Orlando Short Sale Listings Rising Dramatically

        The market is seeing a remarkable spike in Orlando short sales, an increase in overall median sales price for existing homes and increases in median sales prices for foreclosed properties. The Orlando Regional Realtor Association (ORRA) reported that in November 2011, short sales jumped 39.38 percent versus prior year sales.  Surprisingly, the accompanying median sales prices jumped by 7.07 percent; rising from $99,000 to $106,000.  The fact is that 73 percent of homes under contract and pending closing are short sales” …Wow! That’s a big number.
         Although the performance stats for the Orlando market are encouraging we’re not out of the woods yet. The good news is that there will be some great real estate deals in Orlando for some time to come. If you need to get your Orlando house sold quickly whether it’s foreclosure or not, contact us today.

Foreclosure Growth Pushing Down Home Values

Orlando Florida Foreclosure listings keep on growing, continuing to push down home values and casting a shadow over the efforts of local and state governments to stabilize and strengthen the housing market.
    Orlando real estate experts say that the increase in foreclosure and short sales have caused home values to slide down even further. They said that home sellers are forced to reduce the sale price of their properties to be able to compete with discounted prices of foreclosed homes.  Sometimes  , buyers are having to bring more money to the table because of the property not appraising.  Many times, a reduced property value could kill a sale.
     Lenders will usually determine the loan amount based on either the appraised value or purchase price of the property, whichever is lower. In the event that appraisals come in at a lower amount than the purchase price, then either the buyer needs to bring more money to the table in order to obtain the financing or the seller will have to accept a reduction in the purchase price. Because of the volume of foreclosure houses and short sales, many homes listed for sale are priced well below the fair market value.
    Although Orlando short sale experts say that home prices are showing some signs of stability. A great number of distressed foreclosure home and short sales still need to be closed and then cleared from banks’ inventory before the housing market could reach any kind of stability.

Orlando Real Estate Making a Comeback

The National Association of Realtor’s International Homebuyer survey indicates that 14% of the Sunshine State’s overseas buyers purchased Homes in the Orlando-Kissimmee area. There is a lot of foreign investment in Orlando homes especially in countries like Germany, UK and Canada.  Prices are also coming back. According to the Orlando Regional Realtor Association (ORRA), median prices in 2010 were 1.29% ahead of those in 2011. This rise spiked in December, with prices in the last month of 2011 ($118,000) 12.38% up on December 2010’s median price ($105,000). The number of Orlando bank-owned properties sold in Orlando went down by over 50% however, with short sales and 'normal' sales rising in prominence.


The increased activity indicates a renewed faith in Florida’s and Orlando’s housing. Buyers are taking note of Orlando's historic affordability conditions, consistent increases in prices, and dramatically declining inventory and taking action. In addition, I expect to see even more sales activity once the problem of contract failures - estimated by the National Association Realtors to be as much as 33 percent nationwide - is resolved by an easing of unnecessarily restrictive lending standards."


Orlando also benefits from having one of the world’s top tourist attractions on its doorstep. In 2010 it attracted 51.5 million tourists, while New York only attracted 48.7 million. On top of this, further developments at theme park Walt Disney World have been given the go-ahead, including an Avatar-themed land at Animal Kingdom, with work set to begin in 2013.


Much of this is fueled by Florida’s unrivalled status as a tourist hotspot and the allure of steady rental income in a sunshine State. Orlando is also serviced by its own international airport, and services 26 international destinations including key markets such as Canada and Brazil. The latest figures from 2009 show that international passenger numbers at Orlando was 2,977,920…nearly 300,000 more than 2008 and a 600,000+ jump from 10 years previous.

If your ready to get a great deal on an Orlando Investment Property, Come see us for some of the best deals in Orlando. 407-855-6996

How to Sell your Orlando House in 24hrs

  
One of the things that people always struggle with is procrastination.  They will clean out the garage tomorrow, they will do their taxes this week, and they will list their home for sale someday…
What if I told you that I could list your Orlando home today and have a contract on it by tomorrow?  Would that get you fired up to take initiative?  I would like to think so it would or at least it should.
 So how does one go about selling an Orlando home in 24 hours?
     In the real estate industry there is good amount of prep work to be done in order to achieve these results.  Before you list your home with an Agent you need to find the “RIGHT” Agent for the job.  You want an Agent that is able to come and talk with you and listen to your goals and one that will provide with  a real solution to your problem.  You want someone who is able to get the paperwork done fast, get pictures taken,  get the marketing strategy in place all within a very short period of time.  Also, you need an agent that will price your house correctly the 1st time around so that it will draw attention to your property.  One thing that I do on all my properties is offer a bonus to the buyer’s agent which I pay  out of my commission. Once the property is listed the marketing strategy is enacted.  This includes a website page, ad sites, social networking, an email bulletin, a press release, outside flyers,  ect…Getting this all into the hands of hungry buyers is crucial. When done correctly the proper pricing of the home along with the prep work and a quick marketing strategy can in a lot of cases lead to heavy buzz on a home and in turn lead to a quick offer.
           So if you have been saying that you will “eventually” sell your Orlando home, stop procrastinating and give me a call.  Let’s see how fast we can get a SOLD sign in your yard….

Things You Should Find Out About Your Orlando Short Sale Agent

              When it comes to doing an  Orlando short sale, many things come into play. One of the most important aspects of this particular home selling process is the agent that you choose. Your agent will be doing all of the negotiations for you with your bank as well as with the potential buyer; therefore, you have to trust your short sale agent.  In order to trust your agent, you should know important things about them before turning the steering wheel over to them when it comes to selling your home.  When picking an agent, it’s absolutely crucial that you do your research on that person.

             The first thing you should do is research the agent’s background and area of Expertise. The best way to research the company is to utilize online search engines. Simply type in the company or the agent’s name followed by “reviews.” Within seconds you should be able to find numerous reviews from previous clients that will help you to determine the reputation of the company in which your agent is associated.  Also, as with anyone that you hire, you should take into consideration the agent’s real estate experiences. You can also ask the agent to provide you with references, which you can call to obtain detailed information from previous Short Sale clients. References can provide you with the best information about what to expect if you need to do a short sale on your house.

            The problems occur when a homeowner hires an agent to do their short sale but the agent has never done one before.  Short sales are not easy and not all realtors have the skills, work ethic or experience required to be an expert short sale agent.  When homeowners make the mistake of not hiring the right agent for the job, the result can be disastrous resulting in your home getting foreclosed on.  If you’re in the market for a real estate agent that specializes in doing short sales do your research and find out everything that you can about the agent before making your decision.  You’ll be glad you did.