Orlando Real Estate Voice

Anyone looking to buy a home in Orlando, East Orlando or any of the surrounding communities such as Windermere, Winter Garden, Ocoee, Winter Park, Kissimmee, Saint CLoud, or Lake Nona please give me a call because I have some terrific deals. I found this photos recently and I Love it. So, the answer is NO it’s not real and don’t ask where you can find it. 

However, I’m seeing short sales and foreclosures right now that are 1/2 price compared to only 3 years ago.  I’m hearing people saying that we are not at the bottom and they’re going to wait. Well, very simply if you wait for another $10,000 – $20,000 break in price your thinking is wrong. Let me tell you why.

  Interest rates is the answer.  Interest rates will rise and trying to save $10-$20 thousand will be nothing compared to a 1/2 point to a point higher in interest rates. Do the math. When you’re done doing the math, give me a call and I’ll find you that perfect home at a huge price reduction at the lowest interest rate. Don’t wait for the media to say it’s turning around, because by then it’ll be too late and you’ve missed the bottom. So CALL TODAY! 407-580-7011

Orlando’s housing marketing for the second month experienced a month-over-month increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory – all indicators of a continued, although admittedly glacially paced, shift toward a market balanced between buyers and sellers.

The monthly statistical reports released by the Orlando Regional Realtor® Association also revealed an across-the-board, four-month trend indicating decreases in Orange and Seminole counties’ month-to-month sales comparison percentages. For example, Orange County sales were down by 28 percent when comparing April 2008 to April 2007; 40.16 for March; 44.28 percent for February; and 49.23 percent for January.

The median sales price of a home in the Orlando area decreased by 4.09 percent ($9,000) from $220,000 in March 2008 to $211,000 in April 2008. The median sales price for April 2008 is 12.85 percent ($31,100) below that of April 2007 ($242,100).

The decrease in the median home price to $211,000 means that the area’s affordability index increased in April to 108.81 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,563 can qualify to purchase one of 9,104 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $229,589 or less.

The first time homebuyer affordability index increased to 77.38 percent from March’s 72.78 percent.

The number of sales in the Orlando area declined by 25.03 percent in April 2008 compared to April of last year (1,147 to 1,530), but the number of sales that took place in April 2008 did increase by 2.41 percent compared to the number of sales that occurred in March 2008 (1,120).

There are currently 2,853 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 2,398 in March and 2,175 in February. The number of homes that came newly under contract in April increased by 333 to 2,012; there were 1,679 homes newly under contract in March and 1,537 in February.

The area’s average interest rate was 5.77 percent in April 2008, down from 5.94 percent in March and 5.87 in February. Homes of all types spent an average of 121 days on the market before being sold in April 2008; the average home sold for 93.14 percent of its listing price. In April 2007 those numbers were 97 and 95.49 percent, respectively.

The majority of single-family homes (232) that changed hands in April 2008 were sold in the $200,000 – $250,000 price range. Another 112 homes sold in April for between $250,000 and $300,000. Three hundred thirty-nine homes sold for less than $200,000 in April, and 259 sold for more than $300,000. On the far ends of the scale, 21 homes were sold for $1 million or more while 11 homes sold for less than $50,000.

If you are a first time home buyer, you have a lot to learn. Working from a blank slate you must build an understanding of the housing market, determine what you can afford, land a loan and hone in on a home that’s a good fit for your lifestyle. The transaction will likely become your largest asset ever so there’s little room for error. It is a daunting task, but you can ease your concerns if you take the process step-by-step, watching your footing as you move along the path toward the American Dream. To that end, Keller Williams recently released a list of “Dos and Don’ts” to help first timers turn that stress into the self-confidence you’ll need to move closer to your first home. The list focuses on areas first-timers typically stumble over in their initial home buying attempt. Knowing what you could face will help you avoid some of those trip ups. The Dos  
DO examine your credit standing. You need to know your credit standing. You may need to request corrections if there are errors. You may need to adjust your habits if your credit behavior is less than sterling. And you need to take those steps before seeking a loan. Your credit report is free from AnnualCreditReport.com, the federally regulated place to go. You can stagger retrieval of your credit report from each of the big three credit bureaus, getting one from a different agency every four months. Your report is free, but you may have to pay a nominal fee for your credit score (a numerical scoring of your creditworthiness) depending upon your state law and other factors. Learn more about your score at Privacy Rights Clearing House.
DO explore a mortgage pre-approval or commitment. An early green light on a loan will put you in a good negotiation position when you find your dream home. It will also help you shop within your budget.
DO line up a dream team of professionals. You may need a real estate agent, attorney, mortgage broker, home inspector and others to be your professional eyes during your home search.
DO buy for your lifestyle. Your first home may not be your last, so try to anticipate how long you’ll live in your home and buy based on plans for the duration. Raising kids, starting a business, taking on a new job, housing Grandma could all impact the size or type of home you need first.
DO heed housing priorities. Separate your “wants” from you “needs” so you know where you can compromise to stay on budget.
The Don’ts
DON’T get taken by the first house or neighborhood you see. Keep an open mind and spend sufficient time finding the right fit in a house and neighborhood for your needs.
DON’T buy more than you can afford. Lenders will often loan you as much as your financial condition warrants, but that may not be what you can comfortably afford. It’s better to live with a comfortable mortgage on a smaller home than to struggle every month paying a mortgage on a house with more room than you really need. The down payment, closing costs, monthly expenses and taxes must in total all be within your income and savings range.
DON’T treat your home like a stock portfolio. Homes appreciate and depreciate in cycles which often aren’t so predictable. Don’t expect your home’s value to skyrocket. Buy a home because you need a roof over your head, not for a quick profit. DON’T try to time the market. Pinpointing the bottom of the market almost always happens after the market has started to turn up. How, otherwise, can you see the bottom? Focus on personal lifestyle needs, not market trends, in terms of timing your home buy.
DON’T sign for a confusing mortgage. Shop around for the best loan, read every detail of your loan contract and get some help understanding terms and provisions that confuse you. Avoid exotic, “creative financing,” multi-option loans you don’t understand. Again, lifestyle is key. Get a loan that fits. 
About the author:  Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)