Tag: Real estate agents

Home Prices Expected to Rise Through the Next Year

Posted on by Jenny Zamora

Market reports at the end of the first quarter of 2014 reveal the US real estate industry is inching toward increasing home prices. Almost 20 percent of the nation’s metro residential real estate markets have freed themselves from the pangs of declining home rates experienced during the recession. Further, the median prices of homes experienced a one percent hike nationwide.

Amidst the new information, is speculation that home prices would continue to grow through the four subsequent quarters. According to analysts, a 3.3 percent hike in home prices can be expected through March 2015.

Homes To Sell At Pre-recession Prices by March 2015

Compared to peak housing prices in 2007, before the market crashed and housing prices fell by 22.6 percent in 2011, the nationwide increase in 2014-Q1 is still low by 13.5 percent. However, compared to last year (fourth quarter of 2013), the value of homes saw a nationwide increase of 0.5 percent.

According to a recent industry report, 527 cities and towns out of the 6,781 that witnessed at least 10 percent decline in housing prices, have already recovered or will recover by March 2015. Further, in close to 60 metro housing areas, prices have already exceeded (or are predicted to exceed) the pre-recession values by 2015.

Affordability Not A Concern For Orlando Home Buyers

Orlando Home buyers need not be concerned about the steady appreciation in housing prices. Not yet at least, according to a majority of the real estate agents in Orlando. Top realtors hold that housing affordability will not be affected by the rise.

Affordability has been strong and will continue to be so in a majority of metro markets including the Orlando real estate market. In a couple of markets, however, San Diego, San Jose, and Los Angeles to name a few, the situation is a little different. According to the report, affordability is already a concern for these metros, with rents rising 2.7 percent from their value in the first quarter of 2013. Low affordability often causes home values to drop in certain places, especially when buyers are forced to look for affordable housing farther from the business hubs and urban job centers.

For metros, where affordability is not a concern, the first quarter presents some great home-buying opportunities. Rates of fixed and variable-rate mortgages have reduced significantly and banks have become more lenient in lending.

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Median Prices of Homes in the US Witness a 2-Year High

Posted on by Jenny Zamora

The median sales price of residential properties in the US, increased by one percent in March 2014, compared to the median price in February. The rise mounts up to 10 percent when compared to the median price same time last year.

The first signs of the US housing market snapping out of hibernation were seen at the beginning of March 2014, after six months of sluggish business. Top Realtors note that markets get typically sluggish during the fall and winter months. The one percent monthly increase in March occurred after the median sales price of residential real estate properties had been shifting between decreasing or remaining flat for six consecutive months.

On an annual basis, the increase represents the biggest hike in 24 months. Standing at $164,500 at the end of March 2014, the median price rose the highest since crashing at the bottom in the March of 2012.

Does This Mean Prospective Sellers Can Expect Better Rates?

According to some real estate agents in Orlando, it does. The spring buying season is being well received by residential real-estate buyers throughout the nation. With the decline in rates of unemployment, recovery of markets across the U.S., and cuts in the mortgage rates, buying sentiments have increased.

In the Orlando real estate market alone, realtors have seen growing enthusiasm from first-time buyers, second-home buyers as well as owners who have powered through the distress and can buy their properties back. They reveal that 34 percent of the total homes sold in the country in March were purchased by second-home buyers or investors.

An increase in sales volume is another proof of improving sentiments. Sales volume in March was up 0.4 percent from the volume in February 2014 and up by eight percent from the volume in March 2013. While still below the most recent peak reached in October 2013, the trend is largely positive.

More Owners are Now Selling Their Homes, Adding to the Inventory

The nationwide increase in annual sales volume is not without 21 of the country’s largest metros witnessing a decrease in their yearly sales volume. In Orlando, the volume in March was down 12 percent, compared to a year ago.

There are several silver linings though. One is the positive trend in housing inventory. The low-inventory situation has eased up in 38 states in total, which according to some real estate experts can be attributed to the increase in distressed sales. In comparison with the last quarter of 2013, the percentage of distressed sales increased nationwide in the first quarter of 2014. So has the percentage of non-distressed property owners who have regained enough equity to be able to relist their houses on the market.

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Orlando Realty Consultants – Video

Posted on by Jenny Zamora

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Orlando Short Sales Decrease Due To Tax Implications

Posted on by Jenny Zamora

The debt relief act of 2007 has officially expired as of January 1st 2014. This situation creates huge tax burdens for Florida homeowners that are upside down and that have or will receive any kind of mortgage forgiveness such as a short sale.

This means that the IRS will consider any capital that was forgiven by a lender either in a short sale or even a foreclosure to be recorded as income to the homeowner and will tax that income accordingly. The “Mortgage Forgiveness Debt Relief Act” [MFDRA] of 2007 was established to allow homeowners with certain criteria to exclude this type of income from their tax returns. This act only applied to debts associated with someone’s primary residence.

Orlando Short Sale Realtors Concerned Over Tax Relief Expiring

Orlando realtors that specialize in doing short short sales are very concerned about homeowners no longer having the tax break incentive. Why would someone go through with a short sale if they knew that they would be taxed on the deficiency? It’s like jumping from the frying pan into the fire, you’re going to get burned either way.

We’re already seeing a sizable decline in Orlando short sales since the 1st of the year. I think that we’ll see even fewer short sales, fewer principal reducing modifications, and an increase in foreclosures as we get further into 2014. Homeowners aren’t seeing the upside to doing a short sale in many cases.

The truth is that without the assurance of tax being exempt on a short sale there’s much less incentive for distressed homeowners to agree to the voluntary sale of their home.

Lenders Are Foreclosing Faster Than Ever Before

There was a time shortly after the RE market crashed in 2007 where lenders were extremely overwhelmed with the amount of homeowners defaulting on their loans. This resulted in a foreclosure taking up to 2 years or more to complete in some cases.

Several Orlando homeowners that I’ve spoken to say that they’ll just stay in the house until the bank forecloses believing that it will take their lender years to foreclose on them because of the stories that they’ve heard in recent years.

This couldn’t be further from the truth and homeowners that feel this way will be in store for a rude awakening. Lenders have come a long way in streamlining there process for dealing with mortgage holders that fall behind. They now have systems in place that help to expedite the amount of time that it takes to process foreclosures, short sales, loan mods, etc. Certain lenders will foreclose within a matter of 3 to 4 months if the homeowner doesn’t take action.

What Are Other Alternatives To Foreclosure?

Homeowners are still offered the same alternatives from their lenders; short sales, loan modifications, deed-in-lieu, etc. It’s important to note that it’s not the lenders who want to tax homeowners on the deficiency amount, it’s the IRS. And, although congress is actively looking at several bills that would extend tax relief through the next year or two, it hasn’t happened yet and there’s no guarantee that it will.

 

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This Spring May Just be the Best Time to Buy a Home in Orlando

Posted on by Jenny Zamora

The Federal Home Loan Mortgage Corporation has some good news for all real estate buyers. Results from a new survey conducted by the Virginia-based government-sponsored enterprise, point toward a slight dip in the mortgage rates across all of America.

The spring buying season has commenced and decreased mortgage rates may be just the extra push that home buyers need to kick-start their spring purchases. The average rate of interest on a standard 30-year home loan reached 4.34 percent in the week beginning April 7. Only a week ago, the rates stood at 4.41 percent.

 What does this mean for Orlando real estate buyers?

Have you been thinking about purchasing a property in Orlando? It would make good financial sense to get started now. According to top Orlando short sales experts, mortgage rates are decreasing overall sectors. The average rate on standard 15-year fixed loans also dipped from 3.47 percent to 3.38 percent, the same week. These dips, though not enormous, are substantial nevertheless and present a good opportunity to make a residential real estate investment.

Fixed mortgage rates are not the only dipping bunch. Hybrid ARMs (adjustable-rate mortgages) also spiraled downwards slightly when compared to their rates a week ago. The rate for single-year ARM reduced from 2.45 percent to 2.41 percent. Five-year ARMs followed the trend, slipping from 3.12 percent to 3.09 percent in the same week.

With the industry heavily divided in its mortgage predictions for subsequent weeks, many realtors are encouraging prospects to gear up on their residential property plans. Real estate agents in Orlando have numerous listings on their hands, owing to the wide selection of residential complexes being constructed in the metropolitan area. Luxury apartments typically find buyers fast and disappear from the hands of listers in a shorter span of time.

What could the future look like?

The Mortgage Rate Trend Index saw 38 percent of analysts predict a steady decline in the rate of fixed and adjustable-rate mortgages over the next week. Another 38 percent predicted steady rates over the next few weeks. A total of 24 percent of participating analysts predicted the rates to rise in the next week. Realtors in Hunters Creek speak of the high spring buying trend in the metropolitan area – something they have been witnessing for years. They expect the spring buying season to be the same, asking potential buyers to make the best of the downward spiraling mortgage rates in the spring buying season.

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