Orlando Florida Real Estate - Market News & Information

The Orange County Property Appraiser's office has started mapping foreclosed properties in Orange County, Florida, on its web site.

"Searching for comprehensive information about foreclosed properties in your area has been almost impossible on the Web for most folks -- even for the real estate professionals," Orange County Property Appraiser Bill Donegan said Monday.

The new feature was needed because of the abundance of "unreliable information" about foreclosures on the Internet, Donegan said. Popular real estate sites display properties as foreclosures, he said, when in fact the process has not been completed.

Properties identified on the Orange County map as foreclosures have completed the court process and have certificates of title recorded. Once a property is resold, it is no longer displayed on the map.

Donegan's office reported 5,055 foreclosures in Orange in 2008 and 2,643 so far this year. He expects to update the map weekly.

It should make it easier, he said, for people to look for potential bargains.

Source: Orlando Sentinel .com - Mary Shanklin

It is easier to dump a home loan if a friend has done so too.

At What Point would you Walk Away!

HOUSE prices in America have fallen so far that as many as one in five households have mortgage debt greater than the value of their homes. In a few states, borrowers are not liable for the shortfall between an unpaid loan and the resale value of the home it is secured upon. Even where borrowers are on the hook, lenders often find it too costly to pursue unpaid debts. So some homeowners may be tempted to default and escape the burden of negative equity.

How widespread is this practice? New research based on a survey of 1,000 homeowners suggests that one in four mortgage defaults are “strategic”—by people who could meet their payments but who choose not to. The main drivers of strategic default are the scale of negative equity, and moral and social considerations. Few would opt to renege on their mortgage if the equity gap were below 10% of their home’s value, the authors find, partly because of the costs of moving. But one in six would bail out if loans were underwater by a half.  complete story

Source: The Economist.com 

Stop Foreclosure  Save Your Credit Orlando Short Sales

Wave of sales in the pipeline buoys Orlando housing market

Members of the Orlando Regional REALTOR® Association in May sold nearly 38 percent more homes than in May of last year, contributing to the area’s year-to-date sales increase of 44 percent.

There were 1,854 closings in May, which brings the year’s total to 7,834; a total of 5,462 homes had changed hands by this time last year. Of those May sales, 50.97 percent of the homes were either bank-owned (795) or distressed (150). The remaining (909) “normal” sales made up 49.03 percent.

Bank-owned and distressed home sales have an influence on Orlando’s reported median price. The median price of all Orlando homes sold in May is $130,000 (a 38.51 percent decrease compared to May 2008), but the median price for “normal” sales is $165,000. The median price for bank-owned sales is $82,000 and the median price for distressed sales is $140,000.

“There are two levels of pricing in the current market,” explains ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp. “Traditional homes in good condition have held their value much better, so owners shouldn’t be overly concerned about median prices. Most sellers can expect a good return if they’ve been in their homes for a normal period of homeownership and haven’t excessively tapped their equity.”

In addition to an increase in completed sales in Orlando, there is more than double the number of homes currently awaiting closings (6,603) than in May of last year (3,225). Those pending sales, of which 3,455 are homes that came under contract in the month of May alone (the most in one month this year), are forward-looking indicators of an improving market. complete story

Source: Orlando Regional Realtor Association

Florida posted fewer foreclosure filings last month, but still finished second in the nation, according to RealtyTrac.

The state posted 58,931 foreclosure filings — including default notices, scheduled auctions and bank repossessions — in May, down 8.8 percent from April’s total, but still 50 percent higher than May 2008, according to RealtyTrac’s monthly Foreclosure Market Report.

Only California had a higher total, with 92,249 properties with May 2009 foreclosure filings.

The Sunshine State was No. 3 in the nation in foreclosure rates, with one in every 148 households receiving a foreclosure filing in May. Nevada led the country with one in every 64 homes receiving a filing, while California was second highest with one in every 144.

The Orlando-Kissimmee market took the No. 8 spot among the nation’s top 10 metro areas with the highest foreclosure rates. The area recorded a rate of one foreclosure filing for every 101 homes. complete story

Source: Orlando Business Journal - Anjali Fluker

Sales and prices of existing homes in the Orlando area remained flat in May from the month before, according to a monthly Realtor report released Wednesday.

The steady prices are somewhat of a change from a decline of almost two years, but they come at a time when prices historically rise with the busy summer buying season.

The Orlando Regional Realtors Association reported that a dramatic increase in the volume of sales and pending contracts from a year ago were strong indicators of an improving market. The association, which tracks activity of its members, broke down sales into three categories: normal sales, bank-owned sales and distressed sales.

Median prices on existing homes ranged from $82,000 for houses sold by banks to $165,000 for what the association dubbed as "normal" sales, the report showed. Central Florida's overall median price was $130,000, which is the exact same number as the association reported for April. complete story

Source: OrlandoSentinel.com - Mary Shanklin

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Preparing to buy Orlando homes for sale can cause much excitement. But before you start daydreaming about all the possibilities, you need to concentrate on ways to save for a down payment.

• First, pay off debt

One of the best ways to save for a house is to get out of debt first. From credit cards to personal loans, if you're still sending more of your money out of the house than you're keeping in, you need to make a point to significantly cut debt.

• Get an extra job

Although not glamorous, another job will put money in your pocket to help you buy Orlando homes for sale. Just make sure when you see the fruit of your labor, you set it aside as a down payment for your new home.

• Hold a garage sale

Got clothes you're not wearing? What about that CD player you never use? Holding a garage sale is an excellent way to quickly rake in cash. Some people make hundreds of dollars!

• Seek professional help

Even though putting 20% down is ideal, there are many available plans to assist you in coming up with a down payment. Depending on your situation, your down payment could be significantly less.  Talk with your real estate agent or a trusted mortgage provider to get professional advice.

• Get a promotion

While this may seem like an odd way to save for a down payment, it's very practical. Have you helped save your company a lot of money? Did you work especially hard on a big project? Don't let all your talents go to waste. It can't hurt you to simply ask for a raise.

• Use your tax refund

Instead of buying a new television or washer and dryer set, use your tax refund toward a down payment on your home.

With a bit of effort and focus, before you know it, you'll have your down payment and be on your way to owning your own home.

If you're thinking of buying, now's the time to start working with a professional real estate agent. we can recommend a mortgage provider who will help you get the financing that best fits your needs.  I can also help you find Orlando homes for sale that fit your budget and criteria.  Give us a call today at 407-876-5771.

Buying a home can be a life-changing experience. Whether it's your first piece of Orlando real estate or your third, take some time to assess all the ups and downs that are part of such an expensive purchase. Here are a few tips to help prevent negative emotions such as buyer's remorse from getting your down:

1.  Do Your Research

One of the best ways to prevent home buyer's remorse is to conduct thorough research in the beginning. Know how much house you can afford. Consult a real estate professional and visit different neighborhoods. Check out school districts. Bottom line --  go over as many details as possible before putting down your hard-earned cash.

2.  Be Honest With Yourself

Although you may love that charming 1920s Orlando real estate fix-upper located in a great neighborhood, do some soul searching and be honest with yourself. If you know in your heart that to make yourself happy you'd need to do a complete remodel project, maybe you should keep searching. The reality is that you could wind up taking on more than you really want to.

3.  Don't Look at Other Homes

Just like fashions, home designs can change over time. There will always be something newer, bigger, more contemporary – you name it! So if you continue to look at other homes long after you've made your purchase, you may never feel satisfied with your property.

4.  Stop Asking for Opinions

Everyone's situation is different, especially when it comes to homes and decorating styles. And remember, you didn't buy the home to please everyone else. You bought it to please yourself. So if you're happy with your purchase, don't concern yourself with everyone else's opinions. They will just make you doubt your choice.

Before you start feeling remorseful and questioning your home buying decision, remember to focus on your original list of wants and needs.  Remind yourself that you met the majority of your criteria when purchasing your Orlando real estate.   Be content. You're living in your dream home.

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A new Federal Housing Administration program will let first-time home buyers use their $8,000 tax credit for down payments or closing costs

The days of home buying with little or no money down may be back—this time thanks to Uncle Sam.

Blamed for contributing to the housing bubble, zero-down-payment loans largely vanished when the market crashed and Congress blocked seller financing for government-backed loans. Now the federal government will be forking over cash at closing.

Buyers who haven't owned a home for three years or longer are eligible for an $8,000 tax credit, thanks to a provision in this winter's stimulus package. Now, under a little-noticed program announced May 29, the Federal Housing Administration will steer the funds to cover closing costs directly—in some cases even offsetting the 3.5% minimum down payment FHA loans require. That's enough to cover most or all of the down payment and fees for homes up to the U.S. median price, now about $169,000.

Officials hope "monetizing" the tax credit will help revive the housing market, because meeting closing costs is one of the biggest hurdles for new home buyers. The National Association of Home Builders predicts it will add 40,000 to the 160,000 sales originally expected to be spurred by the tax credit. Supporters say the move avoids the worst effects of seller financing, in that the credit is essentially the buyer's money, and government assistance doesn't give sellers a perverse incentive to inflate prices in an unsustainable manner. complete story 

Source: BusinessWeek.com - Theo Francis

Most people are familiar with the new stimulus plan that helps many get tax rebates for buying a home. The incentive is centered on first-time home buyers and a lot of people automatically assume they aren't eligible because they have owned a home in the past. This incentive shouldn't be dismissed so quickly. It is worth as much as $8,000 during the calendar year of 2009 and is a great reason to consider entering or re-entering the Orlando home buying market. Yes, that's right "re-entering" the market.

Three Year Rule

If you have not owned a Orlando home in the past three years, for tax purposes you are considered a first-time home buyer and are still eligible for the tax credit. This, however, includes you and your spouse if you are married so neither of you can have purchased a home in the last three years.

Principle Residence Rule

Even if you have owned a home in the last couple of years, if it has not been your primary residence, you may still be eligible for the tax break. This means that if you own property that you use as rental or other investment real estate such as flipping or reselling, you may still be able to get the tax incentive if you purchase a new home for you and your family to actually live in.

The new stimulus plan rules may be confusing but a qualified Orlando real estate professional can guide you through the possibilities.

If you are entitled to the tax rebate, 2009 should be the year you buy your new home. The tax rebate on a new home purchase is only good for the year.

If you purchased a Orlando home any time during the 2009 calendar year and didn't know you might be entitled to the rebate, now is the time to check into it.

If you have any questions regarding the new stimulus tax breaks for first-time home buyers, please give us a call at 407-876-5771. We would be happy to help.

In spite of problems in the housing market, experts agree this is a great time to buy Orlando real estate. First-time home buyers can take advantage of the many tax breaks allowed by the stimulus plan, and everyone can benefit from the fact that the stimulus package includes help for banks so that they can provide mortgages. There are other reasons the current market is good for new home buyers, too.

Mortgage Rates

Because so few mortgages were being issued, the rates are very low. This gives home buyers, especially those with good credit, a big advantage. Just a two point difference in mortgage rates can mean saving several hundred dollars a month on payments.

Low Prices

If you're considering buying Orlando real estate, act now so you can take advantage of the amazingly low prices. When you buy a home at today's exceptional prices, you're very likely to quickly add equity to your home when prices bounce back.

Less Construction

Having less construction happening may not seem like a great thing, and for many areas of the economy it is not, but a lack of new construction is a real plus for new home owners. The fact that there are fewer new homes on the market  will help real estate prices bounce back over the next few years by creating more of a supply and demand situation for existing homes. Rising home values will provide that equity bump back to more modern levels.

If you're thinking about buying Orlando real estate and want more advice on the pros and cons, please give us a call today at 407-876-5771.

Just when you think you've done everything you need to do to get your home ready for the market, months pass and your home doesn't sell. Consider a few factors that can effect your goal of selling your home.

• Priced Too High – If your home has an excessive asking price, it will be harder to sell. With so many Orlando homes available today, a big price tag may turn buyers off. And, your competition down the street may have the same home but a better price.

• The Market – No longer can you simply put a home on the market and watch the offers roll in. Nowadays, you have to be diligent and knowledgeable in your approach. Research the market value of Orlando homes in your neighborhood and know what kind of competition you're up against. And, understand today's buyers and what they need in order to make a good offer on a home.

• Unfavorable Location – No matter how gorgeous a home is a bad location can hurt sales. Although you can't change the location, you can be creative in figuring out ways to appeal to buyers. Offer incentives to attract buyers or lower your asking price.

• The Appearance – Does your home need some work? If so, you want to attack those issues first before putting your home on the market. Things like dirty carpets and broken appliances can turn buyers off. Try staging your home. This will help to ensure your home dazzles potential buyers.

• You Didn't Consult a Professional - Trying to sell a home yourself can be an extremely daunting task. That's why you need a real estate professional who knows the ins and outs of the industry and can market your home in the right way.

The good thing is that you can make changes that will improve the situation. Go over all the points listed and address any problems. Once that's done, you'll have a better chance of watching your home sell.

Let us give you a free analysis of your home's value in today's market. Just click the following link and fill out the short form: FREE Orlando Home Valuation