Tag: Orlando Real Estate

Orlando Realtor’s income up by 25%

Posted on by Jenny Zamora

Recent studies by the National Association of Realtors show signs of promise for today’s real estate professionals. For the second year in a row, business activity rose for real estate agents since 2011. The gross median income for an Orlando realtor in 2011 was $34,900.00 and in 2012 it shows that realtors made an average of $43,500.00. The numbers aren’t in for 2013 yet but you can bet that the average Orlando realtor’s income is even more than it was in 2012. This is great for the industry because more agents will be able to continue working as agents instead of having to find another job because of market conditions, as was the case in 2007-2008 when soo many agents just weren’t making enough money to survive.

Real estate agents that have been at it for a while of course make considerably more. Agents that have been in the business for more than 8 years showed an average income of $58,300.00 for 2012. It’s like anything else in life, the more work you put into it, the more reward you will get from it. On the opposite end of the scale are newbie realtors [2 years or less] who only averaged $$9,700.00. For these agents, they are facing an uphill battle and more than half of these newer agents will get frustrated and eventually seek employment elsewhere.

Realtors Working twice as Hard for the Same Money

Studies also show that a realtor back in the most recent peak of the Orlando real estate market in 2006 was making twice the amount of money for the same amount of work. Now the tables have turned. A realtor these days has to work double-time in order to make the same income they were making 7 years ago. With all the new laws and regulations in place, realtors have to really know what they’re doing. Not too many transactions are easy to get closed, there seems to always be an obstacle or two or three, especially when you’re trying to close on a short sale. Real estate transactions these days require skill, competence as well as patience to get them closed.

 

Orlando short sale expert

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How Does Your Credit Score Affect Your Mortgage?

Posted on by Jenny Zamora

 Before you apply for a mortgage to buy your dream home, check your FICO score. It is a key determinant of the interest rate that lenders are likely to offer you. A good FICO score makes you a less risky borrower in the eyes of lenders. Naturally, they’re willing to earn your business by offering you a competitive rate of interest. A lower interest rate translates into savings amounting to thousands of dollars over the life of your loan. So, pause, and think if you should improve your credit score to become a favored borrower, or go right ahead as your credit history is nothing short of impeccable. To make this decision, these tips may come in handy.

–          A credit score of less than 550 makes you a deep subprime borrower; you may find it hard to get a mortgage or bear a high-interest rate and stringent and/or inflexible terms and conditions

–          A credit score between 550 and 620 makes you a risky, sub-prime borrower

–          A credit score between 680 and 740 makes you a less risky, prime borrower

–          Any score over 740 makes you a super-prime borrower; you are highly likely to be offered the lowest mortgage rates available.

If you’re looking for a home in Orlando, Fl then you should hire an experienced Orlando Realtor to help in your search. We dedicate ourselves to helping people buy and sell Orlando, Fl real estate.

 

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A Few Simple Tricks That Will Help You Maximize Your Profit When Selling Your Home

Posted on by Jenny Zamora

When people are moving to a new place it is quite normal that they will actually not need the previous one anymore. You have two options on how to proceed here: you can either sell the property or give it for rent.

Selling is considered the most reasonable action you can do in this situation as you only sell the place once, take the money and stop worrying about it. However, here comes the very important part of how to successfully sell your place so that you can be sure you will take it at a good price. The next piece of advice should give you some basic details on what you have to do in order to maximize the profit of your home sale. The first thing you have to do is make sure your place is visually exciting. After all, everyone is interested in appearance no matter what they say. So if you want more prospective buyers make your place visually attractive. Clean it well and make sure to repair everything that is broken or malfunctioning.

Remember, the most important rule that applies here is that if you want to sell your place at a great price you should make people find in your home something they cannot find anywhere else. So if you have a beautiful garden make it gorgeous, plant as many flowers as possible, clean everything unnecessary and make sure to remove all the weeds. We understand that renovating procedures might be a bit expensive but they are the way to a successful deal. And we can assure you that the amount of money you are going to invest in order to renovate the place will return as a part of the price. The truth is that there are people who want to pay more money but to make sure they are moving into a really great house. You can also think about whether you want to sell the place with the furniture as many people prefer to buy already furnished places so that they could simply move in. And if this is the situation and you are looking at selling your place this way you can be sure that any investment is absolutely worth it.

The simple truth is that when you announce your home is for sale you are actually publicly exposing it to be viewed and commented on. And you should arrange everything to present the place in the best possible light. A simple sign saying “For Sale” is not enough to bring you, customers. You need to actively promote it via all possible means such as the Internet, local newspapers and magazines even in the local shop. Make sure the place looks appealing not only from the inside. After all who will wish to come and see it from the inside if it does not look attractive? Make sure the lawn is well mowed and there is no trash in the garage or in the basement. And if you have too many items at least make sure you have arranged them in a way to looks organized and tidy.

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Orlando Home Sales Show Continued Increase

Posted on by Jenny Zamora

 

Rising interest rates and property values drive Orlando sales up by fifteen percent

The numbers are in and home sales are up! Median home prices jumped more than 25% this July compared to July of 2012. This is the greatest increase we’ve seen year to year since the peak of the Orlando real estate market back in 2006, as reported by the Orlando REALTOR Association.

Steve Merchant, the current ORRA Chairman, says that continued price increases are jump-starting buyers to take action. People have a sense of urgency now because they feel like soon they will be out of reach of still getting a good deal on an Orlando home. Mortgage interest rates are on the rise just as fast as home prices and potential home buyers are trying to get in on a good opportunity while they still can. It’s now wonder why home sales are up by fifteen percent when compared to July of last year.

Click here to  check out current market statistics, mortgage rates, as well as how many new listings are coming on to the market.

Are We Headed for Another Bubble Burst?

With this dramatic increase in home sales and property values over the past couple of years, one can easily speculate and say that we are headed for another market crash sooner than later. When you look at it, this was kind of the same pattern that was taking place back in 2004-05. Property values were increasing at astronomical levels, buyers were like hungry sharks and banks were lending money like it was going out of style. It’s impossible to predict how all of this will play out over the next year or two but I’m hoping that people don’t forget what not only Orlando went through but what the entire nation went through when the market crashed in 2007.

Potential home buyers should beware to not fall into that trap of feeling of having to buy a property as if their life depended on it.  Many times I will recommend to certain clients to rent as another option to buying. To some people it just makes more sense to rent and even though I lose a potential buyer by doing this, it’s my job as an Orlando realtor to do what’s in the best interest of my client.  I believe that many home buyers are set up to fail just as soon as they sign those closing papers. You have to be realistic with your financial situation. People tend to let their emotions get involved when purchasing a home and that’s OK to a certain extent but it can also get you into deep water. Don’t let that thought of yourself having margaritas with your friends in the pool of that house you just fell in love with [that you really can’t afford] cloud your judgement. Buying in a new house is a special feeling kinda like being a newlywed. However, just like a marriage if you picked the wrong one, your headed for some pretty rough times. 

 

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Orlando’s Real Estate Boom and How to Take Advantage Of It

Posted on by Jenny Zamora

The Orlando real estate scene has seen renewed residential construction activity this year. According to Real Data Apartment Market Research, more than 6,100 dwelling units are being constructed in the Orange and Seminole counties – double the count of September 2012. Central Orlando and the areas near the University of Central Florida have seen frenetic construction activity. Another 5,000 units are being considered for development in Orlando.

Price recovery

Resale homes from Orlando short sales residential markets are now selling at a higher price compared to last year. The average resale price for a single-family unit in the four-county metro area of Orlando is $172,000 – an increase of 22.9% when compared to the previous year’s price. It is a clear sign that the economy is progressing towards recovery.

How to take advantage of Orlando’s short sales

Foreclosures usually mean an advantage for would-be buyers. But all is not rosy on the property front. Short sales are usually accompanied by costly problems. Buyers must be aware of a few facts before they sign the check to buy a short sale property.

   * Property problems should not be ignored. Prospective buyers should understand that the previous owners were unwilling to part with the property. They tend to take their frustrations out on the construction before leaving. Many of the original owners willfully damage the interiors before they move out. Besides this, many Orlando short sales properties have been lying vacant for an extended period of time. This gives rise to mold, termites, leaks, and filth. Squatters further damage the residential unit.

* This problem is further compounded by the fact that banks are not required to furnish the disclosure statement generally required from a standard seller of a property. It would not even reveal whether the dwelling unit was constructed from quality materials or not. The rule of thumb, in this case, is that if the house is between 15 to 30 years of age, then there is a strong possibility of it requiring some expensive repairs.

*The buyer should physically inspect the home. It is better to physically go to the house and ask all the required questions. If there is an existing problem, the buyer should ask for repair estimates. If required, specialized inspectors should be called in before making an offer.

*Insurance and Legal information should not be ignored. A disclosure statement would state whether the house is constructed on a flood plain. If it is so, the buyer will have to pay thousands more a year as additional insurance costs.

If you’re interested in seeing what properties are available, contact an Orlando Realtor to get the ball rolling.

 

Orlando short sale expert

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