Orlando, FL Real Estate News

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
(Remax 200 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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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below): As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankrate says: “After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates ha...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
According to a recent survey from the Wall Street Journal, the percentage of economists who believe we’ll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there’d be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months.And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if there’s a recession? Here’s a look at historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession would mean for the housing market today.A Recession Doesn’t Mean Falling Home PricesTo show that home prices don’t fall every time there’s a recession, it he...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights Many people remember the housing crash in 2008, but experts say today’s market is fundamentally different in many ways. First, there isn’t an oversupply of homes for sale today. Plus, lending standards are much tighter, and homeowners have record levels of equity. That means signs say there won’t be a wave of foreclosures like the last time. If you have questions about the housing 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)
Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home prices fall this year? Let’s break down what’s happening with home prices, where experts say they’re headed, and why this matters for your homeownership goals.Last Year’s Rapid Home Price Growth Wasn’t the NormIn 2021, home prices appreciated quickly. One reason why is that record-low mortgage rates motivated more buyers to enter the market. As a result, there were more people looking to make a purchase than there were homes available for sale. That led to competitive bidding wars which drove prices up. CoreLogic helps explainhow unusual last year’s appreciation was:“Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”In other words, the pace of ap...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer.But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market is good news for your homebuying plans.The ChallengeThere were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding new homes since the market crash in 2008. As the graph below shows, housing supply is well below what the market has seen for most of the past 10 years...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house? While home prices are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less buyer demand. Because of this, there are more homes on the market. And in a shift like this one, the way you price your home matters more than ever. Why Today’s Housing Market Is Different During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too. Because we’re seeing less buy...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and lenders to stay in their homes rather than go into foreclosure. Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA), notes:“Most borrower...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights The housing market is shifting away from the intensity of the past two years. Here’s what experts projectfor the remainder of 2022. Home prices are forecast to rise more moderately than last year. Mortgage rates will respond to inflation, and home sales will be more in line with pre-pandemic years. Let’s connect so you can make your best move this year.  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 information or opinions contained herein. Noth...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
As there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you should know the market is still anything but normal.Even though the supply of homes for sale has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of inventory of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this: A buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so th...
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