2019 Orlando Real Estate Trends

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2018 into 2019 Housing Market

The past year has been a tumultuous one for the real estate market across the U.S. In the early months of 2018, home buyers were finding historically low interest rates on mortgages, though home prices tended to be at all-time highs. This put sellers in the driver’s seat for most transactions.Things have certainly shifted as the year draws to a close. Home prices are lower, mortgage rates are higher and buyers are starting to gain the upper hand. Is it likely that these trends will continue well into 2019?For most of the U.S., this is probably true. However, there are regions, such as Orlando, that may run contrary to these trends thanks to a steadier market and the increasing demand for housing that is sparked by people looking to relocate to the area.

 

Interest Rates Will Keep Going Higher

Mortgage rates have been climbing over the last two years, but they still haven’t reached the dangerously high territory that was common in the era of the Great Recession. In fact, the economy’s performance has been strong overall with low mortgage interest rates not really reflecting this growth. Experts on the economy are predicting that mortgage rates across the country may go as high as 5.8 percent for a 30-year, fixed rate term. That’s the kind of rate that hasn’t put in an appearance since the last housing crisis.

 

Millennials Will Increasingly Become Homeowners

A large portion of millennials will be turning 29 years old in 2019, which is a prime time for becoming a homeowner. Accordingly, they will be driving demand for new mortgages despite the rising rates. The coming year may prove a difficult one for first-time homebuyers to enter the marketplace, but those looking to upgrade should have an easier time. Millennials are expected to make up about 45 percent of all new mortgages in 2019, compared to 37 percent of Gen Xers and 17 percent of boomers.

 

Number of Home Sales to Dip Overall

With mortgage rates expected to continue to rise, fewer home sales are expected to be completed in 2019. A two-percent dip is projected by most experts in the lending industry.

 

Growth in Home Prices Expected to Slow

While home prices were exploding in the early months of 2018, that is definitely not the forecast for 2019. Home prices are already on a downward trajectory. Experts suggest that this trend will continue with a probable overall drop of three percent in home price appreciation.

 

Relocation to Spur Population Growth in Orlando

The Orlando region remains one of the most affordable in the U.S. An increasing number of people are relocating here as they discover all that the area has to offer. This growing demand helps to keep prices steady and mortgage rates competitive in the local area. If you are hoping to become a first-time home buyer in Orlando or are looking to relocate here, 2019 may be a very good year for doing so.With Orlando’s sunny, mild climate and excellent opportunities for relaxation and entertainment, it’s no surprise that more people want to live here. Couple those characteristics with a thriving local economy and a wealth of available jobs, and it’s easy to see why the prospects for the local real estate market are so positive for the coming year. While other metropolitan areas struggle with rising mortgage rates and fluctuating prices on homes, Orlando’s home market should remain steady.

City of Oviedo’s 12 Days of Christmas

Oviedo 12 Days of Christmas

Celebrate the 12 Days of Christmas with the City of Oviedo through a little song with your iHeart Realty hosts, Jenelle Ferrer and Hilda Hernandez for the second year.

The 12 Days of Christmas is an Oviedo tradition with great events throughout the holiday season:

  1. November 29: Food Truck Thursday at Center Lake Part from 6-9pm. Tree lighting, food trucks and Santa
  2. November 30: The Nutcracker Performance by University Performing Arts Center – 6-8pm at Center Lake Park – FREE
  3. December 2: Build a Bear with Oviedo Medical Center for Nemours Children Hospital – 1-4pm
  4. December 5: Santa Paws at Dog Park in Center Lake Park from 6-8pm. FREE event.
  5. December 6: Dueling Pianos and Ugly Sweater Party 6-10pm– First 50 tickets $5, $10 until sell out. Availble on eventbrite.com
  6. December 7: Holiday Bingo at 7pm
  7. December 8: Snow Mountain revamped! Introducing Winterfest and OWS Chamber Holiday Parade. Parade starts at 3:30pm, Winterfest: 2-4pm VIP, 4-8pm General Public at Center Lake Park. Tickets on sale now.
  8. December 11: Santa’s Calling from 6-8pm
  9. December 14: Movie in the Park at Center Lake Park at 6:30pm. FREE event.
  10. December 15: Breakfast with Santa at Cultural Arts Center Lake Park from 9am-12pm. $10 adult, $6 child.
  11. December 16: Jingle Bell Run 5k at 8am
  12. December 21: Bonkerz Comedy Productions with Mike Charette. Cocktails 6-7:30pm, Comedian 7:30-9pm. Tickets available on eventbrite.com

For more information and locations visit www.CityofOviedo.net or call 407.971.5590

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 and events happening around town.

When working with real estate professionals, it’s important to choose someone who knows the area and is an expert in the market. At Waypointe Realty, we strive to stay educated about our market and understand our sellers and buyers, their needs and how we can best serve them in one of the most important decisions they’ll make.

We help clients all over Florida sell and buy their homes with ease. Our customers are the main reason that we have been successful as professional real estate agents in Central Florida. While we help clients all over Florida, we primarily work in the Orlando area with our office in Oviedo, Florida.

WE GUARANTEE TO SELL YOUR HOME OR WE’LL BUY IT!

So how do you get started with either selling or buying a home? Contact us for more information.

 

Orlando Housing Market Snapshot- October 2018

orlando housing market snapshot

Orlando home prices, sales rise as inventory continues to slip in September

One year after Hurricane Irma threw a wrench into the Orlando housing market, data from the Orlando Regional REALTOR® Association shows positive September-to-September comparisons for both sales and median price. Inventory, however, stayed on its year-over-year downward slide.

“The good news,” points out ORRA President Lou Nimkoff, “is that in September the actual number of homes available for purchase reached its highest point this year. The month-to-month increase in inventory, combined with the traditional autumn lull in sales, is an opportunity for those buyers who struggled with competition during the summer. In addition, fall home shoppers can also enjoy a bit more attention from REALTORS®, lenders, and other service providers who typically do not have quite as many clients to attend.”

Median Price

The overall median price of Orlando homes (all types combined) sold in September is $233,000, which is 3.6 percent above the September 2017 median price of $225,000 and 1.3 percent above the August 2018 median price of $230,000.

The median price for single-family homes that changed hands in September increased 3.8 percent over September 2017 and is now $254,250. The median price for condos increased 6.4 percent to $125,500.

Sales and Inventory

Sales of single-family homes (2,096) in September 2018 increased by 7.6 percent compared to September 2017, while condo sales (390) increased 23.4 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 124 in September and are 3.1 percent less than the 128 distressed sales in September 2017. Distressed sales made up just 4.5 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in September (8,092) represents a decrease of 6.4 percent when compared to September 2017, and a 3.6 percent increase compared to last month. There were 5.6 percent fewer single-family homes and 2.6 more condos, year over year.

Current inventory combined with the current pace of sales created a 2.9-month supply of homes in Orlando for September. There was a 2.3-month supply in August 2018 and a 3.4-month supply in September 2017.

The average interest rate paid by Orlando homebuyers in September was 4.66, up from 4.57 percent the month prior.

Homes that closed in September took an average of 48 days to move from listing to pending and took an average of 84 days from listing to closing.

Buyers

This is a great time where we see buyers coming out of hiding because inventory and pricing has stabilized. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS® to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory and pricing has stabilized. If you’re looking to sell, we can help you get the MOST money from the sale of your home. Looking to relocate, move up to a larger home, purchase your first home or sell your rental? We can help. Contact us today!

Orlando Housing Market Snapshot- September 2018

Orlando housing market september

Orlando median home price continues to gain amid sales slowdown

The year-over-year median price for Orlando homes sold during the month of August continued on its years-long upward trajectory, albeit at a slower pace as dwindling inventory takes its toll on sales.

“Like across much of the country, sales are sliding in Orlando as would-be buyers are either priced out of the market or are deciding to postpone their search until more homes come on the market,” explains ORRA President Lou Nimkoff.

“Fortunately for us, our housing market is bolstered by a healthy economy, prices that compare favorably to other major cities, and a quality of life that attracts an influx of new residents by the thousands each year. In addition, our market benefits from international homebuyers who look to Orlando for investment and vacation properties.”

The overall median price of Orlando homes (all types combined) sold in August is $231,000, which is 2.7 percent above the August 2017 median price of $225,000 and 1.7 percent below the July 2018 median price of $235,000.

Year-over-year increases in median price have been recorded for the past 86 consecutive months; as of August 2018, the overall median price is 100.0 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in August increased 4.9 percent over August 2017 and is now $255,000. The median price for condos increased 12.0 percent to $125,975.

Sales and Inventory

Sales of single-family homes (2,583) in August 2018 decreased by 6.7 percent compared to August 2017, while condo sales (440) increased 3.3 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 121 in August and are 40.7 percent less than the 204 distressed sales in August 2017. Distressed sales made up just 3.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in August (7,808) represents a decrease of 11.6 percent when compared to August 2017, and a 3.8 percent increase compared to last month. There were 10.2 percent fewer single-family homes and 8.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for August. There was a 2.2-month supply in July 2018 and a 2.5-month supply in August 2017.

The average interest rate paid by Orlando homebuyers in August was 4.57, down from 4.59 percent the month prior.

Homes that closed in August took an average of 49 days to move from listing to pending, and took an average of 85 days from listing to closing.

Pending sales in August are down 21.4 percent compared to August of last year and are down 6.1 percent compared to last month.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS® to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the home buying process? We can help! Contact us today.

Sellers

Inventory continues to drop and prices are steady– it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR®. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

What to Ask When Choosing A Lender

When looking at purchasing a home and acquiring a loan, you’ll be doing some research on lenders. Here are a few questions to ask when choosing a lender to choose the one that best meets your needs:

1. What are the most popular mortgages you offer? Why are they so popular?

2. What fees are included in the loan; and what fees will be due at closing?

3. Are your rates, terms, fees and closing costs negotiable?

4. Do you offer discounts for inspections, homeownership classes or setting up automatic payments?

5. Will I have to buy private mortgage insurance (PMI)? If so, how much will it be and how long will it be required?

6. What are your escrow requirements?

7. What bill-pay options do you offer?

8. What would be included in my mortgage payment (homeowner’s insurance, property taxes, etc.)?

9. Which type of mortgage plan would you recommend for my situation?

10. Who will service this loan – your bank or another company?

11. How long will the rate on this loan be locked-in? Will I be able to obtain a lower rate if the market rate drops during the lock-in period?

12. How long will the loan approval process take?

13. How long will it take to close the loan?

14. Are there any charges or penalties for prepaying this loan?

15. How much in total will I be paying over the life of this loan?

16. Can you tell me how much my monthly payment would be for what I qualify for?

These questions can help prompt an educational discussion with potential lenders that keep you informed and aware of your options and the loan process when purchasing a home.

Ready to start? Contact us for a list of the lenders we trust and work with. Once you have your pre-approval, we’re ready to start the home search process.

 

Orlando Housing Market Snapshot- August 2018

Decline in Orlando’s sales, inventory help stabilize home-price growth

Prospective homebuyers will be excited to learn that the rocketing rise in prices Orlando has seen over the past years stabilized this summer in the healthy single-digits. For the last three months, the year-over-year median price has increased between 6 and 7 percent.

The deceleration will help maintain a healthy housing market and protect Orlando’s affordability, especially as it compares to other cities around the country where prices are rising beyond the reach of buyers, explains ORRA President Lou Nimkoff:

“In addition, while prices have been rising steadily over the past seven years they have not yet reached pre-recession peak prices. Orlando homes purchased now still have room for normal appreciation, which makes a house a good investment.”

The overall median price of Orlando homes (all types combined) sold July is $235,000, which is 6.8 percent above the July 2017 median price of $220,000 and 1.3 percent below the June 2018 median price of $238,000.

The median price for single-family homes that changed hands in July increased 6.3 percent over July 2017 and is now $255,000.

The first-time homebuyers affordability index increased to 90.28 percent, from 88.80 percent last month.

Sales and Inventory

Members of ORRA participated in 3,383 sales of all home types combined in July, which is 0.1 percent more than the 3,381 sales in July 2017 and 2.3 percent less than the 3,461 sales in June 2018.

Sales of single-family homes (2,653) in July 2018 decreased by 0.2 percent compared to July 2017, while condo sales (398) increased 2.6 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 121 in July and are 42.1 percent less than the 209 distressed sales in July 2017. Distressed sales made up just 3.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in July (7,525) represents a decrease of 16.9 percent when compared to July 2017, and a 0.4 percent decrease compared to last month. There were 15.3 percent fewer single-family homes and 14.8 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for July. There was a 2.2-month supply in June 2018 and a 2.7-month supply in July 2017.

The average interest rate paid by Orlando homebuyers in July was 4.59, down from 4.61 percent the month prior.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS® to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory continues to drop and prices are steady– it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR®. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

Exterior Projects That Net You Cash

Thinking about making improvements to your yard? Here are the projects that provide the greatest return when you sell based on the 2018

Remodeling Impact: Outdoor Features report.

  1. Landscape Maintenance = 100%
  2. Overall Landscape Upgrade = 83%
  3. Tree Care = 100%
  4. New Wood Deck = 80%
  5. New Patio = 69%
  6. Landscape Lighting = 50%
  7. Fire Feature = 67%
  8. Irrigation System = 86%
  9. Outdoor Kitchen = 71%
  10. New Pool = 43%

Many times owners think that they’ll get more bang for their buck with improvements than they actually will. This infographic helps guide owners with what improvements can generate the highest returns.

Want to know what your home is worth? We can provide you with a FREE Home Valuation.

Orlando Housing Market Snapshot- July 2018

Orlando’s meager inventory continues to stifle sales, drive up prices

The inventory of homes available for purchase in the Orlando area displayed its greatest percentage of decrease yet in 2018, contributing to a second consecutive month of slower sales. However, buyer demand is continuing to boost the area’s median price.

The overall median price of Orlando homes (all types combined) sold June is $239,180, which is 6.8 percent above the June 2017 median price of $223,950 and 2.7 percent above the May 2018 median price of $233,000.

The median price for single-family homes that changed hands in June increased 6.8 percent over June 2017 and is now $260,000. The median price for condos increased 13.6 percent to $125,000.

The first-time homebuyers affordability index decreased to 88.37 percent, from 90.31 percent last month.

Sales and Inventory

“Summertime is when we traditionally see sales expand as families seek to secure new homes before the start of the new school year,” explains ORRA President Lou Nimkoff. “Incredibly low supply continues to be the primary impediment to sales in Orlando, but the combination of higher prices and mortgage rates contribute by pinching the budgets of some prospective buyers — particularly first-timers – and thwarting their efforts to buy.”

Sales of single-family homes (2,672) in June 2018 decreased by 11.8 percent compared to June 2017, while condo sales (408) decreased 11.1 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 132 in June and are 50.2 percent less than the 266 distressed sales in June 2017. Distressed sales made up just 3.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in June (7,558) represents a decrease of 17.3 percent when compared to June 2017, and a 1.0 percent increase compared to last month. There were 16.1 percent fewer single-family homes and 22.6 percent fewer condos.

The average interest rate paid by Orlando homebuyers in June was 4.61, down from 4.64 percent the month prior.

Pending sales in June are down 11.6 percent compared to June of last year and are down 9.9 percent compared to last month.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS® to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory continues to drop and prices are steady– it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR®. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

Orlando Housing Market Snapshot- June 2018

Orlando home prices rise in May as sales and inventory tumble

The inventory of homes available for purchase in the Orlando area dropped to its lowest point this year in May, dampening sales at the time when buyers traditionally ramp up their efforts to secure and move into a new home in time for the start of school. That demand is continuing to squeeze prices upward.

The overall median price of Orlando homes (all types combined) sold May is $234,000, which is 7.3% above the May 2017 median price of $218,000 and 1.7 percent below the April 2018 median price of $238,000.

Year-over-year increases in median price have been recorded for the past 83 consecutive months; as of April 2018, the overall median price is 102.60 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in May increased 8.5 percent over May 2017 and is now $255,000. The median price for condos increased 6.1 percent to $125,250.

Sales and Inventory

Members of ORRA participated in 3,407 sales of all home types combined in May, which is 11.4 percent less than the 3,845 sales in May 2017 but 1.1 percent more than the 3,371 sales in April 2018.

“We are experiencing an unusual market filled with buyers who want to buy but sellers who don’t want to sell out of concern that there is no place for them to go,” expains ORRA President Lou Nimkoff, Brio Real Estate Services. “Many would-be sellers aren’t moving because they worry about finding another home to buy in such a tight-inventory environment. In addition, the median length to stay in a home by recent sellers has now swelled to 10 years (historically, it was about six to eight years), which is further reducing inventory turnover.”

Homes of all types saw sales declines in May. Sales of single-family homes (2,657) in May 2018 decreased by 12.4 percent compared to May 2017, while condo sales (410) decreased 3.1 percent year over year but actually increased 12.6 percent compared to last month.

Sales of distressed homes (foreclosures and short sales) reached 120 in May and are 70 percent less than the 282 distressed sales in May 2017. Distressed sales made up just 3.5 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in May (7,486) represents a decrease of 14.7 percent when compared to May 2017, and a 3.3 percent decrease compared to last month. There were 10.5 percent fewer single-family homes and 25.4 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for May. There was a 2.8-month supply in May 2017 and a 2.3-month supply last month.

The average interest rate paid by Orlando homebuyers in May was 4.64%, up from 4.51% the month prior.

Pending sales in May are down 11.4 percent compared to May of last year and are down 7.4 percent compared to last month.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. Buyers need the assistance of REALTORS® to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory continues to lower and prices are up and steady– it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR®. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

Orlando Housing Market Snapshot- May 2018

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”