Tag: Orlando Real Estate

5 Real Estate Investment Tips for 2014

Posted on by Jenny Zamora

 

While property investments yield great returns, one must understand that there are certain things governing the property market. So, what are the things that you need to keep in mind before investing in real estate in 2014? Read on to know more.

 

 

Investing in a property has always been a great idea. Whether residential, commercial, retail or industrial, real estate investment has most often been considered one of the best and secured forms of investments. However, with each passing day, changes are rapidly coming up and the same is applicable for real estate investment. So, what are the things that you need to keep in mind for investing in the real estate for 2014. Here’s how.

Have a Clear Understanding

Having a clear understanding is very crucial to property investment. Always keep an eye on the ups and downs of the demand and supply of the market forces. As a prospective investor you must be aware of these ups and downs of the property market and how will these have an effect on the property market. One of the advantages of understanding such market forces is that, it empowers one with the ability to predict market trends.

Chalk a Strategy and Time Frame

Needless to say that a proper strategy and a time frame are equally essential in order to justify the idea of real estate investment; this is crucial to set realistic and achievable goals. This idea is applicable to both long-term and short-term goals; one you have set the goals, chalk out a proper budget and a plan of executing all of them in a proper manner. A budget is essential as this will help you stay focused and move in accordance with the right track. Remember that a plan chalked at the initial stage helps one stay disciplined with the investment methods.

Conduct a Proper Research

Always ensure that you conduct proper research on yields, returns and other areas of real estate. Find out about the current rates and if possible compare them with previous years. A keen interest in the demand and supply of the property market are essential as this will enable you to determine the expected rate of growth and estimate the rental returns on a more accurate basis. Do not forget to check out on anything that can affect the rental returns; for example construction of an array of new apartments may lead to an oversupply in the property market. This can have an adverse effect on the returns; as an investor you need to be more cautious about investment in such a scenario.

Learn to Negotiate

Mastering the art of negotiation is very essential to be able to go ahead the process of real estate investment. For example, if you are borrowing a loan, always ensure that your loan comes with a package and right manner. Understand that the market offers several home loan packages and 2014 will probably see more of that; but a good deal does not mean that it will co0me with the lowest interest rate. But there are several packages that come with multiple features. It is advisable that you opt for a package after comparing the available ones in the market.

Seek Expert Opinion

While you do have to take things on your own, seeking expert advice is always good. Seek expert advice while at the same time conducting your own research. You can seek the assistance of a reputed real estate agent. Place your requirements and to the agent and explain what exactly you are looking for. This will help you achieve your investment goals with more ease.

Whether you are investing on residential real estate or commercial real estate or any other form of property, weighing the pros and cons are is of significance before making a major decision about investments. 2014 is predicted to be a good year for investments. So, if you have any intentions about investing in real estate, go ahead without any second thoughts.

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Orlando Homes Face Tougher Mortgages

Posted on by Jenny Zamora

Prospective home purchasers have observed a significant price shift in house prices in the metropolitan Orlando area. This is coupled with a rise in mortgage rates and tougher mortgage rules for customers who carried substantial debt all through 2013.

Painful increase

According to Orlando realtors, Orlando homes put up for sale in the market have seen a sudden 20 percent increase in their listed price. According to Orlando Regional Realtors Association, buyers who bought a home for the first time at the fag-end of 2013 within 85 percent of the median price, and with a 10 percent down payment, were liable for an approximate monthly mortgage payment of $626, excluding insurance and taxes. This can be compared with the 2012 first-time buyers who paid just $453. As per calculations by Orlando real estate agents, the increase in mortgage payments will saddle homeowners with an extra $2,000 a year when it comes to housing expenses.

This is evident in the words of Teresa Myers, a Cocoa resident who has been searching for an Orlando house to reduce her husband’s commute time. She has informed the realtors in Orlando about her $200,000 budget and is still looking for an ideal home.

Adding to the woes of the buyer is the fluctuation in Orlando mortgage rates. The mortgage rate in Orlando has fluctuated all through 2013 for the fixed-rate 30-year mortgage, climbing from 3.46 percent in December 2012 to 4.57 percent in December 2013. According to economists, the mortgage rates in Orlando and also in the rest of the country will rise to five percent by the turn of 2015.

New mortgages harder to get

According to the US Census Bureau, homeownership in the Orlando metro area has reduced from 71 percent in 2008 to 63 percent in third quarter of 2013. Thus, a number of residents are finding it more convenient to rent a home than to own one. This makes more sense for would-be home buyers due to the new restrictions on mortgage qualifications, which were made effective from January, 2014.

New rules were introduced by the Consumer Financial Protection Bureau, which disqualify buyers from getting a standard mortgage if their credit card, auto payments and other debts totals 43 percent or more of buyer’s monthly gross income. The debt to income ratios of prospective homebuyers could reach as high as 50 percent in previous years.

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Orlando Home Prices Continue to Go Up

Posted on by Jenny Zamora

For Orlando realtors, the upward trend is set to continue as Orlando home prices continued to go up in January to $149,950, clocking an 18.1 percent increase compared to about $127,000 in 2012. However, according to the Orlando Regional Realtor Association (ORRA), the median price in January went down 6.28 percent compared to December.

Home sales and tax exemption

For most Orlando real estate agents, sales were a little bleak with ORRA members publishing 1,800 home sales, a drop-off of 10.67 percent when compared to January 2013. When compared with December, it is a 26.32 percent decrease. According to Zola Szerencses, the chairman of the ORRA, the decline in December to January sales is partly due to the annual December rush to close sales before the year ends.

Szerencses informed that the principal financial boom of homeownership is the homestead tax exemption and owners must possess their new home before January 1 of any New Year to claim the exemption in the New Year. He also said that the interest rates rise in 2013 has worsened both years to year and month to month decline reported for January.

Metropolitan Orlando

According to a report published by Florida Realtors, residential prices increased throughout the Central Florida region during 2013. In the metropolitan area of Orlando, including the Seminole, Lake, Osceola, and Orange counties, the average price of a home increased by 20 percent to $165,000.

Nearby Orlando, the sale prices of homes in both Polk and Volusia counties were more than the rest of the state. According to Orlando real estate agents, the median price increased 17.2 percent in Volusia to $124,250. Sale prices increased 16.2 percent to the median $122,000 in Polk County.

Unequal increase

In Orlando and its adjacent areas, nominal growth was showed only by Brevard County. Prices in that area rose by 6.8 percent and reached a median of $125,000 in 2013. The sales pace was slower in Metropolitan Orlando when compared to Florida. Total sales amounted to 27,381 units of single-family homes, about 6.4 percent increase compared to 2012. Other parts of the state showed double the number of sales.

The townhome and condominium sale prices of metropolitan Orlando exhibited bigger gains than the home prices of the area. The asking price for multi-family residences in the metro area increased 25 percent during 2013 to reach the median of $95,000.  Orlando condominium prices were at their lowest about five years ago.

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Simple Installations At Home: 5 DIY Projects That Are Worth It

Posted on by Jenny Zamora

Completing DIY installations can not only save a homeowner a great deal of money but can give him or her confidence in basic skills that involve areas like plumbing, painting, tiling, or carpentry. Generally, the more successful DIY projects a person completes, the more confidence he or she gains. Here are five simple DIY installations:

Install Resilient Tile

Resilient tile is easy to install, especial if it’s self-stick. Whether it’s self-stick or not, the sub-floor needs to be clean and level. It’s also a good idea that the tiles be dry applied before they’re pressed on. Even with self-stick resilient tile, it’s also a good idea to add a sealer and adhesive to make sure the tiles really stick.

Install a Tile Countertop In the Kitchen

Unlike stone countertops, a tile countertop is something a DIYer can do without help. Because tiles come in so many colors, textures and patterns, the homeowner can create a very unique look. Applying layout lines and dry run layouts will greatly help in creating a countertop that’s beautiful, durable, and unique.

Install a Shower Surround

This might take two people to wrangle the shower panels into place. Since existing wall tiles will need to be removed, walls patched, holes drilled and panels installed, the installation of a shower surround might take the better part of a long weekend. However, a new, dramatic shower surround is worth it just for its looks alone.

Install a Door Casing

If the current door casing looks a little careworn, it’s fairly easy to replace it with a brand new one. It does take a bit of measuring and sawing, but the homeowner can choose the type of molding he or she wants and the results can be quite stunning. One tip to make the job go more smoothly is to make sure that the wall doesn’t have a bump, which can make it tough for the casing to lie flat. Any bumps can be smoothed out by a rasp or a hand sander.

Install a Skylight

Installing a skylight can actually be a DIY project if the homeowner isn’t too anxious about working up on the roof. As an extra safety measure to help get you and your materials on the roof. It’s also a good idea to check with the town’s building authority to see if any codes need to be followed and if permits are needed.
Though they might not be the easiest projects to do, these five installations shouldn’t be too challenging for a novice DIYer. If done correctly, they are certainly worth it. If you’re looking to do these DIY projects in order to sell your home in Orlando, you may want to consult with your Realtor first.

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Over 700 New Businesses Crop Up In Central Florida in a Month

Posted on by Jenny Zamora

According to records maintained by the Orlando Business Journal, Central Florida and Orlando real estate area was home to 714 new businesses, all in the very first month of the New Year. The weekly newspaper company collected public records around Central Florida and found that in the month of January 2014, a total of 714 new businesses covering a wide spectrum ranging from smaller hot dog carts or mobile food vans to the larger businesses like ad & marketing agencies and law firms, opened up in the area.

300+ new businesses in Orlando

Among the 714 new businesses in Central Florida in January, close to 300 businesses opened in Orlando. These include several restaurants, subcontractors, retail stores, wholesale stores, tile companies, administrative offices, air freight and attorney offices, wedding services,  delivery services, importers and exporters, event planners, auto sales, auto repair, car wash garages, cosmetologists, medical doctors, massage therapists, personal finance managers, graphic designers and photographers to name a few.

Residents can now eat out at the Schumanns Jager Haus LLC, Qarma Crepes or Bosphorous Turkish Kitchen LLC, shop at the Kiki Caribbean Market LLC, Bevfly LLC, Sweetheartz USA Inc., B&B Multi Services Caribbean Store or D Vapor, groom themselves at the European Wax Center, Pasarella Salon & Spa, A All About Hair Design, Fantastic Sams, Great Looks Salon, Khush Threading Herbal Salon, Next Cut or the Vamp Hair Studio, hire vehicles at I Transit International LLC or purchase from the Terra Firma Auto Group Inc. and Utuado Auto Sales LLC.

The locality now also has new clinics in the Florida Nephrology PLC, JML Diversified LLC, and Solutions Weight Loss to name a few as well as cooking instructors, chefs, a new community home- the 2 Heart To Heart Group Home Inc., private investigators, psychic readers and NGO offices to name a few.

Orlando realtors are hopeful the housing market will flourish

Real estate agents in Orlando attribute the city’s growing reputation as an industrial center to the impressive setup of so many new businesses in one month. According to realtors in Orlando, even though Florida no longer provides moving incentives to entrepreneurs and businesses, the state’s economy and real estate market, in particular, have benefited from the slow but steady growth of the U.S. job market.

The tight supply of homes and improved interest rates for mortgages has improved the confidence of contractors as well as home buyers. As new housing settlements get chalked down, associated businesses begin setting up, and the two support each other simultaneously.

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