Tag: Orlando Realtors

Median Prices of Orlando Real Estate Rise amidst Higher Inventory

Posted on by Jenny Zamora

According to an Orlando real estate industry report, the housing inventory for the city saw a 42 percent hike in February, just ahead of the much-awaited spring selling season. The increase in inventory however is not without an increase in median prices of homes – a phenomenon that Orlando Realtors are attributing to increased demands for residential properties in Orlando.

Orlando Real Estate- high inventory – high demand – high median prices

The overall median price of homes in Orlando for February 2014 stood at $158,000 – 18.80 percent higher than the median price during the same time in 2013 when it was $133,000. With the increasing prices, there has also been a rise in the number of non-distressed property owners entering the Orlando real estate market, providing the inventory a much-needed boost.

The nearly 19 percent increase in median price, despite a 42 percent increase in inventory is because desirable homes in Orlando continue to attract multiple buyers. As a result, these homes disappear quickly from the open market, tightening the inventory.

Considering consecutive year-on-year growth rates, the city’s overall median price has increased 36.80 percent in 31 months, registering year-to-year gains throughout the period. Further, the median price for February 2014 was 5.69 percent higher than in January 2014.

According to Orlando short sale realtors, the median prices increased 18.30 percent for short sales and 12.23 percent for “normal” sales. Condos registered a 16.40 percent hike in their median price, compared to February 2013 while single-family homes registered a slightly higher increase of 17.69 percent.

Short Sales, Normal Sales, and Pending

In February 2014, foreclosures and short sales accounted for 34.27 percent of all home sales. Back in 2013, they amounted to 46.01 percent of the total sales. The number of sales closed in February 2014 was 17.26 percent lower than in February 2013; however, the figure exceeded the number of sales closed in January 2014 by 1.48 percent.

Realtors hold that the slower rate of closure is because prospective buyers, especially first-time buyers, had to face the challenges posed by tighter credits, increased rates of mortgages, and higher prices.

Compared to the corresponding value in February 2013, “normal” sales of residential properties saw a 0.72 percent hike in February 2014. The rate of closure for short sales, on the other hand, saw a massive decrease of 63.53 percent and the sales-closing of foreclosed properties decreased by 15.29 percent.

The number of pending sales in February 2014 decreased by 19.72 percent as compared to the same period in 2013. However, it was recorded to be 9.67 percent higher than the number of pending sales in January 2014. Further, the report also found that homes came under contract or closed, faster in 2014 than they did in 2013. Homes typically spent 76 days, listed on the market in February 2014 as against 84 days in February 2013.

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The Villages Shines as the Fastest Growing Metropolitan in the US

Posted on by Jenny Zamora

According to a report released by the US Census Bureau on Thursday, March 27, “The Villages” is the fastest-growing metropolitan area in the US. The population census report reveals that over the 12-month period spanning from July 2012 to July 2013 – The Villages registered an impressive population growth of 5.2 percent, the highest in the US.

 

The top 10 fastest-growing metropolitan areas

1.    The Villages, Florida
2.    Midland, Texas
3.    Odessa, Texas
4.    Bismarck, North Dakota
5.    Fargo, North Dakota
6.    Casper, Wyoming
7.    Myrtle Beach, South Carolina
8.    Austin, Texas
9.    Daphne, Alabama
10.  Fort Myers, Florida

Technically, The Villages is not a metropolitan city, but only an unincorporated community of retirement homes, stretching across the Sumter, Marion and Lake counties. It is, however, widely acknowledged as a city since it is home to more than 107,000 citizens. This is nearly twice as much as the benchmark population of cities (50,000 people).

 

The Villages Responsible for Six cities Experiencing high growth

According to top Orlando realtors, the 5.2 percent increase in population can be attributed to the community’s improving facilities for seniors. Real estate agents who have worked in The Villages have revealed that the community has been witnessing a surge in the number of seniors and retirees. Warm temperatures, selection of executive golf courses, parks, fitness trailers, and the increasing number of “Neighborhood” and “Regional Centers” are some of the factors influencing this trend.

Six areas around the Greater Plains and the metropolitan region near the Gulf Coast were included among the 10 fastest-growing cities. The cities include Odessa, Austin-Round Rock and Midland in Texas, Fargo in Minnesota, and Bismarck and Casper. Rich in oil and gas, these metros witnessed a rapid growth in population primarily because of the energy boom.

Promising future for the Orlando real estate market

The recent report has left Orlando realtors with fresh hopes and a positive outlook for the rest of 2014 with respect to the real estate market in Central Florida.

Baby boomers from all over the nation are flocking to Florida’s much-talked-about retirement homes just northwest of Orlando. Further, residential projects like the $56 million apartment complex at Crescent Central Station, the 800 luxury apartments to be constructed by BentleyForbes Del American, and the Winter Park Village projects, are expected to bring in a lot of business for Orlando realtors.

 

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Real Estate Development near Orlando Fashion Square

Posted on by Jenny Zamora

Orlando is the hub for Hollywood-based theme parks, amazing nightlife, the world’s biggest multinational companies, and without a doubt, awesome shopping destinations.  The Orlando Fashion Square is one of the biggest and best shopping malls located in downtown Orlando and attracts many locals and tourists from around the world. It also has a cinema multiplex, owned by Premiere Cinemas which opened in 2005.

Orlando Apartment construction proposal near Fashion Square

Due to its prime location, real estate development near Orlando fashion square is on the rise. One Orlando real estate developer was interested in a site for the construction of a 450-unit apartment complex, situated near the mall. However, neighboring residents of Audubon Place condos raised concerns of accumulating traffic. Nearby residents, including city officials, said that traffic and congestion have to be taken into consideration before approval of any new construction, among other factors. Residents also fear that a four-story building will take away that neighborhood feel. Orlando is still deliberating on this subject.

Revamping of Orlando Fashion Square Mall

Orlando realtors are looking to establish a new building by Westin Hotel in the Orlando fashion square mall area, which is inviting a lot of speculation. The entire project, estimated at $25 million, and to be undertaken by UP Development Inc., includes revamping the entire property, relocating tenants, demolishing that area, and building the hotel lobby, restaurants, and a day spa, with the hotel rooms above that. Orlando industrial guru, John Crossman supports the addition of a reputed hotel inside the mall, as nowadays the trend of having boutique stores inside malls is slowly disappearing. Crossman gives three reasons why he believes a hotel inclusion is a smart move for the mall:

•    A hotel attracts more tourists who are willing to spend more money.
•    Hotel visitors are far less likely to return purchased items at the mall due to lack of time.
•    A hotel consumes a lot of retail space which is preferable since there is a lack of retailers.

With the revamp already in place, residents have already begun shifting. During the interior demolition of the mall, some tenants, like the Coliseum of Comics and Champs, were relocated into other spaces. The second story of the mall will now accommodate a new 17,049 square foot Strike Outs bowling arcade and a Hershey’s Shake Shoppe, owned by UP Development. The mall is also partners with Orlando Magic.

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Should Orlando Sellers Get Their Own Appraisals?

Posted on by Jenny Zamora

Should I get my home appraised before I get a buyer so that we can make sure it appraises for what we want?”  This is a question I get from Orlando Sellers sometimes and then I ask them… “Would you accept an appraisal that was provided by someone that owns the house that you want to buy?”  Their answer is always…”probably not”.  With all the horror stories about bad appraisals and bad inspections lately being the cause of deals falling apart, I don’t blame sellers for wanting to get their own appraisals or inspections done to make sure they get it right. I’ve been on the receiving end of that scenario quite a few times lately with some of my own clients getting bad appraisals causing deals to fall apart.

Unfortunately, if you’re a seller, getting your own appraisal or inspection done is usually a waste of money. Today’s educated buyer is skeptical of appraisals that are paid for by the seller.  Especially when pre-listing appraisals are ALWAYS above the listing price. You’ll see verbiage like “Appraisal value $350,000 price reduced to $280,000”. When I see things like that it makes me feel like I’m dealing with a used car salesman. The truth is that it’s reduced because the market or buyers don’t agree and claiming that it appraised higher than the true market value will just ruin your credibility.

No appraiser in the world can tell you precisely what a house will sell for when it’s listed. At the end of the day, Appraisals and inspections are opinions just like BPO’s [broker price opinion] when you’re dealing with a short sale.

Here are some things that immediately come to mind when a seller tries to provide their own appraisal.

* Does the seller or listing agent have a personal relationship to the appraiser?

* Is the appraiser credible? What’s his background?

* When EXACTLY was the appraisal done? Is it up to date?

* Who paid for the appraisal?

Orlando Sellers Should Let Realtors Do Their Job

Instead of paying several hundred dollars for an appraisal or an inspection that probably won’t be accepted anyway, why not let the realtor do their job. Orlando real estate agents should be able to give you a very good estimation of how much the house will sell/appraise for.  Realtors have all the tools and knowledge that they need to provide you with good solid figures of how much to list the house for. When doing a comparative market analysis [CMA] they take comparable properties that have been recently sold in the same area. Done properly, the CMA will get you very close to what the house should be listed for as well as what it should appraise for.

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Big-Name Brokerages Don’t Always Mean The Best Realtors

Posted on by Jenny Zamora

When I started my career as an Orlando Realtor back in 2004, I started working for one of the big-box brokerages thinking that it was a good way to get started in Orlando real estate and become a successful realtor. Working for a nationally recognized brokerage franchise can be great for new-bee real estate agents. They are constantly training new agents on how to prepare a listing agreement properly, how to use the MLS, create CMA’s, etc. I think it was a great experience for me as a new agent just learning the ropes.

With that being said, I also experienced the negatives of working for a big-box brokerage. The reason that everyone knows about national brokerage franchises is because of the massive amount of marketing that they do nationwide. These brokerages have a large budget to spend on marketing so they stay pretty busy. The problem is that many times these brokers get so busy that they have trouble keeping up with all the buyers and sellers that are contacting them to buy or sell a house. Unfortunately, sometimes this means that the potential buyer or seller ends up getting either poor service or no service at all.

It was then that I realized that it was time to branch out on my own. At first, it was tough as it is with starting any new business. However, through hard work and perseverance, I made it happen. I was fortunate enough to realize early on that people really appreciate personalized service when it comes to buying or selling a house. I mean think about it,… buying or selling a home is or will be one of the most if not the most important transactions of a person’s lifetime. I learned that if you do your job by providing the above-and-beyond type of service to people then you will be successful as an Orlando real estate agent. The Best Realtors believe that if you make it is not about the money, you make more money…it’s that simple. A happy client will tell their friends and family about what a good job their realtor did for them and spread the word. This translates into more clients which translates into increased income.

I can’t tell you the number of times that I’ve gotten calls from people saying that before they found me, they called so-and-so realtor from a large brokerage and didn’t even get a callback!

Finding The Best Realtors

We’re now fortunate enough to be in a position where most of our clients come by way of referrals from past clients. If you want the find the best realtor to sell or buy a home, don’t just pick the biggest named brokerage, look for realtors with proven track records.  Spend some time looking on Google type in terms like “Top Orlando Realtors” or “Orlando real estate agents”. This will give you a great place to start you search. Once you’ve picked out a few from the top results, start interviewing until you’ve found one not only with a great track record but one that you like. I wrote an article a while back called “A Guide To Interviewing An Orlando Realtor”  Which has some great information on finding the best realtor for you.

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