Tag: Orlando Real Estate

Buying a Home? – What You Need to Know

Posted on by Jenny Zamora

 

With gazillion home listings and realtors available out there, buying a home in Orlando can get a little overwhelming. Having a clear-cut picture of what you want can make hunting homes in Orlando a lot easier. Once you get a good idea about what you are looking for in a house, you can discuss it with your Orlando realtor to get your dream home. Read on, and we’ll tell you how to make your home buying journey a lot less stressful.

 Knowing your budget

 As tempting as it is to first pick out a nice house and then focus on the budget, let’s face it, it’s a bad idea. Chalking out a budget will give you the advantage of zeroing in on houses that are available within that range and sticking to it. Also, make sure you take additional expenses into account while planning your home budget. This could be closing costs or interest rates that add up. The location of the house greatly affects the price, if you have a particular neighborhood in mind, research the house costs. If the house needs fixing, you need to estimate the fixing costs prior to buying the house. While most sellers, renovate their houses before putting it up in the market, some offer houses at a lower price if the buyer is willing to fix the house and bear the expenses that come with it. Estimate the cost of these homes with and without repairs before you make a choice. Talk to your Orlando real estate agent , on whether you want a ready-to-move-in house or don’t mind buying one that needs some touch-up.

Features and amenities

 While the budget largely rules the kind of features the house will offer, Orlando real estate agents  say that there are a variety of homes on sale in Orlando that can cater to everyone’s budget and needs. Start by making a list of features you can’t do without in the house. This is crucial as it is easy to get carried away by that sparkling pool or that rustic library. Be it the number of bedrooms/bathrooms in the house, or the state of the kitchen, ask yourself what are the absolute essentials. Once you’ve got that done, move on to the facilities and amenities in the house. Is it what you’re looking for? Can you get some additional features installed while operating within your budget? Get a better picture of your needs and tell your Orlando realtor about them.

Search Florida Homes For Sale Just Like A Pro!

Many people like to do their own looking around before enlisting the help of a real estate professional with their search. This is the reason why we have a state-of-the-art home search tool that allows potential home buyers to search the MLS just like a realtor…All from the comfort of their own home!

Visit our website and find your Florida dream house. Within a few clicks of your mouse you’ll be on your way to finding the perfect home for you and your family.

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How to Buy a Good Residential Property in Orlando

Posted on by Jenny Zamora

 

Buyers are often left frazzled by the number of Orlando homes that are up for sale. Investing in a good residential property is crucial but most buyers often don’t know where to begin. Starting out, gear up all your research tools to get a good understanding of the home values and mortgage rates in the neighborhood. Then work out a budget and plan on the kind of house you want.

Choosing the locality

 Check out all the neighborhoods and get a fair picture of what kind of homes are present there.  A well-connected neighborhood comes at a price but makes for a good residential property. If you’re looking at buying a house as an investment, choosing one in an area that is picking up pace is a good idea. These hotspots seldom come at throwaway prices though. 

Getting in touch with professionals

Talking to agents can help you understand how the Orlando real estate market functions. While researching on the neighborhood and the homes on sale help, the know-how of Orlando real estate is far better understood by experienced realtors in the area. You’ll get to know what properties are in demand, what’s selling and what’s not. Also, they can help you tackle the tedious paperwork that comes with buying a home. You can talk to your real estate agent about any repairs/ renovations that the house needs and they can help you negotiate a good deal.

 What is the ideal deal? 

It is important that you sign a deal that works out well for you, financially too. Considering you would’ve set out house-hunting with a budget in mind, talk to your real estate agent so you get a home that falls into your budget range. Also, the mortgage offers vary based on how much you invest. Make sure you discuss this with your realtor.

Being realistic while negotiating

 Setting realistic expectations is something every buyer needs to do, or you’re going to be house-hunting for a while. When the asking price is quoted, you cannot expect to buy it at a price that is 20-25% lesser than the original amount. It is likely that you may be asked to make a down payment prior to buying the property. In a competitive market, if a property has a lot of demand, you may have to compromise on the price. Also, negotiate on who will bear the expenses of home inspection and closing costs.

Are you looking to buy or sell a home in Central Florida? Visit us at https://orlandorealtyconsultants.com/  for all of your real estate needs.

 

 

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Latest Trends in Florida’s Real Estate Market

Posted on by Jenny Zamora

With the gaining economic strength of Florida, the housing market is also witnessing a lot of positive growth in terms of buyer interest as well as seller outlook. The market is showing major developments throughout the state but especially in Orlando where many Orlando realtors have marked continuous gains in sales prices for all kinds of houses. Some of the latest trends and positive aspects that this sector is witnessing in Florida include the following:

 

      High levels of inventory

You can find plenty of homes in all price ranges. However, you should not wait, as with high sales volume, the inventory is likely to shrink.

 

Right time to buy a house

It is the best time for a buyer to purchase his/her dream home as the volume of sales is on a rise.

 

Retirement destination

Many of those who have retired recently are coming to Orlando because of the booming Orlando real estate market which offers  many amenities. Apart from that the pleasant climate which Orlando enjoys throughout the year is another advantage.

 Incentives to buy

With the introduction of many housing programs and many amendments in the law being made, it has encouraged people to buy more.

 

 Great price

The prices of many homes have fallen so drastically in the past few years that it was natural for this kind of a boom to take place. It has led to the coming up of many short sale negotiators.

Low mortgage rates

The mortgage rates have not gone up for a long time in this region. It automatically increases the financial power of the buyers.

 

 A state of long term growth

A constant rise in population will naturally lead to creation of better job opportunities. It acts as the foundation for an overall growth including the real estate as well as for short sale realtors.

  Ideal for kids

With more and more people being able to afford their own house in Orlando, their kids get to have a better childhood. They are likely to stay at school and graduate.

 

 A better lifestyle

People here have access to a much better lifestyle.

You get a lot of benefits in terms of community development when you have your own house.

 In the end, if you are planning to buy a house, don’t forget to consider Orlando as one of your options.

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Orlando Realtors Fed Up With Bad BPO’s

Posted on by Jenny Zamora

Bad BPO’s= Inflated Values

Orlando Realtors that specialize in short sales know how important the broker’s price opinion [BPO] part of the process is. The BPO refers to the value of a property as decided by a local real estate agent or broker. It’s important to note that BPO agents are not appraisers. BPOs should be done by taking into consideration the characteristics of the subject property such as similar properties in the neighborhood [square footage, upgrades, etc.] They should also consider other important factors such as the repairs that will take to make the property ready to be put on the market.

Once a contract is submitted to a lender on short sale property. The lender will then order the BPO to be done through a large BPO agency. The agency will then hire a local real estate broker or agent to do it. Most of the time the broker or agent will then do the BPO based completely on electronic data and will sometimes even complete their BPO report before even leaving the office. This means that some of the items such as necessary repairs, neighborhood trends, etc. aren’t taken into consideration often resulting in bad BPOs that a short sale agent receives.

What can an Orlando Short Sale Realtor do to prevent a Bad BPO?

1- Automatically assume that the BPO will be bad or overinflated. This will give you more time so that you’re ready to fight it.

2-Do your own Comparative Market Analysis [CMA] providing at least 5 comparable properties that will help to prove your case.

3-Take a bunch of pictures of any cosmetic, structural, or neighborhood issues that can negatively affect the value of the subject property. You should also take pictures of dated appliances, old water stains, mold and mildewed walls, worn-out wall coverings, and fixtures. Big-ticket items like roof, ceiling, AC, and water heater damages should also be included. You should also take pictures of any overgrown landscaping, broken or deteriorated fencing as well as any other issues with the yard. You should also take pictures of nearby commercial locations that could potentially influence the value of a property.

4-Carefully review the BPO report that was completed by the other agent. Remember… you are the local expert, not them. Take note of how old the comparable properties are as well as the square footage making sure that the comparables provided are a good match for your property. Make sure that the school ratings and nearby amenities were also recorded correctly such as parks, shopping, entertainment, and dining.

5-Make sure that any needed repairs were also considered as part of the BPO, this is a big one! If possible take any pictures of the comparable properties that were used that will help to prove your case with the lender. By doing this, you can prepare a detailed side-by-side comparison showing the lender that the BPO agent got it wrong.

6-Submit your analysis to the bank as soon as possible after you received the unreasonable BPO that was prepared by the Broker or agent. This will not only show the lender that you know your stuff but that you are ready to move quickly towards a resolution.

Once you’ve done all these things, it will undoubtedly make the bank take notice. Remember to always be respectful with the negotiator and use humor whenever appropriate to keep things light. I don’t care who it is, people will always appreciate a good laugh. Then the only thing left to do is follow up, follow up, follow up. At the very least the lender will have no choice but to order a second BPO.

 

 

 

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Florida’s Housing Market Recovery Still Intact After October Hesitancy

Posted on by Jenny Zamora

 Florida’s housing market has been seeing great development in the recent past, even though this recovery process paused in October. According to Florida real estate agents and builders across the state, the underlying trend of recovery is still improving despite October’s setback.

The October setback for Florida’s housing market

Prices and sales were slowly scraping their way back to normality from the housing market collapse. The lower interest rates were doing well to lure buyers looking for their first home. Price appreciation was also doing a great job to boost move-up purchases from buyers who could sell existing homes that were bought in the last few years, without incurring any losses.

However, October presented a few obstacles in this steady recovery process. The partial shutdown of the government that lasted for two weeks seemed to have affected the confidence of consumers. The recent spike in flood insurance costs also hit the desire for customers to buy homes in coastal communities. Along with these reasons, seasonal trends of home-buying injured the number of sales when compared to the buoyant market in summer. Even though sales percentages were up from last October, the pace was slower than a 36% year-to-date growth recorded by the Florida area president of David Weekly Homes.

The housing market is recovery still recovering strongly

Recovery had taken a rapid and noticeable growth spurt in May, though October made itself a nuisance due to dramatic cost spikes in insurance as federal subsidies fell away. There were insurance bills that topped $10,000 which easily scared off prospective buyers. Such insurance bills effectually took away a large provision of inventory from the market. However, even though October was regarded as a small “hiccup” in the recovery progress, buyers are now focusing on newer homes that are less affected by these insurance premium increases. Thanks to this, November sales were off to quite a good start.

Price appreciation has started to bring move-up buyers and sellers back onto the market as their home equity returned. One-time homeowners that were subject to Orlando short sales and foreclosure have now repaired their credit enough to enable them to buy again. Even though it is quite normal for the market to dip at this time of the year, the government shutdown did not help. The biggest problems that are being faced right now are the job markets and consumer confidence. Builders are also not producing as fast as they once did. However, there are many Orlando realtors that remain very optimistic concerning the industry.

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