has some great news for Orlando realtors and the real estate industry in general. The American business intelligence agency that provides financial and real estate information and analytics to businesses and the feds, reports that Orlando foreclosure rates reduced again in December 2013.

This brings in a ray of hope for real estate agents in Orlando who have been worried for quite some time due to the high rates at which properties in the city get foreclosed. Even with a  decrease in the foreclosure rates in December, Orlando still sports foreclosure rates higher than the national average.

Orlando Foreclosure rate 3.65 percent down from same time a year ago

 

CoreLogic reports that 6.69 percent of residential properties in the Sanford-Kissimmee-Orlando area were slapped with foreclosure in December 2013 – 3.65 percent down from the foreclosure rate in December 2012 (10.34 percent).

CoreLogic, which trades on the New York Stock Exchange as CLGX also reported that the national average of residential-property foreclosures for December 2013 was 2.09 percent. Further, the report also revealed that homeowners of the Metro Orlando area had become more regular with their mortgage payments.

The delinquency rate dropped by 4.53 percent in December 2013. CoreLogic reported an 11.04 percent of mortgage payments coming in later than 90 days in December 2013. A year ago mortgage defaulters in the Metro Orlando area peaked at 15.57 percent.

As is the case with foreclosure rates, the Metro Orlando mortgage delinquency rates top the national average of 5.03 percent this year. Back in 2012, the rate stood at 6.40 percent for the same month.

 

Orlando Realtors Anticipate Improved Sentiments In Near Future

The health of a state’s real estate market greatly influences the health of the overall economy of the state. Listing agents in Orlando reveal that reduced foreclosure rates in Metro Orlando are promising news for the Orlando real estate market because it not only signifies that the housing market is improving, it also helps boost the values of other residential properties.

Add to it the fact that lowered foreclosure, as well as mortgage delinquency rates, are elementary proof that the market is less distressed and the financial status of homeowners is improving.  You’ll know why real estate agents in Orlando are tying this news to the hopes of a stronger market and more buyer confidence in the near future.

 

 

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