Orlando home sales and median price both rise last month

Orlando’s median home price jumped more than 10 percent in April when compared to April of last year while sales likewise saw an increase of more than 8 percent, reports the Orlando Regional REALTOR® Association. Inventory declined by nearly 11 percent compared to this time last year. Continue reading “Orlando Housing Market Snapshot- May 2018”

The 2018 Disaster Preparedness Sale Tax Holiday just passed in the Florida Legislature.  The sales tax holiday begins June 1, 2018 through June 7, 2018.  For more information and a list of qualifying items, please see the Department of Revenue’s 2018 Sales Tax Disaster Relief.
Hurricane season is from June 1, 2018 through November 30, 2018.  Last year’s Hurricane Irma affected many of us in Florida.  Having a disaster plan as well as emergency kits ready to go can help your family be prepared for the next storm.

Continue reading “2018 Disaster Preparedness Sale Tax Holiday”

Oviedo’s Real Estate Market

The real estate market in Oviedo and elsewhere regularly fluctuates. Sometimes, it is the ideal time to buy a home. At other times, it is more to the seller’s advantage to put their house on the market. How can the average person know when they should buy or sell a home?

The best answer is to ask an experienced, local Realtor. It is part of the Realtor’s job to have an intimate understanding of the market. Whether you are buying or selling, they provide expert guidance regarding how to successfully navigate the market. That said, it’s also helpful to understand more about common terms in real estate, like “buyer’s market” and “seller’s market.”

Buyer’s Market

In this type of market, there is an overstock of homes for sale. That means there are fewer buyers, so home sellers can become particularly anxious to sell if their property has been on the market for a while. Although a buyer’s market can occur in any season, it is most likely to happen in the summer when many families are looking to relocate prior to the start of a new school year.

Realtors use a Sales-to-Listing ratio to determine whether or not a buyer’s market exists. If there is an average of 35 home sales for every 100 listings, then a buyer’s market is prevailing. This is good news for prospective home buyers who will have plenty of options from which to choose. Moreover, they will likely pay less for the property because the previous owner may be desperate to sell. Another advantage of buying in a buyer’s market is that there is less competition. You are far less likely to have to enter a bidding war to get the property you want.

Seller’s Market

The seller’s market is just the opposite. In this scenario, the Sales-to-Listing ratio is closer to 55 homes sold per 100 listings. This means that the market is extremely competitive, with fewer homes being available to a larger pool of buyers.

Home sellers have all of the advantage in this market. They have the commodity that everyone wants, and buyers may be willing to pay top dollar. Bidding wars are frequent, with many home sales coming in at well above the original asking price.

Buyers may be tempted to overspend in a seller’s market, but if they are guided by an experienced and knowledgeable Realtor, they can stay within their spending guidelines while also making competitive offers to sellers.

A Seller’s Market in Oviedo

Right now is the ideal time to sell a home in Oviedo. If you’ve been considering selling your home, talk to a Realtor about getting it on the market. Inventory is low, and with the city’s economy booming, demand for good housing is on the rise.

If you need to buy a home in a seller’s market, there’s no need to worry. Let an experienced Realtor guide you through the process. Their expertise enables you to stay within your budget while also being able to make competitive offers on the property you really want. Remember, you don’t necessarily have to have the highest bid to win. If your move-in date better coincides with the seller’s vacancy date, you could easily prevail over someone making a higher bid. Numerous other factors also may influence a seller to choose your bid over someone else’s.

Why Use Us?

The local real estate market is competitive and moves with surprising speed. In this seller’s market, buyers can’t afford to be without expert guidance that will help them get into the home of their dreams. Similarly, a Realtor can guide sellers in sifting through myriad offers to find the absolute best deal.

If you want to make your dreams of home ownership come true, turn to a knowledgeable local Realtor. At Waypointe Realty, all of our employees are trusted, experienced Realtors. Working with us ensures that you remain competitive whether you are buying or selling, regardless of what the market is doing. Look to the Realtors at Waypointe Realty to guide you toward your next home.

Seminole County Today

Seminole County is located just northeast of Orlando and is home to approximately 455,000 residents. Interstate 4 runs in a north-south direction through the western region of the county, and this Interstate connects Orlando with Daytona Beach. Because of the location of this busy road, the western region of the county is heavily populated and well-developed. In fact, in this area, you will find cities like Sanford, Altamonte Springs, Longwood and Lake Mary. The eastern region of the county is notably rather rural, but this may soon change. Rapid development from the Interstate and the Orlando metro area is creeping eastward and is threatening to take over the last two rural areas in the county.

The History of Geneva

Geneva is a small community located in the northeastern region of the county. It has seen increased growth due to the rural lifestyle and the many lakes that provide scenic home views. Locally known as the “Geneva bubble”, the well water drawn from the aquifer deep below the earth is highly touted as some of the best in the state. It is also home to the two Econlockhatchee Rivers as well as the Little-Big Econ State Forest. Fewer than 3,000 residents live in this quiet and naturally beautiful area despite the fact that it is within a commutable distance to Orlando. One of the most substantial and well-known in the area is the Geneva School House. This building was originally constructed in 1924 to educate Kindergarten through 12th grade students, but it later evolved to only providing elementary education. The structure that is currently standing today is slowly being renovated, and it replaced a log cabin school that was built in 1874. It remains the only elementary school serving this entire area of the county.

The History of Chuluota

Chuluota is a much smaller area than Geneva, and it is located in the eastern region of the county south of Geneva. This community is home to approximately 2,500 residents, and it has already seen moderate growth with new housing development in the last 15 years. This is a traditionally rural community that has had an economy centered around agriculture since the first white settlers arrived around the Civil War period. Residents are concerned that new development will change the quiet, relaxed way of life that they love.

What the Development Means for Local Residents

Both Geneva and Chuluota offer current residents a very peaceful living experience that is removed from the stress and chaos of the big city. Many residents enjoy being away from crowded, busy roads and having privacy from their neighbors. They love seeing natural views rather than urban and suburban development all around them. However, as many as 4,000 new homes are projected to be built just south of the county line close to Chuluota, and many additional homes in new developments are sprouting up just east of the county line. This rapid development is approaching Chuluota and Geneva from all directions, and it is threatening to enclose and take over the rural areas that mean so much to the local residents. In 2004, residents voted to restrict development to one home for every five acres. While this slows down development in the area, it does not prevent the increasingly-populated areas nearby from creating more pass-through traffic. There are also concerns about how the development will impact environmentally-sensitive natural areas and the supply of fresh water from the local aquifer.

How Taintsville Tackled Urban Sprawl

Taintsville was once an unnamed rural area located between Oviedo and Chuluota. Residents here struggled to describe to others where they lived, and it was even challenging to receive shipped packages. Nearby development also threatened to take over the region and change the residents’ way of life. These residents took action by creating their own 700-acre town. By doing so, they have protected a small rural area that is now increasingly surrounded by residential and commercial real estate development.

The growth in this popular Florida county is undeniable, and it is expected to continue at a rapid pace going forward. With many areas closer to Orlando already densely populated, it makes sense that new real estate development would creep into the last few remaining rural areas in Seminole County though it saddens us. If you are looking for a rural way of life reasonably close to the big city, now may be the time to act. Contact us today to learn about rural real estate available in eastern Seminole County.

It’s an exciting time when buyer’s are ready to purchase a home, but many times they forget to consider the costs beyond just the down payment. Closing costs can be scary because of the unknown. So we want to help clarify the unknown for you.

Typical closing costs for a buyer are: Continue reading “Typical Closing Costs When Buying a Home”

FREE Gelato to the first 25 to register!

We had the pleasure of visiting Amarena Gelato in the Oviedo Mall during the Taste of Oviedo and it was amazing! We have teamed up to promote this local business and we are offering 2 free scoops of gelato from this amazing local business this Saturday, April 28th from 11am-2pm.

Below are a few reasons why Gelato is better than ice cream:

Fill out the form below and you will be registered to receive your free two scoops of handmade gelato.

Rules:

  • Limited to the first 25 unique registrations
  • 1 redemption per valid name and email
  • Must present coupon with valid ID
  • Must be redeemed on Saturday April 28th from 11am-2pm

    Your Name (required)

    Your Email (required)

    Do you know anyone looking to buy or sell a home?
    We would love your referral.

Orlando median home continues upward trend with 10 percent increase in February

Orlando’s median home price rose 10 percent in February when compared to February of last year while sales held steady with a 1 percent increase, reports the Orlando Regional REALTOR® Association. Inventory declined by nearly 9 percent compared to this time last year.

The overall median price of Orlando homes (all types combined) sold in February is $228,000, which is 10.4 percent above the February 2017 median price of $206,500 and 1.3 percent above the January 2018 median price of $225,000.

Year-over-year increases in median price have been recorded for the past 80 consecutive months; as of February 2018, the overall median price is 97.4 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in February increased 11.3 percent over February 2017 and is now $249,250. The median price for condos increased 22.2 percent to $120,950.

The Orlando housing affordability index for February is 133.18 percent, down from 140.10 last month. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

The first-time homebuyers affordability index decreased to 94.71 percent, from 99.62 percent last month.

Sales and Inventory

Sales of single-family homes (1,886) in February 2018 decreased by 1.0 percent compared to February 2017, while condo sales (316) decreased 7.3 percent.

Sales of distressed homes (foreclosures and short sales) reached only 139 in February and is 41.4 percent less than the 237 distressed sales in February 2017. Distressed sales made up 5.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in February (7,706) represents a decrease of 8.9 percent when compared to February 2017, and a 1.3 percent increase compared to last month. There were 4.3 percent fewer single-family homes and 25.1 percent fewer condos.

“As we head into peak homebuying season, those buyers who are best prepared to deal with the challenges of low inventory are in the better position to secure a home” explains ORRA President Lou Nimkoff, Brio Real Estate Services. “Buyers should be ready to move quickly on a home they want by, for example, having a mortgage pre-approval letter in hand and having pre-determined with their REALTOR® which concessions and contingencies they are willing and able to eliminate from their purchase offers.”

Current inventory combined with the current pace of sales created a 3.09-month supply of homes in Orlando for February. There was a 3.41-month supply in February 2017 and a 3.38-month supply last month.

Ready to make a move to Central Florida? Call the experts and we’ll help you find the perfect place! Until then, take this fun quiz we created to see the most compatible city to your lifestyle.

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iHeart Realty by Waypointe Realty is a fun, engaging show that brings you real estate news through authentic, clear messaging, giving you what you need to know about today’s real estate market, home design tips and tricks, and events happening around town with your hosts, Jenelle Ferrer and Hilda Hernandez.

4 reasons why you should stage your home when selling & the 6 rooms in your home that you should be focused on! Continue reading “Why Stage Your Home and the Best Rooms to Stage”