Thursday, October 8, 2009
Orlando Real Estate Associates - A New Website of Interest
OrlandoRealEstateAssociates.com is a group of exceptional Orlando real estate agents who have developed an unique Home Selling System specializing in foreclosure homes and short sales. Contact us for all Orlando real estate services.
The Orlando Real Estate Associates and Home Selling Team covers the Orlando - Kissimmee metro areas. Orlando Central Florida Counties include: Orange County, Seminole County, Osceola County, Polk County and Lake County.
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.
Orlando Real Estate Market - Lower Prices and Lower Inventory
Orlando First-time buyers continue to take advantage of attractive affordability.
Buyer traffic continued its momentum, as our traffic index came in at 61 in September, up from 58 in August (any reading above 50 indicates traffic levels above expectations). Agents highlighted increased demand from first-time homebuyers, encouraged by the upcoming expiration of the $8,000 first-time buyer tax credit. The uptick in traffic was focused on the low end, specifically foreclosures and short sales. According to one agent, “The market is heavily weighted to foreclosures, short sales and distressed sales. The activity is up, but values are lower.” Another added that, “First-time homebuyers are rushing to beat the tax credit deadline.” Agents also noted investor interest in the area, motivated by falling prices and increased foreclosure activity.
Still pricing pressure, but strong demand leads to lower inventory. Home prices fell further in September, as our price index fell to 23 in September from 36 in August (any reading below 50 indicates sequentially lower home prices). Increased foreclosure activity has put pressure on prices, though strong demand for the REOs has led to lower inventory levels more recently. Our home listings index improved to 75 in September from 72 in August (any reading above 50 indicates lower inventory levels). However, this drop in inventory may not last, as banks are facing a growing backlog of foreclosures and many modification efforts likely won’t be successful.
Comments from real estate agents:
■ “We have seen more and more interest in lower priced homes, especially from
those seeking investment opportunities.”
■ “The $8,000 tax credit pushed demand further than we anticipated.”
Source: October Credit Suisse Research
Friday, October 2, 2009
Explore the Benefits of Hiring a Full-Time Orlando Real Estate Agent
Buying or selling a home has a major impact on many people's lives. So it's important not to leave the task to just anyone.
Take advantage of all the benefits that come with working with a full-time Orlando real estate agent. Since selling or buying a home can be a full-time job, it just makes sense to work with an agent that has a full-time commitment.
A full-time real estate agent can offer:
Take advantage of all the benefits that come with working with a full-time Orlando real estate agent. Since selling or buying a home can be a full-time job, it just makes sense to work with an agent that has a full-time commitment.
A full-time real estate agent can offer:
- Lots of experience – If your agent lives and breathes real estate around the clock, then he or she is better equipped to handle the many surprises that come with buying or selling a home.
- Peace of mind – You could be a first-time home buyer or seller. A full-time Orlando real estate agent has the knowledge to lead you through every step, saving you time, money and stress.
- Availability – Since your agent works full time, she is available to you when you have questions, concerns or need her for any reason.
- In-depth market knowledge – The real estate market is changing faster than ever. In order to be a successful buyer or seller, you need to be kept up to date. A full-time real estate agent stays current with what's happening each and every day.
Whatever your home-buying or home-selling goals, it’s smart to have an experienced, full-time Orlando real estate agent working for you. You'll save yourself headaches, heartache and from making home buying mistakes.
Ready to work with a full-time real estate agent? Give us a call today at 407-876-5771.
The Laws are Changing for Orlando Real Estate
Not just Orlando real estate, either. Since the end of 2007, as the real estate market started to decline, new rules, regulations, mandates and more have come down the pipeline.
State Specific Laws
Take Michigan, for instance. Ranking sixth in the nation on the number of foreclosures, Michigan legislature enacted the “Lifeline Law.” This law gives an extra 90 days for homeowners to work with banks to come up with solutions other than foreclosure. California did the same, with the California Foreclosure Prevention Act. In New York, judicial hearings are mandatory for both borrowers and lenders before foreclosure can go through.
Nationwide Laws
Other laws have been enacted throughout the United States, such as Congress lowering homeowners’ tax deductions.
Before 2009, if you used your Orlando real estate as a primary residence for at least two years out of the last five, you could keep up to $500,000 (married couples - $250,000 if single) in real estate gains on your tax return. That exemption is now pro-rated to the time you spent in the house, which could be quite substantially less than what your tax exemption would have been last year.
As well, new appraisal rules went into effect May 1, and, although they aren’t government rules, they do affect Fannie Mae and Freddie Mac loans. With the Home Valuation Code of Conduct (HVCC) put into place, every lender that goes through Freddie or Fannie has to follow the HVCC to the letter. The HVCC stops mortgage brokers from having home appraisals done themselves. Instead, the home appraisals must be done by a third party appraisal management company in the same area as the home.
Laws that Affect You
Other laws have been put into place that may (or may not) effect the Orlando real estate you own or are looking to buy. However, with so many coming down the line, make sure that you ask your real estate agent what laws have been put into place that may affect your purchase, sales or ownership.
If you’re looking to buy or sell real estate and need a professional who keeps up to date on the real estate laws, we can help. Call us at 407-876-5571 for more information.
State Specific Laws
Take Michigan, for instance. Ranking sixth in the nation on the number of foreclosures, Michigan legislature enacted the “Lifeline Law.” This law gives an extra 90 days for homeowners to work with banks to come up with solutions other than foreclosure. California did the same, with the California Foreclosure Prevention Act. In New York, judicial hearings are mandatory for both borrowers and lenders before foreclosure can go through.
Nationwide Laws
Other laws have been enacted throughout the United States, such as Congress lowering homeowners’ tax deductions.
Before 2009, if you used your Orlando real estate as a primary residence for at least two years out of the last five, you could keep up to $500,000 (married couples - $250,000 if single) in real estate gains on your tax return. That exemption is now pro-rated to the time you spent in the house, which could be quite substantially less than what your tax exemption would have been last year.
As well, new appraisal rules went into effect May 1, and, although they aren’t government rules, they do affect Fannie Mae and Freddie Mac loans. With the Home Valuation Code of Conduct (HVCC) put into place, every lender that goes through Freddie or Fannie has to follow the HVCC to the letter. The HVCC stops mortgage brokers from having home appraisals done themselves. Instead, the home appraisals must be done by a third party appraisal management company in the same area as the home.
Laws that Affect You
Other laws have been put into place that may (or may not) effect the Orlando real estate you own or are looking to buy. However, with so many coming down the line, make sure that you ask your real estate agent what laws have been put into place that may affect your purchase, sales or ownership.
If you’re looking to buy or sell real estate and need a professional who keeps up to date on the real estate laws, we can help. Call us at 407-876-5571 for more information.
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