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Looks like a number of buyers are feeling more like Chicken Little these days! It’s practically impossible to avoid the doom and gloom “sky is falling” portrayed on the news about both the mortgage and housing industries. Granted, the Mortgage Industry is in an active state of transition; which, after speaking with several industry professionals over the past few weeks, seems to be a good thing for the industry! Buyers are worried about where this shake out will actually leave them. The consensus from these experts is that most buyers will be fine, however there should be a greater sense of urgency to lock in your loan as soon as possible. Today’s rates and terms may change as of tomorrow. The real estate market is very localized so you cannot rely on media to provide you with all the facts. While prices may be taking a nose dive in some subdivisions or even zip codes, others are actually not fluctuating that much. You need to find a Realtor who is well educated on the market in which you wish to live. That Realtor can discuss the trends and negotiate the best deal now. If you are looking at home ownership as a long term investment, this market can be a positive one for you. The entire real estate purchase transaction remains a very personal one — driven by you! The purchase price, terms negotiated, loan chosen…all of these are unique to you. Are there good loans out there? The experts say “Yes!” Are there good deals on homes out there? “Yes!” Is now a good time to buy? “Yes!” So if you are serious about buying a home in the foreseeable future, consult with industry experts who can guide you through every step of the process. If you don’t know a reputable mortgage planner and have fears about choosing one, simply email me at debrahorowitz@selbyrealestate.net. We work with a number of reputable mortgage planners who can help you achieve your goals. Before you put your dream on hold, at least meet with us and get all your questions answered; you’ll get information and advice with no obligation on your part! See, there are some good deals out there…
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Mr. Beat Kahli, Publisher of the East Orlando Sun, had an interesting editorial this week. In his article, Mr. Kahli references a book entitled, Today’s Hot Job Targets, that ranks Orlando as No. 2 in the U.S. for job opportunities. This is good news but, it gets better! There are more opportunities on the horizon. Mr. Kahli goes on to point out the job prospects due to the Burnham Institute, the VA hospital, the University of Central Florida’s College of Medicine and the UCF Technology Incubator. Each will help attract more employees to our area. How does this affect real estate? Real estate is local. It can be as narrow as a subdivision, a zip code, or a defined area such as East Orlando. Real estate prices go hand-in-hand with job opportunities. When the local economy sustains a mix of job levels (hourly, blue collar, white collar), it helps to keep property values higher. I agree with Mr. Kahli that these businesses along with those who currently sustain us, will no-doubt bring a rise to property values in East Orlando! Economic indications for us are good! The Orlando unemployment rate is at 3.4% (one of the lowest in the country), and we continue to have an influx of people relocating to this area to work and raise a family. For those buyers looking at real estate as a long term investment, it makes sense to consider a home in East Orlando. As always, I welcome your comments and feedback!
Visit me at http://www.HomesInAvalonPark.com
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This is a buyer’s market yet many people do not believe they can achieve the American dream. Granted, not everyone is able to go out a buy a home tomorrow. However, with planning and determination your dreams can become a reality. I’m so excited to be partnering with John Balauat, Mortgage Planner, on a series of free seminars devoted to educating people on why it makes sense to buy versus rent. We held our first of the series this week at the Orange County Library Alafaya Branch. The group was small which allowed for great interaction. John’s presentation included discussion on ü The True Cost of Renting ü The Tax Advantages of Home Ownership ü The True Facts About the Housing Market ü The Difference Homeownership Can Make on Your Overall Net Worth! ü How to Raise Your Credit Score 100 Points in 45 Days! John told the audience a story of a single mom he had helped obtain a home mortgage — the “right” mortgage for her so she can build many happy memories with her children in this home. She was not aware that she could even qualify for a mortgage. His point was that many people believe the myths without ever taking a moment to speak to a professional. If you take the time to seek out the right professional, they can put you on a path to achieving the goal. Our goal is public education on the home buying process. We will be conducting two free seminars each month for the remainder of the year. For more information visit www.BuyVsRentSeminar.com Or feel free to contact John or I directly to set up a free consultation. We are here to help!
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Hello! I have a guest blogger for this week! Her name is Kim Hiltbrand and she is owner of Design Resolution in Longwood, FL.
As the market becomes more challenging, it is more important than ever to make your home listing stand out from the others. Home staging is a great tool that presents properties in their best light. Statistics show that staged homes sell faster and have fewer price negotiations than homes that aren’t staged. Professional stagers view the property through buyers’ eyes to determine which features should be highlighted and which areas need to be minimized. All staging professionals should consult with the listing agent prior to visiting the homeowner to determine the realtors’ concerns and to incorporate them into the staging process. After viewing the home, a detailed report should be prepared outlining tasks and improvements for each specific area. This gives the homeowner the opportunity to perform some or all of the work themselves. Because each home is unique, costs for staging vary. If furnishings are necessary, the terms are usually in one month increments with pick up and delivery included in the price. Many times, staging can be done using items the homeowner already owns, which can also reduce the cost. Whatever the cost, it is a given, home staging is cheaper than your first price reduction if the house doesn’t sell.
Buyers have come to expect more than ever before when looking for a home. Make your listings stand out from all the others by using a professional home stager.
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A positive real estate transaction starts with the selection of the right agent for you. Whether you are a first time home buyer or purchasing your tenth home, you need an agent who can deliver what you specifically need! Here are some tips to help you select the right resource: First Time Home Buyers Interview the real estate agent to determine how available they are to work with you – how much time can they schedule to take you house hunting, how accessible are they when you call, what is their guaranteed response time, will they be present with you for the home inspection, what resources do they have to offer to you for loan financing, home inspection, home repairs or remodeling; how well do they understand the area where you wish to move, etc. Experienced Buyers The interview is going to look quite different since you have been down this road before. You know what contracts look like and the basic process, you understand a home inspection report, etc. so why use a Realtor? In today’s buyers market there are literally tens of thousands of homes available so you need to work with an expert who can help you weed through all the various offerings and determine the top three from which to choose. Find out how well the Realtor knows the area you are targeting,what research are they willing to provide for you on this area,what resources can they bring to the process and how do those resources work with you. Then evaluate the deliverables they provide. In all cases, make sure that you evaluate how they are listening to you and whether they establish a communication plan with you — before you sign on to work with them. Seek out the one who operates his/her business in a professional manner — remember this is a huge investment and while it is great that your cousin knows a Realtor, that doesn’t mean that referral is the one you need to work with on this assignment. Once you have chosen your Realtor, listen to their advice. You have hired them for a reason so treat them as you would any other professional such as a lawyer, doctor, mechanic, etc. The experience they bring to you should have value that can contribute to your purchasing process. Listen and ask questions; you and your Realtor should be working as a team. Finally, get pre-approved for a loan at the onset of your home search; most sellers are requiring that proof of pre-qualification or pre-approval be given at time of offer submission. Don’t delay your placing an offer due to improper planning; get ahead of the game and be ready when that right home comes along! For additional information, please feel free to give me a call at 407-421-5645 or email me at debrahorowitz@selbyrealestate.net.
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As any Avalon Park or East Orlando resident knows, the morning and evening commutes can be very trying! Well, I’m happy to say that Orange County understands our pain. Attendees were provided a good update today at the East Orlando Chamber of Commerce breakfast. I’d like to share this recap with you. EOCC put together a great group of panelists: Mike Snyder with the Expressway Authority, Edward Johnson with Lynx, Renzo Nastasi with Orange County Government and Kelley Teague with Orlando Metroplan. Each came with their own insight into what is happening with transportation specific to East Orlando. Mike Snyder/Expressway Authority talked about the congestion on 408 specifically. As most of us know the EA has been focusing on reducing traffic on the West side by providing the 192 alternative to those in Apopka; they are also addressing ways to increase traffic flow heading from east to west with the current construction at the I-4 ramps off of 408 (scheduled for completion next year), and with the Lake Underhill bridge which is scheduled for completion in two years. Also of importance to East Orlando is the 528/Beechline and Alafaya Trail extension; Mike said that the Expressway Authority is ready to move forward with this project as soon as the design plans are finalized — no timeframe but certainly great news nonetheless! Edward Johnson at Lynx talked about the various programs they have available. Have you heard of their “Rack and Roll” program? For bike enthusiasts who need a helping hand getting from point A to point B, Lynx buses offer bike racks so you can take your bike with you rather than lock it up at the bus stop! What a nice value add! Lynx has its Road Ranger program designed to assist stranded motorists get back on the road as quickly as possible; should you get a flat tire, look for some assistance from the Road Rangers that patrol the major arteries. A third program that was mentioned is “Access Lynx” which is designed to address the needs of those with disabilites. Unfortunately, Edward didn’t provide a lot of information on this program but I’m sure you can learn more on their website at www.golynx.com. And the last program discussed was the Transportation Benefits program under which falls their Ride Share programs. Did you know that Lynx provides vans to employers who need to move up to 12 employees from a common residential area to a common work area? This helps provide employers with a tax benefit and employees with a welcome relief from today’s gas prices! Also, they have a Car Pool database that can match you with people in the area who also desire to reduce the monthly expenses associated with single commuting — consider checking this out! Renzo Nastasi with Orange County Government spoke about some of the projects currently being worked on for East Orlando such as the widening of Alafaya Trail from Avalon Park south to Mark Twain — it is under design and expected to start late 2008; widening of Woodbury Road to a four lane road is under study and plans are to widen it from Challenger Parkway to Lake Underhill. This should take 4-5 years to complete. As most of us know, Innovation Corridor is under construction from Avalon Park Boulevard at Alafaya although he didn’t mention a completion time frame and the Interchange is in design phase. Kelley Teague of Orlando Metroplan discussed how her group is actively working with all of the above agencies to provide a 30,000 foot perspective and a 30 year multi-modal transportation plan that is financially feasible to implement. This look encompasses mass transit via bus and high speed rail, as well as automobile. Our area is projected to double in number of residents in the next 20 years so the planning they do now is to address the needs for a community of those proportions. The question was asked as to how the current property tax debates in Tallahassee will impact the funding of these services. The answer is that should there be any decrease in the tax base, it will impact the implementation of some plans for expansion of current roadways as well as the services provided by Lynx. The extent of the impact remains to be seen. I walked away from the meeting feeling that this team of experts understand our needs and are doing what they can to set forth plans to address our traffic flow issues. Now it is up to our state legislature to decide how all of this will play out.
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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! Visit Debra Horowitz Online at http://www.homesinavalonpark.com
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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. For more information visit me Debra Horowtiz online at http://www.homesinavalonpark.com
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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! Derbra Horowitz Visit me online at http://www.neighborhoodsofeastorlando.com
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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… Visit Debra Horowitz Online at http://www.neighborhoodsofeastorlando.com
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