Orlando, FL Real Estate News

By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Today’s cooling housing market, the rise in mortgage rates, and mounting economic concerns have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to factor the long-term benefits of homeownership into your decision.Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how you gain equity and wealth as home values grow with time.The National Association of Realtors (NAR) explains:“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.”Here’s a look at how just the home price appreciation piec...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Mortgage rates have increased significantly in recent weeks. And that may mean you have questions about what this means for you if you’re planning to buy a home. Here’s some information that can help you make an informed decision when you set your homebuying plans.The Impact of Rising Mortgage RatesAs mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here’s how it works.Let’s assume you want to buy a $400,000 home (the median-priced home according to the National Association of Realtors is $389,500). If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates climb (see chart below). The red ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search.The inventory of homes for sale has increased this year, and that’s giving buyers much needed options. As Danielle Hale, Chief Economist at realtor.com, says:“. . . today’s shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.”But perspective is important. Overall, housing supply is still low. If you need even more choices, expanding your search by adding additional housing types, like condominiums, could help.Exploring Condos Could Add Options That Fit Your BudgetOne...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one.Inflation and the Housing MarketThis year, inflation reached a high not seen in forty years. For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even impacted your ability to save money to buy a home.While the Federal Reserve is working hard to lower inflation, the August data shows the inflation rate was still higher than expected. This news impacted the stock market and fueled conversations about a recession. It also played a role in the Federal Reserve’sdecision to raise the Federal Funds Rate last week. As Bankrate says:“. . . the Fed has raised rates again, announcing yet ano...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country? Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history.Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she said:“U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national “LTV” in Q2 2022 was 29.5%, the lowest since 1983.”She continued on to say:“Homeowners had an average of $320,000 in inflation...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some people believe there’s a group of homeowners who may be reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current home. You may even have the same hesitation if you’re thinking about selling your house.Data shows 51% of homeowners have a mortgage rate under 4% as of April this year. And while it’s true mortgage rates are higher than that right now, there are other non-financial factors to consider when it comes to making a move. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move essential, regardless of where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explai...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: what’s ahead for the price of my home, know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value.Historically, home prices have appreciated at a rate near 4%. For 2023, the average of six major forecasters noted below is 2.5%. While one, Zelman & Associates, is calling for depreciation, the other five are calling for appreciation. The graph below outlines each expert forecast to show where they...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works.Equity is the current value of your home minus what you owe on the loan.Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially. And while rising inventory and mortgage rateshave cooled the market some in recent months, home prices nationally remain strong.That’s why, according to th...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.Buyer Demand Then and NowDuring the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below):The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important....
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow. Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and helps sellers know your offer is serious. Connect with a trusted professional to learn more and start your homebuying process 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...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Remax 200 Realty)
Sales are down compared to a year ago, but the median sales price is still way up from 2021. Inventory has climbed dramatically since this year's low in February. Sales have declined 17% to 3,324 compared to 3,999 a year earlier. Prices are up 18% over the same time period, rising from $320,000 to $377,750 last month. The most dramatic change has come in our inventory of homes of all types available for sale. The inventory has risen from 3,638 to 6,762, an increase of 86%.Check out this brief video with more information about the #OrlandoRealEstate market results for August.
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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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