Orlando Real Estate - Blog

Median price down 9 per cent from a year earlier

The U.S. Commerce Department said Wednesday that sales fell to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. August's sales had been initially tallied at 429,000.

Economists surveyed by Thomson Reuters had expected a pace of 440,000 sales for September.

It was the first decline since March. The September sales total was off 7.8 per cent from a year ago, although it was up 22 per cent from the market's January bottom.

It is still down more than 70 per cent from the peak of July 2005.

The median sales price of $204,800 US was off 9.1 per cent from $225,200 a year earlier. However, the median price — half of homes sold for more, half for less — was up 2.5 per cent from August's $199,900.

The decline in the number of sales was driven by drops of nearly 11 per cent in the West and 10 per cent in the South. Sales rose 35 per cent in the Midwest and were unchanged in the Northeast, the Commerce Department said.

"Even though today’s report on new home sales disappointed expectations of continued improvement, the level of sales remains well above the trough of 329,000 set in January of this year," RBC economist Josh Heller said.

The year-over-year decline does not alter the bank's view that residential real estate will make a positive contribution to third-quarter economic growth, he said. complete story

Source: NewsRunner.com - CBS News

Stop Foreclosure  Save Your Credit Orlando Short Sale

Orlando Real Estate  Orlando Homes for Sale  Orlando MLS

For all of you who emailed me last night asking, "What the h— is up with the tax credit extension???"

The answer is that there may have been a bit of a revolt among Democrats who didn't want the controversial measure attached to the Unemployment Insurance bill.

That said, sources are telling me that there may be a compromise among Senators Dodd and Lieberman and Senate Finance folks, like Baucus and his staff.

Here's how it would work, and again, this is just a source telling me this, not necessarily what will happen:

• For first time homebuyers, the income level to qualify is $75,000/150,000 (indiv/joint)
  
• For step up buyers the income level to qualify is $125,000/250,000.
  
• For step up buyers, they must have been residing in their primary residence for 5 years.
  
• The credit is 10% of the sales price, with a maximum of $ 7,290.
  
• The credit runs from Dec. 1, 2009 to April 30, 2010.
  
• For legitimate sales contracts as of April 30, 2010 you have 60 days to close
  
• There is a waiver for military.

This is what I hear. Stay tuned. It could all change dramatically.

Source: CNBC.com - Diana Olick   Orlando Real Estate  Orlando MLS

If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.

Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.

Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.

In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.

Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. "I think more price declines are coming because the foreclosure crisis is not over," he said.

In fact, those areas with high concentrations of foreclosure sales will experience the steepest drops, according to Fiserv. Miami, for example, is expected to be the biggest loser. Prices are forecast to plunge 29.9% by next June -- after having already fallen a whopping 48% during the past three years.

If Fiserv's forecast holds, Miami real median home price will tumble to $142,000 by June 2011.

In Orlando, Fla., the second-worst performing market, Fiserv anticipates a 27% price collapse by June 2010, followed by a less severe drop the following year. In Hanford, Calif., prices are estimated to drop 26.9% and continue falling 9.5% in 2011; in Naples, Fla., they're expected to fall 26.8% and then flatten out.

Other notable losers include Las Vegas, where prices have already fallen 54.6% and are expected to lose another 23.9% by June 2010. In Phoenix values have already collapsed by 54% and could fall another 23.4%. In both cities, Fiserv anticipates the losses to continue into 2011, but they will be less than 5%. complete story

Source: CNNMoney.com - Les Christie 

Stop Foreclosure  Save Your Credit Orlando Short Sale

When Kimberly and Derek Hayes went house hunting, they bumped into an unusual requirement that raised their hackles. If they wanted to bid on a bank-owned foreclosure, the bank insisted on doing its own credit check of the couple, said Kimberly, 42, a Web writer.

"This unnecessary credit pulling can potentially lower my credit score and widens the exposure of my sensitive financial information," she said. "I'm concerned about yet another set of eyes looking at my private information in a time of so much identity theft."

One bank selling a foreclosure urged them to apply for a mortgage with it, "and it was strongly implied that if we did not do it, we shouldn't even bother making an offer," she said.

The Hayeses found the requirements sufficiently infuriating that they decided not to submit offers on some properties they had been considering, and are now in contract to buy a nonforeclosed home from a traditional seller. Real estate agents say both practices - requiring fresh credit checks and steering potential buyers toward specific mortgage lenders - are increasingly common with many foreclosure sales.

"Banks are leery of any lenders other than themselves," said Janelle Boyenga, a Realtor with Intero Real Estate in Los Gatos. "They request prospective buyers to get pre-approved with specific lenders - even though that isn't necessarily the best for that buyer."

More commonly, she said, it's not the banks themselves but the listing agents selling the bank-owned properties, known as REOs for "real estate owned" by banks, who make that request.

"REO agents have to work a little bit differently," she said. "They're doing this to protect themselves; the bank gives them a ton of business and can take it all away. They're always worried about the asset manager (at the bank), and one way to have a good relationship is to have all their transactions close. They want to feel comfortable that these are bona fide buyers." complete story 

Source: SFGate.com - Carolyn Said

Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said massive losses in commercial real estate loans will add to the problem, forcing banks to raise more capital.

"The stress is moving from residential mortgages that are still in deep trouble, to commercial real estate, where they are just starting to recognize that they're going to have massive, massive losses," Roubini of RGE Global Monitor told reporters after a presentation for a World Economic Forum report on the global financial system. complete story

Source: Reunter.com - Walter Brandimarte

Stop Foreclosure  Save Your Credit Orlando Short Sale

Orlando Real Estate  - Orlando MLS

If you’re planning to put your home on the market, it’s not your manners that need polishing. Try your silver, among other improvements. Now, more than ever, getting a signed contract in hand is all about price and quality.

Here's a few tips to selling your house in a tough market.

Price Is A Science

“The biggest mistake sellers make today is that they don’t price their homes correctly,” says Elizabeth Weintraub, a broker with Lyon’s Real Estate in downtown Sacramento.  “If a house sits on the market, people start to wonder, ‘what’s wrong with that property. How come it’s not selling?’”

She says pricing is an art and a science, and also depends on the local market. In Sacramento, for example, home sellers are competing directly with foreclosures and short sales (when a seller owes more on a property than it is worth and the bank agrees to accept less than the amount of the mortgage).

“In the past, if there was a home that was sold as a foreclosure on your street, it was an isolated circumstance. Now, because of the high number of foreclosures and short sales, they are the comparable sales,” Weintraub says. “If your price is not competitive with these numbers, it might not get shown at all.”

Her pricing method: look at pending sales. These will become the comparable sales. Even though they don’t say the exact sale price, you can make an educated guess or find out from the listing agent.

Weintraub also says that if you put your house on the market and it doesn’t sell after 90 days, take it off the market and list it again at another time. “You don’t want it to become stale.”

Mary Ann Grabel of Greenwich Fine Properties in Greenwich, Connecticut, agrees. “It’s all about price,” Grabel says. “People who really want or need to sell are willing to take less than what they paid two or three years ago.” complete story

Source: CNBC - Jessica Reo

Orlando Real Estate - Orlando Real Estate Agents

Can you afford to make such an investment? And is worth the risk?

Fortunately, as a first-time buyer, you are actually in the best of positions when it comes to buying real estate. And right now, distress properties are worth looking into and may be a great way to get a terrific deal on a home. Now there are still a number of things that you should be aware of before you buy your first home such as:

1. What to look out for and how to get the best value for your money?

2. Should you be looking at pre-foreclosures or foreclosures?

3. What are the top misconceptions regarding distress properties?

4. How easily can you get mortgage financing?

FREE Video Reports - Click Here

Orlando Foreclosures - Orlando Real Estate

Behind on your payments and have no equity? We can help.

Whether positive or negative, short sales are definitely creating a buzz in the marketplace. Aren’t you curious to find out why? The primary reason is the fact that short sales can prove to be a very effective way of selling your home quickly, especially given the current market situation.

Whether positive or negative, short sales are definitely creating a buzz in the marketplace. Aren't you curious to find out why?

The primary reason is the fact that short sales can prove to be very effective way of selling your home quickly, especially given the current market situation.

In order to ensure that a short sale works for your home, you need to know :

• How to successfully negotiate a short sale
• What are the benefits of conducting a short sale
• How a Realtor can help with the process

This FREE series of Short Sales Video Reports will provide you with all this information and more.

Stop Foreclosure  Save Your Credit Orlando Short Sale

The Time To Orlando Real Estate Buy Is Now!

The golden rule when investing – be it in real estate, stocks or anything else – is to “buy low, sell high”. Given the current economic conditions, this advice is highly relevant especially if you are an investor interested in getting the most worth for your money. As a result, distress properties are definitely the right choice for you!

You are probably already aware that to make a good investment, the timing of your purchase is a very important factor. But do you know the details of investing in a changing real estate market? Are you aware of the different types of distress properties and the merits of each? For example, pre-foreclosure properties in particular are the most ideal real estate opportunity for investors wanting to close a deal quickly. On the other hand, if you are a novice investor, foreclosure properties would be most appropriate for you. The FREE series of “Distress Properties Reports for Investors” will help you learn about various aspects of investing in distress homes, and assist you in making the most well-informed decisions.

Click Here to View

Orlando Investment Property  - Real Estate Orlando

Buying an Orlando Vacation Property

Have you often wondered what it would be like to own a beautiful vacation property in your desired getaway spot? Have you been reluctant to take the final step due to the inflated prices of such properties? Well, now is the ideal time to take action! In fact, given the current reduction in home prices, you could actually stay at your favorite vacation destination the entire year if you wanted to! This is due to the fact that great homes have been going through the distress sales process in a variety of vacation hotspots throughout the country. As a result, the prices of such properties have dropped dramatically. Your Dream home is no longer a dream, but closer than ever to becoming a reality.

So how do you make a great vacation buy? What are the top destinations for vacation foreclosures? Find the answers to these questions and learn more about why the time is right for investing in vacation homes in the FREE series of "Distress Properties Reports for Vacation Home Buyers".

Click Here to View Video Reports

                             Orlando Real Estate  -  Orlando MLS

The Treasury Department announced this month that it is close to finalizing a widened incentive program to entice lenders and servicers to rely more on short sales as an alternative to foreclosure.

“Presumably, the Treasury is trying to help facilitate a transaction that will result in less loss to the lender than in the case of a foreclosure,” the California-based John Burns Real Estate Consulting said in a recent research note that reacted to the news.

That program – part of an initiative unveiled in May – expands on the Obama administration’s Home Affordable Modification Program, which has had a mixed record in mitigating housing losses in the U.S. economic downturn. Of the scores of troubled homeowners eligible for loan modifications under the program, only 12 percent have received refinances, according to Treasury figures.

Scant modifications have contributed to an avalanche of foreclosure filings, unleashing a flow of repossessed housing in “shadow inventories” – a property glut that could drive home prices down and threaten the market’s recent modest gains. As DS News previously reported, some analysts estimate that shadow inventory could rise as high as 7 million units, foreshadowing a new housing crash. complete story

Source: DSNews.com - Adam Weinstein 

Stop Foreclosure  Save Your Credit Orlando Short Sale

FREE Foreclosure Secrets - Real Estate Video Reports

These Deals Won't last Forever!

In today's market, distress and foreclosure properties are the hottest ticket when it comes to purchasing real estate. Price reductions have created a true "buyer's market". This means that prices are lower than ever, and buyers can find fantastic deals that would not be available under regular circumstances!

It is crucial to have a solid understanding of how to purchase the right kind of distress property if you want to take advantage of the great deals out there.

So, let's get started. Whether you are a first time buyer who is new to the process, or a veteran investor who has been through it all before. These exclusive video reports on Foreclosures are sure to include something you were not aware of. And the best part: they're free.

Just click on any one of the video topics below to get started.

• Foreclosure Secrets for First Time Buyers
• Short Sale Secrets for Home Sellers
• Foreclosure Secrets for Investors
• How to Get a Deal on a Vacation Home

If you are facing foreclosure, odds are you bank or lender is on this list below.  It most cases the better way is a Short Sale which can save your credit.

Stop Foreclosure  Save Your Credit Orlando Short Sales

• ABM AMRO Mortgage 800-783-8900
• AmTrust Bank (fka Ohio Savings Bank) 888-696-4444
• Beneficial 800-333-5848
• Charter One 800-234-6002
• Chase 800-446-8939
• CitiFinancial Mortgage 800-753-3673
• Citimortgage 800-283-7918
• Countrywide 800-262-4218
• Deutsche Bank National Call Number on Mortgage Statement
• Fifth Third Bank 800-375-1745 Option 3
• First Merit Bank 888-728-9931
• GMAC Mortgage 800-850-4622
• HSBC Mortgage 800-338-6441
• Huntington National Bank 800-323-4695
• Key Bank 800-422-2442
• LaSalle National Bank 800-783-8900
• Mortgage Electronic Registration Systems 888-679-6377
• National City 800-367-9305, Ext. 53221
• Ocwen Federal Bank 800-746-2936
• Option One 866-711-1962
• Saxon 800-665-7367
• Select Portfolio Servicing 888-818-6032
• SkyBank 800-290-3359
• Third Federal Savings 888-844-7333
• US Bank 800-365-7900
• Wachovia Bank of Delaware 866-642-8608
• Washington Mutual 866-926-8937
• PMSI or Popular Mortgage (800) 383-2292
• M&I Bank (Marshall and Ilsley) 1(414) 765-7500
• Wells Fargo Home Mortgage 1-800-416-1472
• Wells Fargo Financial 1-800-874-8901

Stop Foreclosure  Save Your Credit Orlando Short Sales

Call us for a FREE no obligation consultation 407-876-5771

If you have a Orlando home for sale, every room needs to be just right. Most people think about the kitchens and bedrooms, but these days a great looking home office can make a huge impact too. Check out a few ways you can make a big impact:

Designate the right space

Whether it's a spare bedroom or a computer nook, you need to specify a separate place to do business. Make sure the area has enough room so that you can set up a desk, chair, computer and a printer without making it look messy.

Clean your area

To really have a good home office, the space needs to be neat. To make your home office look its best to potential buyers, get rid of clutter and only retain the essentials.

Don't waste money

Just because you have a home office doesn't mean you need to go broke trying to furnish it when preparing your Orlando home for sale. Think about wants versus needs first. Then once you get the necessities, use any left over money to buy office supplies such as ink cartridges, computer paper and more.

Add a decorative touch

Now that you have what you need, it's okay to add some decorative style. Hang artwork. Add a few plants. But, remember to keep it simple and neutral so that potential buyers can easily imagine it as their own home office.

Many people don't think of the importance of a home office when preparing their Orlando home for sale. But with so many people working from home, a dedicated space for a home office is a great selling point.

If you’re ready to sell your home, with or without a home office, we can help. Call us now at 407-928-2857.

Selling a home is complicated and full of legal issues that anyone considering selling "by owner" needs to be aware of. However, two of the most important things you need to know in order to be successful as a FSBO (for sale by owner) home seller have nothing to do with legal issues.

Maximize Exposure

It takes more than just sticking a "for sale" sign in the front yard to get the right people to see your home. It is very unlikely that you will sell your Orlando home to a neighbor, or anyone in the neighborhood just driving by. It can happen, but that group is very limited. For sale signs help, but they don't usually sell the home on their own.

It’s important to advertise in as many places and as many ways as possible including on the internet, in homes magazines and in the local MLS (Multiple Listing Service).

Know Your Buyer

The next thing that is complicated for an individual selling their own Orlando home is knowing which buyers are looking in earnest, which are just being nosey, and which have the ability to actual make good on an offer.

Along with exposure this is one of the biggest reasons FSBO sellers often end up turning to a good real estate agent. They have the ability to make sure buyers who come to view your home are ready, willing and most of all able to make a purchase.

If you would like more tips on selling your home “by owner,” subscribe to this blog. It’s free, fast and easy.

2009 might not have brought on the hottest market for sellers, but it’s an excellent market for buyers. If you’re taking advantage and buying one of the Orlando homes for sale, it means you’ll be moving soon. It also means that you’ll probably forget something you really need in the new house – after it’s too late.

Don’t Forget Your…

There are at least five items commonly forgotten when moving:

1. Personal Phonebook – Make sure you pack up any personal numbers, phonebooks or notepads you might have written needed numbers on. If you have time, transfer them to your computer. Even if you call the numbers a lot, there is still a chance you’ll forget them.

2. Neat and Tidy – Too often, people will be giving their old home a final once-over and find a spot that needs to be cleaned. Realizing they have packed the cleaning equipment, they rush out to buy new cleaners. Instead, have your cleaning supplies set aside as one of the last things to go – just in case.

3. Records – No, not the vinyl ones. If the Orlando home for sale is in another neighborhood, you’ll have to get your medical records, vet records for your pet and your child’s permanent school record. Copies usually aren’t allowed, so make sure you have the real deal!

4. Your Address – As silly as it may seem, it’s easy to forget your new address. Write it down and put it in your wallet or purse for easy reference.

5. Hidden Valuables – Did you remember that roll of bills you hid in the attic, or the necklace in the bathroom? Before leaving, collect all your valuables and put them in a safe deposit box.

If you’re looking to buy one of the Orlando homes for sale, we can help. Call us at 407-876-5571 for more information.

Bulls are beside themselves about the recent performance of the Case Shiller house-price index: Prices have risen for three straight months!

This happy (if short) string of data has given rise to the widespread belief that the housing bust is over, that buyers can safely return, that folks who want to sell their houses are smart to “rent for a year until the market has come back.”

Keep dreaming, says David Levy, of the Jerome Levy Forecasting Center. House prices have plenty further to fall.

Stop Foreclosure  Save Your Credit Orlando Short Sales