Orlando Housing Market Report Video – May 2016

Orlando home sales rise 7 percent, median price jumps 12 percent to $203,000

The median price of Orlando homes sold during the month of May increased more than 12 percent compared to May 2015 and crossed the $200,000 mark for the first time since August 2008. In addition, sales showed a year-over-year increase of nearly 7 percent despite a continuing slide in inventory.

l

Orlando Housing Market Report Video – April 2016

During the month of April, Orlando’s housing market saw both home prices and sales rise, but low inventory continued to challenge many would-be buyers.

Orlando Housing Market Report – March 2016

Orlando’s homebuying season kicks off with
a decline in inventory and an increase in median price

The traditional start to Orlando’s homebuying season — April 1 — finds buyers continuing to grapple with a dwindling inventory that in March pushed home prices up 10 percent and restrained sales by 4 percent.

“Like much of the country, Orlando home sales are being impacted by a lack of inventory rather than a lack of buyers,” says ORRA President John Lazenby, Colony Realty Group, Inc. “For example, there is only 2.16 months’ worth of non-distressed single-family homes in the critical first-time homebuyer price categories. That’s even below the area’s overall 3.50 months-of-supply, which is far below the six months that economists consider balanced between supply and demand.”

Orlando Housing Market Report Video – February 2016

Orlando median price continues upward trek
as buyer demand for homes outstrips inventory in February

The inventory of Orlando homes available for purchase took another tumble in February, slowing year-over-year sales by 5 percent and driving a double digit increase in median price.

The overall median price (all sales types and all home types combined) for the month of February 2016 is $185,000, a 12.19 percent jump compared to the $164,900 median price in February 2015. The median price is up 2.78 percent compared to the January 2016 median of $180,000.

The Orlando median home price has now experienced year-over-year increases for the past 55 consecutive months; as of February the median price is 60.17 percent higher than it was in July 2011.

Orlando Housing Market Report – January 2016

Inventory declines drive Orlando home sales down, squeeze median price up

The median price of Orlando homes sold in January increased nearly 14 percent over January of 2015, amid an inventory level that has seen year-over-year decreases for the last seven months.

 

Orlando Housing Market Report – December 2015 and 2015 Year End

Orlando housing market ends 2015 with a 15 percent increase in annual sales; 9 percent increase in median price.

Orlando’s 2015 median price ($178,788) finished a healthy 9.02 percent higher than the 2014 annual median price ($164,000), thanks to a full 12 months of year-over-year price increases. Sales for 2015 finished 15.46 percent above the cumulative total sales for 2014.

Orlando Housing Market Report Video – November 2015

Home sales in the Orlando area slipped 3 percent in November, as the inventory of available properties dropped for the fifth consecutive month. At the same time, the median home price rose 10.30 percent in November compared to November 2014.

Orlando Housing Market Report Video – October 2015

Orlando home sales slipped 3 percent in October and marked the first time since August 2014 that the market has posted a year-over-year decline in the number of residential real estate closings. On the other hand, the median home price rose 12.50 percent in October compared to October 2014, which is the highest leap in year-over-year increases since May of 2014.

 

Veterans Day, Wednesday, November 10th: Veterans, don’t forget your freebies!

Veterans Day: Discounts and Freebies!

Vocabulary: Loans & Lending Terms

Confused about what it all means? Here’s a quick reference to help guide you through the loan process.

Term.
Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.

Fixed vs. adjustable interest rates.
A fixed rate allows you to lock in a low interest rate as long as you hold the mortgage and, in general, is a good choice if interest rates are low. An adjustable-rate mortgage (ARM) usually offers a lower rate that will rise as market rates increase. ARMs usually have a limit as to how much and how frequently the interest rate can be increased. These types of mortgages are a good choice when fixed interest rates are high or if you expect your income to grow significantly in the coming years.

Non-traditional mortgages.
Also sometimes called “exotic,” these mortgage types were common in the run-up to the housing crisis, and often featured loans with low initial payments that increase over time.

Balloon mortgage.
This is a form of non-traditional financing where your interest rate will be very low for a short period of time—often three to seven years. Payments usually only cover interest so the principal owed is not reduced. This type of loan may be a good choice if you think you will sell your home at a large profit in a few years.

Government-backed loans.
These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs. They offer special terms, including reduced interest rates to qualified buyers. VA Loans are open to veterans, reservists, active-duty personnel, and surviving spouses and are one of the only options available for zero down payment loans. FHA loans are open to anyone, and while they do require a down payment, it can be as low as 3.5 percent. Drawbacks include a slower loan process and—for FHA loans—the need to pay mortgage insurance.

However…
As the housing market shifts, so do lending practices. A mortgage broker—an independent professional who acts as an intermediary between you and lending institutions—may be able to help you find a better rate than you can on your own. Also, be sure to shop around; slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment.