Tag: Orlando Realty

Problems Faced by Orlando Home Buyers

Posted on by Jenny Zamora

It has occurred many times in the recent past that home buyers are not sure if the Orlando real estate agent truly represents them. Unless the agent puts it in writing, you can expect that you are not being represented on your real estate dealing. It means that if any problem arises, you will most probably be on your own. What many people don’t realize is that while there are many licensed real estate agents, there are only a small fraction of them who actually represent home buyers exclusively in Orlando. Like these, there are many other problems that homebuyers face in Orlando.

Typical transaction problems

 

During the process of transaction, there is a huge difference in the attitude of the agents who represent the buyers and those who just have the license to be called real estate agents. Given below are some of the problems faced by homebuyers when it comes to real estate transactions:

*  Contract dispute– The agent representing the buyer will surely be supporting the buyer in case of a dispute, but the other agents would act in a neutral way.

*  Inspection– During the inspection, you may find serious defects that were unknown, here a typical agent will try to downplay the issue, but the agent representing the buyer will try to renegotiate the contract.

*  Appraisals– When such appraisals come into the picture, a typical agent will tell you to raise the money needed to pay the difference, but the agent representing you will ask the seller to reduce the price.

Typical “natural” problems faced by home buyers in Orlando


There are various diverse Orlando real estate issues that buyers face these days. Some of these major issues facing home buyers here in Orlando are as follows:

 Sinkholes: These are naturally occurring geological features which can cause structural damage, but fortunately most insurance policies cover the damage caused by sinkholes.

Termites: Termites pose a huge problem in Orlando because of the warm weather. Most homeowners need to take proper precautions as termites can seriously damage wooden structures.

Flood-prone areas: Since Florida has a tropical climate, it is prone to floods throughout the year, so people planning to stay here must take the right precautions.

So, a typical buyer who is planning to buy a house in subtropical Orlando must keep the things mentioned above in mind before taking any decision.

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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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Online Property Searches in are More Popular than Ever! – Orlando Real Estate

Posted on by Jenny Zamora

Several years ago in the not-so-distant past, potential home buyers would start searching for a house the traditional way which was by calling up an Orlando realtor in the area where they want to live. The next step would be for the buyer to give the agent all the criteria that they were looking for in a home and wait for the agent to provide a list of great homes to go see. However if the buyer chose the wrong agent to work with, there are several things that can go wrong such as the agent coming back with a list of properties that the buyer doesn’t like, or maybe the agent won’t call back at all. Either way, this was very frustrating for homebuyers but unfortunately, they had no other choice than to search for properties by using a realtor. The whole key to finding the perfect home all hinged on finding the right agent first.

Buyers are now able to search the MLS just like a real real estate agent

The web has truly changed the way that the Orlando real estate business is done. Potential homebuyers benefit from this just as much if not more than real estate professionals. Homebuyers are now able to search the MLS on their own without even speaking to a realtor first.

Anyone and everyone are now able to search for properties on the MLS at their own convenience from their own home at all hours of the day or night. All the buyer has to do is present a list of homes that they have chosen to their Orlando realtor and go see them. By doing this, the buyer saves time and so does the agent.

Online Property Searches are also a huge advantage for realtors

Realtors also benefit greatly from people being able to search the MLS on their own. It’s a huge time saver if a buyer comes to the agent with a list of homes they want to see instead of the other way around. All the agent has to do at this point is make the appointments to show the properties.

In our office potential buyers are instructed to click on the “Find Florida Properties” tab on our home page. Here they are able to search the entire state of Florida for all the properties that are listed on the MLS at their own convenience.

Recent studies show that 9 out of 10 potential home buyers begin their property search online long before contacting a real estate agent.

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Orlando Real Estate Market – What can be expected in 2013?

Posted on by Jenny Zamora

The tentative economic conditions will continue to impact the real estate market in Florida and particularly in Orlando even this year. Home prices are expected to rise again due to decreasing inventory facing its lowest phase since February 2006. As per the market research, the 2013 appreciation is expected to increase up to 3%. Some investors even expect the prices to climb up to 4%. If the price range will go so much higher, then it may drastically affect market conditions. The changes in price may emerge around the spring season. So, it’s better for investors to crack the deal before the prices climb.

The interest rates for the Orlando real estate market are expected to remain low. The rate may get low as 3% according to The Federal Reserve. The lower interest rates may neutralize the price hike of houses. This can be encouraging for the recovery of the real estate market.

Not only the home prices, but the mortgage guidelines are also going to face changes. There are reports of rules to become stricter for mortgage refinance. This step is being considered to help borrowers for being more responsible with their mortgage loans. Borrowers may even avoid defaulting on their mortgage by following the new set of rules. According to the new rules, borrowers must have to submit more documents for a mortgage refinance. The financial stability of the borrower will also be scrutinized minutely. The range of the qualifying credit score may be from 580 to 620. Insurance premiums of FHA are also expected to increase.

The diminishing inventory is also a decisive factor for the real estate market in Orlando in 2013. The shrinking inventory may aggravate the competition for quality properties in Orlando. So, the scope of getting multiple offers at a time will increase automatically.

Many market experts explain the Orlando real estate market as a seller’s market. Of course, the rise in home prices proves this claim. These market conditions are more favorable for sellers.

The construction of new homes may also bring huge changes in the real estate market. The degree of change depends largely on future economic alterations. Experienced professionals are expecting the gap between the new home sales and the re-sale to get broadened. Builders may offer lesser incentives to buy properties. This may be a good time to build profitable properties.

As the market condition is suggesting, the investors must take advantage of the beneficial situation before it’s too late. The overall market predictions are favorable till now, but the situations may change if the world economy takes a turn. The same applies to a mortgage refinance too. It’s advisable to decide on refinancing after judging the market.

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Orlando Short Sale Realtor, A labor of Love

Posted on by Jenny Zamora

I remember when I  became a FL REALTOR back in 2004, the gentleman speaking at the podium that day, I don’t recall his name but something that he said that day resonated with me and still does until this day. He said, “when practicing real estate don’t make it about the money,… you’ll make more money”. What he was really saying was to always,… ALWAYS put the client’s needs first in any real estate transaction and by doing so you will eventually make more money.  The word will get around that you are the type of agent that goes “above and beyond” for their clients and people will seek you out for all of their Orlando real estate needs.

Well, here I am eight years later telling you that he was totally right! The only marketing that I do, if you want to call it marketing, is writing this blog about real estate [which I love doing!].  Most of my clients are referrals from past clients and my office is running at full capacity, it’s because of this that we are constantly on the lookout for Orlando short sale superstars to recruit.

When I take on a new short sale listing, the law says that my fiduciary responsibility is to my client. However,  I feel that a realtor’s responsibility is to look out for everyone involved.. the seller, the buyer, the lender as well as the buyer’s agent. It’s like I tell the agents in my office “Everyone involved in the transaction needs to walk away satisfied with the results”, and if they practice real estate with that mindset they will be successful.

Orlando short sale specialist… not just a job

Making both sides of the closing table happy… there’s no better feeling in the world.  Being a good real estate agent is kind of like being a good teacher, you really have to love it to be great at it and there’s just no way you can fake it. Have you ever had a horrible teacher in grade school or high school? I’m talking about the teacher that just doesn’t care and it’s painfully obvious to everyone in the classroom. I’ll bet that there’s at least one teacher that just popped into your mind as you were reading that last sentence. Well, imagine having a realtor represent you that just doesn’t care about you. Sure they go through the motions of what a realtor is supposed to do and they do just enough to scrape by.

That’s because that type of realtor chose the wrong profession to be in and they’re miserable. I’ve known many of these agents over the years and have even made the mistake of hiring a few for short periods of time. These agents will eventually show their true colors and everyone around them will know that their heart is just not in it. Don’t get me wrong…I’m not saying that they are bad people what I am saying is that these people will never be successful real estate agents and sooner or later will realize that they’re in the wrong line of work.

When choosing a real estate agent to represent you and do your short sale, make sure to do your research. I’ve said this countless times and I will continue saying it. Doing a short sale on your home will be one of if not the most important transactions in your lifetime. Make sure that you choose an Orlando short sale realtor that absolutely loves what they do!

 

Orlando short sale expert

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