Is it really a Buyer’s Market? Maybe I should wait…

I have spoken to many realtors who agree that we are beginning to see the more “serious” buyers contact us for information, show up at Open Houses, view our listings online, etc.  These buyers truly “get” the current market conditions and want to take full advantage — good for you! 

And yet, there remains this “wait and see” attitude among another group of potential buyers that have many people wondering just what are they waiting to see?

A market correction?  Great news: it is happening! Housing prices are down 3.11% compared to April 2006.  Price is always a factor however, we must remember a number of market influences. When you consider that Orlando is a national and international relocation destination for 1200 people each week,  our property values are in the eyes of the beholder and therefore probably will not track much lower. Now is definitely the time to identify your “must-haves” and let a licensed real estate professional help you narrow your selection and monitor new listings coming onto the market.

More deals on foreclosures and pre-foreclosures?  While there are a number of foreclosures and pre-foreclosures on the market, we are also seeing mortgage companies and banks working with borrowers to help circumvent foreclosure.  Opportunities are around but they may not become as plentiful as some buyers expect!  Become well versed in your local market conditions so you can fully capitalize on an opportunity.

Are buyers waiting for interest rates to come down?  Unfortunately, interest rates are rising in slow but steady increments!  If you feel your credit is less than stellar and are unaware of your financial options, please seek the professional advice of a mortgage broker! Get pre-approved for a mortgage and put a financial gameplan in place for this important investment.

Buyers currently have great leverage to negotiate many facets of a contract.  We encourage you to seek out a professional Realtor who has market expertise, strong negotiation skills and a wide range of resources (financial, home inspectors and repair, interior and exterior remodeling, etc.) to help you see full potential and provide long range planning!  This may be your largest investment ever — get the right team on board and then take full advantage of the opportunities available!  And yes, BUY!

Should I sell my home now?

We get asked this question everyday; the simple answer is “maybe”.  There’s a lot that goes into making this determination.  It is best to work with an agent that understands your particular neighborhood trends and current market values, has the right connections to answer all your questions, and can provide you with contacts for potential home repairs, staging, home inspectors, appraisers,  financial, or other resources you may need to ready your home for market. 

Once you’ve decided to sell your home, set a realistic expectation of the timeframe involved.  It may take awhile!  In the Avalon Park neighborhoods we are seeing an average of 119 days to close.  Choose a real estate agent that can customize a marketing plan for you — differentiation and aggressive marketing techniques will make all the difference.   I’d love to hear from anyone who has recently made the decision to put their house up for sale or is in the process.  Let’s discuss the main questions you need(ed) answered before you could make this decision and the steps you took to evaluate this.

Absolutely Avalon, Was just that!

This was my first visit to the annual event at Avalon Park’s Town Center and it was absolutely as our community markets itself — fun, entertaining and very geared toward family activities!  Three stages provided a wide range of musical entertainment; there was a lot happening around the town center: pet contests, arts and crafts vendors, food and lots and lots of people walking all around!  What did you think of the event?  Does Avalon do a good job?  Could it have been better?  Can anyone who attended the event last year let me know how this year’s compared?  I’d love to hear from you!

College Room & Board Vs. Investment Property?

Have a student who will be attending the University of Central Florida?  Then, no doubt you have been studying the costs of housing and meal plans!  It can be mind blowing.  I took a quick look at the annual housing rates on a 4/2 unit and added the cost of a meal plan (Knight’s Plan) and it looks like many of you will pay $1138.35 per month — amazing!  And that is money that won’t be yielding any return on the investment — unless you hope your kid will support you some day!!

Now, consider this…purchasing a 3/2.5 townhome within 15 minutes commute of UCF in the sought-after Avalon Park area, with 10% down and with the monthly mortgage split 3 ways (your kid and 2 roommates), the monthly P&I could be covered for as little as $500/month per person plus food.  Does your kid eat more than $600/month in food?  If not, this might be a great alternative for you to explore!  Save money, build equity, create a unique environment for your child. Hmmm…