I just read an article depicting the true picture of the status in selling condos in the Orlando, FL area. Selling a condo in the Orlando area is virtually impossible unless it is a Fannie Mae Home Path property or the condo complex is FHA approved (both very unlikely). The prices for condos are steadily decreasing because of this. Unless you are paying cash, your chances of purchasing on condo are slim to none. So, if the big mortgage lenders are not financing condos and if the condominium communities are not FHA approved, then who suffers?
In further reading this article, it appears a solution is in the future for those condo communities that apply for and are granted FHA approval for their complex.
To read the article in its entirety, go to http://rismedia.com/2010-12-06/fha-project-approval-a-crucial-step-in-selling-condominiums/.
Friday, December 10, 2010
Thursday, October 21, 2010
The Latest on Short Sales and Foreclosure Properties
I attended an update on the latest changes in listing and selling short sales and foreclosed properties last Friday, October 15th, 2010. I want to insure I stay current and up-to-date so as to offer my customers and clients everything they need to know to make an informed decision on their housing needs and wants.
If I may be of service to you or someone you know, please feel free to contact me at 407-420-9004 or email me at julie@moving2orlando.com.
If I may be of service to you or someone you know, please feel free to contact me at 407-420-9004 or email me at julie@moving2orlando.com.
Tuesday, September 14, 2010
Orlando Homes Sales Increase as Affordablility hits an All-Time High
(September 10, 2010 – Orlando, FL) Members of the Orlando Regional REALTOR® Association reported completed sales on 2,429 homes in August, which is a 10.91 percent increase over the August 2009 mark of 2,109. To date, Orlando area home sales are up 36.12 percent over this time in 2009.
“As expected, sales have been softer following the expiration of the homebuyer tax credit,” explains ORRA Chairman of the Board Kathleen Gallagher McIver, RE/MAX Town & Country Realty. “However, since May, the number of new contracts has continued to climb as consumers take advantage of record-low mortgage rates and historically high housing affordability.”
The number of new contracts filed in August 2010 (3,892) represents an increase of 17.09 percent more than were filed in August 2009 (3,324). The area’s pending sales statistic — also an indicator of future sales activity – is likewise remaining at a record high with 8.60 percent more homes (8,945) under contract and awaiting closing in August of this year than in August of last year (8,237).
The median price of all existing homes combined sold in August 2010 decreased 21.95 percent to $99,900 from the $128,000 recorded in August 2009. August 2010’s median price is a decrease of 8.10 percent compared to July 2010’s median of $108,700.
“With foreclosures and short sales dominating the market, the median price continues to be lowered,” says Gallagher McIver. “Plus, the rise in popularity of lower-priced condominiums has put additional downward pressure on prices.” Gallagher McIver adds that one in four home sales during the month of August was a condo sale, and the median price for all August condo sales was $44,000.
The median price for “normal” sales is $165,900 (down 5.20 percent from last month’s $175,000). The median price for bank-owned sales is $70,000 (down 2.78 percent from last month’s $72,000), and the median price for short sales is $100,000 (down from last month’s $116,000).
Of the 2,429 sales in August, 691 “normal” sales accounted for 28.45 percent of all sales, while 1,187 bank-owned and 551 short sales made up 71.55 percent.
The Orlando affordability index increased to 270.30 percent in August. (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 $53,219 can qualify to purchase one of 9,932 homes in Orange and Seminole counties currently listed in the local multiple listing service for $270,031 or less.
First-time homebuyer affordability in August increased to 192.21 percent. First-time buyers who earn the reported median income of $36,189 can qualify to purchase one of 6,885 homes in Orange and Seminole counties currently listed in the local multiple listing service for $163,219 or less.
Homes of all types spent an average of 84 days on the market before coming under contract in August 2010, and the average home sold for 95.04 percent of its listing price. In August 2009 those numbers were 94 and 94.44 percent, respectively. The area’s average interest rate decreased in August to 4.61 percent.
Inventory
There are currently 16,535 homes available for purchase through the MLS. Inventory decreased by 28 homes from July 2010, which means that 28 more homes exited the market than entered the market. The August 2010 inventory level is 1.06 percent higher than it was in August 2009 (16,361). The current pace of sales translates into 6.81 months of supply; August 2009 recorded 7.47 months of supply.
There are 12,769 single-family homes currently listed in the MLS, a number that is 859 (7.21 percent) more than in August of last year. Condos currently make up 2,342 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,424.
Condos and Town Homes/Duplexes/Villas
August when compared to August of 2009 and increased by 5.89 percent compared to July of this year. To date, condo sales are up 74.09 percent (4,596 condos sold to date in 2010, compared to 2,640 by this time in 2009).
The most (361) condos in a single price category that changed hands in August were yet again in the $1 - $50,000 price range, which accounted for 57.39 percent of all condo sales.
Orlando homebuyers purchased 208 duplexes, town homes, and villas in August 2010, which is a 1.96 percent increase from August 2009 when 204 of these alternative housing types were purchased.
MSA Numbers
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 5.32 percent when compared to August of 2009. Throughout the MSA, 2,968 homes were sold in August 2010 compared with 2,818 in August 2009.
To date, sales throughout the MSA are 28.72 percent above this time in 2009 with 24,127 homes exchanging hands compared to 18,744. Each individual county’s year-to-date sales comparisons are as follows:
Lake: 14.22 percent above 2009 (2,923 homes sold to date in 2010 compared to 2,559 in 2009);
Orange: 31.86 percent above 2009 (13,045 homes sold to date in 2010 compared to 9,893 in 2009);
Osceola: 18.09 percent above 2009 (4,223 homes sold to date in 2010 compared to 3,576 in 2009); and
Seminole: 44.92 percent above 2009 (3,936 sold to date in 2010 compared to 2,716 in 2009).
Copyright © 2010 Orlando Regional Realtor® Association.
All rights reserved.
“As expected, sales have been softer following the expiration of the homebuyer tax credit,” explains ORRA Chairman of the Board Kathleen Gallagher McIver, RE/MAX Town & Country Realty. “However, since May, the number of new contracts has continued to climb as consumers take advantage of record-low mortgage rates and historically high housing affordability.”
The number of new contracts filed in August 2010 (3,892) represents an increase of 17.09 percent more than were filed in August 2009 (3,324). The area’s pending sales statistic — also an indicator of future sales activity – is likewise remaining at a record high with 8.60 percent more homes (8,945) under contract and awaiting closing in August of this year than in August of last year (8,237).
The median price of all existing homes combined sold in August 2010 decreased 21.95 percent to $99,900 from the $128,000 recorded in August 2009. August 2010’s median price is a decrease of 8.10 percent compared to July 2010’s median of $108,700.
“With foreclosures and short sales dominating the market, the median price continues to be lowered,” says Gallagher McIver. “Plus, the rise in popularity of lower-priced condominiums has put additional downward pressure on prices.” Gallagher McIver adds that one in four home sales during the month of August was a condo sale, and the median price for all August condo sales was $44,000.
The median price for “normal” sales is $165,900 (down 5.20 percent from last month’s $175,000). The median price for bank-owned sales is $70,000 (down 2.78 percent from last month’s $72,000), and the median price for short sales is $100,000 (down from last month’s $116,000).
Of the 2,429 sales in August, 691 “normal” sales accounted for 28.45 percent of all sales, while 1,187 bank-owned and 551 short sales made up 71.55 percent.
The Orlando affordability index increased to 270.30 percent in August. (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 $53,219 can qualify to purchase one of 9,932 homes in Orange and Seminole counties currently listed in the local multiple listing service for $270,031 or less.
First-time homebuyer affordability in August increased to 192.21 percent. First-time buyers who earn the reported median income of $36,189 can qualify to purchase one of 6,885 homes in Orange and Seminole counties currently listed in the local multiple listing service for $163,219 or less.
Homes of all types spent an average of 84 days on the market before coming under contract in August 2010, and the average home sold for 95.04 percent of its listing price. In August 2009 those numbers were 94 and 94.44 percent, respectively. The area’s average interest rate decreased in August to 4.61 percent.
Inventory
There are currently 16,535 homes available for purchase through the MLS. Inventory decreased by 28 homes from July 2010, which means that 28 more homes exited the market than entered the market. The August 2010 inventory level is 1.06 percent higher than it was in August 2009 (16,361). The current pace of sales translates into 6.81 months of supply; August 2009 recorded 7.47 months of supply.
There are 12,769 single-family homes currently listed in the MLS, a number that is 859 (7.21 percent) more than in August of last year. Condos currently make up 2,342 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,424.
Condos and Town Homes/Duplexes/Villas
August when compared to August of 2009 and increased by 5.89 percent compared to July of this year. To date, condo sales are up 74.09 percent (4,596 condos sold to date in 2010, compared to 2,640 by this time in 2009).
The most (361) condos in a single price category that changed hands in August were yet again in the $1 - $50,000 price range, which accounted for 57.39 percent of all condo sales.
Orlando homebuyers purchased 208 duplexes, town homes, and villas in August 2010, which is a 1.96 percent increase from August 2009 when 204 of these alternative housing types were purchased.
MSA Numbers
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 5.32 percent when compared to August of 2009. Throughout the MSA, 2,968 homes were sold in August 2010 compared with 2,818 in August 2009.
To date, sales throughout the MSA are 28.72 percent above this time in 2009 with 24,127 homes exchanging hands compared to 18,744. Each individual county’s year-to-date sales comparisons are as follows:
Lake: 14.22 percent above 2009 (2,923 homes sold to date in 2010 compared to 2,559 in 2009);
Orange: 31.86 percent above 2009 (13,045 homes sold to date in 2010 compared to 9,893 in 2009);
Osceola: 18.09 percent above 2009 (4,223 homes sold to date in 2010 compared to 3,576 in 2009); and
Seminole: 44.92 percent above 2009 (3,936 sold to date in 2010 compared to 2,716 in 2009).
Copyright © 2010 Orlando Regional Realtor® Association.
All rights reserved.
Wednesday, August 25, 2010
New Construction Home in Longwood, FL - SOLD by Julie Boyd-Elrod
Julie Boyd-Elrod, Realtor, sold another home in Longwood, FL this month. Exquisite new custom construction home with the flair of an Italian Villa, this home featured 4 bedrooms, 3 1/2 baths, fireplace on large covered back patio, water view, glamorous appointments throughout and much more. Traditional sale at $463,000. Visit Julie Boyd-Elrod's website at www.moving2orlando.com or contact her at 407-257-3433. You may also chat with Julie on Facebook at www.facebook.com/julie.boydelrod.
Another Winter Park home sold by Julie Boyd-Elrod
Julie Boyd-Elrod sold and closed on another home in Brookshire Heights in Winter Park, FL last week! Traditional sale of a single family home with 3 bedrooms, 2 baths, large pool, large lot under canopying oak trees along the entire street. This home was listed for $199,900 and sold for $185,000 in 11 days.
Tuesday, August 24, 2010
Just Reduced Short Sale in Andover Cay, Orlando, FL
Great condition, this home is a 4 bedroom, 2 bath, 2-car garage, fenced back yard with 2 large oak trees on the property, in desirable Andover Cay in Orlando. This community has a community pool and playground with waterfall at the entrance. Just reduced to $148,000. For more information on this property, please visit my website at www.moving2orlando.com, or call me, Julie Boyd-Elrod, direct at 407-257-3433. Also, please chat with me on Facebook at www.facebook.com/julie.boydelrod.
Can You Believe It - Not a Short Sale nor Bank Owned in Altamonte Springs, FL
Wow, a lot of home on over 3/4 acre in Altamonte Springs for sale! Not a short sale nor bank owned home but priced even better! Features include 4 large bedrooms, 3 baths, an exercise room, formal areas, HUGE family room, open kitchen with breakfast bar and breakfast nook and all appliances stay. Total living space is over 4300 sq. ft. Exterior boasts of mature landscaping, nicely manicured, 2-car garage, separate workshop with shower, and an addition of a 2-car carport. In move-in condition! No Homeowners' Association. Better than a short sale or bank owned property at only $69. per sq. ft. For further information and to see this beauty, please visit my website at www.moving2orlando.com or contact me, Julie Boyd-Elrod, Realtor with Charles Rutenberg Realty, at 407-257-3433. Also chat with me on Facebook at www.Facebook.com/julie.boydelrod.
Bear Stone @ Aloma Woods in Oviedo short sale
This home has a great floor plan with lots of light and openness. In addition to 4 bedrooms, 3 baths downstairs, it also has an office downstairs and a huge bonus room with full bath upstairs. With a total of 2969 sq. ft. of living space, other features are formal living and dining rooms, large family room with built-ins, and spacious kitchen with 42" wood cabinets, work island and solid surface countertops. There is also a 3-car garage, covered patio and large pool in the fenced backyard. This home is a short sale and has just been reduced to $315,000. For further information, please visit my website at www.moving2orlando.com or contact me, Julie Boyd-Elrod, directly at 407-257-3433. Also chat with me on Facebook at www.Facebook.com/julie.boydelrod.
Thursday, June 17, 2010
Breaking News... Tax Credit Extended
Senate approves home tax credit extension
By ANDREW TAYLOR (AP) – 1 day ago
WASHINGTON — The Senate on Wednesday approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.
The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The proposal, approved by a 60-37 vote, would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.
Reid, D-Nev., added the proposal to a bill extending jobless benefits through the end of November. Nevada has the nation's highest foreclosure rate, and Reid is facing a tough re-election campaign.
The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline.
"If Congress fails to act promptly, then prospective homebuyers might not get the benefit of the homebuyer tax credit, even though they have completed contracts," the Realtors said a a letter to lawmakers.
First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.
The $140 million cost of the measure would be financed by denying businesses the ability to deduct from their taxes punitive damages paid when losing lawsuits or judgments.
Copyright © 2010 The Associated Press. All rights reserved.
By ANDREW TAYLOR (AP) – 1 day ago
WASHINGTON — The Senate on Wednesday approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.
The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The proposal, approved by a 60-37 vote, would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.
Reid, D-Nev., added the proposal to a bill extending jobless benefits through the end of November. Nevada has the nation's highest foreclosure rate, and Reid is facing a tough re-election campaign.
The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline.
"If Congress fails to act promptly, then prospective homebuyers might not get the benefit of the homebuyer tax credit, even though they have completed contracts," the Realtors said a a letter to lawmakers.
First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.
The $140 million cost of the measure would be financed by denying businesses the ability to deduct from their taxes punitive damages paid when losing lawsuits or judgments.
Copyright © 2010 The Associated Press. All rights reserved.
Wednesday, May 26, 2010
Beach Side Condo
I have just helped a buyer, from Chicago, IL, buy a wonderful beach side condo. The buyer purchased at the recently renovated Hawaiian Inn. This resort is stunning featuring ocean view units, renovated pool area, tiki bar, and much more. The ocean views from this unit are breathtaking. I believe the new owner will be very happy with her choice.
If you need help with buying or selling a home, please contact me today. You can reach me at 407-257-3433 or email me at julie@moving2orlando.com.
If you need help with buying or selling a home, please contact me today. You can reach me at 407-257-3433 or email me at julie@moving2orlando.com.
Tuesday, May 11, 2010
Sold Condo in Central Park on Lee Vista
I am pleased to blog that one of my Canadian clients just closed on an adorable condo in Central Park on Lee Vista. It is a wonderful 3 bedroom, 2 bath unit overlooking the pond and fountain. I believe my client and his family will enjoy their condo for many years.
As you know the $8,000 Home Buying credit has ended. This hasn't slowed down lenders instituding great incentives. With home prices and interest rates low, NOW is a VERY GOOD TIME TO BUY. Prices and rates will not stay low forever!
Whether you are looking to sell your home or buy a new one, put my Real Estate experience and knowledge to work for you.
As you know the $8,000 Home Buying credit has ended. This hasn't slowed down lenders instituding great incentives. With home prices and interest rates low, NOW is a VERY GOOD TIME TO BUY. Prices and rates will not stay low forever!
Whether you are looking to sell your home or buy a new one, put my Real Estate experience and knowledge to work for you.
Wednesday, April 28, 2010
Short Sale Closings
I am excited to say I have just helped a couple sell their 3 bedroom 2 bath home in Winter Springs by way of short sale. This couple has now been able to move closer to family.
I had a 1st time home buyer close on his very 1st home last week. This great home is a 3 bedroom 2 bath home in Winter Springs. I know the buyer will be very happy in this home.
I have enjoyed working for these people and helping them with their Real Estate needs.
If you need help with buying or selling your home, please don't hestitate to contact me. Put my over 20+ years of experience to work for you.
I had a 1st time home buyer close on his very 1st home last week. This great home is a 3 bedroom 2 bath home in Winter Springs. I know the buyer will be very happy in this home.
I have enjoyed working for these people and helping them with their Real Estate needs.
If you need help with buying or selling your home, please don't hestitate to contact me. Put my over 20+ years of experience to work for you.
Tuesday, April 13, 2010
Wednesday, March 17, 2010
Short Sale Approval In One Week
SHORT SALE APPROVAL IN ONE WEEK!! Must be the luck of the Irish! After all, it is St. Patrick’s Day.
Finally, a short sale that took only one week for approval!! Yes, you read that right, we have APPROVAL!! I still can’t believe it but it is in black and white and staring me in the face as I write this.
It’s no secret that short sales, up until this point, have been a long and arduous process. But as a conscientious Realtor who wants the best for her customers and clients, we simply do what we must do to make a short sale work if it is the only alternative left to foreclosure.
My team and I are finally seeing a light at the end of the tunnel. This is the second short sale approval we have received so far this week.
If you, or someone you know, are wondering if a short sale is the right course of action to avoid a foreclosure, please call me at 407-257-3433. I have been professionally trained by Harris Real Estate University to handle any short sale and have a Certified Distressed Property Designation.
Julie Boyd-Elrod, Realtor and Associate Broker
EXIT Realty Central
Direct: 407-257-3433; Fax: 407-209-0323
julie@moving2orlando.com
www.moving2orlando.com
www.twitter.com/julieelrod
www.facebook.com/julie.boydelrod
www.linkedin.com/in/julieboydelrod
Finally, a short sale that took only one week for approval!! Yes, you read that right, we have APPROVAL!! I still can’t believe it but it is in black and white and staring me in the face as I write this.
It’s no secret that short sales, up until this point, have been a long and arduous process. But as a conscientious Realtor who wants the best for her customers and clients, we simply do what we must do to make a short sale work if it is the only alternative left to foreclosure.
My team and I are finally seeing a light at the end of the tunnel. This is the second short sale approval we have received so far this week.
If you, or someone you know, are wondering if a short sale is the right course of action to avoid a foreclosure, please call me at 407-257-3433. I have been professionally trained by Harris Real Estate University to handle any short sale and have a Certified Distressed Property Designation.
Julie Boyd-Elrod, Realtor and Associate Broker
EXIT Realty Central
Direct: 407-257-3433; Fax: 407-209-0323
julie@moving2orlando.com
www.moving2orlando.com
www.twitter.com/julieelrod
www.facebook.com/julie.boydelrod
www.linkedin.com/in/julieboydelrod
Friday, February 19, 2010
Buyers, Look at these Mortgage Rates!!
Amid stabilization within the housing market, Freddie Mac reported Thursday that mortgage rates continued to inch down this week, hovering near record lows.
“Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery,” said Frank Nothaft, Freddie Mac VP and chief economist.
For the week ending February 18, 2010, the average rate for 30-year fixed mortgages dropped to 4.93 percent with an average 0.7 point, Freddie Mac’s Primary Mortgage Market Survey (PMMS) found. This week’s average marked a 0.04 percent decline from last week and a year-over-year reduction of 0.11 percent.
In addition, Freddie Mac reported a dip in the average rate for 15-year fixed mortgages. Coming in at 4.33 percent with an average 0.6 point, rates for 15-year fixed mortgages fell 0.01 percent from week-to-week and decreased 0.35 percent from the same week in 2009.
According to the PMMS, adjustable-rate mortgages (ARMs) also followed the overall trend of declining rates. The 5-year Treasury-indexed ARM averaged 4.12 percent with an average 0.5 point this week, down 0.07 percent from last week and 0.92 percent year-over-year. The 1-year Treasury-indexed ARM averaged 4.23 percent with an average 0.6 point, marking a 0.1 percent drop from week-to-week and a 0.57 percent decline from last year at this time.
Article by Brittany Dunn/DSNews.com
Wednesday, February 3, 2010
Sales Stablize in December
Following a market swing driven by response to the homebuyer tax credit, pending home sales in December have leveled off, according to a report Tuesday by the National Association of Realtors (NAR).
In November, the Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed during the month, fell to 95.6, a 16.4 percent decrease from surging activity in preceding months due to the anticipated expiration of the homebuyer tax credit. Following the extension and expansion of the credit, though, the PHSI in December jumped 1 percent to 96.6 and remained 10.9 percent above December 2008 when it was 87.1.
December’s PHSI varied from region to region. Compared to November, the PHSI in the Northeast jumped 2.3
percent to 76.1 and was 14.9 percent higher than December 2008. The Midwest’s index of 86.9 was 5.2 percent higher than November and 8.7 percent above a year earlier.
In the South, pending home sales in December rose 2.2 percent from November to an index of 98.4, a 5.5 percent surge year-over-year. However, the index in the West fell 3.8 percent in December to 119.9 but was still 18.6 percent higher than the index one year earlier.
Lawrence Yun, NAR chief economist, said it is important to recognize how the tax credit is skewing market data.
“There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he explained. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.”
Yun projects 2.4 million households will take advantage of the extended and expanded tax credit. While new-home sales will remain low due to a lack of construction, Yun expects existing-home sales to rise to around 5.6 million this year, up from 5.16 million in 2009. He said one of the greatest benefits of rising sales will be firming home prices.
“For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun said. “As a result, the housing wealth for many middle class families has begun to stabilize.”
Author: Brittany Dunn • Date: 02/02/2010 • Category: Market Studies • Users: Agents & Brokers, Attorneys & Title Companies, Investors, Lenders & Servicers, Service Providers
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