Posts Tagged ‘Orlando homes’

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Change is good…let’s get into home design

February 29, 2012

 

 

 

 

 

 

 

 

 

For years I have been writing about market conditions and lenders and the federal government’s role in real estate. I’m still going to do that but…I’m also going to start writing some hints and tips to help you get your home SOLD in these challenging times.

For starters – I recently had a homeowner approach me about selling their home inOrlando. They asked me to stop by to view their home. What did I find? A carport full of junk (think hoarder), dead grass and a very unappealing entry to this charming home.

I told the Sellers that before we did ANYTHING – they had to clean up the front, put in new grass and add some orange shutters, window boxes, and paint the front door, etc. In other words – create charm. They did so and sold their home quickly.

No matter how you live daily…you have to live differently when you are selling your home. A lovely and charming entry is going to entice people to look at the inside of your home. If a home looks neglected – Buyers won’t give it a second chance.

Today color is HUGE. The orange (think coral) shutters and window boxes made a giant impact on the Sellers’ home. They did not have to buy tons of new plants, just fill the window boxes and replace the lawn with new grass. The whole change was under $2,000 and they got it all back on the sale of their home. In fact, the Sellers wondered if they should sell once the house looked so cute.

Just like anything – first impressions count. Make yours memorable.

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Foreclosures and the Local Markets

December 7, 2011

Market Analysis Must Be Granular to Be Relevant

By: Krista Franks 12/06/2011

Home price predictions have traditionally been fairly straightforward, relying heavily on employment and income levels, according to Michael Sklarz, president of Collateral Analytics. However, the last cycle has posed challenges for analysts, Sklarz said during a panel at the Five Star MPact Mortgage Conference and Expo in Dallas, Texas Tuesday.

For example, one of the leading market indicators throughout the housing crisis has been foreclosure sales, which rise and fall at the inverse of home prices.

Another indicator throughout the past few years has been the ratio of sales price to listing price.

However, despite the best indicators and the best analytic data, national predictors – even if accurate – may not be relevant on a local basis.

During the discussion, Alex Villacorta, director of research and analytics at Clear Capital, used Phoenix as an example to show how much variation exists from market to market, and ZIP code to ZIP code.

Currently, Clear Capital predicts prices in Phoenix will remain relatively flat, falling just 3 percent. However, the analytics company predicts one Phoenix ZIP code will see a 17 percent decline, while a neighboring ZIP code will see a 34 percent rise in prices.

Another indicator, according to Thomas J. Healy, president and CEO of Level 1 Loans, Inc., is the ratio of median real estate value to median income.

Prior to the crisis, some ZIP codes were at 8.9, while others were at 1.5, according to Healy, reiterating the importance of granular data as opposed to national or regional data.

A ratio of about 3 or 3.5 is sustainable, according to Healy, and most markets that experienced a sharp rise during the bubble are now falling back to these levels.

At his keynote presentation at MPact Tuesday morning, Doug Duncan, chief economist at Fannie Mae, said we are now at the “new normal.”

Healy agrees. “There will be no rebound,” he said during the panel discussion. “We’re pretty much where we should have been at the entire time,” had the crisis not occurred, he said.

(Note: The Five Star Institute is the parent company of DSNews.com and DS News magazine.)

 
Courtesy of DWSNEWS.com
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Orlando Real Estate Update

September 1, 2011

My Mom always said…if you don’t have something nice to say – don’t say it. So I have been quiet for a while about the condition of the real estate market in Central Florida. I thought I would update you as we enter the final part of 2011.

Things are pretty rough and that is putting it mildly. I know everyone says we should be positive and optimistic and believe me…I am. But the realities are that (a) we have the lowest number of homes available in recent history for sale with so many of them short sales (b) lenders are still making it very difficult to obtain loans and (c) when you do get an offer on a home – appraisers have become the enemy. The low-ball appraisals are causing the cancellation of many contracts.

It’s hard times. In fact, in some areas of Central Florida…I see home prices rolled back to 1980’s price range and can’t believe it. This is the LOWEST price for listed home that I have seen in some time. That says something.

What does this mean to you? If you have CASH and want to buy – there will probably NEVER be a better time to pick up some bargains. Buy now at the LOW point and lease out your properties…it’s a wise move. For those of you who own your home free and clear – HOLD A MORTGAGE. This is a no-brainer. Sell your home with OWNER FINANCING and you will realize a higher return on your property with a 7% mortgage than putting it a volatile stock market. Take a reasonable but good sized down payment and hold the balance on a seven year balloon. You will watch your money and investment grow.

When will things change? No one knows. But I don’t look for things to get better in the immediate future. However, the wise investor or buyer knows that NOW is the time to buy and that’s good news.

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Orlando Home Sale Statistics

June 11, 2009

I have some new statistics to share with all of you and they are pretty shocking when you consider the luxury market conditions and the number of home available for sale.

I would also like to say that I am so grateful to the many sellers out there that have confidence in my marketing program. I believe that the combination of a personalized marketing plan and Stirling Sotheby’s International Realty brand is a great team and we really try to do our best. I constantly try to look for new and creative marketing ideas to get my listings sold.

The May, 2009 update sums up the market quite well — only 1,055 homes sold in ORANGE COUNTY, Florida. This is a shocking number! 69% of the homes sold were sold for $200,000 or under. When you increase the sales price to $300,000 that accounts for 88% of all homes sold in Orange County, Florida. Over $1M luxury market is at .076% – in other word, almost non-existent with a mere 9 sales and a few of them short sales. One Winter Park estate home was original listed at $2.5M and sold for $1.4M.

Where do we go from here? We stay the course. In 23 years I have never seen market conditions like we are currently experiencing. We have a shortage of lenders willing and able to loan money unless the loan is backed by FHA. This explains why the average sales price for a home in Orlando right now is $130,000.

If your home is vacant, consider leasing at this time. At least it will cover some of your carrying cost until our elected leadership can figure out how to stimulate the economy and increase consumer confidence. As the housing market improves – so will the American economy.

For additional details on your neighborhood – call Linda at 407-898-9090 or my cell at 407-925-7721.  I am very excited to be busy and I still work hard to increase transactions in this difficult market.