20% of Florida homes are vacant

Well, we knew this was going to happen. Here's an article from CNNMoney.com.
It's not looking too bright for the home prices, but that doesn't mean you can't purchase a home. In fact, from our discussions with local realtors, they are busy! If you're in need of knowing what the true value of your home is right now, contact us at accreditedappraisals@gmail.com.

Just remembering the past...

Orlando Sales Data: November 2009

For those unconvinced that we’re now bumping along the bottom, the following data make interesting reading. Realtors are often accused of “talking up the market” - and on occasion they do - but I think these numbers speak for themselves. Click the following image to enlarge.

  • Orlando home sales in November 2009 were up 101.62 percent over November 2008; year-to-date sales are up 59.43 percent.

  • “Normal” sales made up 36.55 percent of sales in November, while 63.45 percent of sales were either bank-owned or short sales.

  • There are currently 8,633 pending sales, of which 3,023 were newly filed in November. There were 3,326 pending sales in November 2008.

  • The median price of all existing homes sold in November 2009 decreased 5.38 percent (to $123,000) when compared to October 2009 ($130,000) and decreased 25.90 percent compared to November 2008 ($166,00).

  • The median price for “normal” sales in November was $173,960; the median for bank-owned sales was $84,000; and the median price for short sales was $122,000.

  • Affordability climbed to 209.06 percent in November; first-time affordability increased to 148.66 percent.

  • The inventory level increased during the month of November by 259 homes to 16,002, and is currently 34.44 percent lower than November 2008. There is a 7.15-month of supply.

  • Year to date, Osceola County sales are up 106.84 percent; Orange is up 81.18 percent; Lake County is up 36.63 percent; and Seminole is up 28.18 percent.

  • Call the Orlando Real Estate Pros for more info or to view current deals on 407-290-3408.

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    Orlando's home prices to drop by 14%

    Fiserv and Moody's Analytics have recently reported that single-family home prices have leveled out in one of every four U.S. metro areas. Orlando MSA home prices are expected to drop 14% until at least October of 2011. Fiserv also reported that while other Florida markets are likely to see a small rise in home price by the third quarter of 2011, Orlando is looking like it will drop an additional 4%.

    There are three metro areas forecasted to gain the largest home price increases of near 11% by 3rd quarter of 2012; Ocala, Palm Bay-Melbourne and Palm Coast.

    Read the Orlando Sentinel article written by Mary Shanklin for more information.


    Orlando MSA Recap and 2011 Challenges for Appraisers

    The Orlando Regional REALTOR® Association recently released a recap of the 2010 Orlando MSA real estate market. There was a 19.6% increase in sales compared to 2009 while median price fell 16.2%. The residential home price floor is projected to continue throughout 2011. A double dip is expected and prices are predicted to bottom out next year. As experienced in the Orlando MSA the residential prices may continue to fall. They may not continue to rise until at least 2015 at approximately a 2% pace, lower than the rate of  inflation.

    Live Valuation Magazine's December/January issue discusses this prediction as well as some challenges that face appraisers in 2011 and beyond. Contributing writer, Joseph Palumbo, talks about a very real situation when an agreed contract price and the value of the property don't match. There are several factors to consider when this happens such as the constantly changing market, the lender's appraisal process and the appraiser's market analysis. Click on the link above to read this article.

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