Tag: Orlando Real Estate

What is happening with the Interest Rates in Florida?

Posted on by Jenny Zamora

If you are a Florida homeowner, you’re probably wondering what is happening with interest rates. This hike was the Federal Reserve’s latest attempt to combat skyrocketing inflation. But many are wondering how this move will impact the housing market. The truth is that moderately priced homes will probably not be affected as much as higher-priced homes. In the meantime, the rates will increase enough to make buying a home difficult, and even more difficult if the mortgage is more expensive than the current rate.

The average interest rate on a fixed 30-year mortgage in the U.S. reached 5.53% this week, more than double its level from a year ago. Demand for properties tends to soften as mortgage rates climb, eventually leading to a decline in home prices. If mortgage rates continue rising to 7%, home prices in some parts of the U.S. could fall as much as 40%. Sellers in Florida are already starting to lower their prices because of climbing mortgage rates, although it will take a few months. This summer might be the most opportune time for homebuyers.

The good news is that mortgage interest rates in Florida are still lower than the national average. Despite this lower interest rate, home prices, monthly ownership costs, and cost of living metrics in Florida are all comparable to those in other states. That doesn’t mean that buying a home in Florida is any cheaper than elsewhere, but it’s certainly cheaper than many other places. For sun lovers, buying a home in Florida is an excellent option.

Higher mortgage rates add thousands of extra dollars in payments to the homebuyer over the life of the loan. A $429,000 house the median price of a home, according to the St. Louis Federal Reserve Bank, will cost roughly an additional $5,750 per year at today’s rates.

If you’re wondering what’s going on with the interest rates in Florida, you may be wondering how you can get the best deal. As long as you’re paying the right price for the home, interest rates will likely remain relatively steady in the short term. You can also take advantage by refinancing your current loan. But if you’re looking to buy a house in Florida, you’ll probably need to get the right type of mortgage for your needs.

If you’re looking for the best mortgage rate in Florida, be sure to shop around. While you can lock in your interest rate for 30 years, consider a 30-year fixed-rate mortgage. It will provide you with fixed monthly payments for a much longer period of time.

While the interest rates in Florida are lower than the national average, home prices, monthly ownership costs, and other cost-of-living metrics are all at par with the national average. While buying a home in Florida may not be as cheap as buying a home in other states, it is a great option for sun worshippers. If you’re looking for a home in Florida, it’s definitely time to shop around.

In addition to the still lower interest rates, you can also take advantage of housing assistance programs in the Sunshine State. The Florida Housing Department offers various government-backed loan programs and a 0% interest rate loan for closing costs. This loan doesn’t have to be paid back until you sell the house. Aside from the down payment and closing cost assistance, you’ll also be gaining a stake in the state’s booming housing market.

Interest rates in Florida follow national trends. In May, 30-year fixed-rate loans averaged 4.25%. This rate fell to 4.25% in July, August, and September, indicating that the current market is experiencing a downward trend. However, many lenders still offer attractive rates, so it is worth researching your options. Here are the most recent mortgage rates in Florida and where you can find them. You may also be surprised to learn that these rates are still significantly lower than the national averages.

Fortunately, a recent Florida legislative change is helping judgment debtors. A recent change to state law has made interest rates in Florida more predictable. The statutory interest rate is no longer based on the interest rates in effect on the day the judgment was entered. The state legislature attempted to limit interest rates in Florida by setting a ceiling for judgment interest rates and providing a uniform number for some limited situations. These new laws may help judgment debtors in Florida, but only time will tell.

While credit is an important financial tool, it also requires discipline, responsibility, and the right approach to avoid damaging your credit and incurring fines. To get started with credit lines in Florida, contact your local bank.

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Orlando Short Sale Process: Get Rid of Mortgage Issues for Good

Posted on by Jenny Zamora

The Orlando Short Sale Process for Sellers Step by Step

I’ve been an Orlando short sale realtor since 2004 and although there have been changes in rules and regulations, etc., the short sale process for sellers has pretty much remained the same. Going through the short sale process can be intimidating, to say the least. However, by getting a handle on it from the start you’ll have a big advantage.

Why Consider A Short Sale?

A short sale is when a homeowner sells their property for an amount that is less than what they owe on their mortgage. A short sale is often the last resort for people who have exhausted all other options to save their homes and avoid foreclosure.

If you want to keep your home try a loan modification first. Speak with your lender about your situation. You may qualify for a loan modification and avoid having to sell it at all. A loan modification is exactly what it sounds like… it’s when a lender adjusts the terms of your mortgage making the payments more affordable so that you can keep your home.

The Home Affordable Modification Program aka [HAMP] is a program by the US Department of Housing and Urban Development and is a good place to start. Homeowners who qualify for HAMP are put on a 3 month trial period. Those who it through will be approved at the new payment avoiding foreclosure.

If a loan modification is just not an option pursuing a short sale would be the next step. When you speak to your lender about doing a short sale, do it sooner than later and don’t wait until you’ve already missed several mortgage payments. A short sale means that you are attempting to sell your home for less than what you owe on your mortgage which means your lender needs to sign off on it.

What’s A Short Sale Package?

Lenders have a set of rules or qualifications that need to be met before getting approved for a short sale. Although they may vary a bit, all lenders pretty much have the same requirements for their short sale packet.

The lender will require the homeowner to submit any documentation which proves they are going through a financial hardship and truly cannot continue to make the mortgage payments. These documents will include bank statements, pay stubs, financial statements, asset disclosures, and of course a hardship letter. A hardship letter is a letter written by the homeowner explaining in detail why they can no longer continue making their mortgage payment.

Hiring a Short Sale Agent

Speak with an Orlando short sale expert. A short sale can only be completed by a real estate agent so make sure you hire an agent with a lot of experience in the short sale arena to represent you. The best way to find a short sale agent in your area is to do a Google search using terms like “Orlando short sale expert” or “short sale realtor” and interview at least three of the agents that appear on the first page.

Once you’ve chosen the agent that will represent you, they will then put the short sale package together for the bank as well as determine a listing price that the lender agrees with.

Listing your property as a short sale is a next step in the process. The lender requires the home to be listed on the MLS at fair market value.

Once there’s an interested buyer, the offer should be submitted to the lender. Once the lender has reviewed the offer, there will almost certainly be some further negotiating between your short sale agent and the potential buyer before a price is agreed upon by all parties.

 

Short Sales are anything but Short

It’s important to be aware that short sales are anything but short. It can take several months for a short sale to be approved by the lender.

Make sure your agent finds out from the lender if there are any “cash for keys” incentives available to you. This is when the lender gives the seller money back at the closing to help with relocation costs. If you were able to qualify for HAFA for instance, you will receive $3,000 upon closing the deal.

If all goes well and the lender approves the buyer, the deal closes and all is good with the world. You move out [hopefully with a few thousand in your pocket] and the buyer moves in.

 

When can I Buy another Home?

The next question you have is probably… “how long before I can buy another home?”…

There is no black and white answer to this question. A short sale will surely affect your credit but not nearly as bad as a foreclosure will. Also, the IRS may treat the forgiven debt as taxable income. This means you may end up owing some money to Uncle Sam.

There’s no denying that short sales are a great option for a homeowner facing foreclosure. Firstly, It helps the seller avoid foreclosure and eliminate their debt. Also, the seller can stay in the home without making payments while the process is happening.

We’ve tracked some of our clients after a completed short sale. Homeowners can usually get a conventional loan after four years. Again, this is still much better than having a foreclosure on your record. A foreclosure can prevent you from getting another mortgage for up to seven years.

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9 Reasons Why Some Homes in Orlando Sell Faster

Posted on by Jenny Zamora

Why is it that some homes in Orlando sell faster than others?

Have you ever wondered why some homes in Orlando sell much faster than others when they appear to be similar in the same neighborhood? The most obvious three reasons would be location, size, and condition. However, beyond that, some other factors can affect why some Orlando homes sell faster than others.

Great Curb Appeal- Top Realtors in Orlando say that the curb appeal of a home is the number one factor determining the amount of time that a home stays on the market. So if you’re selling a home in Orlando be sure that the front of your house looks the best that it can. Sometimes all it takes is a freshly cut lawn, manicured hedges, and a few colorful plants.

Homes ready to move-in- homes that are in “move-in ready” condition and are marketed as such usually sell much faster than homes in need of repair. Although there seems to be a million Orlando real estate investors buying fixer-uppers right now, the number of retail buyers is much higher.

Local School Districts- Homes that are located in A-rated school districts not only sell faster but also sell at a premium. For a young family, there’s a tremendous amount of value to them knowing that their kids will be going to the best schools. There’s it’s been researched that 1 in 5 Orlando home buyers would pay an additional 6 to 10 percent above their housing budget to be in a good school zone.

Professional Photography- As an Orlando realtor, it still baffles me how many listings I find on the MLS with horrible photos. If you want to sell your Orlando home fast for top dollar, make sure your agent uses top-quality photographs. Sometimes times, especially with our international buyers, people buy homes that they’ve never seen and all they have to go on is the photos. Also, homes in Orlando end up selling for more money when they have quality photos as opposed to homes with amateur-looking photography.

Have it staged elegantly staged- Homes that are tastefully staged sell 73% faster than homes that aren’t staged. If you can’t afford to have your home staged, you should at least make sure it’s decluttered and cleaned so it looks the best that it can for potential buyers.

Setting the listing price correctly- Homes that are priced at market value or just under have been proven to sell much faster than overpriced homes. Consult with your Orlando realtor to determine the correct listing price before putting it on the market.

10-Reasons-To-List-with-An-Orlando-Realtor

Hiring a top Orlando Realtor– Buy hiring an experienced Orlando real estate agent who knows your community like the back of their hand, you’ll not only sell your home faster and for more money, but you’ll have the peace of mind knowing there’s a licensed real estate professional in your corner looking out for your best interests. Be sure to check an agent’s reviews and track record before hiring them.

Video and virtual tours- One thing we do with every one of our listings is to create a unique video showcasing the property. We do this because everyone loves watching videos and we share it on social networks, on the blog as well as the website. We’ve also found it to be a great sales tool to show potential buyers.

Home features- In addition to being an Orlando realtor, I also invest in Orlando real estate, mostly to buy and resell. I can tell you from experience that homes with certain upgrades like granite countertops, upgraded fixtures, and quality flooring. However, you shouldn’t over-invest in these upgrades unless you know you’ll get a return on your investment.

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A Happy Home And A Good Investment

Posted on by Jenny Zamora

Living in a home that is both a good investment and the home you’ve always dreamed of is the ultimate goal for just about every homeowner. If your home is an older home then you probably have to work a bit harder to keep it maintained as opposed to a newer home. If you’re the kind of person that likes to constantly make improvements to your home to maintain or even increase its value. The good news is that the process of increasing the property value of any home isn’t all that difficult. 

Happy Home = Happy Life

People can sense when other people are happy as well as when they’re not happy. If you’re happy in your living space, it tends to be contagious to people that visit your home. Furnish your home with items that fit your taste and interests and no one else’s. Don’t worry so much about what the latest trends in home design if they really don’t appeal to you. If want to change things up a bit and need some ideas, you may want to consult with an interior designer that can work with you on making a few changes that will not only make you happy but also your guests.

 You can also get help from a real estate agent. Experienced realtors can be very helpful when it comes to making recommendations that will add true value to your home. Even if you feel that you will never sell your house, sometimes things change that are beyond your control and if your house’s design is appealing to both you and everyone else, it will be much easier to sell for the highest price.

Use Quality Materials Or Nothing

Whether your home needs a quick facelift or major surgery it’s important that you use quality materials. This is not only about you being happy while you live there but you should also consider that every penny you spend on your home should be an investment. You should make an effort to use designs and materials that increase your home’s value and ensure that your choices will last for generations to come.

Don’t Forget The Exterior
Creating a consistent look between the exterior and the interior of a home is a must. Having a nice front and backyard really enhances the overall feeling of a home and your guests will notice right away. Consider planting a few flowers near the front entrance for a splash of color.

Get Ideas From The Internet

If you don’t really trust your sense of style and you don’t want to spend money on a professional designer then Google it! The internet can be helpful in many ways to a homeowner searching for ideas. You can view countless images of every home design known to man to see what appeals to you and your sense of style.

 Once you have some ideas about how you would like to decorate your home, you don’t even need to leave your chair for the next step. You can do most or even all of your home furnishings shopping online. Great deals are available from private sellers as well as sites like Amazon, eBay, etc. at a fraction of the cost of the major retailers.

 Finding the right design and decor for your property shouldn’t be frustrating or difficult. It should be fun! Especially if you’re creating the look you’ve always dreamed of. If you enjoy the process, it will be easy and rewarding when you’re done. If you need help or ideas on making your home a happy one, call me. I’m here to help!

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Inspiration Through Short Sales

Posted on by Jenny Zamora

 

Inspiration can be found anywhere and it’s all up to the individual and what he or she is inspired by. It can be found on a slow walk on the beach or even traveling 90 miles per hour on a speed boat.

 

Something that’s always inspired me has been helping people. Maybe it’s the mother in me, but whether it’s helping my sons put on their soccer cleats or helping someone to short sale their home and avoid foreclosure, the biggest reward for me is seeing that look on someone’s face when they’ve accomplished something that they thought to be impossible.

 

 
Sometimes it’s easy to get derailed from what’s really important in life. One minute you can be in a great mood just driving down the road then an impatient driver cuts you off or you get a flat tire. Then, all of a sudden your in a bad mood and frustrated and you allow it to ruin part or even the rest of your day.

 

 

When you look at the big picture, instances like these are just little obstacles that are part of everyday life and making them out to be anything more is just a waste of your time and energy. So don’t sweat the small stuff!

 

 
Working as a short sale realtor in Orlando, I’ve had clients get discourage and frustrated about how long it’s taking their lender to process their short sale, or if it will even get approved! They have to live with a sense of uncertainty about what the outcome will be which can be mentally draining. Although their frustration is warranted, it’s a complete waste of time and energy to worry about what’s out of your control.

 

 
Having completed thousands of short sales over the years, I’ve become a counselor for distressed homeowners in helping them to deal with the emotional side of the process. Potentially losing your home can be stressful and even mentally crippling, especially when you have a family that’s depending on you to keep a roof over their head.

 

 
A real estate agent’s role in completing a short sale is basically a middle person between the seller and the short sale lender. If a seller takes their own sweet time in sending me documents that the bank is requesting yesterday, then they’re only hurting themselves. In this case procrastination is the homeowner’s worst enemy.

 

 
I try to get my clients to maintain a positive outlook on the situation and focus on the desired results, which is to complete the short sale on their house and avoid having a foreclosure on their record and even get them a few thousand bucks back from the bank at the closing. Keeping a positive attitude throughout the process will only make things easier and help to reach their goal.

 

 

Although short sales are never guaranteed, if you have the right team fighting for you, then at least you’re giving it your best shot. If you or someone you know need help with an Orlando short sale, give me a call 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sale-experts/

 

Orlando short sale agent

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