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Central Florida home sales up 8.8% in May

More and townhomes/condos sold and the median sale price increased in the Orlando-Kissimmee-Sanford area in May when compared to the year-ago period, according to the latest housing data released by Realtors. In May, 3,428 homes and 983 townhomes/condos sold in metro Orlando. The number of homes sold was up 8.8 percent from May 2016, while the number of townhomes/condos sold rose 17.6%.

Along with an increase in units sold in the Central Florida area, median sales prices also were up. Last month, the median home sale price in the area grew 7 percent to $240,788 and the median townhome/condo sale price increased 12.1 percent to $150,000.

These year over year increases are no surprise to President of the Orlando Regional Realtor Association, Bruce Elliott. “Orlando has strong job growth and a great quality of life that makes this area a great place to live. There have been a lot of third-party sources, from Forbes magazine to WalletHub, showing a variety of different statistics about how good Orlando is.”

Along with higher numbers in metro Orlando, the state also saw an increase in the number of homes and townhomes/condos sold in last month when compared to May 2016.

“Closed sales of existing homes in the Sunshine State not only rebounded from a relatively flat April, they positively surged to record highs in May of 2017,” said Florida Realtors Chief Economist Brad O’Connor. “To be more specific, May’s sale totals of 27,850 existing single-family homes and 11,538 existing condos and townhomes were the most ever recorded [by Florida Realtors] for a single month in either property type category. In both cases, these totals were also markedly higher than the very strong number of sales racked up in May of 2016.”

The median sale prices also rose when compared to last year. Last month, the median sale price for a home in Florida grew 7.7 percent to $239,000 and the median sale price for a townhome/condo rose 8.1 percent to $178,000 when compared to the year-ago period.

Pending home sales drop 1.3% in April as spring housing market shows weakness

  • The spring continues to be plagued by a lack of
  • Home shoppers signed 1.3 percent fewer contracts to buy existing homes in April compared with March
  • That drop comes after a larger-than-expected drop in closed home sales in April.
  • Home for sale in Miami.

    Pending home sales down 1.3% in April  

    Home buyers pull back again in April, signing fewer contracts

    The spring housing market continues to be plagued by a lack of homes for sale. Home shoppers signed 1.3 percent fewer contracts to buy existing homes in April compared with March, according to a monthly index from the National Association of Realtors. March’s reading was also revised down. The index is 3.3 percent lower than April of 2016.

    “Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” said Lawrence Yun, chief economist for the Realtors, adding that foot traffic is higher than a year ago.

    The drop comes after a larger-than-expected drop in closed home sales in April. More sellers listed their homes in April, but the number of listings was still 9 percent lower than a year ago. Tight supply continues to put upward pressure on home prices, which are now rising at three times the rate of incomes.

    “We know two things heading into the summer selling season. One, home prices continue to leap forward. Two, homebuyers continue to jump into the market.”-Nela Richardson, chief economist, Redfin

    “The unloading of single-family homes purchased by real estate investors during the downturn for rental purposes would also go a long way in helping relieve these inventory shortages,” said Yun. “To date, there are no indications investors are ready to sell.”

    Weaker sales are not due to a lack of potential buyers, especially this year, as millennials age into their home-buying years and confidence in the U.S. improves. Home buyer demand surged in April, according to Redfin, a real estate brokerage. The number of clients requesting home tours jumped 12 percent.

    “We know two things heading into the summer selling season. One, home prices continue to leap forward. Two, homebuyers continue to jump into the market,” said Redfin chief economist Nela Richardson. “A pop of new listings only encourages more homebuyers to barge their way into this crowded and competitive, low-inventory market in order to take advantage of still-low mortgage rates.”

    Regionally, pending home sales in the Northeast decreased 1.7 percent for the month and are 0.6 percent below a year ago. In the Midwest, the index fell 4.7 percent for the month and 6.1 compared to a year ago. In the South, sales fell 2.7 for the month and are 2.3 percent below last April. The index in the West rose 5.8 percent in April but is still 4.2 percent below a year ago.

4 High-Return Updates for the Home

Home prices rise as listings disappear

Scant listings of houses for sale in the core Orlando home prices rise by 2.6 percent during the one-month period of February, according to a new report by Orlando Regional Realtor Association.

The midpoint sale price in February for an area that includes mostly Orange and Seminole counties was $205,000, which was up about 11 percent from a year earlier.

Despite limited options for buyers, rising prices and interest rates edging up, association members closed 2,423 sales in February. Sales were up 10 percent from a month earlier and basically flat from a year ago.

“We are headed into peak home-buying season with high demand but significantly fewer on the market compared to last year,” said Orlando association President Bruce Elliott, an with Regal R.E. Professionals LLC.

Central Florida’s job and population growth has been depleting the available listings, even as the appetite for rentals has grown in recent years.

One Orlando-area real estate agent said he listed a three-bedroom, one-bath house without central heat/air in the west Winter Park area for $219,000. Immediately, he said, seven investors offered cash with the hope of tearing it down to make way for new townhomes.

During February, Osceola had the greatest increase in sales among Central counties with 10 percent growth from a year ago. Orange County also had an increase in sales during the 12-month period while Lake and Seminole counties both experienced declines.

Orlando’s housing market wades further into 2017 with markedly fewer houses listed . Listings in February were down 21 percent from a year earlier and the area had a 3.5-month supply — about a month less than February 2015.

Overall for the area in February, houses sold within 69 days of hitting the market — almost two weeks faster than sales a year ago.

Looking ahead, families may be in trouble as orlando home prices rise because association members reported 5,849 pending sales. That is an increase of 8 percent from a year ago and 14 percent from a month ago. Orlando’s pipeline of pending sales in February had about 400 more houses and condos than it did last February.

Elliott said current market conditions make it particularly conducive to sell for owners who have been contemplating getting into the market. And for buyers, he added, getting professional help structuring offers is especially key leading into the most active sales season of the year.

Here’s the salary needed to afford a median-priced home in Orlando

Despite the fact that the median value of a home sold in the fourth quarter of 2016 was lower in 21 of the 27 markets analyzed by HSH.com, the decline in cost wasn’t enough to offset the increase in 30-year fixed mortgage rates, so the salary needed to purchase that median home rose yet again in all but five markets.

The top three most affordable markets and the salary needed there to buy a median-priced house house included Pittsburgh, $$32,373.50; Cleveland, $33,779.45; and Cincinnati, $36,520.35. The three least affordable markets included San Francisco, $160,589.84; San Diego, $113,530.43; and Los Angeles, $98,315.22.

And in case you wondered, if homebuyers in the Orlando metro area put 10 percent down instead of 20 percent, the required salary increases from $50,871.95 to $58,734.31.

Home tips for making your home better

Ever wondered how easy it really is to freshen your home before that special party or maybe your thinking of selling your home. You can follow the link below and get an idea of some easy remedies that will make your home feel and smell like fresh autumn or spring time.I will be putting many more tips on my webpage weekly so make sure you come back regularly to check out the quickest way to improve your home with very little work.

Below is might first installment that might help you !

If you would like any further information on Selling your home or buying a new home please don’t hesitate to call

Have a great Day!

https://www.vidbrander.com/profile.php?video_id=507

NAR: Foreign buyers see Lake Nona as profitable investment

Lake Nona Medical City draws many International Buyers– January 2, 2017 – International home sales in the U.S. declined in the past year, but are at their second highest level in recent years and over six percent of total existing-home sales in value. According to the National Association of Realtors® 2017 Profile of International Home Buying Activity, interest in U.S. properties continues to grow, signaling that America continues to be regarded by international buyers as a great place to own property.

The survey, which asked Realtors to report their international activity within the U.S. for the 12 months ending March 2013, showed that total international sales were $68.2 billion, down approximately $14 billion from the previous year. The decline is attributed to a number of temporary factors, including economic slowdowns in a number of major foreign economies, tighter U.S. credit standards and unfavorable exchange rates.

Of total international transactions, $34.8 billion (51 percent) were attributed to foreign buyers with permanent residences outside the U.S. and $33.4 billion (49 percent) were attributed to buyers who are recent immigrants or temporary visa holders residing for more than six months in the U.S.

“Foreign buyers are experiencing hurdles not only abroad, but also here in the U.S. when it comes to purchasing property,” says NAR President Gary Thomas. “Difficult economic conditions, particularly in Europe, have impacted foreign buyers, but several factors in the U.S. have also affected their purchasing power here. Tight credit standards have made financing challenging for immigrants, and low housing inventories have made finding a house difficult. However, none of these factors appear to be permanent.”

Foreign buyers continue to have a substantial interest in U.S. properties. Over a five year timeframe more than 70 percent of Realtors reported a constant or increasing level in the number of international clients contacting them.

Twenty-seven percent of Realtors said they worked with international clients this year. The most important factors influencing their purchases were the U.S.’s desirable location and the investment potential of the real estate market.

Realtors reported purchases from 68 countries, but five have historically accounted for the bulk of purchases: Canada (23 percent), China (12 percent), Mexico (8 percent), India (5 percent) and the United Kingdom (5 percent). These five countries accounted for approximately 53 percent of transactions, with Canada and China the fastest growing sources over the years.

Canadian buyers were reported to purchase properties with a median price of $183,000, with the majority purchased in , Arizona and California. Chinese buyers tended to purchase property in the upper price ranges with a median price of $425,000 and typically in California. Sixty-two percent of Mexican buyers purchased property in California and Texas, with a median price of $156,250.

“Many factors influence foreign buyers’ decisions on where to purchase in the U.S., but the most important are proximity to home country, presence of relatives and friends, availability of job and education opportunities, and the climate,” says Thomas. “International buyers also differ on the type of desired property. Some are looking for trophy properties while others are interested in modest vacation .”

Five states made up 61 percent of reported purchases: Florida (23 percent), California (17 percent), Arizona (9 percent), Texas (9 percent) and New York (3 percent).

About half of foreign buyers preferred to purchase in a suburban area, while a quarter preferred a more central city/urban area. A majority purchased a detached single-family home and 63 percent used all-cash.

Based on the reported international transactions, the mean and median prices of purchases were higher when compared to purchase prices of domestic buyers. For the 12 months ending March 2013 the median international home price was $275,862, and for domestic buyers it was $179,867.

The types of homes purchased by international buyers frequently tended to be different from the types of homes purchased by domestic U.S. buyers. International buyers are more likely to be substantially wealthier and looking for a property in a specialized niche.

 

How to Keep Your House Bandit-Free

Home burglaries resulted in $4.6 billion in lost property in 2010, and the average dollar loss per burglary was $2,119, according to the FBI. While the cost of lost property is significant, even more significant is the emotional toll it takes when your home’s security is compromised.

It’s impossible to completely safeguard yourself from becoming a victim of burglary, but there are ways to reduce your risk. Employ these eight tactics to help keep your home safe from thieves.

1. Install exterior lighting. Make sure the outside of your home is sufficiently lit, and consider installing lights in shadowed areas. Better yet, install motion sensor lights. Parts and labor run about $1,000 for full installation, and they use less energy than fixtures that are always on. Plus, motion sensor lights are more likely to scare off a would-be burglar when they click on.

2. Reach out to law enforcement. It’s obvious you should call 911 if someone is breaking into your home, but did you know you can request to have a police officer inspect your home for home safety shortcomings? While you shouldn’t call the emergency number to place this request, the direct line to your local precinct should do the trick. It’s a great way to get advice on where your home protection strategy could use improvement.

3. Get involved with your community. Start or join a neighborhood watch group to lower the risk of home burglary and crime throughout your neighborhood. Understand that starting a group takes time, so it’s important to prepare for the commitment. Also, notify your local police department that you’re starting a watch group, and request their assistance for tips on safety and participation. Finally, make sure everyone in the group understands that they should never approach a suspicious individual themselves, but should call the local police to handle the situation.

4. Become a dog owner. Although this shouldn’t be your only line of defense, adopting or buying a dog can help prevent home burglaries, since some burglars might be deterred from breaking in if they hear barking.

5. Consider a home alarm. Home alarm systems are great, but they’re also expensive. Weigh the pros and cons, and consider your neighborhood’s crime statistics before requesting an installation. If you’d like one for added protection and peace of mind, consider getting one without monitoring. The noise of a tripped alarm is usually all you need to keep a burglar at bay.

6. Install a fence. Installing a fence is another way to keep your home safe, and the higher the fence, the better. If you’re handy, you can actually install a 6-foot privacy fence for a reasonable price. You can find some for under $500.

7. Maintain landscaping. Keep all your bushes and shrubs trimmed, cut your grass regularly and maintain the rest of your landscaping. There are two reasons for this: First, you eliminate areas where a burglar could lie in wait, and second, a maintained exterior is a psychological deterrent to a potential thief. He or she knows you spend time caring for your home and are therefore more likely to take steps to protect it.

8. Make your home look occupied. are prone to burglary when thieves have reason to believe the owners are on vacation. Reduce obvious signs of an empty house by asking a friend or family member to pick up your mail and newspapers each day, and pop inside to open and close a few curtains and drapes. If you’re going on a road trip, ask a neighbor to park his or her car in the driveway, and always be sure to leave a few lights on. If your house looks maintained and full of activity, burglars are less likely to make it a target.

First look at 2017 real estate market

ORLANDO,Floridamoney – Oct. 19, 2016 – The 2017 home buying season will be see a large increase in first-time homebuyers, according to realtor.com’s latest Active Home Shopper Report, and an increased demand for suburban homes. However, buyers will also face greater affordability challenges.

The study, based on September survey data of active shoppers on realtor.com, provides insight into future home buying trends in 2017 by analyzing responses from consumers who plan to purchase homes in the spring or summer of 2017.

According to the report, the percentage of first-time homebuyers could rise as high as 52 percent of all buyers, and increase from 33 percent in 2016.

But this boost in first-time buyers will also make affordability, downpayments and credit scores a challenge, and those issues could become the market’s top problem next year. Currently, the limited inventory of listings is the top barrier to homeownership.

In general, suburban homes are preferred by 43 percent of first-time homebuyers surveyed, likely due to their desire for safe neighborhoods, privacy and the needs of growing families, according to realtor.com researchers.

Top 5 predictions for 2017

1. First-time homebuyers could make up a majority of 2017 homebuyers
According to the survey, first time homebuyers make up 52 percent of prospective buyers looking to purchase in 2017. Millennials lead the pack with 61 percent of potential first-time buyers under age 35. Top reasons cited by millennials for buying: getting married or moving in with a partner, growing tired of their current living space, and planning to increase family size.

“This represents an ‘Oh, shift’ moment in housing,” says Jonathan Smoke, chief economist for realtor.com. “With so many first-time buyers in the market, competition will be even fiercer next year for affordable starter homes in the suburbs. Those looking to buy may want to consider a winter home purchase in order to avoid bidding wars and higher prices spurred by a potential increase in millennial buyers.”

2. Affordability and mortgage qualifying expected to replace lack of inventory as largest barrier to homeownership
In 2016, 40 percent of home shoppers cited lack of inventory as the largest barrier to homeownership, but realtor.com reports this will potentially shift to affordability and mortgage qualification issues as more first-time home buyers enter the market. Of first time buyers planning to purchase next spring, 37 percent said their largest impediment to homeownership is the downpayment, and 30 percent said finding a house within their budget.

3. Safe neighborhoods, more living space and larger yards top list of key home attributes
Safety, more living space and larger yards as key features is consistent with their top goals of buying: attaining privacy and addressing the needs of their families. A third top objective of first-time buyers is to make a financial investment that will grow over time.

As millennials marry and move in with partners, reasons to purchase are driven by actual or planned growth in their families, and they show strong preference for single-family homes (39 percent) or townhomes (34 percent), and away from multi-family homes (15 percent), condos (10 percent) or mobile homes (2 percent).

4. Competition for the suburbs should heat up
With families and safety on the brain, it’s no surprise that first time homebuyers identified the suburbs as their No. 1 preferred location. In fact, 50 percent of all respondents identified suburban areas as their preferred location. For boomers, their desire for the suburbs can likely be attributed to their desire to be close to family and friends.

Data also show younger homebuyers are more likely than their older counterparts to prefer urban living, the second-most common location preference among millennials after suburbs.

5. Spring and summer will continue to be 2017’s hottest time to buy a house
A majority of all survey respondents were beginning the housing search at the time of the survey and planned to purchase in seven months or longer, indicating spring and summer will continue as the top seasons to buy and sell homes: 73 percent of respondents had been considering homeownership for less than three months and did not expect to purchase a home immediately.

Mortgage Rates Still Near Record Low

With a much-anticipated speech by Federal Reserve Chair Janet Yellen looming on Friday morning and a possible Fed rate hike on the horizon in September, average fixed mortgage rates remained flat over the week but still hovered just above record lows, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) released Thursday.

For the week ending August 24, the average 30-year fixed-rate mortgage(FRM) was 3.43 percent, unchanged from a week earlier but still only 12 basis points higher than the record low of 3.31 percent set in late 2012. At this time last year, the average 30-year FRM was 3.84 percent.

The average 15-year FRM for the week ending August 24 was 2.74 percent, also unchanged from the previous week but down from 3.06 percent from a year earlier.

“Treasury yields were little changed from the prior week and the 30-year fixed-rate mortgage held steady at 3.43 percent this week,” said Sean Becketti, Chief Economist with Freddie Mac. “This marks the ninth consecutive week that mortgage rates have been below 3.5 percent. Markets are erring on the side of caution ahead of the second estimate for second-quarter GDP and Fed Chair Janet Yellen’s speech on Friday.”

The advance estimate for second quarter GDP growth, released in late July, came in at a disappointing 1.2 percent after an ever more disappointing 0.8 percent for the first quarter. The second estimate for Q2 GDP will be released on Friday morning by the Bureau of Economic Analysis.

Yellen’s speech on “Designing Resilient Monetary Policy Frameworks for the Future” is scheduled for 10 a.m. EST on Friday morning, August 26, as part of the Kansas City Fed’s monetary policy symposium in Jackson Hole, Wyoming.

There has been widespread speculation that a rate hike from the Fed will happen at the next policy meeting, which concludes on September 21. Until then. . .

“Mortgage rates remain in virtual stasis,” said Keith Gumbinger, vice president of HSH.com. “Quiet financial markets, no imminent threat of a move by the Federal Reserve as of yet and continuing moderate economic data have seemingly lulled markets to sleep for now, but that probably won’t last forever.”

HSH.com reported a slight uptick in the 30-year FRM for the week, from 3.50 to 3.51.

“Despite some increased probability of a rate hike by the Fed, interest rates remain closer to bottoms than not,” Gumbinger said. “We may get some additional indication of the Fed’s intentions from Fed Chair Janet Yellen when she speaks at a global central banking conference in Wyoming on Wednesday, but probably not much in terms of a clean, clear signal that the Fed is poised to act. More likely is that mortgage and other rates keep drifting along in a soft pattern until we get a lot closer to the next Fed meeting.”