Tag: Orlando Real Estate

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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Five Things You Should Do Immediately If Your Home Floods

Posted on by Jenny Zamora

A flooded home is a situation no one wants to deal with, but it does happen. The best way to minimize the damage and repair costs is to react quickly and confidently to the situation. With that in mind, here are five things you should do immediately if your home floods:

Shut off the electricity

As soon as the waters begin to find its way into your home, shut off the electricity to protect yourself and your family. Water carries electrical currents with devastating efficiency, and can seriously harm or even kill anyone it comes into contact with. Shutting off the power until the situation is under control will prevent that from happening.

Contact your insurance company

If the flood is serious enough that you have to evacuate your home, or even an area of your home, you should contact your flood insurance provider immediately to get started in handling the paperwork. There will likely be several steps and inspections before the company can sign off on anything, and getting the process started early can save you a major headache.

Protect yourself

If you have to go back into your home, make sure you are properly protected against hidden dangers under the water or potential hazards, such as sewage, mold or chemicals. Wear waterproof boots and waders, as well as gloves. You want to avoid as much contact with flood waters as possible. Be aware of any areas that might have a current running through them due to electricity, and shut off any live connections before entering.

Find a way to remove the water

If the flood is serious, you will likely need to contact a company to help with the damage. These companies have the technology to help pump water out of your home and dry the possessions that remain. The longer the water sits within your home, the more damage it can cause. If your water company offers carpet and other drying services, have them try to dry out your carpet and wet linens to prevent mold from forming. It is also important to find the cause of home floods if it’s not due to weather, suggests professional drain cleaners at Alberta Water services. Broken pipes and drains can cause lots of damage and should be fixed immediately.

Take pictures

You will want to document all of the damage in your home, both for insurance purposes and for figuring out what has to be replaced when everything is said and done. Taking pictures of the damage, the watermarks on the walls and the source of the flood will help in the repair and recovery process.

A flooded home is a major disaster, but taking these steps as soon as it happens will make the restoration process much smoother.

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