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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)
Some Highlights When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments.  Let’s connect so you have an expert to help separate fact from fiction in today’s housing market.  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 contai...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac:“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional.The Largest Part of Most Homeowners’ Net Worth Is Their EquityYou may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares:“Homeownership is the largest source of wealth among families, with the median value of a primary residence ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights As you get ready to sell your house, there are specific things you can add to your to-do list. These include decluttering, taking down personal photos and items, and power washing outdoor surfaces. Let’s connect so you have advice on what you may want to do to get your house ready to sell this season.  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. ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts project a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home.In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”: 34% answered, “I don’t have enough saved for a down payment” 30% answered, “My credit score” If you’re aiming to buy a home, here’s what you need ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors(NAR), says:“As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.”Lautz lists two options: move into a multigenerational home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn’t an option for everyone. And staying put may fit fewer and fewer of your needs. There’s a third o...
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By Florida Tolbert Team Keller Williams Advantage, Keller Williams Land Luxury Division Specialist
(Keller Williams Advantage III Realty in Lake Nona)
19540 PADDOCK STREET, ORLANDO, FL Photos Maps & Local Schools Print Click Here to Get Directions $2250002.17 acres lotThe Florida Tolbert Team does it again selling yet another amazing property in Wedgefield and another new home construction coming soon!Ready to build your dream home? Welcome to Paddock St in the sought after Wedgefield community and **OVER 2 ACRES of FULLY BUILDABLE LAND!** This spacious lot is calling out to all those who have that perfect home in mind and are ready to build your forever. Centrally located within the community just minutes from SR 520, 528, 50/Colonial Dr, shopping, dining and so much more! Wedgefield is a highly desired community boasting TOP-RATED SCHOOLS, you can play golf or dine at the Wedgefield Country Club and The Hal Scott Regional Park & Pre...
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By Alan Brown, 32 Years of Real Estate Experience .
(Coldwell Banker Realty)
The real estate market in the Avalon Park area of Orlando has been growing rapidly in recent years. Avalon Park is a master-planned community located in southeastern Orlando, with a population of approximately 15,000 people. The community is known for its beautiful tree-lined streets, parks, and recreation areas, as well as its close proximity to the University of Central Florida and the Orlando International Airport.One of the primary factors driving the growth of the real estate market in Avalon Park is the community's strong economy. The area is home to several major employers, including Siemens, Lockheed Martin, and the University of Central Florida. These companies provide stable, well-paying jobs for residents of Avalon Park, which in turn has led to a strong demand for housing in...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”Let’s break down these two big issues in today’s housing market.Rate-Locked HomeownersAccording to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate lock...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com:“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes t...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market. The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today.  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 inf...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale today, it makes sense to consider all your options, and that includes a home that’s newly built.The Number of Newly Built Homes Is on the RiseWhile there are more houses for sale right now than there were at this time last year, there’s still a historically low number of homes available on the market. One reason for that is years of underbuilding—meaning there haven’t been enough new homes built to keep up with demand.The graph above shows how low the production of newly constructed homes has been over the past 14 years. But it also shows another important trend: the number of new homes being built each year is on the rise. As Mark Fleming, Chief Economist at First Ame...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
No matter how the housing market changes, there are some things about owning a home that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us.As the most recent State of the American Homeowner from Unison puts it:“. . . one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.”The same study from Unison notes: 91% of homeowners say they feel secure, stable, or successful owning a home...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.What Are Closing Costs?People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate:“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”In other words, your closing costs are a collection of fees and payments involved with your transaction....
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights In today’s housing market, you can still be the champion if you have the right team and strategy. To win as a buyer, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd. Let’s connect today to make your game-winning play.  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 alwa...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows today’s market is nothing like it was before the housing crash in 2008.Back Then, Mortgage Standards Were Less StrictDuring the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one.As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling pric...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.According to the latest Monthly Housing Market Trends Report from realtor.com:“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons yo...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights Many people believe you need to put down 20% of the purchase price when you buy a home. But recent homebuyers actually put down far less on their purchase. And with programs like FHA loans, VA loans, and USDA loans, some qualified buyers are able to put down as little as 0-3.5%. Let’s connect to make sure you have a trusted lender and can find out if you’re ready to buy a home sooner rather than later.  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)
The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:“The current state of the housing market is that it is certainly in transition.”Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:“Housing is going to ease up. I think 2023 will be a turnaround year.”Lawrence Yun...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.Owning a short-term rental can be a tempting idea, but you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.A Short-Term Rental Comes with ResponsibilitiesSuccessfully owning and renting a house takes work. Think through your ability ...
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