Posts Tagged ‘Orlando’

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Happy New Year!

March 6, 2014

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Happy New Year???????? It’s March 6th of 2014 and I have to admit…I’m a wee bit late getting this blog up and rolling again. The holidays flew by in a flurry of activities and closings. Seriously…lots of closings. I’m thrilled that 2014 was a great year in real estate but it also leaves me little time to update the blog and chat with my favorite peeps. So, I’m starting my New Year’s resolution a few days late (well, a few months late) and letting you know that I resolve to keep you updated on Orlando real estate and I resolve to be a better hunter and gatherer of information on all things real estate. I don’t take these things lightly and I LOVE what I do. I will just work on being more communicative with you about selling Florida homes. Cheers my friends.

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Show me the money – from contract to close on a home…

July 16, 2013

In today’s real estate world…financing is critical. It is often the difference between deal or no deal. So, how do you make it work? There are a number of factors to consider:

1. Is the buyer’s lender local and reputable?
2. Has the buyer been pre-APPROVED?
3. Is there a significant down payment?
4. Will the house appraise?

Without a yes answer to the above questions, your contract could be in jeopardy. It is always important to work with a lender who properly qualifies prospects, No ambiguous language allowed on that pre-approval letter (look for the “out” clauses”)! Make sure you actually talk to the lender and find out the specifics on the borrower. Is the buyer putting down some funds…money talks in this market and deals are done when the buyer has contributed to the bottom line. Finally, is the home priced right? In today’s market…we don’t want to be a part of the problem. We have to be problem solvers!

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Holy cow – there are no homes to sell…

January 30, 2013

house sideways

Things have gotten a wee bit strange in real estate recently. There are simply too few homes for sale. I have buyers…lots of buyers actually but there is an absolutely nothing to show them. If you want a home in the $200,000 to $350,000 price range in a good area of Orlando then you had better be prepared to look a long time and jump on something the minute it becomes available. I’m seeing multiple offers on homes listed and anxious agents who want contracts signed before it is too late. There is definitely a sense of urgency in the Orlando real estate marketplace.

What does this mean? The economy is affecting homes listed for sale as potential sellers fear they won’t obtain fair market value for their home. The majority of homes for sale in Orlando remain short sales or foreclosures. We need to see the inventory of distress sales dwindle and more normal market conditions return.

What is normal? Who knows? But this certainly isn’t it.

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What’s happening in Orlando real estate?

July 1, 2012

What an interesting time in real estate. Homes ARE selling and I have had a great year to date. I’m grateful for that. But there is a lot of work to be done. In what direction are we moving as a nation?

The majority of homes sold are still distress sales. Homes that are NOT distressed (in foreclosure or short sale) are selling fast and furious. These homes are generally well cared for and the Seller can make a decision quickly. People are tired of waiting on banks and on being required to accept homes in shabby condition or AS IS without regard to repairs. I truly believe that buyers want to work with homes that they KNOW are well-maintained and show pride of ownership.

So who is buying distressed properties? Mostly investors with a lot of cash. Are we turning into a society of renters? Time will tell. I can tell you that there are a lot of people looking for rental homes. I probably get five to ten calls per day of someone looking for a rental house.

I am happy for the uptick in home sales but I will be happier when we see loans easier to obtain (even qualified buyers are unduly pressured during the loan process), appraisers realizing that the market is getting stronger and buyers not afraid to make decisions. WE NEED TO MOVE TOWARD A COUNTRY OF CONFIDENT CITIZENS.

I love our country as we approach this July 4th holiday and I pray that we will see our nation move in a positive direction with everyone working to the better good of our nation. May it be so.

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What does Van Gogh have to do with real estate?

January 3, 2012

What does Van Gogh have to do with real estate?

“The fishermen know that the sea is dangerous and the storm terrible, but they have never found those dangers sufficient reason for remaining ashore.”

Vincent van Gogh, Dutch painter (March 30, 1853 – July 29, 1890)
http://www.vangoghgallery.com/

Artists take risks. They pursue their vision, often without financial security, facing long odds while stewing in their own self-doubt. When the world tells them “it’s not safe,” they listen to their own voice despite “prevailing wisdom.” They have a vision and they pursue it.

Occasionally, if they’re very lucky, they get to look back on their life and see the path that lead them to create a masterpiece. At the time, the path wasn’t easy, yet in retrospect, it looks very much like the only possible path they could take.

I think in twenty years or even ten years, we’re going to hear the collective sound of people kicking themselves because they did not buy a home this year. As their teenage sons and daughters graduate and enter the future job market and begin searching for their first home, they’ll turn to their parents and say, “Seriously? You’re telling me when I was in middle school, you could get a 30-year fixed for under 5%?”

Too many remain terrified by the last great storm in the housing market. They stand now on the shores of incredible opportunity, but can’t shake the vision of all those values sinking into oblivion.

Think about the future. Who might need a home? Is there an opportunity to “be the bank” when the time comes? The descendants of those savvy collectors who bough a Van Gogh painting for mere dollars in 1885 are surely grateful for their grandparents’ eyes today, aren’t they?

Yes, there is uncertainty, but this is the calmest water you’re ever going to see. Set sail now and buy a home. Those that do will certainly be rewarded. As for the masterpiece? It will be the satisfaction of looking back and realizing they bought at just the right time.

There’s certainly no risk to exploring the opportunity. I’d love the opportunity to sit down with you and plot a possible course to the best investment you could make. Contact me today at: lindahutchinson@msn.com or 407.925.7721 (Cell or Text).

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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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Just do it…

April 6, 2011

There was an ad campaign by a major brand that encouraged buyers to “Just do it” – basically encouraging people that by buying their product, they could exceed their personal goals and do great things in a sporting world.

It’s time for real estate buyers to realize that they should “just do it” and buy property. Prices right now are so ridiculously low that it’s laughable and yet people are still sitting around waiting for…well, I don’t know what they are waiting for. There simply is NOT a better time to buy real estate.

I have never seen homes priced so low that you could afford cash for many home and in fact, most of my transactions to date have been with CASH buyers. It’s a new world and a new day and it’s time to get off that darn fence and BUY PROPERTY. If nothing else, the fact that over 60% of people in the future are predicted to be renters, buy rental property.

Don’t say I didn’t warn you when things turn and they WILL turn. Things always change and you will regret not making some great decisions right now. Call me if you want me to explain it to you in detail.  Just do it!