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Orlando Real Estate Homes For Sale

Orlando Housing Market Report

Video Highlights:

  • The median price of a home in Orlando, compared to last year, was up in July by almost 9%.
  • Orlando’s median price has risen 48% since July 2011.
  • 2,431 homes sold in July 2014.
  • The number of homes for sale has increased by almost 50% since last year.

Median Price Notes:

  • The median price of all existing homes combined (sold in July 2014) was $171, 000 and is a 8.92% increase from July 2013.
  • The median price for “normal” existing homes sold in July increased by 8.11%.
  • The year-t0-year median price for short sales increased by 6.53% in July and the median price for bank-owned sales increase by 10.40%.
  • The year-over-year median price for single-family homes increased by 11.47% and the year-over-year median price for condos increased by 1.69%.

For more talking points from ORRA, click here.

Check out ORRA’s August Market Pulse here.

The market has never looked better for potential buyers and quality homes are selling faster than ever.  Call the Top East Orlando Real Estate Experts, The Wemert Group, today to find your perfect home!

See what our clients are saying on Zillow.

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The Wemert Group is on Instagram!

The Wemert Group is officially on Instagram!  Our Instagram page is going to be dedicated to showing home buyers the exciting places of East Orlando and why they – and you! – should consider making our home yours. We want to portray our East Orlando culture in an exciting way.

If you have any photos of East Orlando, please send them to our email, customercare@thewemertgroup.com and we’ll give you a $5 gift card to Starbucks!

Read what our clients are saying on Zillow.

Check out our listings on Trulia, and be sure to visit us on Facebook, Twitter and Instagram.

http://www.trulia.com/profile/jenny-wemert-agent-orlando-fl-1011046/overview

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6 Home Buying Tips from Shanne Sleder

Hello Orlando and the readers of The Wemert Group’s Blog. My name is Shanne Sleder and I am a Mortgage Banker from San Diego, California and the author of SanDiegoMortgageNews.net.

One of the great agents at The Wemert Group, Susan Ballou, recently contributed to one of my all-time most popular posts on Home Buying Tips. Since that post was so well received, Susan was kind enough to ask me to share some more detailed home buying tips on mortgages. Now let’s get to the tips!

Whether you are an experienced home buyer or a first time home buyer, I have put together 6 tips that can be extremely beneficial to you during the home buying process. Especially now that lending guidelines are stricter. These home buying tips are not discussed by many people in the mortgage industry.

1) Your Lender Can Pay Closing Costs on a Purchase – Many buyers are aware that the Seller can pay some or all of their closing costs for a purchase, but in today’s competitive market, asking the seller to pay your closing costs can cause your offer to be rejected.

What many buyers don’t know is that just like in a refinance, the lender can pay some or all of your closing costs on your behalf.

Now, this does come with a trade-off of a higher rate, but in many cases it is only about .25% in rate. If you are limited on cash to close, this may be a way to make your purchase work. That would make the trade-off worthwhile.

Currently on VA loans, this is a great option because the rates/pricing is structured where as little as .125% in rate may allow the lender to pay all your closing costs. This could allow a veteran to buy a house with no down payment and no funds out of pocket for closing costs.

2) Get Pre-Approved 2-3 Months Early – Getting Pre-approved is a common tip you have probably heard from your agent and your mortgage broker many times, but what I want to focus on is the benefit of going through the Pre-approval process as early as 2-3 months prior to looking for a new home.

Why would you want to do that, you may ask?

First, this will give you more time to look at different kinds of loans and how you want to structure your loan. You can compare and have more time to examine the benefits or drawbacks of different options. Is it better to put 20% down or go with a lower down payment of 10%? If I put 10% down, do I want to have private mortgage insurance or use a 2nd mortgage to avoid the mortgage insurance?

Your mortgage is the largest debt you will ever incur in your life time and most likely your largest payment. You should give yourself the most time possible to make the best decision for your financial plan. Don’t wait until a week before you start looking at homes to get pre-approved. If you do, you will be pressured to make a decision about a loan quickly so you can get your escrow closed on time.

Second, by going through the pre-approval process early, you are giving yourself the greatest potential to get approved for the best loan possible. If your mortgage broker comes across any issues on your credit or involving your income or down payment, they will have time to fix those issues before you start the home search process. This could save you from being turned down for a loan or save you thousands of dollars over the life of the loan if you can get qualified for a lower rate.

3) Don’t Settle For No – If you are in the process of getting approved for a loan and are declined at one lender, do not stop trying! Different lenders have varying guidelines or interpretations of guidelines. Some are willing to make exceptions on some loans that others are not.

Mortgage Brokers may have 25 different lenders they work with. One may decline your loan application and another may approve it. Since the broker has your entire file, it will not be too difficult for them to submit it to a different lender. That is one of the benefits of working with a broker or mortgage banker. Make sure your broker tries multiple sources before he takes no for an answer.

Some Retail Banks may have programs that only they offer and may allow you to get your loan approved. Some Mortgage Brokers may be able to get loans approved that regular banks won’t do. Some banks even have what they call the Personal Banking Division for clients of high net worth. These divisions will do some loans that others can’t.

There are also Credit Unions that are now starting to offer unique mortgage. There is not always a solution for every loan application, but don’t give up until you have tried multiple sources.

4) There are New Loan Products Coming to The Market – If your situation does not fit under the traditional conforming Fannie Mae/Freddie Mac type loans or even FHA or VA, be aware that there are new loan programs coming to the market.

If you are struggling to get approved due to past credit issues or qualifying ratios due to being self employed, there are lenders coming out with products that they will retain and service that will have more lenient guidelines.

Some programs entering the market allow client’s with large amounts of assets to be given an income calculation that will help them qualify. There are also “bank statement” programs for self employed borrowers who have enough cash flow on a monthly basis in their bank accounts, but are not able to show as much income on their tax returns.

Be open to exploring some of these other programs.

5) Should I Pay Points on my Loan to Lower the Rate – When you “Pay Points” on your loan, you are paying a fee up-front to obtain a lower interest rate over the life of the loan. One Point equals 1% of the loan amount. Many people think that this is a good option when getting a loan.

If you are thinking of paying Points to buy down your interest rate, take several factors into consideration.

  • 1) Compare the monthly savings on your mortgage from the lower rate versus the cost of the points you are paying. If it takes longer than 4 – 5 years to recoup the cost, you may want to think again.
  • 2) How long are you going to keep this loan or stay in this home? If you are going to stay in the home or keep the loan long term, then it may make sense to pay points up-front. But if you are going to move or refinance within 7 years, which is the US average, then paying points may not be your best option.
  • 3) Take into consideration inflation. If you pay points, you are buying down the rate in today’s dollars, to save monthly over time. Inflation will eat into the savings over time making a savings of $30 dollars a month worth less in the future. It may not make sense to use today’s dollar to save inflated dollars in the future.

6) Be Ready to Have Your File Scrutinized – Getting a loan in today’s lending environment is not the same as it was 5 years ago. Lenders require more documentation to prove income and your available assets. They are going to want to see pay stubs, W2’s and potentially 2 years of tax returns.

On your assets, expect to provide 2 months of statements for each account. They must be complete statements with no alterations. Many clients try to provide only a few pages or blacken out account numbers. This will not be acceptable to an underwriter.

In addition to having to provide all these documents, be ready to write letters of explanations for anything that may look unusual to an underwriter or for any large deposits that show on your statements. The underwriter will want to see proof of where those deposits came from, so you will need to provide copies of checks or money transfers.

Many people feel that the current process of getting a loan is too invasive of their personal information. If you are aware of this early and can prepare yourself it may make it easier to handle when it happens. As a lender, I try to only get what I believe an underwriter will need, but we also want to make sure we get everything we can to get your loan approved and quickly.

If you would like to see more simple Home Buying Tips from a group of 50 Real Estate experts please check out: Home Buying Tips.

See what our clients are saying on Zillow.

Be sure to check out our listings on Trulia, and visit us on Facebook and Twitter.

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Back2School Rally Pencil Contest Winner

 

At the Back2School Rally, we asked you to “Guess How Many Pencils.” We had 128 pencils. Although many answers came close, Emiliana S., who guessed 125, is the winner of a 50$ gift card to Target!  Congratulations, Emiliana!

Join us at our next event for your chance to win!

See what our clients are saying on Zillow.

Be sure to check out our listings on Trulia, and visit us on Facebook and Twitter.

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5* Zillow Review for The Wemert Group team!

user3484501 writes:

“We highly recommend Christine DiAngelis and the Wemert Team! Exceptionally professional and efficient! Christine was tireless in her assistance, easy to access and responded quickly, knowledgeable in her field. We couldn’t be more pleased to have worked with her! On a more personal note, Christine made us feel as though she would go to great lengths to help us find the house we were looking for. We were relocating and bought the house while making 2 trips to Florida from Ohio. Christine has a great personality and sense of humor, along with a terrific work ethic. We wish her continued success and know she is a top-notch realtor! The entire home buying process through The Wemert Group was smooth and efficient! Sarah Zack dealt with us via e-mail for closing and we were duly impressed with her positive personality and efficient response!”

Good job, Christine, Sarah and The Wemert Group team!

See what our clients are saying on Zillow.

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The Increase in Home Prices Slows Downs

Although home prices have been steadily on the rise for the last two years – a vast difference from the lowering prices of the past five years- the amount by which they are rising has slowed, according to an article by CNN.   Some experts are saying that the slowing pace of the market is a good thing and could be the beginning stages of a “more normal housing market,” Stan Humphries, chief economist for Zillow.

The rise in prices has helped the economy substantially because the increase in home prices has also increased household wealth and has also helped homeowners refinance their mortgages.

With the real estate market smoothing out, now is the perfect time to call The Wemert Group to find out what your home is REALLY worth!

See what our client’s are saying on Zillow.

Check out our listings on Trulia, and be sure to visit us on Facebook and Twitter.

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Real Estate’s Hot 100!

Orlando Magazine has listed Jenny Wemert as a 2014 Hot 100 Realtor.  According to the magazine, the real estate agents who were listed are agents that show “savvy,” “know-how” and are able to “get results.”  Congratulations Jenny!

To see the comprehensive list, click here.

Read what our client’s are saying on Zillow.

Check out our listings on Trulia, and be sure to visit us on Facebook and Twitter.

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East Orlando Real Estate Heats Up

East Orlando has proven itself to be one of the fastest growing areas in Central Florida over the past five years. The anticipated population growth is 15-20% per year. With such a high increase in population, there is a growing demand for new communities, as well as higher employment rates.

This increase in population also means that the market has turned ideal for sellers, while the low interest rates (which reached an all-time low of 4.16% in May) appeals to buyers.  Since 2009, home sales in East Orlando have increased by 9.4% (and 60% in the Lake Nona area in terms of sales).

The real estate market in East Orlando is predicted to stay strong throughout 2014.  In fact, proof of this is shown by the decrease in the number of bank owned properties being sold this year.

The real estate market has been steadily improving over the past five years and is still improving daily.  There has never been a better time to enter into it, whether you’re buying or selling.

(Source: Insight Magazine.)

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#WheresWemert?

The Wemert Group is creating a new theme: #WheresWemert.

Whenever you see our logo, whether it’s on the WEMobile, at an Avalon Event or on a Bed Bath & Beyond shopping cart, post it on our Facebook or tag us on Twitter using the hashtag #WheresWemert.

Let’s see how many times you can spot us in your community!

See what our clients are saying here.

Check out our listings on Trulia, and visit us on Facebook and Twitter.

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Real Estate Market Snapshot

  • Orlando home sales (all home types and all sales types combined) in June 2014 were up 5.94 percent when compared to June of 2013 and up 4.99 compared to May 2014. Single-family sales increased 7.91 percent, while condo sales decreased by 6.91 percent year to year and townhome/villa sales increased by 9.32 percent.
  • Of the 2,817 sales in June, 1,850 normal sales accounted for 65.67 percent of all sales, while 747 bank-owned and 220 short sales respectively made up 26.52 percent and 7.81 percent.

  • Short sales made up 37.74 percent of pendings in June, a decline of 43.33 percent from June of last year. Normal properties accounted for 40.98 percent (an increase of 12.50 percent) and bank-owned properties accounted for 21.28 percent (an increase of 39.27 percent).
  • Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were up by 1.38 percent when compared to June of 2013. Throughout the MSA, 3,242 homes were sold in June 2014 compared with 3,198 in June 2013. To date, MSA sales are down 5.57 percent.To read more, check here and here.

    See what our clients are saying here.

    Check out our listings on Trulia, and visit us on Facebook and Twitter.

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