Orange County, FL Real Estate News

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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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If rising home prices leave you wondering if it makes more sense to rent or buy a home in today’s housing market, consider this. It’s not just home prices that have risen in recent years – rental prices have skyrocketed as well. As a recent article from realtor.com says:“The median rent across the 50 largest US metropolitan areas reached $1,876 in June, a new record level for Realtor.com data for the 16th consecutive month.”That means rising prices will likely impact your housing plans either way. But there are a few key differences that could make buying a home a more worthwhile option for you.If You Need More Space, Buying a Home May Be More AffordableWhat you may not realize is that, according to the latest data from realtor.com and the National Association of Realtors(NAR), it may a...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time.There’s a Shortage of Homes on the Market Today, Not a SurplusThe supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation.For historical context, there were too many homes for sale during the housing crisis (many of which were short...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
There comes a time when parents are no longer able to care for their affairs in a proper way. They may  have to sell their home. This can take place for a variety of reasons. It may be that you will need a power of attorney sell property option. The power of attorney is not just for selling property. It allows you to help them with many  legal matters. At least in most cases. People are often faced with the selling my parents house dilemma.Power of Attorney sell PropertyThe power of attorney sell property is just one part of the authority that comes with a power of attorney. To get this there are some steps that one needs to go through.The first thing that you need to do is talk to your parents. You want to do this while there are in good mental health. It can be more difficult to get a...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Most homeowners need to borrow money from the bank before buying a property. It’s often a necessary but unwanted acquisition due to lenders’ perplexing contracts, extensive regulations, and steep interest rates. But what happens when you cannot meet those monthly mortgage payments? You’ll probably unwillingly experience the dreaded Florida foreclosure process, and will be looking for help.Homeowners dread the F-word, and for good reason. Foreclosures can leave you homeless while ruining your credit. Although lenders are required to inform you about the many consequences resulting from a defaulted loan, the Florida foreclosure process can seem sudden and life-altering. But how do foreclosures work? With knowledge and a little effort, you can effectively meet your state and lender’s guide...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
As senior citizens get older and find themselves in situations where they have to sell their house, there can be many details involved. First of all, how do you know the right time? When should seniors sell their homes? It is just when they need to pay for medical expenses or to cover the costs of senior living facilities? Do you need to sell parents house to help them out? What about some of the costs, like the capital gains tax when selling homes? Will they still be required to pay that? The good thing is that there is not always a large capital gains tax when selling homes whether it is put up for sale by owner or if you choose to sell parents house for them. The capital gains tax when selling homes is contingent on certain factors.What is the capital gains tax when selling homes?Any...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
It’s come time to prepare to sell your elderly parents home. Everyone typically puts it off as long as possible, but as parents age, the cost of caring for them rises and in most cases, it’s inevitable that you’ll have to face selling your parents house. Caregiving takes its toll financially as well as physically and emotionally. Some medical expenses are covered by Medicare, Medicaid or insurance, but there is always something popping up unexpectedly. Sometimes it’s those midnight runs to the ER or urgent care than take a toll physically and prohibit you from working the hours you need to just to make ends meet.For many, the toll of caregiving only leaves them the option of selling. As much as you probably hate to face it, you’ll likely need to sell your elderly parents home. It’s impo...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.So what is a pre-foreclosure in Florida anyway?Many homeowners across America are facing difficulties making their monthly mortgage payments.When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. If a homeowner fails to make the necessary payments, the bank will file an action to foreclose on the home in the court. Thankfully, during this stage of the process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.This period is known as “pre-foreclosure.”Banks and mortgage lenders typically provide ...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gainsfor homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the housing market isn’t a bubble about to burst, and home price growth is supported by strong market fundamentals.To understand why price declines are unlikely, it’s important to explore what caused home prices to rise so much recently, and where experts say home prices are headed. Here’s what you need to know.Home Prices Rose Significantly in Recent YearsThe graph below uses the latest data from CoreLogic to illustrate the rise in home prices over the past year and a half. The gray bars represent the dramatic increase in the rate of home price appreciation in 202...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still going up. You no doubt are feeling the pinch on your wallet at the gas pump or the grocery store, but that news may also leave you wondering: should I still buy a home right now? Greg McBride, Chief Financial Analyst at Bankrate, explains how inflation is affecting the housing market: “Inflation will have a strong influence on where mortgage rates go in the months ahead. . . . Whenever inflation finally starts to ease, so will mortgage rates — but even then, home prices are still subject to demand and very tight supply.” No one knows how long it’ll take to bring down inflation, and that means the future trajectory of mortgage rates is also unclear. While that uncertainty...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’re planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today’s shifting market?The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways. To better understand why, it’s important to know what pre-approval is. Freddie Mac defines the process like this:“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . .”Put simpl...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
When parents age there needs to be some changes made. It often means that the kids have to attend to this. One of the factors may be that I have to sell my parents house before death. This is a big task for you. It is not one that you do everyday. So it is not one that you are familiar with. The sell my parents house before death task is one that many people face.Sell Your Elderly Parents HomeSelling parents house means that you have a lot to learn. First, you have to know what options are available to you. I have to sell my parents house before death may mean fewer legalities. It is when it's compared to selling your parents house after they have passed away. This usually means even greater legal issues.You have some decisions to make  to sell your elderly parents home. It includes whi...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
Some Highlights It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home. When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save. If you want to learn more about the benefits of homeownership, let’s connect 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 accura...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
With so much talk about an economic slowdown, some people are asking if the housing market is heading for a crash like the one in 2008. To really understand what’s happening with real estate today, it’s important to lean on the experts for reliable information. Here’s why economists and industry experts say the housing market is not a bubble ready to pop. Today Is Nothing Like 2008 The 2008 housing crash is still fresh in the minds of many homebuyers and sellers. But today’s market is different. Odeta Kushi, Deputy Chief Economist at First American, says: “This is not the same market of 2008. . . . It’s no secret the housing market played a central role in the Great Recession, but this market is just fundamentally different in so many ways.” Natalie Campisi, Advisor Staff for Forbes, e...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.The Future of Home Price AppreciationEach quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away from the unsustainable pace it sa...
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By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the year holds for residential real estate.Where Mortgage Rates Will Go Depends on InflationWhile one of the big questions on all buyers’ minds is where will mortgage rates go in the months ahead, no one has a crystal ball to know exactly what’ll happen in the future. What housing marketexperts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm.This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inf...
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Orange County, FL Real Estate Professionals