Statistics Show Real Estate Looking Up

The recent “Market Pulse” from the Orlando Regional Realtor Association compares March 2008 with March 2009. * The following statistics look promising. 

In March 2008 there were 25,472 houses for sale listed in the MLS.  March 2009 there were 21,448. 

 

 

Sales closed in March 2008, 1120.  Sales closed March 2009, 1653.   This represents  47.50% more sales for March 2009 as compared to March 2008.

Average days on Market March 2008, 128.  March 2009, 104 days.

*This comparison is for residential properties, and does not include vacant land or commercial transactions.

To view current listings, or contact a Realtor, please visit Legacy Properties website at:

www.legacypropertiesfl.com

What’s a Homeowner to Do???

Are you ready to get on the merry-go-round of real estate foreclosures and short sales?  There are so many people who are confused, distressed, baffled, etc., by the current market.  Who will they turn to? 

There are war stories after war stories of people who have invested thousands upon thousands of hard earned dollars into their present home, only to see their equity eradicated and their home basically unsellable in the present market.

So back to my question, what is a homeowner to do?  Continue paying for a home that may never again be worth what the buyers paid?  Humm??  Doesn’t sound like financial wisdom does it?  John Doe buys the house next door for $100K or $200K  less than you owe on yours. Oh, and it is bigger and has more amenities, too.  Again, humm???

Some homeowners have equity lines they acquired “before the fall” and they have used this equity just to keep up with payments.  Now that is depleted and has to be paid back also.   Do the banks help?   “Not yet”, they say.  ”You must be at least 120 days past due for us to even consider a modification.”  So does the homeowner  just quit paying payments and wait for the other shoe to drop?  In the mean time, ruining their credit and waiting for the banks to respond.

Based on what I see on the multiple listing service, homeowners are staying in their homes well past 12 months of making no payments.  Is this going to be the trend?  Why jump into a short sale right away?  Stay in the home and, hopefully, save money to move on later?

Meanwhile, Realtors are taking listings on properties that are not in foreclosure, but these home cannot compete in the present market with homes in the area that are being “sold short”.

Where is all this heading?  Can someone enlighten me and everyone else?

Are They Houses or Homes?

The current economic upheaval has left me even more determined to stay the course as a Realtor, and keep the doors of Legacy Properties open here in Central Florida.   The number of active Realtors is still decreasing in the area, but there is lots of real estate to be sold.

We’re all now having to put on our thinking caps and really work to get listings, and then work even harder to get them sold.  Right now, educationing Buyers and Sellers is of the utmost importance, especially when working with Short Sales.    The process can take quite a long period of time to come to fruition, and both sides (Buyer and Seller) can become a little unhinged with the wait.

One of our roles as Realtors is to make sure the buyer and seller understand the process, and steps to a successful real estate closing.  Dealing with short sales, it is even more make sure that the process is explained, and then keep up communication with them during the “approval” period.   Even if there’s nothing to report, a call or e-mail says “I’m still here working for you”.

It is truly a tragedy to drive through every neighborhood and see “bank, owned, foreclosure, and pre-foreclosure signs”.   These signs not only represent houses, but they represent homes and families that live, or lived in those homes.  These houses often represent shattered dreams and a feeling of helplessness from those who have had to move.

As Realtors, let’s all be a little more aware during this hard economic crisis, that we are not just dealing with real estate.  We are also dealing with people who really need our help and concern.

Realtor For Life – Central Florida Still Sells

Finally, the surplus of “casual real estate agents” has dropped dramatically in Central Florida.  Those who entered the industry without a passion for the industry have quickly fled.  Why is this important?  Probably the most important is  Buyers and Sellers should be able to get quality service and performance from those of us who have decided we are “Realtors” for life.    

By being a “Realtor” for life, one will continue to pursue education and knowledge to benefit their role as a professional in the real estate business.  This not only  separates the less committed, but allows the Realtor to become a better source of knowledge for their current and prospective clients.  

We are still looking at a surplus in homes for sale in the Central Florida area.   Not only are most of these homes priced to sell, some are an unbelievable bargain.   First time buyers are in a great position to get a new home at a great price and a great interest rate.    

The Internet has allowed the general public to search real estate listings.  This is an invaluable tool for them as well as Realtors to reach out to the world with their business.  Having said that, I still find that most prospective buyers value the expertise that a Realtor brings to the process.   Once they have searched the Internet and gotten a “feel” for the area or market they are interested in, most will then turn to a Realtor to help them get find the right property.   For the Realtor, working with a client who has already researched and narrowed down  prospective areas can vastly cut down on time and resources in showing properties.

A Realtor’s knowledge of foreclosed homes, pre-foreclosure homes, short sales, etc., will be essential to assisting sellers of these homes.   A real possibility exists that a Realtor can sometimes help their Seller’s save their home from foreclosure by introducing them to the short sale process.

Many of you, like me, are “Realtors” for life.  Let’s keep providing excellent service to our clients and achieve the rewards of the industry called Real Estate.  Central Florida real estate is still selling and I’m still here, too!

Rose Ann  Dean   

   

Real Estate Is Alive and Well in Central Florida

Central Florida home sales may be a little frazzled around the edges, but certainly not dead.   News reports may have you believe no one is buying any home, but that simply is not true. 

For instance, during the month of December( a typical “dead” month for real estate sales, the MFRMLS reports homes that sold in Volusia County was 142. (Most of these homes are located in West Volusia as the Daytona Beach and New Smyrna Beach areas have their own multiple listing service.    Seminole County sold listing during December were 214.  While these are not staggering numbers, it proves houses are being listed and sold. 

Newcomers as well as first time buyers are in the market, and what a market.  There are a vast number of homes listed and a buyer has an almost unlimited supply of choices and prices to choose from.

If you are interested in buying or selling your home in the Central Florida, I and Legacy Properties would be pleased to assist you in this endeavor.  Please visit our website at

http:www.legacypropertiesfl.com

to view our current listings or to search the MLS.

Thanks for stopping by,

Rose Ann

 

 

 

Is a Short Sale for You? Are You Going Into Foreclosure?

Are you caught up in the foreclosure mess that is happening all around the country?  Here are some tidbits of advice that may assist you in selling your home before you get that dreaded “foreclosure” on your credit report.

SHORT SALES

What is a Short Sale?  A short sale occurs when a lender is willing to accept less money than the amount owed on a specific property to avoid foreclosure and taking the property back as an “REO”.  “REO” stands for Real Estate Owned by a bank or lender.

In some cases it is more profitable for a lender to take some loss rather than go through the foreclosure process, and then try to figure out how to sell or liquidate the property.

If you are just getting behind in your mortgage payments, it may be prudent to consider trying to sell your property.  The best way to accomplish this is through a reputable Realtor.  You list your property and give your Realtor and Lender permission to exchange information regarding your property.  The Lender will then decide if they are willing to work with you and your Realtor in order to liquidate the property and avoid them having to take it back in foreclosure.

 Doing a short sale is not a quick procedure.  Be prepared for at least a 1-2 month wait on a answer to an offer.  Once the Lender agrees to consider a short sale, the homeowner must provide to them specific information.  Each Lender will have their own criteria, but, for example, most will want at least the following:

1)  Hardship Letter - Basically facts stating how you got into your financial situation and a request to them to accept less than full payment.  Especially in today’s market, most Lenders are at least willing to look at doing a Short Sale.

2) Copies of Recent Bank Statements – The Lender will review and may ask you to explain deposits, large withdrawals, or anything out of the ordinary.  Be prepared to give a good explanation.

3)  Proof of your Income and Your Assets – Remember to always be honest and truthful in disclosing.  Lenders are not heartless, but also are not in the business of granting charity.  They will want to know about savings accounts, cash, other real estate, etc.

4)  Comparative Market Analysis – In this current real estate market, one of the reasons you can’t sell your home for enough to pay off the mortgage, is that your home is currently worth less than what you owe on it.  Your Realtor can do a Market Analysis for you and the Lender.  It would be wise to suggest an updated CMA at least once a month, with the market shifts we are experiencing.

If and when you get an offer, your Realtor will submit it along with a copy of the listing agreement.  In most cases, Lender’s will get a formal appraisal on the property before agreeing to a Short Sale.  If all goes well, and the numbers add up, your Lender may approve the Short Sale.    In the past, you would have been responsible for paying taxes on the difference in a Short Sale. Example:  Mortgage $150,000.  Short Sale for $135,000.  You would have had to pay income tax on the $15,000 loss.  It is my understanding that recent legislation has been passed that frees you from that obligation.  With that said, please note the following: 

I am not licensed as an attorney or CPA and cannot advise on those consequences.  An attorney or CPA should be contacted for issues regarding legal matters and taxes.

If you would like to discuss foreclosures, short sales or any other real estate issue, please contact me.  I currently have two homes listed that are in foreclosure, and both lenders are willing to consider short sales.  If you need help, let me know.

Everybody Has To Live Somewhere

Do you ever drive through a city or town and wonder what compelled people to live there?  Rarely these days do you find a “community” where folks have been a two or three generation owner.  In this transient society in Central Florida this is not a common fact.  Even though a lot of people put down roots for shorter periods of time, there appears to be a return to “community”.  Developments such as Victoria Park in Volusia County has worked to develop a sense of small town community, providing social gatherings for residents based on holiday events and children.  All the while offering a variety of home ownership possibilities.  These include an “over 55″ Victoria Gardens, Victoria Commons soon to feature a unique shopping center as well as Victoria Hills centered in the middle of an award winning golf course and clubhouse. 

What makes us decide where we purchase a home?  Proximity to work, schools, medical care, shopping?  Or are we more driven by buying for prestige and social acceptance?  Where ever we live, it’s home.

If you would like more information on finding a home in Central Florida, contact me through my website www.legacypropertiesfl.com.    Here you can search the MLS yourself or send me an e-mail to assist you in your search.

Introduction

This is my first attempt at blogging, but as I usually am not at a loss for words, here goes.  I would like to use this site to enlighten folks about the amenities of living and working here in Central Florida as well as other subjects, more specifically the real estate market.

 Being a Central Florida resident for 38 years and a Realtor for the last nine years has given me license to consider myself knowledgeable regarding the area from Orlando to Daytona and the outlying communities, too.  I am Broker/Owner of my own real estate business.  Legacy Properties LLC, coming up on my 3rd anniversary.

When I first moved to the area from West Virginia I was a newlywed just starting on a journey that has led to 38 years of marriage, three sons and four grandsons.   My father’s family had purchased real estate here in the 1940′s and built a fish camp on Lake Markham.   This property has now become some of the most sought after real estate in the area.

What I do remember from the 1970′s are lots of dirt roads, 65 mph speed limits on a two lane road in north Seminole County, miles and miles of orange groves and very little commerce outside of Orlando proper.   In 1970 our first residence was in Sanford.  Taking a Sunday drive from Sanford to Longwood on 17-92 you might pass two or three cars.  Lake Mary was an intersection in the road and the nearest K-Mart was 10 miles away in Casselberry.

My how things have changed.  You know you’ve been around a while when you see a site for a trucking company removed and a shopping center put in it’s place, only to see it removed and an interchange for a toll road take over the same spot.

 What used to be a variety of bedroom communities to Orlando are now thriving cities making their own mark on the world and commerce.  In future blogs I plan on highlighting the different areas.

If you have a specific request on a town or city that you would like to know more about, I’ll try to get the information posted.