Orlando Real Estate Voice

Are you in the market for a Central Florida home for sale? Or are you looking for a Central Florida real estate agent, Orlando Realtor to sell your home?

Central Florida Real Estate Specialist and sell 1 home every 3 weeks. Will yours be next?

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Sellers – Free Home Value Report and Marketing Proposal
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JerrySellsOrlando.com Or call us  407-580-7011We sell Single Family Homes, Holiday Vacation Villas, Luxury Estates, Land, Commercial Property, Hotels, Condominiums, Retail Sites, Office Buildings, New Home Construction, Lofts, Retirement Communities, Executive homes, Custom Home Builders, Master Planned Developments, Gated Community Residences, Golf Course Resort Homes, Re-sales, and Investment Properties.

We serve Buyers, Sellers and Investors. Our clients are local residents, relocating families, retiring persons, UK British visitors, International and second home owners.

We provide Multiple Listing Service MLS listings, Free opinions of value and market valuations for sellers and Free property search reports for buyers.

Areas – Communities

Central Florida, Greater Orlando, the Walt Disney World Area, Apopka, Windermere FL , Davenport, Orange County Fl. Orlando, Apopka, Windermere, Winter Garden, Kissimmee, Davenport, Winter Park, Lake Mary, Altamonte Springs, Longwood, Montverd,e Ocoee, Oviedo, Dr. Phillips, Metrowest Celebration, Disney World Area, Keene’s Pointe, Isleworth, Lake Butler Sound, Stoneybrook, StoneyBrook West, Bella Collina, Alaqua Lakes Reunion, Summerport, and More!

About Jerry:

Member:

ABR – Accredited Buyers Representative

GRI – Graduate of the Realtors Institute

e-PRO – Certified Internet Professional

CLHMS – Certified Luxury Home Marketing Specialist

ORRA (Orlando Regional Realtors Association)

FAR (Florida Association of Realtors)

NAR (National Association of Realtors)

TALLAHASSEE, Fla. – Jan. 30, 2008 –Realtors around the state expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage yesterday of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move.

“People who buy now are getting a great deal because home prices have fallen,” says 2007 FAR President and St. Petersburg Realtor Nancy Riley, who led the charge last year in support of Amendment 1. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.”

Some Realtors expect to see sales activity from first-time buyers thanks to a slight increase in the homestead exemption provided by Amendment 1, record-low mortgage rates, pent-up demand and a large selection of properties.

“Again, given the lower cost of housing and the increased homestead exemption, those who have been dreaming of buying their first home will find this the best market in many years,” Riley adds.

While demand builds, Realtors should take the opportunity to contact clients who sold a home in 2007 and bought another property that qualifies as a homestead. The portability provision of Amendment 1 is retroactive to Jan. 1, 2007. Sellers may transfer their Save Our Homes credit (the difference between the assessed value of a homestead and the market [or “just”] value) provided:

1. The residence sold last year was homesteaded;
2. The new residence qualified for the homestead exemption as of Jan. 1, 2008;
3. The owner applies for the exemption and transfer with the county property appraiser by March 1, 2008.

For specific questions about property tax reform, tell clients to contact their local property appraiser. [http://dor.myflorida.com/dor/property/appraisers.html]

© 2008 FLORIDA ASSOCIATION OF REALTORS®

Below are some of the absolute Best Priced Homes in the Orlando Area. Two homes are in the highly sought after community of Windermere. One is located in Winter Garden Florida and the three others are in Orlando. There is also a Lakefront property for $499,900. This is a spectacular deal for a new home on East Lake Toho. Please feel free to give me a call at 407-580-7011 and don’t forget to visit my Website at http://www.JerrySellsOrlando.com

Orlando Home For Sale, 14 Vanna Ct. Just Listed

Orlando Home For Sale, 14 Vanna Ct. Just Listed

County: Orange County Zip Code: 32807-6193

Price: $200,000 Low Price: Bedrooms: 3 Baths: 2 SqFt Heated: 1,315 Year Built: 2000 

 Property: One Story, Single Family Home ADOM: CDOM: 0 Location: Close to Bus Line, Cul-De-Sac, In County,In City Limits Great Location – Great Value, Hurry Won’t Last at this Price! Minutes from downtown. Tile roof, Great one owner home, well maintained home with Pond view. Perfect for the first time buyer. Great community easy access to408, airport, Valencia and UCF. One Year Home warranty will be provided by Seller to Buyer. Other neighborhood homes have sold for $40,000-$50,000 more.  Hurry to get this GREAT Price.  This home won’t last!

    List Price: $189,900  Bedrooms: 3 Baths: 2 SqFt Heated: 1,536 Year Built: 2005  Property: Ground Floor Unit, Townhouse  Corner Unit, End Unit,

 HUGE PRICE REDUCTION-BARELY ‘LIVED IN – LIKE NEW” CARRIAGE HOME IN A GATED COMMUNITY OVERLOOKS POND VIEWS AND COMMUNITY POOL.  BEAUTIFUL FIRST FLOOR PLAN IN END UNIT, NO STAIRS TO CLIMB. UPGRADED LIGHTING FIXTURES & FANS. BONUS ROOM THAT IS GREAT FOR AN OFFICE/STUDY OR 3RD BEDROOM. YOUR CENTRALLY LOCATED KITCHEN FEATURES A BREAKFAST BAR, ENDLESS CABINETS, A CLOSET PANTRY, 42′ CABINETS, ALL GE APPLIANCES & MUCH MORE. YOUR OWNERS RETREAT ALSO INCLUDES A GARDEN TUB & A HUGE WALK-IN CLOSET. PREMIUM LOT W/ MANY UPGRADES. CLOSE TO VERANDA PARK AND METRO WEST GOLF COURSE. BEAUTIFUL COMMUNITY POOL & TENNIS COURTS. A MUST SEE

With the Federal Reserve cutting the interest rate by three-quarters of a point on Tuesday and possibly another half a point shortly, as predicted, do you feel that this is a little bit too late or do you think this will have a significant effect on the economy and the predicted foreclosures?The cut in in the interest rate was designed to help in response to all the coverage on a recession which is being promoted as having a 50% chance of happening.

1. Do you think that there is a 50% chance for a recession?
2. Do you think we are already in a recession?

Let’s just refresh what recession is:

Per Wikipedia: negative economic growth for 2 or more successive quarters in a year. A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits.

and an interesting note:

There is much debate, sometimes ideologically motivated, as to whether government intervention smoothes the cycle, exaggerates it, or even creates it.

Do I think that by lowering the interest rate this will have an effect on all of the foreclosures? Yes, some. Obviously, not those already involved in the foreclosure process. Other homeowners who have adjustable rate mortgages or sub-prime  loans will now have lower payments. 

Some homeowners with those lower payments will now be able to afford their house payments and others unfortunately will not.

What this definitely, without question confirms, is that it is one of the BEST times to buy a home and/or investment property while interest rates are down and possibly going down another 1/2 point. This makes mortgage payments less which translates to a better deal for the home buyer or investor.

Now, how many times have you heard this? It’s true and for those lucky enough to jump on the bandwagon, it’s going to be a nice ride with no bumps.

If you have an equity line of credit, at 6.0% or more, definitely refinance. Anytime, there is a 1% interest rate difference in what you currently have and what is being offered on a FIXED INTEREST RATE, you should jump on it.

Just make sure that you are with a reputable Mortgage Lender. If you need a referral just give me a call. And no, I don’t make any money for the referral for those who wonder, I just get happy, well educated clients that have good loans. Love that!

Let me know your thoughts on the recession. The debate should be interesting.

AND

Do you think the Feds are a day late and a dollar short to this party?

And of course if you would like help with you   Real Estate Questions please feel free to give me a call 407-580-7011

Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.48 percent with an average 0.4 point for the week ending January 24, 2008, down from last week when it averaged 5.69 percent as well. Last year at this time, the 30-year FRM averaged 6.25 percent. The 30-year FRM has not been lower since the week ending March 25, 2004 when it averaged 5.40 percent.

The 15-year FRM this week averaged 4.95 percent with an average 0.4 point, down from last week when it averaged 5.21 percent. A year ago at this time, the 15-year FRM averaged 5.98 percent. The 15-year FRM has not been lower since the week ending April 1, when it averaged 4.84 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.13 percent this week, with an average 0.4 point, down from last week when it averaged 5.40 percent. A year ago, the 5-year ARM averaged 6.00 percent. The 5-year ARM has not been lower since June 30, 2005, when it averaged 5.06 percent.

One-year Treasury-indexed ARMs averaged 4.99 percent this week with an average 0.6 point, down from last week when it was 5.26 percent. At this time last year, the 1-year ARM averaged 5.49 percent. The 1-year ARM has not been lower since October 27, 2005, when it averaged 4.91 percent.

“Economic news released last week confirmed the weak condition of the housing market. Housing starts fell further in December to 1.006 million units, the slowest pace since May 1991,” said Frank Nothaft, Freddie Mac vice president and chief economist. “For the year as a whole, housing starts dropped nearly 25 percent, from 2006’s level. This was the largest annual decline since 1980. New permits issued also fell to the lowest level since March 1993

Readin’, ritin’ and rithmatic.

That just about covers the learning that someone needs to know (as long as you live in the “holler”). But homeowner associations have their own version of the Three Rs called Rules, Regulations and Resolutions. These are the policies and procedures that define the standards of the community. They must comply with state and federal law. For example, the board cannot enact a rule that violates Fair Housing Act.

Rarely if ever are the Three Rs clearly or fully defined in the governing documents. That is by design to allow flexibility and customization. Amending bylaws is tedious and difficult. The Three Rs can usually be modified as needed by the board. The board may use either rules and regulations or resolutions to accomplish this goal. So what’s the difference?

Rules and Regulations are used to address rules of conduct. Appropriate topics include:

• Hours of operation
• Pets
• Parking
• Noise
• Restrictions (use of clubhouse, pool rules)
• Limitations on guest use.

When adopting new or revised rules, it’s wise for the board to solicit owner input for a greater degree of compliance. Any proposed rule or regulation must comply with the governing documents. For example, if the governing documents state that guest parking may only be used by guests, a board rule cannot change that. That requires an amendment voted upon by the members.

Resolutions are the preferred method of establishing procedures for the homeowner association. Resolutions come in two types: policy and administrative.

Policy Resolutions define acceptable community standards. An example of a policy resolution: Many governing documents are unclear with regard to homeowner association versus owner maintenance responsibilities. Who repairs a water supply line after it enters an owner’s unit? Who repairs damage from a flood originating in an upper unit? There are many variations on this theme that could be answered in a policy resolution that defines each item according to who is responsible.

This particular resolution directly impacts homeowner insurance and owner responsibilities. Other significant policy resolutions deal with money collection, architectural guidelines and enforcement procedures.

Administrative Resolutions define procedural guidelines, like how to run board and homeowner meetings.

Mechanics of a Resolution. The resolution should first cite the relevant provisions of the governing documents and any applicable state statute, especially those sections which give the homeowner association authority to establish policies. Following the authority section are the details of the resolution. It is highly recommended to circulate proposed resolutions to the membership for a minimum 30 day period for comment before the board votes on it. Once approved, it should be dated and signed by the board president and the secretary.

About amending the governing documents. The Three Rs can be enacted by the board but amending the governing documents must be approved by the members by the percentage indicated in the governing documents. Getting this vote is often difficult so amendments should not be undertaken lightly. However, if the documents are unwieldy or in violation of the law in some respect, amending may be prescribed. Always consult with an attorney knowledgeable in homeowner association law.

Rules, regulations and resolutions help provide a clear and systematic way to deal with routine issues. Once enacted, they need to be enforced consistently and apply to all members, including the board.

The Fed expects banks to reduce the interest they charge their customers.

Q: Why did the Federal Reserve lower interest rates?A: The federal funds rate is the interest that banks charge one another for overnight loans. When the Fed raises its target for that rate — the rate itself is actually set each day by the open market — it tends to slow the economy, because everyone’s money costs more to borrow. When the Fed lowers its target rate, it has the opposite effect. So by cutting the cost of the money banks borrow from each other, the Fed expects the banks to reduce the interest they charge their customers, who in turn can spend or invest the savings, which should stimulate the economy.Q: Will the rate cut lower the cost of a mortgage?

The interest on fixed-rate mortgages is tied to long-term financial instruments, and the federal funds rate is applied to overnight loans between banks — about as short-term as you can get. So Tuesday’s drop in the fed funds rate is unlikely to affect those kind of mortgages anytime soon. But adjustable-rate mortgages are generally tied to shorter-term interest rates, such as the one-year Treasury bill. So if you’re currently making payments on an adjustable-rate loan and it’s coming up for its periodic adjustment, or “reset,” the rate should fall and your monthly payments should shrink.Q: Will credit-card interest rates fall?A: Although the interest consumers pay on credit-card balances and most other revolving debt isn’t tied directly to the federal funds rate, there is an indirect effect when that key rate changes. So credit-card balances, auto loans and other unsecured loan rates could fall somewhat. Credit cards with variable interest rates are tied to banks’ “prime rate” — what they charge their best commercial-loan customers — and that rate generally moves in tandem with the Fed’s target for the federal funds rate. So if you’re using such a card, the annual percentage rate you pay on any balance is likely to shrink. But remember: Your credit score remains a significant factor in determining your card’s APR, so the extent to which a cardholder might benefit from the Fed’s action will vary from person to person.