Tag: Orlando Realtors

SunRail Access Makes an Entry into the World of Orlando Real Estate Amenities

Posted on by Jenny Zamora

The brand new commuter line covering 31 miles, SunRail is all set to begin service in less than 6 months. However, a handful of Orlando realtors have already started to use SunRail along with their real estate listings in Orlando. Realtors in and around Orlando and other parts of Central Florida have started listing proximity to the SunRail station as one of the amenities to advertise their property.

Expectations from SunRail

 A large number of Orlando realtors are of the opinion that the billion-dollar rail line is likely to drive up the value of Orlando real estate prices in and around the areas where the SunRail stations are located. Many realtors are also expecting that the new commuter rail is also likely to increase sales in Orlando. However, market research has shown that the new transit line may not have a significant impact on real estate prices. But, the realtors are hoping for the best as earlier case studies and reports have suggested that commuter lines play a role in real estate prices. However, the rate of acknowledgment may depend greatly on the type of rail line.

Mixed reactions

 While the realtors seem to be highly optimistic about the SunRail commuter transit, the market researchers have been skeptical if the SunRail would lead to any rise in the cost of real estate. One of the researchers, Mike Duncan suggests that commuter rail stations that include spacious parking lots are generally meant for commuters that live farther away from the station. He also says that these type of Par and ride type of facilities generally have a tendency to have an impact on properties that are in close proximity to the stations.

However, he also suggests that prices of properties located in close proximity to other kinds of transit systems have a tendency to increase once the new system has been announced. As a result, once the transit system is in full function, the prices may experience a rise depending on the market conditions and the scope for further development. In concurrence with Duncan’s findings, real estate agents in and around Orlando have not yet observed any sales driven by the prospect of proximity to the SunRail station as of now. In addition to this, people are also concerned about the noise and other dangers involved in living in close proximity to a rail station.

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Choosing the right Orlando neighborhood for Re-habbing a House

Posted on by Jenny Zamora

Which type of Orlando neighborhood is best for rehabbing a house?

When you’re looking for an investment home that you intend to flip for a profit you should know that choosing the right location is just as important as choosing the right home. Although it’s true that there are buyers for just about any area in Orlando, certain areas are more desirable than others making it easier on the investor.

Qualities to look for

When considering the neighborhood for a flip, there are some statistics that you should research about the area.

* Make sure that recent sales in the area are homes that sold quickly.

* Ensure that the neighborhood is mostly owner-occupied and not a mostly rental community.

* Homes in the area have maintained their values or even better, they are going up in value.

* Not many houses for sale in the area, too many houses for sale is never a good sign and creates competition for your house when it’s time to sell.

* Be aware that older homes will need much more work to get ready for the market.

 Try Keeping it Close to Home

When you make the commitment to re-hab a house you should know that even if you hire a general contractor to do all the work you will still be making frequent visits to the property. By rehabbing a property in your own area, not only will you have less driving time to get to the property but you’re probably already a bit about the area making your research easier.

However, the area must still be holding its value or going up or it just won’t make sense. A neighborhood that has falling property values because of crime, new highway construction, etc. is never a good choice no matter how close it is to your house.

 Hire an experienced Orlando Realtor

 By utilizing the skills and expertise of an experienced Orlando realtor to find your investment home, you can cut out a lot of the legwork. Realtors not only have access to the MLS but they are also able to provide you with the facts that you need about the area to make the right decision. A good realtor will be familiar with the area as well as the houses thus being able to give you valuable advice that will ultimately translate to more dollars in your pocket when it’s time to sell.

It’s also a good idea to list the property once you’ve finished the repairs. Listing the property with a realtor will give your property maximum exposure to buyers that are currently searching in the area. It’s always a good idea to interview several Orlando realtors before making your decision on which one is the best fit for you.

 

 

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Orlando Realtor Busts First Time Home Buying Myths

Posted on by Jenny Zamora

Some first-time home buyers believe that they can go out and find themselves a house without utilizing the services of an  Orlando Realtor in their search. I’ve known many home buyers over the years that have struck out on their own to find a house only to realize that it’s not the way to go and wind up hiring a realtor anyway. Unfortunately, there are just some people that can only learn things the hard way.

Let’s say you found a house on your own, now what? Chances are that the house you found is listed by a real estate agent. Now, if you want to actually look inside the house, you’ll either need your own agent or you’ll have to contact the seller’s agent to show it to you. Here’s the kicker, if the seller’s agent shows you around the house and you decide that you want to make an offer on it then congratulations!…you’ve just hired the seller’s agent to represent you as well. And even though an agent representing both sides of a transaction has an obligation to look out for both buyer and seller equally, you just hired an agent without knowing anything about them. My advice is to drop any notion you have of going through the home buying process without a licensed Orlando realtor. If you are buying a home, the seller is the one that pays for your real estate agent out of their proceeds. That means that it’s not costing you a dime to have a licensed real estate professional help you to find as well as buy your new home for free!

What if it’s a FSBO [for sale by owner]?

One scenario where a buyer and seller can complete a real estate transaction without the use of a real estate agent representing either party is when it’s a FSBO property. In this situation, you would be dealing directly with the seller on your own with no representation from either side. This means that the seller wouldn’t be governed by any of your state’s rules or regulations that a licensed real estate agent would have to abide by. If this doesn’t make you nervous, then it should!

I would never recommend to anyone to enter into a real estate transaction without representation, FSBO or otherwise. Think of it this way…  Would you want to represent yourself in a court of law if the other party involved had a lawyer? Of course not, that would be suicide! A buyer’s agent is obligated to look out for the best interest of a buyer from showing properties to negotiating the best price all the way to the closing of the transaction.  Unless you are trained on the ins and outs of residential real estate, you could actually end up losing more money than you set out to save by not using an agent. A buyer’s agent will not only ensure that you get the best deal possible on the property but they will stick with you throughout the whole process from reviewing the contract, setting up inspections, dealing with the title company, etc.

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Top Schools to blame for higher priced Orlando homes

Posted on by Jenny Zamora

We find ourselves in the age of Super Moms and Dads trying to raise the world’s smartest kids. Getting a great education has become an obsession for most Floridian parents. Being a parent myself, I know first-hand how expensive it can be to send your kids to a good school. And I’m not even talking about college or private schools. I’m talking about top-rated public schools. In order to send your child to a top-rated elementary school, you have to live in that particular school zone which also means that you’re more than likely paying higher than normal housing costs. It’s been proven in Orlando real estate, that the price of Orlando homes found in the zones of higher-ranked public schools are much higher than other neighborhoods that are served by schools that are ranked lower.

As an Orlando realtor, one of the first questions that I get from home buyers with children is “How are the schools around here?” If you’re a good parent then a good education for your children should be at the very top of your list when looking for a place to live. I’ve seen people pay up to $50 more per square foot for a house in an excellent zone as opposed to a house in an average school zone.  

Good News for Home-Buyers with no kids

There’s always a silver lining to every situation and this one happens to be dedicated to the home buyer without children. As parents of tomorrow’s presidents and scientists are paying more than top dollar to live close the best schools, home buyers without kids couldn’t care less how highly ranked the elementary school down the street is.

Homebuyers that aren’t concerned about school systems can get a lot more house for their buck while still living in a nice area. Just because the school systems aren’t the best in certain neighborhoods it doesn’t mean that it’s a bad place to live. Everyone just assumes that a better school district will automatically have bigger houses of much higher quality with larger lots, or a more prime location with views and quiet streets.  

There are plenty of great Orlando neighborhoods where you can still get a nice home at a fair price. We’ve found homes just a short distance apart with nearly identical attributes that are selling for drastically different prices. And when you compare the difference in price per square foot at $50 less, that can easily translate into tens of thousands of dollars on the purchase of a house.

 If you’re looking for a home to buy in Orlando, hire an Orlando Realtor to help you with your search.

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Top 3 Myths about Orlando Short Sales

Posted on by Jenny Zamora

 

These days the term “short sale” is a term that most people are familiar with. Especially people who either have been or are currently being threatened with foreclosure. For the people that don’t know, a short sale is a pre-foreclosure arrangement between a homeowner and their lender where the lender agrees to accept less than what’s owed on the mortgage so that the property can be sold as opposed to having to take it to foreclosure.

 Short sales have become very common since the market took a turn for the worse six years ago. Like everything else that becomes popular, people start talking about it, and before you know it there are a bunch of rumors flying around, most of which just aren’t true. When it comes to Orlando short sales, there are several myths that have been created for one reason or another.

 I’ve written the article in an attempt to try and educate homeowners on the truth about short sales and expose the myths for what they are.

 

1- You can buy a short sale super cheap, then sell it immediately for a huge profit.

When a bank agrees to the short sale of a property, it will want to get the highest dollar amount possible for the property. This is done by listing it with an Orlando realtor then once there is an offer is submitted to the bank, the bank will order a BPO [broker’s price opinion] to be done on the property which is basically a market analysis. This will ensure that the offer is very close to fair market value. These days banks are very aware of what the real estate market is doing and the chances of getting a lender to accept a low ball are slim to none.

The real money to be made in buying and selling short sales is in rehabbing properties. The only way lenders will accept extremely low offers on short-sale properties is when the property needs substantial repairs.

2- Lenders have to accept the best offer that they receive on a short-sale property.

This couldn’t be further from the truth, in a short sale situation the buck stops with the lender which means that the ultimate decision is theirs. As an Orlando short sale realtor I’ve seen it many times, after listing a property you submit offer after offer and the bank still won’t budge on what they think is fair market value. Most of the time a stubborn lender will eventually realize that the price they’re seeking is just not realistic and agree to a lower price.

As far as a lender having to accept the best offer on a short-sale home, it’s just not true. Although most lenders will eventually accept a reasonable offer, some won’t and will proceed with foreclosing on the property.

3- Short Sales are a waste of time and take forever to get approved.

After the market crash of 2007 short sales were all the rage and the market was flooded with short sale properties. This was the biggest reason why short sales would take such a long time to complete. Banks were not prepared nor equipped to handle that many short sale files at once. Short sale negotiators were bogged down with files and properties were taking a year or two to get sold. Now that the market is hot again this is no longer the case. Lenders have put systems in place to streamline the entire short sale process making it much easier for realtors to get the job done.

If you or someone you know is in need of an Orlando Short Sale or if you just have questions about short sales, feel free to contact our office by visiting  https://orlandorealtyconsultants.com/ or just give us a call at 407-902-7750.

 

 

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