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Orlando, FL Real Estate News

By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make t...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below): This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail. Building equity – Homeownership is a long-term investment that allows you to build wealth, increase your ...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
Inventory and prices remain higher than a year ago, with sales numbers quite a bit lower than last March. Currently inventory is just over double what it was last year with 5,052 homes available for sale. However, that number is 9% lower than February, and March is the fourth month in a row with declining numbers of homes for sale. The median price last month was $365,000 which is a modest 1% increase over last March. Sales continue to be much lower than a year ago, with 2,936 closed transactions last month. That is down 28% from March of 2022, however when I did my own search of closed sales last month I counted over 4,000. I do not know what the discrepancy is, but either way sales were up considerably compared to February.Check out this brief video breaking down the #OrlandoRealEstat...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports:“U.S. home prices rose by 0.8% in February . . . indicating that...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights The inspection is a major part of the home selling process. Many buyers used to waive inspections to be more competitive with their offer, but recently, inspections and repairs are becoming popular again. Let’s connect so you have an expert on your side who can help you determine the repairs and updates your house needs before you sell.  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. Nothing herein should...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there’s good news – your tax refund can help you achieve your goals by paying for some of these expenses.SmartAsset estimates the average American will receive a $1,798 tax refund this year. The map below provides a more detailed estimate by state: According to Freddie Mac, there are multiple ways your refund check can help you as a homebuyer. If you’re getting a refund this year and thinking about buying a home, here are a few tips to keep: Saving for a down payment – One of the largest barriers to homeownership is saving for a down payment. You could reach your savings goal more quickly than expected by using your tax refund to help w...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low. HousingWire shares:“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”The National Association of Realtors (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest:“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an i...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
I started my Orlando real estate blog 15 years ago. RealEstateOptimist.com has been on the first page of Google searches for just about that entire time. My blog was featured as one of 10 nationally by Realtor.com, and has been quoted by numerous publications since 2008. This week FeedSpot.com named my blog to their list of Top 25 Orlando Real Estate Blogs. ⬅️Please check out the list to see where David's Orlando Real Estate Blog landed on the list!March 2023 #OrlandoRealEstate market results will be out soon, and look for a big increase in sales, a slight increase in prices, and a slight decline in inventory for the fourth month in a row.
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights Buying a home is a major way to build wealth and gain financial stability. That’s why, across different income levels, the largest part of most homeowners’ net worth is their equity. Let’s connect today so you can start investing in homeownership.  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. Nothing herein should be construed as investment advice. You should always conduct your own research and due dil...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search. Here are a few of them.Long-Term Benefits Outweigh Short-Term ChallengesOwning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. Freddie Mac puts it this way:“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to change:“[H]ome prices will be steady in most parts of the country with a minor change in the national median home price.”You might think sellers would have to lower prices to attract buyers in today’s market, and that...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below): Let’s break those reasons down and explore how they might resonate with you. 1. I Want To Take Advantage of the Current Market and Make a Profit When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM explains:  “The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compa...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment: Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down. What This Means for You You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is to...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supplyof homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below): What Does This Mean for You? When the supply of homes for sale is as low as it is right now, it’s much harder for buyers ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips: 1. Make Sure You Give Buyers Access One of the biggest mistakes you can make as a seller is limiting the days and times when buyers have access to view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’ access to view it. If it’s not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price. 2. Make Your Home Look as Good as Possible on the Inside For ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.Why Is Homeownership So Important to Women?The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First American, says:“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single w...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”If you’ve been waiting for the best time to sell, this is your chance. But remember, before you put your house on the market, you’ve got to get it read...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights If you’re on the fence about selling your house, it’s worth considering all the reasons why moving could make sense for you. If you find your home no longer meets your needs, it may be time to sell. You have a lot to consider when deciding if you should move. Let’s connect today to go over the benefits of selling your house.  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. Nothing herein should be construe...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.Home Price Appreciation in the Years AheadOver 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly(see graph below): In addition to providing more options in your home search an...
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