Orlando, FL Real Estate News

By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point. 1. The Current Mortgage Rate on Existing MortgagesFirst, let’s look at the current rate on existing mortgages. According to the Federal Housing Finance Agency (FHFA), as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. That’s significant. And, to take that one step further, over 50% of mortgages have a rate below 4% (see graph below):Now, there’s a lot of talk in the media about a potential foreclosure crisis or a rise of homeowners defaulting on their l...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market.1. The Return of ContingenciesOver the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspec...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming?To answer this question, there are two things we want to understand. The first is the reality of the shift in today’s housing market. And the second is what experts are saying about home prices in the coming year.The Reality of the Shift in Today’s Housing MarketThe reality is we’re seeing an inflection point in housing supply and demand. According to realtor.com, active listings have increased more than 26% over last year, while showings from the latest ShowingTime Showing Index hav...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR): “Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.” If you’re thinking of buying a home or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows. The good news is you can navigate today’s housing market and this rising rate environment with a few simple tips. Here are three things you may want to consider to help make ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
In a market that’s shifting as fast as it is today, many homeowners wonder what, if anything, needs to be renovated before they sell their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – do before selling your house.Here are some considerations a professional will guide you through.What You Need To Know About Your Local MarketSince the supply of homes for sale has increased so much this year, today’s buyers have more options than they had last year. That may mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com says:“To stand out in the market, sellers should mak...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The baby boomers are coming of age and many are finding themselves in situations where they are taking care of their elderly parents. It can be difficult to decide parents are in need of alternate or extra care. But after that decision is made, there are many others to be made. For instance, what is going to happen to their possessions if they go into a care facilityor community living? You may wonder if you can sell parents house if you can offer it for sale by owner, or about many other options. You may ask, “can I sell my parents house to cash buyers?” Here are a few tips if you are planning to sell your elderly parents home.How long does it take to sell a parents house?When you put a house on the market it can seem like an eternity before it actually sells. Trying to sell your elder...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.Opportunity #1: You Have More Options for Your MoveOne of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that chec...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts.Experts Project Mortgage Rates Will StabilizeWhile mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% ra...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Owning a home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important.If you’re looking to increase your financial security, here’s why now could be a good time to start on your journey toward homeownership.Owning a Home Is a Key Ingredient for Financial SuccessA report from the National Association of Realtors (NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. It finds:“. . . the net worth of a homeowner was about $300,000 while that of a renter’s was $8,000 in 2021.”To put that into perspective, the averag...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market because inventory is low. The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price. You haven’t missed your opportunity to sell. Let’s connect to start the process today. Contact us:PHP Houses142 W Lakeview AveUnit 1030Lake Mary, FL 32746Ph: (407) 519-0719Fax: (407) 205-1951email: info@phphouses.comLet’s Connect:FacebookLinkedinTwitterInstagramThe information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the infor...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million new homes in this country. If you’ve had trouble finding a home to buy over the past year, it may be time to work with your trusted agent to consider a new build and the incentives that come with it. Here’s why.The Supply of Newly Built Homes Is RisingWhen looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the inventory of existing homes is on the rise today, it’s still in tight supply, meaning it can be challenging to find just the right one.The inventory of newly built homes, however, is also rising. And with more options available than there have been in years, a new home may be just the answe...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
By Kerry Smith. The August index from UF rose 4.1 points to 65.2. All five components in the larger index moved higher, with a notable rise in future expectations. Floridians’ consumer attitudes increased for a second month in a row. In August, the University of Florida’s consumer sentiment index rose to 65.2, up 4.1 points from a revised figure of 61.1 in July – and all five components that make up the total index increased. Current conditions Floridians’ perceptions of their personal financial situations now compared with a year ago increased 2.7 points from 52.5 to 55.2. And attitudes about buying a major household item, such as an appliance, rose in tandem with that increase, also rose 2.7 points, from 52.5 to 55.2. The boost in attitudes was almost universal among Floridians, thou...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today. Appreciation is when home prices increase. Depreciation is when home prices decrease. Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace. Experts agree that, nationally, what we’re seeing today is deceleration. That means home price...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re a homeowner or are planning to become one soon, you’re probably looking for clear information about today’s housing market. And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert. Why You Want To Lean on a Trusted Professional With any big milestone in life, it’s wise to seek advice from people who are experts in their field.  While you likely want that advice to be perfect, perfect simply isn’t possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation. For example, let’s say you need an attorney, so you seek out an expert in the type of law required for...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights If you’re wondering what a potential recession could mean for the housing market, here’s what history tells us. In four of the last six recessions, home prices actually appreciated, only falling during the early 90s and the housing crash in 2008. Mortgage rates, though, declined during each of the previous recessions. If you have questions about buying or selling a home in today’s market, let’s connect. Contact us:PHP Houses142 W Lakeview AveUnit 1030Lake Mary, FL 32746Ph: (407) 641-1531Fax: (407) 205-1951email: info@phphouses.comLet’s Connect:FacebookLinkedinTwitterInstagramThe information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.What’s Causing Housing Inven...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Whether or not you owned a home in 2008, you likely remember the housing crash that took place back then. And news about an economic slowdown happening today may bring all those concerns back to the surface. While those feelings are understandable, data can help reassure you the situation today is nothing like it was in 2008.One of the key reasons why the market won’t crash this time is the current undersupply of inventory. Housing supply comes from three key places: Current homeowners putting their homes up for sale Newly built homes coming onto the market Distressed properties (short sales or foreclosures) For the market to crash, you’d have to make a case for an oversupply of inventory headed to the market, and the numbers just don’t support that. So, here’s a deeper look at where in...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.1. Understand How Mortgage Rates Impact Your Homebuying PowerMortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing ...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
The Orlando real estate market is shifting. Higher interest rates are having a significant impact on purchasing power. Buyers that were qualified to purchase a $500,000 home, may only qualify for $400,000 now. This drop in purchasing power has fueled a sharp decrease in sales, leading to a dramatic increase in inventory. In fact, sales were off 21% compared to a year ago. The inventory of homes available for sale climbed 85% compared to a year ago in July.I do expect to see lower median and average sales prices, but I do not expect to see a collapse in the real estate market. There are only 25 'distressed sales' currently listed for sale in Orange and Seminole Counties. Cash sales currently represent about 1/3 of all sales, properties are still selling in just 28 days on average, and ar...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights If you’re buying a home, here’s what you should know about your home inspection and why it’s so important. A home inspection is a crucial step in the homebuying process. It assesses the condition of the home you plan to purchase so you can avoid costly surprises down the road. Let’s connect so you have an expert on your side to guide you through the process. Contact us:PHP Houses142 W Lakeview AveUnit 1030Lake Mary, FL 32746Ph: (407) 641-1531Fax: (407) 205-1951email: info@phphouses.comLet’s Connect:FacebookLinkedinTwitterInstagramThe information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement Industry Trust Association (RITA) shows 10,000 Baby Boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired. If this sounds like you, one thing worth considering is whether or not your current home will suit your new lifestyle. If your home doesn’t have the features or benefits you’re looking for, the good news is, you may be in a better position to move than you realize. That’s because, if you already own a home, you’ve likely built-up significant equity, and that can help you fuel your next move. According to the N...
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