Orlando Florida Real Estate Resource

Orlando Florida Short Sale Q & A

How long does a short sale take in today's Orlando Florida real estate market?
The short sale negotiation process can be quite lengthy, although things keep changing constantly.  A few months ago, it was taking anywhere from 3-4 months...sometimes even longer.  Right now, we're seeing the average timeframe to be about 30 to 45 days.  Some banks are approving short sales in as little as 3 days, while others won't even look at them until 30 days has passed.  The reason for this lengthy process is the multiple parties who have to approve the short sale.  Those with their hands in the pot include the numerous departments within the bank...many not knowing what the others are doing, the investors, the private mortgage insurers, Fannie Mae, and more.  All of these must give their approval.  It's important that as a buyer, you go into a short sale knowing that you'll have to be patient during this long process.

Read more »

Lake Mary Florida Real Estate Market Update -March 2008

View Larger Map

The Lake Mary Florida real estate market seems to be picking up this Spring. We are seeing more homes closing and more homes going under contract.  While this is much welcome to Lake Mary home sellers, there are still mixed emotions, as home prices are still falling.

For Lake Mary home buyers, this market is a dream come true.  It seems as though were finally reaching bottom, making it the ideal time for making your move.  Prices are low as are interest rates, but dont wait, as interest rates are definitely expected to rise.  If youre a gambler and wondering how best to time your purchase, youll definitely want to read the follwing:

Read more »

Orlando Florida Real Estate Market Update -March 2008

View Larger Map

According to the Orlando Regional Realtor Association, Orlando’s monthly housing sales increased in March, as the median price dropped. Orlando Florida real estate experienced an increase in the number of home sales, an increase in the number of homes under contrace and a decrease in it’s housing inventory for sale.  These are all small, but much anticipated steps toward market equilibrium.  

The monthly statistical reports released by the Orlando Regional Realtor® Association revealed some additional interesting tidbits for the month of March:

• the sales of homes costing upwards of $1 million more than doubled in March compared to last month;
• the sales of duplexes, town homes, and villas have increased in each of the last three months; and
• the majority of condos sold have fallen into lower and lower price categories for each of the last three months.

The median sales price of a single-family home in the Orlando area decreased by 1.35 percent ($3,000) from $223,000 in February 2008 to $220,000 in March 2008. The median sales price for March 2008 is 8.33 percent below that of March 2007 ($240,000).

The decrease in the median home price to $220,000 means that the area’s affordability index increased in March to 102.35 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,506 can qualify to purchase one of 10,980 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,170 or less.

The first time homebuyer affordability index held steady in March, at 72.78.

The number of sales in the Orlando area declined by 39.29 percent in March 2008 compared to March of last year (1,080 to 1,779), but the number of sales that took place in March 2008 increased by 13.56 percent compared to the number of sales that occurred in February 2008 (951).

There are currently 2,398 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 1,731 in January and 2,175 in February. The number of homes newly under contract increased by 142 in March, and the increase from January to February was 298.

The area’s average interest rate was 5.94 percent in March 2008, up from 5.87 percent in February but down from 2007’s high of 6.60 percent in August.

Homes of all types spent an average of 130 days on the market before being sold in March 2008; the average home sold for 93.53 percent of its original asking price. In March 2007 those numbers were 90 and 95.87 percent, respectively.

The majority of single-family homes (223) that changed hands in March 2008 were sold for between $200,000 and $250,000. Another 129 homes sold in March for between $250,000 and $300,000. Two hundred eighty-four homes sold for less than $200,000 in March, and 260 sold for more than $300,000. On the far ends of the scale, 31 homes were sold for $1 million or more (double the number sold in February) while only 10 homes sold for less than $50,000.

Read more »

Orlando Florida Real Estate Market Update - February 2008

Below, you'll find a complete market update of all greater Orlando communities.  You can also view specific Orlando Florida real estate market info for Lake Mary, Longwood, Sanford, Casselberry, Winter Springs, Oviedo, East Orlando, Downtown Orlando, Winter Park, Apopka, and Maitland.  Just click on the specific Orlando community in the left hand navigation menu and you will find the Orlando MLS info for the specific area.  This information is pulled from the Orlando MLS and updated for you monthly.  We also provide you the ability to receive automatic updates on homes for sale from the Orlando MLS by email. 

Orlando Florida Year Over Year Real Estate Market Comparison

Read more »

Seminole County Florida Real Estate - Homes, Townhomes & Condos

Specializing in Seminole County Real Estate,
Orlando Real Estate and Orange County Real Estate in Florida

What stays with your Seminole County  home when you're selling? To use the legal lingo, what will convey?

• The Rule

Generally, real property will convey. Real property is anything attached to the house that would leave visible damage if removed. Typically included: the house, land, trees, shrubbery, fences, TV antenna, and any fixture outside or inside (such as wall-to-wall carpeting or built-in cabinets.). Anything else is personal property. You can take with you any freestanding personal property you want - the washer and dryer, refrigerator, firewood, swimming pool chemicals, window air conditioner, and so on - if removing the items doesn't change the condition of the house. Ask us about typical local practice here in Seminole County Florida.

Read more »