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Orlando, FL Real Estate News

By Drew Peterson
(Keller Williams Advantage II Realty)
In "No Market For Unrealistic Buyers" we introduced the topic of crafting and presenting offers in a buyer's market. We'll continue that subject in this blog, albeit in a little more depth. Specifically, we'll address the first phase of crafting an offer, the pre-offer research.Simply put, research is the most important phase of the offer creation process. We cannot emphasize that enough. If you skip this phase, it will be to your detriment. One of the unique advantages of being a buyer is the wealth of information you can very easily learn about the seller and the property. During the negotiation, this information will help you create a win-win situation for both you and the seller.The first step in the research phase is to forget everything you already know about the property. Start w...
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By Robert Schott & Paula Hemani, Your Link to Real Estate
(TeamConnect Realty)
Search Dr Phillips real estateDr Phillips Estate Homes - Dr Phillips Waterfront Homes   Dr Phillips Luxury Homes  & Gated CommunitiesOrlando real estate                        When looking at the media's input on the pulse of the real estate market a person has to take into account their local markets and again area subdivisions.  As in the past the markets that tend to come back from falling prices are areas that were highly sought after before a downturn.  Dr Phillips fits this mode with its Award Winning Schools, location, restaurant row, the new Dr Phillips Park and all around community feel.  With many experts predicting home prices bottoming out in 2008 it's time for these communities to start looking attractive again.  A comeback would be more of what a normal market looks like, ...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
The Median Sales Price for homes in the Orlando area as we all know has decreased significantly. Everyone is asking, where's the bottom. Well, I'll be the first to say that I see the bottom. I will go on record to say that we're almost there. I pulled this trend chart from Trulia and it represents the median sales price of homes. The most important lines are the black and purple. The black line is actual sales of the median priced home. Notice that this jumped out of proportion Jan.1 2004. If prices had not jumped due to supply and demand and had just progressed normally at a 3-5% increase, that average which is represented by the purple line would be approx. $205,000 today. However, the actual today is at $225,000. Therefore, I see the market still correcting another 10% and possibly ...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
So far in March 306 home sales have closed with a median price of $215,000. That is a drop of $8,000 from February's median of $223,000. The last time we had a median price of $215,000 was April of 2005. That was at the beginning of the big boom, so the big gains may have been completely eroded. Looking forward at pending sales, there are 1,220 that are expected to close between now and the end of the month. The median list price of those pendings is $219,900. Any way you look at it the median price for March is going to go down. The good news is, if half of the expected sales close we will be pushing 1,000 closings in March. My expectation or prediction was that we would see closings in the 1,400 range by summer. With over 2,450 pending sales right now, we may be seeing better numbers ...
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By Robert Schott & Paula Hemani, Your Link to Real Estate
(TeamConnect Realty)
 Cypress Point is located off of Apopka Vineland south of Sand Lake Road in the heart of Dr Phillips. Consisting of three areas when turning west on Cypress Point are to the north and south gated Reserves at Cypress Point. If you continue going straight on Cypress Point you enter the prestigious guard gated Cypress Point.  The meandering tree lined boulevards on the shores of Lake Tibet of the famed Butler Chain of Lakes with lovely ponds, landscaped parks and stunning estate homes many built by Bill Akers and strike the perfect balance between comfort and sophistication. Conveniently located close to downtown Orlando, the airport, golf courses, theme parks, renowned restaurants and shopping, it is tucked away in one the Orlando's most distinguished gated neighborhoods.  The community i...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
Check out the link below. It references an article in the Orlando Sentinel today. The important point this makes is the media presenting a more positive perspective on the Orlando Real Estate market. It is not a rosy picture, but we are not in a rosy market if you are trying to sell. It does however paint a more favorable view than what we have been seeing in the media of late. I am on the board of directors for the Orlando Regional Realtor Association, and I know Steve Moreira very well. His comment about the light at the end of the tunnel is a good depiction of where we are. I also really like the points Dr. Fishkind made about household creation in the area. That is the best determinant of home sales. What was not mentioned is that the builders are hardly building any inventory, so t...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Don't wait too long to buy a home in today's market? While today's market plays to your advantage as a buyer, with reduced housing costs and favorable interest rates, are you sitting by waiting? When the market turns, today's bargains will be yesterday's missed opportunities.While it is conceivable that home prices may drop further, it is likely that the decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by having to pay off your mortgage at a higher interest rate making "playing the waiting game" a waste of time (and very little fun).This rate increase isn't just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jum...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
If your home is on the market, you better make it easy for buyers to see!I was showing homes yesterday and I had problems showing 3 of the 7 homes I was to show my buyers. At the first home, the home owner was there and unaware of the showing. I guess the realtor never told them. (It's never a good idea to have the home owner at home when the buyers are there.) The whole situation was awkward and the buyers just rushed through the home.At the second home, there was a combination lock box on the home. When I opened it up, there was no key inside......how am I suppose to get into the house? I am sure the home owner removed the key. With combination lock boxes, home owners can open them......actually, in my opinion; they are completely unsafe because ANYONE can open them. With electronic l...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
I must admit that it is a challenging time to be selling your home. Improve your odds of selling your home in today's buyer's market with the following tips:1. Be motivated! There are many homes listed right now. If you don't need to sell, then don't. Ask yourself: Why am I selling?2. Condition. Gone is the day where the buyer wants to fix up a home. If it's broken, fix it. If it's not neutral, make it. Why should a buyer buy your home over another. Contact me for staging tips.3. Price it right! What does that mean...........be prepared to list your home 10% below other comparables. Next, be prepared to lower the price every couple of weeks. Contact me for a CMA. (Comparative Market Analysis)4. Hire a REALTOR! Call me at (407) 580-7011 to schedule your marketing consultation.
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By Drew Peterson
(Keller Williams Advantage II Realty)
Each month, the Orlando Regional Realtor Association publishes its Market Pulse, a report containing essential market data. Here is our breakdown of the March edition (you can read the full report by clicking here):First, the bad news:1.) Overall inventory increased by 260 homes to 25,984. We actually debated whether to include this on the list of bad news or the list of good news. A net increase of 260 is actually far less than expected. However, as long as inventory remains high, prices will have to come down.2.) 922 total sales closed last month. Although this is an improvement from January (813), it's still not anywhere near the number we'd like to see.3.) The average days on market continues to creep upward. In January it was 117. Last month it was 123.Now, the good news:1.) There ...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
February numbers were released today, and the median price was up a bit from January to $223,000 on sales of 922 homes. This compares with a median price of $221,500 on sales of 813 homes in January, The total number of contract was up 25% which is a much bigger story because that is a great indication of future sales, and indicative an what I believe is the beginning of a turn around. You can read more by going to www.RealEstateOptimist.com or you can download the full report released today at www.DavidWelch.com and clicking on Market Pulse.
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
I just wanted to let everyone know that the epsidoe that I taped back in September of My House is Worth What is finally airing on HGTV, Tuesday March 18th at a 11 pm. I also recently was selected to tape an episdoe of House Hunters this past weekend. I had a great time filming both shows and look forward to the airing. Here is a clip from a news special I did Christmas of 2006 about first time home buyers For information on buying or selling in Central Florida, Orange County and Seminole County, new construction or Relocation services contact your Lake Mary Real Estate Agent Heather Joubran @ 407-810-6304 or hjoubran@remax.net Seminole County consists of Lake Mary, Sanford, Heathrow, Longwood, Altamonte springs, Winter Springs, Oviedo. Orange County consists of Orlando, Downtown Orlando...
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     Family life has returned to downtown Orlando.  Gone are the days of trucking down the road and enduring frustrating commutes, ever increasing tolls and painfull gas bills to stake our claim on the all American 2.5 kids and white picket fence.  Today's market grants ample opportunity for a brand new home with backyard burgers and lemonade stands right here in the heart of O'Town.  Urban infill communities bestow priceless returns of lowered blood pressure,  financial fortitude, and that precious extra hour of sleep.  And, of course, we all know about the obvious perks of living in town, like fast access to fine dining without the mouse (no disrespect!) and less wear on our beloved SUV.  What about the hidden bonus?  Everyone knows we must set ourselves apart from the masses when we ...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
HUD Unveils Proposed Changes to Mortgage Process Within days, the federal department of Housing and Urban Development plans to unveil sweeping proposed changes to the American mortgage application process and real estate settlement system.The rule changes are the end-product of HUD's five-year effort to streamline mortgage disclosures, promote comparison shopping by loan applicants, and to stamp out eleventh-hour surprises at closings -- where fees come in hundreds or thousands of dollars higher than initial estimates.Realty Times obtained a point by point summary of the proposals in advance of their official release by HUD. The changes are designed to radically overhaul the current, much-criticized "Good Faith Estimates" (or GFE) disclosures and the "HUD-1" closing procedures.Among the...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Weak Economic Reports Drive Mortgage Rates Downward According to Freddie Mac's Weekly Survey Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.5 point for the week ending March 6, 2008, down from last week when it averaged 6.24 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.The 15-year FRM this week averaged 5.47 percent with an average 0.5 point, down from last week when it averaged 5.72 percent. A year ago at this time, the 15-year FRM averaged 5.86 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.34 percent this week, with an average 0.5 point, down from last week when it averaged 5.43 percent. A year ag...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Don't Get Caught In Mortgage FraudIt's like a Train Wreck. Mortgage fraud is among the top concerns of those investing in real estate. If you get caught in a mortgage fraud scheme it can create a financially painful and emotionally distressing situation. While there are many reputable and trustworthy mortgage providers, the lengthy documents filled with legal jargon make conditions ripe for misunderstandings. So before you sign, consider the following:1. Read every page of every document. 2. Sign documents only after seeing that the original and the copy contain the same contents. Be sure to get your copy. 3. Make sure there is no false or even slightly fibbed information on your loan paperwork. 4. Check the license background of your broker. 5. Ask how much your mortgage broker is earn...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Mortgage rates dropMortgage rates sank this week, reflecting investors' worries about the country's economic health.Freddie Mac, the mortgage company, reported Thursday that 30-year fixed rate mortgages averaged 6.03 percent for the week ending March 6. That was down from last week's 6.24 percent, which had been the highest in more than three months."Weak economic reports that indicated declines in the job market, slowing in manufacturing and low consumer confidence drove bond yields lower this week and mortgage rates followed," said Frank Nothaft, Freddie Mac's chief economist. "Interest rates for 30-year fixed-rate mortgages are now at the same levels as they were two weeks ago, erasing last week's upward jump."Other mortgage rates also fell this week.Rates on 15-year, fixed-rate mort...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Home foreclosures hit record highHome foreclosures soared to an all-time high in the final three months of 2007 and probably will keep rising, evidence of homeowners' suffering and the economic danger from the meltdown.The Mortgage Bankers Association said Thursday the proportion of all mortgages that slipped into foreclosure set a record, 0.83 percent, from October through December. The previous high, 0.78 percent, came in the July-through-September period."Clearly it's the worst it's been," At the same time, more homeowners fell behind on their monthly payments.The delinquency rate - when payments are at least 30 days past due - for all mortgages climbed to 5.82 percent, the higher since 1985. The rate was 5.59 percent in the third quarter last year.Homeowners with tarnished credit wh...
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By Tony Marino, Realtor, Broker, Owner
(Real Living Real Estate Solutions)
 I know everyone in the US of A and across the pond think of Orlando as this huge city... (Of course, the 50 million visitors stopping to visit the Mouse and Friends blows reality out of proportion.) Quite the contrary, Orlando's million-ish people implanted from around the world is very small... The city is such a baby, every decision on the development of downtown Orlando will have significantly more impact on the future of Orlando than some older larger cities.  The downtown development board including  the mayor, Charr Midkiff , Naeem Coleman and others are at the top of their game and working hard to make sure they stay on top of all the changes in downtown Orlando.  They were instrumental in the implementation of the ambassador program which is designed to make downtown visitors f...
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By Carey Light, Light Team of Wemert Group Realty
(Wemert Group Realty)
It has been brought to my attention that I made an error on my post regarding the scheduled completion of the new Lake Nona Area High School off Narcoossee Rd.  I made an error in typing "2008-2009", it should be "2009-2010" (Must have been wishful thinking!)  Please accept my apologies for any confusion!You may check out the school district's website at www.facilities.ocps.netIf you have additional questions, or would like more information about the school, the Lake Nona area or real estate in general, please give me a call!Warmly,Carey LightKeller Williams Realtywww.Carey@CareyLight.com321.297.4330
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