Orlando Real Estate Articles

Understanding The Difference Between Mortgage Pre-Qualification and Pre-Approval

Saturday, July 31st, 2010 at 11:53am. 112 Views, 1 Comments.

Oftentimes you may see the terms pre-qualification and pre-approval thrown around seemingly interchangeably. Understanding the difference between the two, however, is very important in the mortgage process.

Pre-qualification is generally faster than the pre-approval process, but by no means is it a replacement for pre-approval. In the pre-qualification process, you give the bank or lender your financial information; this includes your income, debt, and assets. After the bank or lender reviews this information, they are able to give you an estimate of a mortgage that you should be able to qualify for. This is only an estimate, it is subject to change, and it will get you nowhere in today's market, as it holds no guarantee. Its only real use, is to give you…

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What Is The Difference Between Short Sale, Bank Owned And Regular Sale In Real Estate?

Monday, May 31st, 2010 at 5:53pm. 280 Views, 1 Comments.

Due to the turbulence in the recent economy, there are a few different types of real estate sales that one hears about frequently. When preparing to enter the real estate market, whether as a seller or a buyer, it is important to know the terms used, and the implications of each type of sale.

Short Sale Property

You often will hear the term “short sale”. A short sale is when the homeowner owes more on their mortgage than the home can sell for in today’s real estate market. There are a few ways this can happen. One way is when a homeowner takes out an equity loan (to pay off other bills) that amounts to greater than the home can sell for including closing costs.

Another way this could happen would be if the homeowner originally bought the home with what…

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Orlando's Median Price Climbs For Third Month In A Row!

Tuesday, May 18th, 2010 at 4:35pm. 183 Views, 0 Comments.

Increases in the median sales price of both bank-owned homes and short-sale homes have helped Orlando’s overall median home price increase for the third consecutive month, to $115,000!

Members of the Orlando Regional REALTOR® Association reported an increase of 32.74 percent on completed home sales from April 2009 to April 2010. In addition to this great news is the fact that the number of new contracts filed in April 2010, is an increase of 53.02 percent over April of last year!

Another indicator that the real estate market in Florida is improving is that there are 86.18 percent more homes (10,832) under contract and awaiting closing in April of this year than in April of last year (5,818).

Orlando Regional REALTOR® Association Chairman of…

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Another Sign Of The Market Turning Around - Investors Are Back In Real Estate!

Monday, April 26th, 2010 at 1:36pm. 204 Views, 0 Comments.

If you thought that the idea of real estate being a great investment was a thing of the past, think again.  The fact that the home prices are so low and rent has not dropped to match, investors are beginning to come back.  Another interesting change is that there is an increase of buyers paying with cash.

The share of home sales involving all-cash transactions was 26 percent in January, up from 18 percent a year earlier, according to the National Association of Realtors.  The reason for investors paying cash is largely due to the fact that they can avoid paying interest charges on loans and get a larger return on their investment.

National Association of Realtors data shows a pickup in investment activity. Home purchases made by investors climbed to 17…

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Major Jump In New Sales Contracts In Orlando Metro Area!

Sunday, April 18th, 2010 at 6:29pm. 121 Views, 1 Comments.

Members of the Orlando Regional REALTOR® Association filed 4,043 new sales contracts in the month of February, the greatest monthly tally since 2005!  That is a jump of 66.1 percent from last February’s numbers. 

“The new-contract statistic is an important indicator to consider in our current market, as it reflects real-time buyer interest. I expect activity in this category to continue to pick up into late spring as buyers take advantage of the tax credit before its April 30 deadline”, said ORRA Chairman of the Board Kathleen Gallagher McIver, RE/MAX Town & Country Realty. 

More good news:  the median price of all existing homes combined sold in February 2010 increased 7.06 percent from January 2010.  February’s median price was $109,200, which includes…

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Vacation-Home Sales Increased in 2009

Monday, April 5th, 2010 at 2:17pm. 138 Views, 0 Comments.

Vacation-home sales recovered in 2009 while investment sales fell sharply, according to the National Association of REALTORS®.

NAR’s 2010 "Investment and Vacation Home Buyers Survey," covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1 percent to 4.04 million in 2009 from 3.77 million in 2008.

NAR Chief Economist Lawrence Yun said, “The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat. Investment buyers primarily seek rental income,…

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Great News! End of Foreclosure Crisis Finally In Sight

Tuesday, March 16th, 2010 at 11:00am. 111 Views, 0 Comments.

For the first time in years, the number of people facing foreclosures is declining.  This means that the end of the crisis is in sight.  There is a long road back to stability ahead of us, but it does not look like things will get worse. 

This long road ahead is due to the fact that the housing values have dropped to roughly half of their peak.  These deeply discounted houses will put pressure on home prices for years to come.  Mike Larson, a real estate analyst with Weiss Research said, “Housing is on a path to recovery but it’s going to be a very long, gradual process.”

The good news is that it has begun to change.  The percentage of borrowers who missed just one payment on their home loans fell to 3.6 percent in the October-to-December quarter from 3.8…

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Florida's Existing Home, Condo Sales Surge In 4Q 2009

Monday, February 15th, 2010 at 9:05am. 138 Views, 0 Comments.

Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the fourth quarter rose 93 percent compared to the same time the previous year. This marks the fifth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

To gain insight into…

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Florida Property Taxes "Drop Like a Rock"!

Friday, February 12th, 2010 at 12:09pm. 184 Views, 0 Comments.

I guess when Governor Charlie Crist said in 2007, that he wanted taxes to “drop like a rock”, he was not kidding! Florida property taxes dropped by $2.28 billion, or 7.5 percent, over the past three years because of tax-cutting measures approved by the Legislature and voters!

What initially prompted the tax cut was that the overall property tax collections nearly doubled from 2000 through 2006, triggering an outcry from taxpayers that resulted in the tax-cutting measures that started in 2007. Later that year a law was passed to roll back and cap property taxes and then put a constitutional amendment on the January 2008 ballot that voters adopted for additional tax savings.

One reason property taxes haven’t dropped even more is because of the…

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Can't Find The Right Home Near Disney? Build It!

Friday, January 15th, 2010 at 4:34pm. 155 Views, 0 Comments.

Haven't seen just what you want in a home? Do what many people are doing and consider building your own! The recently-adopted federal tax incentives are spurring new home construction – in fact, 174 new residential and vacation home communities in our area report that building is occurring right now! Prices are in a great range from affordable family houses to luxurious estates.

The same rebound is happening all over the country. Construction companies KB Homes and Lennar Corp. both posted fourth-quarter profits this year for the first time since 2007 – and are still purchasing land for building.

Building your own home can be as simple as picking a floor plan or as detailed as you like, with choices of layout, flooring, counters, cabinets…

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