Tag: Orlando Real Estate

2012… Year of the Orlando Short Sale

Posted on by Jenny Zamora

Will 2012 be the Year of the Orlando Short Sale? 

Since mid-2006, residential values in Florida have declined by 51 percent. Hundreds of thousands of properties have been, or are, in foreclosure and huge numbers of homes have been repossessed. Check out these numbers for the state of Florida.
• 150,000 residential properties in Florida have been repossessed, and are now REO’s.
• 371,000 foreclosure cases are open in courts today.
• 530,000 residential mortgage loans are at least 90 days past due and in default.
•265,000 homeowners have not made a mortgage payment in more than two years.
•1 million residences are in some form “distressed,” whether in foreclosure, owned by banks or in default.
• 46 percent of mortgages are “under water” … in other words, the debt exceeds the current market value of the residential property.
809,… this is the average number of days to process a foreclosure in Florida — It’s easy to understand why Orlando short sales have become so popular with both lenders and sellers, because are the best option for both parties and they create positive movements in the total market.
Will 2012 be the Year of the Orlando Short Sale? I think so, I also think that 2013 might be an even stronger Year of the Short Sale in Orlando because of the volume of pending foreclosures.

There was a group of 150 people that consisted of analysts, lawyers, bankers, real estate agents and developers who attended a forum that more lenders are warming to short sales. They all agreed that distressed homeowners are overcoming their psychological hurdles and coming to terms with the financial implications of an Orlando short sale.

Although, the impacts of Orlando foreclosures and short sales and the fear of more to come are still a threat and prevent value appreciation from returning to its previous levels, there are still some positive signs of growth in the market.

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Google Maps, A Great Tool When Looking for Orlando Properties

Posted on by Jenny Zamora

If you’re looking to buy a new home or investment property in Orlando, the first thing you should do is consult with an Orlando Real Estate Professional. In addition to hiring a top Orlando realtor you can be doing some research on your own by using Google Maps. It has never been easier to obtain information about a property, like surrounding businesses, schools, etc. Google maps  becomes especially handy when you’re looking at properties outside of your area.

The number one reason to utilize Google Maps when looking for a new home outside of your area is that it is free. All you have to do is log onto Google Maps and type in the address for the property you are considering purchasing. Instantly you will see a map view of where your home is located, complete with street names and some of the surrounding businesses. You can often determine everything from the nearest grocery store to nearby schools. You can then click “directions” to quickly find the directions from the home you are considering and other areas of interest such as work, school, and shopping. How cool is that?

Satellite View Feature

Along with the map view of Google Maps, you can also click “satellite” on the upper right hand corner of the screen in order to see an actual satellite view of the area. Zoom in to see details such as the neighborhood layout. Plus, some addresses will even enable you to take a street view of the property providing you with a better idea of what your home looks like from the road. While utilizing the satellite feature, you can also determine the general neighborhood condition, including the upkeep of nearby homes. However, when opting for the satellite version of the map it is important to remember that it does not stream live so sometimes the maps are often rather old. All in all, Google Maps is a great asset when looking for a new home.

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Orlando Short Sale Listings Rise Dramatically

Posted on by Jenny Zamora

The market is seeing a remarkable spike in Orlando short sales, an increase in overall median sales price for existing homes and increases in median sales prices for foreclosed properties. The Orlando Regional Realtor Association (ORRA) reported that in November 2011, short sales jumped 39.38 percent versus prior year sales.  Surprisingly, the accompanying median sales prices jumped by 7.07 percent; rising from $99,000 to $106,000.  The fact is that 73 percent of homes under contract and pending closing are short sales” …Wow! That’s a big number.
Although the performance stats for the Orlando real estate market are encouraging we’re not out of the woods yet. The good news is that there will be some great real estate deals in Orlando for some time to come. If you need to get your Orlando house sold for top dollar quickly, contact us today.

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Orlando Foreclosure Growth Pushing Down Home Values

Posted on by Jenny Zamora

Home values are being negatively affected by an increasing amount of foreclosures

Orlando Florida Foreclosure listings keep on growing, continuing to push down home values and casting a shadow over the efforts of local and state governments to stabilize and strengthen the housing market.

Orlando real estate experts say that the increase in foreclosure and short sales have caused home values to slide down even further. They said that home sellers are forced to reduce the sale price of their properties to be able to compete with discounted prices of foreclosed homes.  Sometimes   buyers are having to bring more money to the table because of the property not appraising.  Many times, a reduced property value could kill a sale.

Lenders will usually determine the loan amount based on either the appraised value or purchase price of the property, whichever is lower. In the event that appraisals come in at a lower amount than the purchase price, then either the buyer needs to bring more money to the table in order to obtain the financing or the seller will have to accept a reduction in the purchase price. Because of the volume of foreclosure houses and short sales, many homes listed for sale are priced well below the fair market value.

Although Orlando short sale experts say that home prices are showing some signs of stability. A great number of distressed foreclosure home and short sales still need to be closed and then cleared from banks’ inventory before the housing market could reach any kind of stability.

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