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Happy Sellers and Buyers,and Customers

As a Real Estate  for over 28 years, my ultimate goal is to let my experience and knowledge help my customers realize their goal, which is to sell or buy there home.  Do I get asked how  I differ from all the other agent’s out there? Well, the answer is my experience and my past record does speak for itself not only in what I do but how I do it! Most agents will do the minimum marketing to save a dollar in their pockets and never think “out of the Box”. My team is taught to always find new ways to get every unique customer’s home out to the largest population of potential buyers and sellers by concentrating not on the cost but to find the qualified buyers and sellers. All agents will do the general work as to put you in MLS (Multiple Listing Service} and send out postcards but what else do they generally do? Well if your working with our team you not only get the Standard marketing you get Worldwide Marketing with over 86 different websites as well as we as a team call your neighbors and our database of over 14,000 people to let them know you have placed your home on the market or you are looking for a particular home. In short, we always go above and beyond to help our customers not only get what they want but to save as much money as possible in the process and make everything very smooth all the way through closing.

https://youtu.be/aZ7Dc9cMHGU

 

3 BENEFITS, YOU MAY NOT HAVE KNOWN ABOUT INVESTING IN REAL ESTATE

  1. YOUR FIRST HOUSE SHOULD BE YOUR FIRST INVESTMENT HOME

There are many benefits to buying your first home as a real estate investment. Being young, this may get you your first taste of financial freedom and benefit you for years to come. Perhaps you are in college, renting out the other rooms in your house to other students not only pays your mortgage but making the lease through their parents makes it a stable income. This just builds foundations for your next steps which are upgrading or investing in multiple properties.

  1. LOOK FOR THE LOWER END IN THE BEST NEIGHBORHOODS

People pay so much attention to the minor problems in a house, things that don’t cost very much to fix like carpet, floors, gutters, lawns, paint color, etc… When looking for an investment, these minor fixes can be a great bargaining tool when buying the house. By looking for the lower end homes set in the most desirable neighborhoods, you will save yourself more than enough to make those minor fixes after.

  1. LONG-TERM FINANCIAL SECURITY-

Owning rental-property can give you long-term financial security. Property values appreciate over time, meaning that your investment or land is going to be worth more in the future. Having a second steady flow of income can give you a head start in financial freedom, investing, saving, and retirement planning. Rule of thumb, consider three things… the location, location, location.

 

Orlando was the rated the 3rd in Best Places in the Nation to Invest in Real Estate in 2018. If you have any questions please feel free to contact us.

Contact the Maycumber Team at 

www.WeKnowOrlando.com

HOUSING INVENTORY: LOWEST IN DECADES

 

 

 

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the .

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the housing market.

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other homes came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed for sale at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

s Home Affordability at Breaking Point?

 

 

 

 

The combination of steadily increasing home prices and rising interest rates has impacted home by pushing up the monthly mortgage payment on median-priced by $150/month in just the first five months of 2018, according to the latest Mortgage Monitor Report released by Black Knight on Monday.

The monthly report, which looks at a variety of issues related to the mortgage finance and housing industry looked at the share of median income required to buy a median-priced home, while also exploring potential scenarios of home price appreciation, interest rate movement, and income growth to calculate their impact on home affordability over the next five years.

It found that even with incomes growing at a stronger-than-average rate, they haven’t been able to keep up with rising home prices and interest rates. Of all the states examined by the report, seven were less affordable than others and another 12 were heading up on the unaffordability index, the report said.

The seven states included Washington, D.C. that required 7 percent more of median income to make a monthly mortgage payment. Second on the list was California with a 6 percent increase, followed by Hawaii (5 percent); Oregon (3.5 percent); Maine (2.4 percent); Washington (0.7 percent); and Colorado (0.1 percent). It found that led by Washington, D.C., 14 states had a payment-to-income ratio higher than the national average of 23 percent.

“Though much of the country remains more affordable than long-term norms, the current trajectory would change that sooner rather than later,” said Ben Graboske, EVP of Black Knight’s Data & Analytics division. “We’ve modeled out multiple economic scenarios, some more conservative than others, and even with historically strong income growth, the current combination of home price and interest rate increases isn’t sustainable.”

Black Knight looked at multiple potential economic scenarios to get a sense of where affordability could be heading over the next five years and found that at the current pace of increases, affordability was an unsustainable prospect.

In the first scenario, Black Knight assumed that incomes continued to see strong growth, home prices kept rising at the current rate and interest rates rose by 50 basis points/year. With these numbers, the study found that in five years, home affordability would hit an all-time low.

For the second scenario, it was assumed that incomes remained strong, rates rose by 50 basis points/year, and home price growth decelerated to its 25-year average of 3.75 percent/year. Even with slower home price increase, Black Knight found that in five years it would take 30 percent of median income to make the monthly mortgage payment.

However, in the third scenario where home price appreciation slowed to 3.75 percent, interest rate increases were capped at 25 basis points/year and incomes remained strong, Black Knight found a more sustainable scenario emerging over the long run with national home affordability levels gradually rising to long-term averages in five years.

A Record-breaking Month for the Housing Market

April was a quick selling month for the , according to Redfin. sold faster during the month than any other month Redfin has recorded since 2010, with homes staying on the market for just 36 days on average. This is six days faster than April of 2017. Homes were more expensive as well, with the national home sale price crossing the $300,000-mark for the first time in Redfin’s history. The median national home price was $302,000.

“Despite rising prices and low inventory, sales in 2018 so far are slightly higher than last year, which was the best year on record since the 2006 housing boom,” said Redfin Chief Economist Nela Richardson. “As we enter peak homebuying season, new listings will be key in maintaining sales growth and moderating the rapid price increases we’ve seen this year.”

In April the market gained a 5.7 percent month-over-month increase in newly listed homes , a welcome relief in a month that saw a 9.2 percent year-over-year decrease in available homes. Of all the homes for sale in April, 26.2 percent sold for above their list price, a year-over-year increase from April 2017’s 24.9 percent.

Redfin also notes that only 2.8 months of supply remained at the end of April, while six months of supply is the signal of a healthy market. Tough competition due to the limited supply has raised prices in every large metro; no metro area with a population of 750,000 or more saw any decline in prices in April.

 

 

According to Redfin, Michigan metros were the most competitive and fastest growing in the nation. Detroit experienced a 21.2 percent year-over-year price increase, the second highest in the nation behind San Jose, followed by Grand Rapids, where homes spent on average just nine days on the market.

“Detroit and Grand Rapids are no different than other cities dealing with low inventory. In addition, buyers are pouring in from the east coast, west coast, and Chicago, which is adding to the demand,” said Kent Selders, a Redfin Market Manager in Michigan.

See how inventory shortages and price increases are impacting other metros here.

Tavistock buys 1,000-plus acres of Orlando airport land for $64M

Lake Nona is expanding its boundaries south of and it now owns the land it needs.

Lake Nona developer  Development Co. LLC’s related entity TDCP LLC spent $63.9 million, or roughly $55,700 per acre, on May 10 for nearly 1,147 acres south of International Airport from the Greater Orlando Aviation Authority and the city of Orlando, Orange County records showed.

The three different parcels, two in Orange County and one in Osceola County along Narcoossee and Boggy Creek roads, will be used by Tavistock to develop a portion of a mixed-use project west of Narcoossee Road, north and east of Boggy Creek Road near the Orlando VA Medical Center, Tavistock spokeswoman Jessi Blakley told Orlando Business Journal.

The project, known as the Poitras planned development, includes:

  • 2,973
  • 100,000 square feet of commercial use
  • A school on 25 acres

Tavistock previously sought approval from the city earlier this month to rezone the property as a planned development with aircraft noise.

The 11,000-acre Lake Nona already has billions of dollars worth of underway and there’s even more growth ahead. See the photo gallery above for a sampling of Lake Nona projects in the works, and read more from OBJ‘s Doing Business in Lake Nona event from earlier this month.

The Impact of Supply Shortage on Luxury Housing

 

 

 

The supply shortage of is not limited to the median home only. The first quarter of 2018 saw the also feeling the heat of inventory shortage as prices for high-end homes saw the strongest appreciation in four years, according to a report on the luxury housing market by Redfin.

This quarterly report tracks home sales in more than 1000 cities across the country and defines a home as a luxury property if it is among the top 5 percent most expensive homes sold in the city during the quarter.

Prices for luxury homes rose nearly 8 percent to an average of $1.8 million during the quarter, Redfin found. However, this did nothing for sales of these homes which fell 20 percent marking four consecutive quarters of declining sales in this segment of the housing market.

“For the first time since changes to the tax code went into effect, luxury buyers could no longer deduct more than $10,000 in state and local property taxes or interest for mortgages over $750,000,” said Nela Richardson, Chief Economist at Redfin. “In a world of balanced supply and demand, these changes would have dampened price growth. Instead, this quarter saw the strongest luxury price appreciation in four years, demonstrating that the current inventory crunch is extremely broad-based and affects buyers at every price range.”

The inventory shortage is also escalating competition for luxury homes. The report indicated the average luxury home that sold last quarter went under contract after 82 days on the market, nine days faster than the same period last year. While only 1.5 percent of luxury homes were bid up over the asking price, that’s up from 1.3 percent in the first quarter of 2017.

In terms of regions, Florida and Nevada saw strong growth in prices of luxury homes with average sale prices in Vero Beach increasing 68 percent to $2.65 million over last year while those in Reno going up 51.3 percent. On the other hand, some cities known for their luxury homes actually saw a decline in prices.

Homes in Long Beach, California led this group of cities with prices falling 26.1 percent year-over-year in the first quarter. Prices in Washington, D.C. also saw a decline of 9.6 percent as did Fort Lauderdale, which saw prices falling 7.3 percent.

Developer plans new 2,558-acre community near Lake Nona

A planned 2,558-acre, mixed-use community going up near wants to change some of its plans.

The Starwood project, being developed by Beachline South Residential LLC on land south of State Road 528 and east of State Road 417, will add a high school and new signage into the mix of commercial uses and thousands of .

Applicant Dewberry Engineers Inc., which is the civil engineer and landscape architect for the project, sent a submittal to the city of Orlando to amend the future land-use map and planned-use development map. The request will be discussed at a June 19 municipal planning board meeting.

“The changes are mostly the result of an agreement reached with Orange County School Board regarding placement of a high school site within the development,” the project description reads. The changes are also a result of the road realignment on Dowden Road.

Beachline South Residential LLC, an entity of Palm Beach Gardens-based Land Innovations LLC, wants to build:

  • Office space on 1,680 acres
  • Commercial space on 81 acres
  • Public recreation and institutional areas consisting of 65 acres
  • Industrial space on 33 acres
  • Roughly 670 acres will be set aside for conservation.

The development team also includes Donal W. McIntosh Associates Inc. as the surveyor, VHB as the traffic consultant, Bio-Tech Consulting Inc. as the environmental consultant and Devo Engineering Co. as the geotechnical engineer.

Proposed home sites will range from 20-foot townhome lots to 70-foot estate lots, Mattamy Homes said in a news release. Communities amenities will include centers of different sizes throughout the community as well as a more than 20-mile system of interconnected walking trails and bike paths.

“Orlando continues to demonstrate that it is one of the strongest markets in the state of , as evidenced by the positive demographic trends including employment and population growth,” Mattamy Homes Orlando Division President Alex Martin previously said in a prepared statement. “We consider the Starwood Property an excellent complement to our existing Randal Park community and an opportunity to maintain our strong presence in this highly desirable and rapidly growing area of Central Florida.”

Jay Thompson, Land Innovations managing partner, had said the home prices would start at about $230,000 and go up to $1 million.

Massive solar project for Central Florida

Good morning, !

OUC and 11 municipal utilities from across the state are teaming up to build three massive solar farms.

The groundbreaking agreement allows for 900,000 solar panels that will provide energy for as many as 45,000 . The three solar sites on 1,200 acres in rural Orange and Osceola counties will provide 223.5 megawatts. OUC will be the largest tenant, purchasing 108.5 megawatts of solar energy, or enough for more than 20,000 residential customers.

“OUC could have done this on its own, but by partnering with other municipal utilities, we can make a dramatic difference not just in Central , but really throughout the entire state,” said Clint Bullock, OUC’s general manager, and CEO. “We can leverage the economies of scale to bring the price of solar down to a point where a dozen municipal utilities can afford to sign on.”

The solar farms are expected to be completed by 2020, and exact locations in Orange and Osceola are still being finalized through a permitting process.

Luxury apartments in the pipeline for I-Drive-area project

A 64-acre mixed-use development near International Drive is gearing up to tackle its multifamily component. The whole mixed-use project will cost more than $350 million to develop and should be completed by 2019. More here.

Fun Spot debuts new Orlando ride

Fun Spot America, which opened a new Orlando ride called HeadRush 360 on May 1, now plans to spend $2 million to add a new multi-level go-kart track dubbed Samson Monster Track at its Atlanta property. More here.

Here’s how Orlando ranks for diversity

With immigration policy remaining a hot-button issue in 2018’s political landscape, WalletHub released its report on 2018’s Most Diverse Cities in America. To determine the cities with the most mixed demographics, WalletHub compared more than 500 of the largest cities across five major diversity categories: socio-economic, cultural, economic, household and religious. Orlando came in at No. 68.

Cruises from Port Canaveral to Cuba start Monday

The Norwegian Sun embarks on the first regularly scheduled cruise from Port Canaveral to Cuba on Monday, Florida Today reports. The cruises, which will depart from the port every Monday this summer, will include stops in Havana, as well as in Key West.

After weeks of jumping, mortgages rates take a modest dip

U.S. mortgage rates fell last week after rising to their highest level in four years, according to Freddie Mac. The 30-year fixed mortgage averaged 4.55% for the week ending May 3, down from 4.58% the previous week. Favorable mortgage rates have helped drive U.S. home sales, as well as the refinance market.

Tracking Spring Housing Trends

 

Things always warm up in the spring, but experts are detecting record-breaking heat this year—at least in the . Inventories are low, are flying off the market, and prices continue to rise, according to Realtor.com’s Monthly Housing Trends Report for April.

The report deemed this “the hottest spring housing market on record,” and a cool-down does not appear imminent.

“The dynamics of increased competition and buyer frustration are unlikely to change this spring,” according to analysts at Realtor.com. “In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”

The hottest market in the nation is Midland, Texas, according to Realtor.com, which compared the 300 largest metro areas. Midland was followed by Boston-Cambridge-Newton, Massachusetts-New Hampshire; San Francisco-Oakland-Hayward, California; Columbus, Ohio; and Vallejo-Fairfield, California. Four of the 10 hottest housing markets are located in California.

Nationally, the median list price was up 8 percent over the year in April and 3 percent since March. The national median listing price in April was $290,000.

Of the 300 largest metros in the nation, 180 posted yearly price gains in April, leading Realtor.com to say, “the damage has been done and the majority of markets are unlikely to see improvements any time soon.”

Homes continued to sell with increasing speed in April, with a 5 percent drop in the median age of inventory from last year and a 9 percent drop from the previous month. The median age of housing inventory in April was just 59 days.

On the other hand, the market experienced a hint of relief from the pervasive heat in April’s inventory count. While inventory declined 6 percent over the year in April, Realtor.com noted this was a slower pace than previously charted. Month-over-month, the market actually posted an increase in inventory, up 5 percent from March.

At the metro level, fewer markets are experiencing declining inventory, and fewer markets posted double-digit price gains in April.

The number of markets that have the “deadly combination” of double-digit price gains and declining inventory dropped from 115 in April 2017 to 62 in April 2018.

“Local dynamics show the heat is being spread out more broadly than before, lighting the spark in more areas but stopping the fire in others,” according to Realtor.com.

Homes sold fastest in San Jose-Sunnyvale-Santa Clara, California, where the median age of inventory is just 19 days. The median age of inventory was shorter than 30 days in San Francisco-Oakland-Hayward California; Seattle-Tacoma-Bellevue, Washington; Salt Lake City, Utah; and Ogden-Clearfield, Utah.

The oldest inventory is in Bangor, Maine, where the median age of inventory is 159.5 days.