Tag: realtors in Orlando

Higher Tax Bills to Follow Higher Property Values in Orlando

Posted on by Jenny Zamora

For Orlando residents who are trying to sell their properties, there is a cause to celebrate: residential property prices in the region went north in 2014. However, the celebration will cease to exist for people who do not plan to sell their properties. The reason is simple: a high property value comes saddled with bigger tax bills. This will hold true for all Orlando real estate, even if the government doesn’t change the tax rates.

 

The rise in property values

According to Orlando realtors, people with homestead exemptions will face a lesser blow, but their tax rate will go up anyhow. The property values in Seminole County are anticipated to increase by almost 5.5 percent in 2014 when compared to 2013. Property values in Orange County are expected to increase by approximately 6.6 percent. In Osceola, property values will spike by about 2.4 percent and Lake’s nearly 3.6 percent.

Among the cities, property values in Winter Garden are anticipated to rise to almost 13.2 percent up 2013 prices. About 14 percent appreciation is expected in Groveland and the value of properties is expected to increase in Altamonte Springs by approximately 5.5 percent. This increase in property valuation across the region for the second consecutive year is a sign of a healthy economy.

 

The economy bounces back

According to Rick Singh, a property appraiser in Orange County, the economy is slowly clawing back and with sound fundamentals. He added that both the home buyer and the investor show more prudence today than what they exhibited in the past, in a reference to a market which went ballistic and plunged the country into a Great Recession.

Orlando realtors cite a number of causes for the rise, the factor of new home construction prominent among them. To give an example, Lake County will see an extra $295 million in value from brand-new residential construction. Another important factor is that the number of employed persons is increasing and they are purchasing homes. The profile of other kinds of buyers includes investors who purchase foreclosures only to rent them out to tenants.

In totality, residential properties in Orlando are becoming rarer, leading to an increase in residential prices. Singh pointed out that the Orlando real estate agents are beginning to receive a number of offers on the same property.

In the usual sense, a property’s appraised value, which is determined by the government, is quite less than its purchase price. The market is exhibiting unmistakable improvement signs. https://orlandorealtyconsultants.com/blog/

 

 

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Home-Price Recovery in Metro-Orlando Inconsistent

Posted on by Jenny Zamora

Orlando Home Owners Could Make The Best Of The Situation

Residential real-estate property prices rose by an average of 20 percent, in the Orlando metropolitan area, from February 2013 to May 2014, says a new Orlando real-estate industry report. The report, which compared the sales of the same Central Florida residential properties over time, found price gains to be rather inconsistent over different communities. In Orlando for example, recovery has been insignificant.

Realtors in Orlando note that home prices in Orlando remain far below (approximately $100,000) the peak value. A common observation was that neighborhoods where property prices reduced the most, after the crisis of 2007, were the neighborhoods where the recovery was the highest.

Newer communities around Orlando bounce back the most

Interested in finding out the neighborhoods of Central Florida where residential real-estate property prices have recovered the most? You’ll have to look, not at Orlando but at the neighborhoods located at the periphery of the city.

Reports reveal that communities of Lake County and south Osceola County, witnessed price gains of at least 30 percent, in the period extending February 2013 to May 2014. Top Orlando realtors note that the said neighborhoods could register maximum recovery because they were hit the hardest during the housing crisis.

The Orlando short sales experts have another factor to add to the list of reasons for the inconsistent recovery – the impact of foreclosures. Newly developing communities in the Orlando metropolitan area were hit the hardest by foreclosures, primarily because owners of the homes that were constructed just before 2007, when the real-estate market crashed, possessed minimal to zero equity on their homes.

Such owners formed the lot of lenders going through short sales or through foreclosures. The rate of homes in these foreclosure-affected areas of Metro Orlando and Central Florida dropped the most. The recovery so has been more dramatic in areas that were hit hard by such foreclosures.

Impact On Buyers And Sellers

Real estate agents in Orlando note that the inconsistency in prices has made buying inconvenient and confusing for many buyers. Sellers, on the other hand, can use the confusion of the out-of-Orlando buyers to their own advantage.

When searching for a home in Orlando, prospective buyers are often coming across properties that are priced according to the sales in high-recovery neighborhoods and not the slower-rebounding communities nearby. Assessing the fair market value has become more difficult and prospective buyers are turning to the top realtors in Orlando for help.

For people hoping to sell/lease their properties, this may be a good time. When dealing with buyers from out of town, they can use inconsistency and confusion to price properties according to their own choice.

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Downtown Orlando To Have More Than 1,000 New Residential Units

Posted on by Jenny Zamora

The month of May in the Orlando real estate industry is all set to be marked by a plethora of new housing programs. Orlando Realtors can count on builders adding more than 1,000 new residential real-estate constructions in the downtown area alone.

On Monday, May 12, “The City Beautiful” reviewed plans for two new residential units. Further, work on a third apartment complex is all set to begin in a week or two. Top Orlando Realtors say several interested investors and first-time buyers have started showing a lot of interest in the projects.

 

Orlando City Council reviews plans for two complexes

The city council met to review the phase-one plans of the proposed “Citi Towers” and “Elan at Audubon Park”. Citi Towers, proposed to be erected on the north-eastern corner of Lake Avenue and East Church Street, will be built by the Summa Development Group if everything goes as planned.

The group had filed an appeal before the city council to replace what is currently known as the Lutheran Towers planned district with the Citi Towers apartment complex. The complex is expected to have 22-story and house 223 individual housing units. The site spreads over 0.7 acres and the complex would include commercial space spanning over 22,300 square feet as well. Developers also requested the council to extend the maximum allowance and let Summa Group raise 710 units in total.

Plans for the Elan at Audubon Park were also reviewed by the council on Monday. Orlando Heights LLC, which owns property on the site, appealed to the council to rezone or reassign a planned development community that currently exists near the Orlando Fashion Square mall. If approved, developer Greystar would be roped in to raise an apartment complex featuring 450 individual units, at the site. The site stretches over close to 20 acres and would be filled with four-story apartments including garage space.

Work on a new residential complex in Thornton Park, Downtown Orlando to begin in May

While the future of the two proposed apartment complexes remains in the hands of the city council, work on a third apartment complex is set to begin this month. The complex would be raised in Church Street of the Thornton Park area and house 299 units. The complex will also house close to 9,000 free spaces for commercial leasing and have 10 individual live-work units.

According to some Orlando listing agents familiar with the plans, a part of the commercial space is to be leased out by one large and two mini art galleries. New artists will be able to display their work and keep the community abuzz with several activities.

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What’s In This Year’s Home Buying Season for Home Buyers in Orlando

Posted on by Jenny Zamora

The Orlando real estate industry has been reveling the home-buying season in 2014. April 2014 marked a month of consecutive reductions in the rates of fixed mortgages. Rates of interest on the standard 30-year home loans dropped to their lowest level in the second week of April. The rates, the lowest since February, reduced again in the third week – increasing buyer activity in the industry.

Now, according to a new industry report, this year’s spring buying season commenced with a significant rise in the month-to-month sales of residential real estate property. According to industry experts, the month of March saw 17.28 percent more sales than February. Further, in terms of just the “normal” sales in February and March, the latter month outperformed the former by nearly 24 percent!

Realtors in Orlando will confirm the opinions of the experts – all major listing agents in Orlando reporting their hands full with residential buying and selling since the beginning of the season.

Home Buyers are fueling median residential real-estate prices in Orlando

The median price of properties in Orlando was recorded as $160,000 in March 2014. Just a month ago, the rates stood 1.27 percent lower, at $158,000. The rise in median prices is being fueled by increased demand from prospective buyers – a trend characteristic of the spring buying season.

Realtors unanimously hold the spring buying season a good time to buy residential properties, especially for first-time buyers. According to the experts in Orlando short sales, the median rates of short sales in March 2014, witnessed a 4.59 percent hike from the value same time last year.

With the short-sale inventory expanding, the spring season is also expected to bring new opportunities for buyers who haven’t been able to find suitable deals yet. Compared to the number of foreclosed homes available for purchase in March 2014, a fairly large number of foreclosed homes were made available to buyers in March this year (125 percent more than in March 2013). Homes also spend lesser time on the market now, than they did a year ago. The average listing period in March 2014 was 76 days, compared to the 79 days in 2013.

Making the most of the home-buying season

Conditions in the Orlando real estate market seem to be ideal for residential buyers now. Banks are easing up on home loans, the rates of fixed and variable-rates mortgages are decreasing and the market has plenty of options in different price ranges. Further, with Florida’s diversifying economy and its growing reputation as a premium retirement destination in all of the US, many prospective buyers are showing foresight by investing in properties during the season.

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Orlando Foreclosure Rates Continue On A Downward Trend

Posted on by Jenny Zamora


CoreLogic has some great news for Orlando realtors and the real estate industry in general. The American business intelligence agency that provides financial and real estate information and analytics to businesses and the feds, reports that Orlando foreclosure rates reduced again in December 2013.

This brings in a ray of hope for real estate agents in Orlando who have been worried for quite some time due to the high rates at which properties in the city get foreclosed. Even with a  decrease in the foreclosure rates in December, Orlando still sports foreclosure rates higher than the national average.

Orlando Foreclosure rate 3.65 percent down from same time a year ago

 

CoreLogic reports that 6.69 percent of residential properties in the Sanford-Kissimmee-Orlando area were slapped with foreclosure in December 2013 – 3.65 percent down from the foreclosure rate in December 2012 (10.34 percent).

CoreLogic, which trades on the New York Stock Exchange as CLGX also reported that the national average of residential-property foreclosures for December 2013 was 2.09 percent. Further, the report also revealed that homeowners of the Metro Orlando area had become more regular with their mortgage payments.

The delinquency rate dropped by 4.53 percent in December 2013. CoreLogic reported an 11.04 percent of mortgage payments coming in later than 90 days in December 2013. A year ago mortgage defaulters in the Metro Orlando area peaked at 15.57 percent.

As is the case with foreclosure rates, the Metro Orlando mortgage delinquency rates top the national average of 5.03 percent this year. Back in 2012, the rate stood at 6.40 percent for the same month.

 

Orlando Realtors Anticipate Improved Sentiments In Near Future

The health of a state’s real estate market greatly influences the health of the overall economy of the state. Listing agents in Orlando reveal that reduced foreclosure rates in Metro Orlando are promising news for the Orlando real estate market because it not only signifies that the housing market is improving, it also helps boost the values of other residential properties.

Add to it the fact that lowered foreclosure, as well as mortgage delinquency rates, are elementary proof that the market is less distressed and the financial status of homeowners is improving.  You’ll know why real estate agents in Orlando are tying this news to the hopes of a stronger market and more buyer confidence in the near future.

 

 

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