Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Nov. 27, 2018

Going Green for the Holidays

Going Green for the Holidays isn't just Garland, Christmas Trees or decorations. 

It can also be an alternative to look how you can reuse all the waste that gets accumulated during the holiday season. From throwing out leftovers, wrapping paper and etc, we all tend to waste a lot during this time of year. 

But did you know that certain cities like the City of Orlando offer a Free program, where they will give you a composter!

If you live in the City of Orlando and are interested, you can  Click Here For More Info. 

What is composting?

Composting is turning waste, like kitchen scraps into usable soil through natural decomposition. 

What goes in the composter?

Green-  Fruit, Vegetables, egg shells, coffee grounds, paper filters, grass clippings and house plants

Brown- Shredded cardboard, paper, newspaper, shredded cotton and wool rags

What not to put in your composter?

Meat, bones, fats or grease, milk, diseased plants, toxic materials, cat or dog waste. 

 

If your City does not offer a free composter but are interested, the EPA has a great page where they offer advise and different ways to compost. Links are below:

City of Orlando Composting page: http://www.cityoforlando.net/solidwaste/composter/ww.epa.gov/recycle/composting-home

EPA Composting page: https://www.epa.gov/recycle/composting-home

 

We hope this holiday season is filled with memories and new traditions, maybe even composting!! 

Nov. 26, 2018

Westbound I-4 Closing | I-4 Ultimate Improvement Project

WESTBOUND I-4 UNDER CENTRAL PARKWAY CLOSING NIGHTS OF NOV. 27 AND 28

Westbound I-4 Closing

WESTBOUND INTERSTATE 4 (I-4) UNDER CENTRAL PARKWAY IS CLOSING FROM MIDNIGHT TO 5 AM

The Florida Department of Transportation will be closing westbound I-4 under Central Parkway as soon as late mid-November. The closures are each night between midnight to 5 a.m. on November 27 and 28. The closures are necessary to remove a portion of the old Central Parkway bridge.

Westbound I-4 Under Central Parkway Handout

 

Posted in Topic Of Interest
Nov. 26, 2018

Lake Mary | Christmas Jingle & Mingle

Christmas Jingle and Mingle

Christmas Jingle and Mingle Lake Mary Community Center

When: Sun, Dec 2, 2:30 PM - 5:30 PM

Where: Lake Mary Community Center 104 E Wilbur Ave Lake Mary 32746

Get Directions

 

Event details

Come sing and dance with everyone’s favorite local musician, Mr Richard! Then hop on Santa’s lap to tell him your wish list, plus each family will get a FREE photo! Kids of all ages will love the different holiday crafts and games, while the parents get a jumpstart on holiday shopping from lots of local handmade and mama-run businesses! If all this fun works up an appetite, stop by our complimentary hot cocoa bar or check out the yumminess our talented mamas will be offering! There’s a lot going on, but make sure you don’t miss the scavenger hunt to win great prizes from our fabulous mometrepreneurs! Consider it our early Christmas present to you!
Posted in Christmas Events
Oct. 29, 2018

Seminole County | One Day Per Week Irrigation Begins Sunday

ONE DAY PER WEEK IRRIGATION BEGINS SUNDAY

Irrigation

This Sunday, November 4, 2018, the following lawn watering rules will be in effect for Seminole County:

•No watering allowed between 10:00am - 4:00pm any day of the week.

•Residents with odd street addresses water on Saturday.

•Residents with even street addresses water on Sunday.

•Reclaimed water customers will follow the daylight saving time schedule of twice a week year round.

•Non-Residential customers irrigate on Tuesdays unless using reclaimed water, then they may water twice a week.

For more information on ways to save money and water, please visit www.seminolecountyfl.gov/envsrvs/ and click on Water Conservation on the left hand menu, or call (407) 665-2121.

Aug. 5, 2018

Down Payment Assistance For Government Loans

Down Payment Assistance For Government Loans

The Florida Assist 2nd Mortgage Program

The program offered through Florida Housing Corporation offer down payment and closing cost assistance utilizing a second mortgage loan to assist homebuyers with closing cost and down payments. The repayment of the 2nd mortgage is derferred, except if the homeowner sells, transfers, or refinancing of the property at which time the loan becomes payable in full.

 

WHO IS ELIGIBLE

A first-time homebuyer who has NOT owned a home or co-signed a mortgage within the past 3 (three)

years.

Qualifying consumers must be a first-time homebuyer, which is defined as a person(s) who has not had

an ownership interest in a primary residence (whether individually or jointly) during the previous three

years; and plan to occupy the home as their primary residence.

 

CREDIT SCORE

Applicant(s) must have a minimum fico mid-score GREATER than 640.

 

INCOME LIMITS

The applicants total household income CANNOT exceed the following Household Size Max Income limits:

Non-Targeted Areas         Targeted Areas

1-2 Person(s): $ 63,900         1-2 Person(s): $ 76,680
3 or more Persons: $ 73,485 3 or more Persons: $ 89,460
*For Orange, Seminole, Lake & Osceola Counties

 

PURCHASE PRICE LIMITS

The maximum contracted home purchase price (contract sales price) CAN NOT exceed the following limits

and may be subject to the applicable FHA/ VA limits.

 

Non-Targeted Areas Targeted Areas

$ 271,164

*For Orange, Seminole, Lake & Osceola Counties

 

Targeted Areas

$ 331,423

*For Orange, Seminole, Lake & Osceola Counties

 

MORTGAGE PRODUCTS

FHA, VA, or USDA

 

ELIGIBLE/ INELIGIBLE PROPERTIES

The property must serve as the first-time homebuyer’s principle residence, and must include one of the following housing types:

Eligible

Single Family

Townhome/TownHouse

Condominium "Condo"

Duplex

 

PROGRAM BENEFITS

105% Financing available

No Intangible Taxes

No Doc Stamp Fees

Up to $7,500 is available in Down-Payment Assistance (DPA) and/or Closing Costs Assistance.

 

NOTE: The DPA provided is an Interest Free (0%) loan, payable at the end of 30-years. If the home

is sold, refinanced or the borrower fails to occupy the home as their primary residence prior to 30-years,

repayment of the total DPA loan amount is required.


________________________________________________________________________________________________________________

Video Transcript:


00:00:04,760 --> 00:00:11,040 Take number two. Hello again, my name is Brenden, I'm with The Homes In Orlando Team 00:00:11,040 --> 00:00:15,930 at NextHome and with me today is Kevin Murphy from Waterstone Mortgage. Morning 00:00:15,930 --> 00:00:18,420 everybody. We're here today to talk about 00:00:18,420 --> 00:00:23,190 downpayment assistance and what we're going to do is go over one program that 00:00:23,190 --> 00:00:28,200 works very well for people out there, and Kevin, you've actually had the 00:00:28,200 --> 00:00:32,129 opportunity to work with a very similar program yourself, with your wife in the 00:00:32,129 --> 00:00:37,440 purchase of your home. That is correct so last year I did utilize a program through the 00:00:37,440 --> 00:00:43,109 florida housing. Fantastic, so we've got someone who has actual experience is not only an 00:00:43,109 --> 00:00:47,010 approved lender with the program but also has had personal experience of 00:00:47,010 --> 00:00:50,789 going through the program. So hopefully if you have any questions that 00:00:50,789 --> 00:00:56,550 experience we'll be able to explain to you some of the things that he experienced 00:00:56,550 --> 00:01:01,890 going through the program all right. What I want to concentrate on today is we're 00:01:01,890 --> 00:01:10,040 going to stick with government loan program that's FHA, VA, and USDA. Alright, 00:01:10,040 --> 00:01:15,509 let me grab a marker. Now the program we're going to talk about is the Florida Assist Second 00:01:15,509 --> 00:01:18,290 Mortgage Program. 00:01:29,230 --> 00:01:35,930 Kevin, why don't you give us a couple highlights of this program. A couple good highlights 00:01:35,930 --> 00:01:43,070 are that you'll be getting up to $7,500 so in assistance so in the form of a 00:01:43,070 --> 00:01:51,710 second mortgage is going to sit behind 0% interest so essentially loans for you to purchase 00:01:51,710 --> 00:02:00,560 home. Now when you look at $7,500, what that means to a typical family is, in a loan 00:02:00,560 --> 00:02:06,920 of roughly say $250,000, it can pretty much cover their closing costs, That's 00:02:06,920 --> 00:02:09,590 correct. With this program you're going to 00:02:09,590 --> 00:02:15,350 want to have down payment or the closing cost, it essentially one of the two so 00:02:15,350 --> 00:02:19,130 if you've been able to you and this is assistance getting it over that hump 00:02:19,130 --> 00:02:23,360 instead of asking a seller to contribute to your closing costs, that this would be 00:02:23,360 --> 00:02:26,450 one of the things that you could use to overcome and come in with a stronger offer. 00:02:26,450 --> 00:02:31,910 that's an excellent point because the strongest market 00:02:31,910 --> 00:02:37,850 today it's still in that market below of $300,000, because that's where 80% of the 00:02:37,850 --> 00:02:43,400 people are so if you're in a market if you're in a situation where you're in 00:02:43,400 --> 00:02:50,330 multiple offers but you need closing costs. this down payment of $7,500 can 00:02:50,330 --> 00:02:56,299 take that off the table and now you can come in and if you need to possibly a 00:02:56,299 --> 00:03:02,510 full price offer knowing that you still got $7,500 to pay all of your closing 00:03:02,510 --> 00:03:08,209 costs. And that's a great way to look at it. Now this program is available where? 00:03:08,209 --> 00:03:12,230 It's available all throughout the State of Florida. So specifically, obviously, the 00:03:12,230 --> 00:03:16,459 areas that we're in is definitely available an Orange, Seminole, Osceola 00:03:16,459 --> 00:03:26,840 Lake, Volusia. Which is a little majority of looking. It does statewide in every 00:03:26,840 --> 00:03:30,200 county. Okay,now they've put some guidelines on the 00:03:30,200 --> 00:03:36,170 income, correct? That's right. Okay so we're going to take a look at Orange was 00:03:36,170 --> 00:03:48,660 it Orange County. Orange, Seminole, Lake, Osceola, Volusia 00:03:48,660 --> 00:03:55,650 itself has a little bit of a difference. Okay, so these these are this these four 00:03:55,650 --> 00:04:00,420 are actually grouped together and they're actually pretty much processed 00:04:00,420 --> 00:04:04,560 through the same place with the same guidelines. That correct? Through the same 00:04:04,560 --> 00:04:09,420 guidelines. Okay, so if there are statewide guidelines so just make 00:04:09,420 --> 00:04:15,180 adjustments okay. Now with the government loan when we're talking about a 00:04:15,180 --> 00:04:24,870 government loan we actually mean FHA USDA and VA loans, correct? That's correct. 00:04:24,870 --> 00:04:30,960 Okay, nice thing, VA if you're a veteran mostly you know that you have 100% 00:04:30,960 --> 00:04:37,860 financing so if you've got this $7,500 you as a veteran truly can get into a 00:04:37,860 --> 00:04:44,700 home with no money out of your pocket USDA again is another 100% program. 00:04:44,700 --> 00:04:48,780 Don't see so much Orange, Seminole, Osceola. They just redid the maps in 00:04:48,780 --> 00:04:54,510 thing and so we're looking more than if you're looking at areas like Volusia. So 00:04:54,510 --> 00:05:02,460 would be a great area and some of them are farther out areas okay. All right so 00:05:02,460 --> 00:05:08,490 that is another 100% program. Again, with $7,500 if you're approved 00:05:08,490 --> 00:05:14,160 with the USDA you're looking at possibly coming out of pocket with no money. First, 00:05:14,160 --> 00:05:19,470 of all that's pretty amazing. Then our FHA, of course, that's 3.5% 00:05:19,470 --> 00:05:23,640 down. This okay fantastic. So 00:05:23,640 --> 00:05:29,340 those that's what we're concentrating on. Now income wise, for these what is the 00:05:29,340 --> 00:05:34,890 limit of income? So with these so it's going to be a household income so if you 00:05:34,890 --> 00:05:40,080 are married so not married but you're living in and buying together so you 00:05:40,080 --> 00:05:46,380 were going to be capped off with maximum the yearly of $63,900 dollars. 00:05:46,380 --> 00:05:50,850 So and that's actually for a household of one or two if you're a household of 00:05:50,850 --> 00:05:54,870 more so you've got a child was at the house, 3 or 4 that number 00:05:54,870 --> 00:06:02,250 does go up just a little bit and it does go to $73485 dollars. When you're really going 00:06:02,250 --> 00:06:11,420 to want to get in front of a lender. if you had an opportunity see 00:06:11,440 --> 00:06:17,380 our last video the $63,900, is pretty much median income in Orange, Seminole, in 00:06:17,380 --> 00:06:24,200 other areas and we calculated based on current rates you're with average 00:06:24,210 --> 00:06:29,040 average debt ratio you're probably looking at about a $275,000 00:06:29,040 --> 00:06:34,440 purchase. Obviously, right in that ballpark. Now there's 00:06:34,440 --> 00:06:39,110 this is just have a limit on the purchase price? So, it actually does so 00:06:39,110 --> 00:06:45,420 your max purchase price is going to be $271,000 00:06:45,420 --> 00:06:51,300 dollars. so we'll say okay so $271,000, is your max 00:06:51,300 --> 00:07:06,620 purchase. Excuse my penminship. So for people on this income that's that is a typical home purchase 00:07:06,620 --> 00:07:13,170 when you're out there one important thing is to always understand what your 00:07:13,170 --> 00:07:19,440 limits are. So that you can work with us and with a lender. Okay, I'm going to be 00:07:19,440 --> 00:07:25,200 utilizing this program I can search for homes up to $271,000. Alright, you can 00:07:25,200 --> 00:07:27,540 actually go a little bit higher because you know there's usually a little bit 00:07:27,540 --> 00:07:33,480 negotiation room in there so maybe you say you go to $275,000, but you want to work 00:07:33,480 --> 00:07:39,740 with Kevin or you know another approved lender. there's only 3 or 00:07:39,740 --> 00:07:43,560 4, there's not very many who actually are actually approved for 00:07:43,560 --> 00:07:47,010 this program. You know there are those training that we go through to become 00:07:47,010 --> 00:07:50,910 licensed and have the ability to originate these loans in the State of Florida. They don't let 00:07:50,910 --> 00:07:56,960 just everyone go out and okay so we've got our got our basic 00:07:56,960 --> 00:08:01,760 guidelines. Alright, we're going to be looking at a home upto about $271,000 00:08:01,760 --> 00:08:07,600 in Orange, Seminole, Lake, and Osceola County. Volusia, it's a little bit lower? 00:08:07,600 --> 00:08:11,450 That's correct. so that you were looking at in Volusia County 00:08:11,450 --> 00:08:16,760 so that purchase price kind of being there just a touch more so but here 00:08:16,760 --> 00:08:21,830 you're income with so it's really really not too much of a difference. There's very 00:08:21,830 --> 00:08:29,750 small gap. Now another important thing to know about 00:08:29,750 --> 00:08:37,340 this is if we're using one of the government programs okay. One of the FHA, 00:08:37,340 --> 00:08:43,940 USDA or VA. What type of home qualifies for this program? So you're the 00:08:43,940 --> 00:08:47,390 most confident that once again good see the most are going to be a 00:08:47,390 --> 00:08:52,880 single-family home so which is a single unit residency and then an attached 00:08:52,880 --> 00:08:58,520 townhome. There is the ability to do condo. However, they're going to 00:08:58,520 --> 00:09:07,940 have to be approved ahead of time and with FHA condos in this area it is it is very limited so 00:09:07,940 --> 00:09:11,810 what you can do. But again that's something that you could find I mean you 00:09:11,810 --> 00:09:16,580 even by searching online, again FHA approved condos you look inside the 00:09:16,580 --> 00:09:25,130 county you're trying to be in I think the last time I looked in Seminole County had 2 and Orange County 96 00:09:25,130 --> 00:09:29,510 there's a business great there's a big list a lot of your expired or just never 97 00:09:29,510 --> 00:09:33,800 finish the approval process soyou are really limited with condos. The vast 98 00:09:33,800 --> 00:09:43,550 majority of what we would be trying to do would be either a single family home or a townhome 99 00:09:43,550 --> 00:09:47,060 That's with the government programs because with $271,000 and below 100 00:09:47,060 --> 00:09:55,070 condos become very attractive. It really did so we have we can we can 101 00:09:55,070 --> 00:10:03,410 address that with a little bit different program. Okay now we know we gets $7,500 we're at the 102 00:10:03,410 --> 00:10:08,779 $271,000. We can go after single-family, townhomes. With the government programs 103 00:10:08,779 --> 00:10:15,199 Alright, now as a borrower there are always credit questions. Where do they 104 00:10:15,199 --> 00:10:18,649 have to be creditwise. With these loans you're going to need a minimum of 105 00:10:18,649 --> 00:10:25,339 640 credit scores, and that really is for most average people, you're going to be 106 00:10:25,339 --> 00:10:31,189 there. And with these loans we do find that if your in that 640 range that 107 00:10:31,189 --> 00:10:43,429 it's fairly easy to get you approved. And with the processing, another thing is processing time 108 00:10:43,429 --> 00:10:47,809 because a lot of people are familiar with a SHIPP program and the paperwork on 109 00:10:47,809 --> 00:10:54,649 that is a headache, absolutely. How does this differ from the 110 00:10:54,649 --> 00:10:57,379 SHIPP program and I know you're laughing about that. I could see how much fun 111 00:10:57,379 --> 00:11:01,729 there laughs. I've never originated this your program and I will never originate 112 00:11:01,729 --> 00:11:06,919 like SHIPP. again just personal preference on my end but this is no different than a 113 00:11:06,919 --> 00:11:12,379 typical FHA loan. so in the amount of time that it takes to actually get in do 114 00:11:12,379 --> 00:11:17,839 the paperwork and reserve this I'm fine. Nothing that you would ever see 115 00:11:17,839 --> 00:11:27,559 but giving loans closed in as little as 30 days. Question: How much money should someone 116 00:11:27,559 --> 00:11:35,059 have saved? Can you buy a house with 0 money? A great question. So it's gonna depend on 117 00:11:35,059 --> 00:11:39,079 the loan program that you have so that FHA is gonna require minimum downpayment 118 00:11:39,079 --> 00:11:44,899 of three and a half percent so there could be down payment so but there is 119 00:11:44,899 --> 00:11:50,059 possibility to buy with zero money again if you look it more like the USDA, which 120 00:11:50,059 --> 00:11:55,369 will be restricted geographically in the areas that are both USDA approved and 121 00:11:55,369 --> 00:11:59,299 then if you are better so if you have better benefits so that is another way 122 00:11:59,299 --> 00:12:04,489 to look at having no money. There's essentially no money out pocket. USDA 123 00:12:04,489 --> 00:12:09,619 if you want to if you inquire of what areas you have to go to the USDA site 124 00:12:09,619 --> 00:12:15,859 and they have an address finder. Where you type in the address of a property 125 00:12:15,859 --> 00:12:19,740 and It will tell you whether or not it's inside the USDA's 126 00:12:19,740 --> 00:12:28,020 letting district. Right now quite a bit of Volusia County, Deland, Debary, Orange City. 127 00:12:28,020 --> 00:12:33,510 It's easiest to figure out USDA if there's a not a lot of people living in 128 00:12:33,510 --> 00:12:37,620 and around the area well we're gonna be you as usual and USD really just stands 129 00:12:37,620 --> 00:12:42,839 for its her role so here if you looking in your not long a lot of neighbors 130 00:12:42,839 --> 00:12:51,839 don't mind living outside of like more populated urban centers and easiest way 131 00:12:51,839 --> 00:12:57,770 to really do that go on your computer so look up a search and just search USDA 132 00:12:57,770 --> 00:13:01,770 eligibility map and they'll be a place where you can add an address you don't 133 00:13:01,770 --> 00:13:07,080 see and you can look at a map it is clear as day the area it is street by 134 00:13:07,080 --> 00:13:10,860 street so you could live on one side of the street it could be USDA eligible the 135 00:13:10,860 --> 00:13:14,160 other side of the street where it could not be USDA and actually have that 136 00:13:14,160 --> 00:13:22,140 happen recently yep so hope that answers your question other things now how is 137 00:13:22,140 --> 00:13:31,110 this how is this show to the buyer as far as it is a second mortgage okay so 138 00:13:31,110 --> 00:13:40,260 explain how that that's it's really another housing us on all your paperwork 139 00:13:40,260 --> 00:13:45,570 it's just going to show $7,500. So this is what's called a silent second 140 00:13:45,570 --> 00:13:50,190 mortgage. So the silent second mortgages, it is a mortgages that sits silently back 141 00:13:50,190 --> 00:13:53,610 behind your initial mortgage. So you have a mortgage for the purchase price of the 142 00:13:53,610 --> 00:13:57,810 home and then back behind it was called silent second mortgage. So it 143 00:13:57,810 --> 00:14:03,630 and that loan just quietly sits fine, so and this is really for lack of it or not 144 00:14:03,630 --> 00:14:10,260 what it is is a interest rate loan for as long as you own this home. and so our 145 00:14:10,260 --> 00:14:17,220 interest rate is actually 0%. Correct. There's no interest. So you never pay any interest on that home? 146 00:14:17,220 --> 00:14:21,276 On the $7,500! 147 00:14:21,276 --> 00:14:28,230 If you do decide to sell 148 00:14:28,230 --> 00:14:33,950 them home say in 8 years,10 years, that $7,500? 149 00:14:33,950 --> 00:14:39,060 It's just added on as part that would be part of your closing cost later on. 150 00:14:39,060 --> 00:14:45,390 You sell the home later you would have to reimburse the State of Florida $7,500 151 00:14:45,390 --> 00:14:49,650 or the Florida Housing Finance Corporation the $7,500 dollars. That they have 152 00:14:49,650 --> 00:15:01,770 really giving you as an interest-free loan for as long as your home. So we hit 153 00:15:01,770 --> 00:15:07,890 I think most of the major things. I think a big thing for us to know - is 154 00:15:07,890 --> 00:15:12,510 this really is a first-time homebuyer program and the definition of first-time 155 00:15:12,510 --> 00:15:17,340 homebuyer. You can have owned never owned a home before and still be considered a 156 00:15:17,340 --> 00:15:21,000 homebuyer as long or first-time homebuyer as long as you have not owned 157 00:15:21,000 --> 00:15:26,640 a home within the past 3 years. so we will be collecting tax returns to prove 158 00:15:26,640 --> 00:15:30,780 this so to make sure that you have not had interest in a home. So if you had 159 00:15:30,780 --> 00:15:34,350 been on somebody else's title and ever been listed as a home within the last 160 00:15:34,350 --> 00:15:45,090 three years that that really affects your eligibility for this program. 161 00:15:45,090 --> 00:15:53,010 Are there any points that we're missing right now? Because it to me it's it's a really good 162 00:15:53,010 --> 00:15:59,190 program and I find that a lot of people are hesitant to 163 00:15:59,190 --> 00:16:04,500 make that jump in purchasing a home because when you look at itand you see FHA 164 00:16:04,500 --> 00:16:09,210 at about three and a half percent down, my closing cost roughly around about 165 00:16:09,210 --> 00:16:13,380 three percent you know all sudden you're looking at maybe having to come up with 166 00:16:13,380 --> 00:16:19,710 you know on a $200,000 house $13,000 to $14,000 thousand dollars to 167 00:16:19,710 --> 00:16:27,660 get into the house. You know it's held a lot of people back and I think one thing 168 00:16:27,660 --> 00:16:32,630 you enjoy and I enjoy is helping people get into the house, when they think they can't 169 00:16:32,630 --> 00:16:39,330 Absolutely, the best part of our job first-time homebuyers because you're 170 00:16:39,330 --> 00:16:43,740 ready to listen them and have questions and then are really concerned and it is 171 00:16:43,740 --> 00:16:50,730 it's great the success stories and getting people that thought they would never own a home or the money to do it 172 00:16:50,730 --> 00:16:57,530 minutes I love my job 173 00:16:58,790 --> 00:17:07,170 Now one thing I think after tell people is don't be afraid to ask questions! We 174 00:17:07,170 --> 00:17:11,700 want to be your resource that's why we're doing this. Is so that we can teach 175 00:17:11,700 --> 00:17:17,970 you. We feel a lot of stuff today people aren't teaching. How to 176 00:17:17,970 --> 00:17:23,370 process a personal loan and I know you've done this with your clients and 177 00:17:23,370 --> 00:17:26,970 I've done this with my clients. I've had clients was taken a year, a year and a 178 00:17:26,970 --> 00:17:31,950 half to get them into position the purchase their home. But you got to have a rode map and 179 00:17:31,950 --> 00:17:37,680 that's what we do as a team. Because it is truly team in the purchasing process, you 180 00:17:37,680 --> 00:17:42,630 have when you have your realtor, you have your mortgage company, we work with a 181 00:17:42,630 --> 00:17:48,060 couple credit repair companies that will help you repair the credit. So we can get you 182 00:17:48,060 --> 00:17:52,260 to at 640. Because every time we can get you up a little bit higher 183 00:17:52,260 --> 00:17:57,870 Your credit score, can see on your interest rate alright. So don't ever be afraid to 184 00:17:57,870 --> 00:18:06,060 ask questions and ask can you help. We always happy to help. I love mortgage 185 00:18:06,060 --> 00:18:09,570 consultations and I can't tell you as long as you're willing to listen and there's 186 00:18:09,570 --> 00:18:14,040 a the heed advice and take the advice that yeah if you're not at the point 187 00:18:14,040 --> 00:18:17,760 where you can purchase today so but we can show you how to do it in three 188 00:18:17,760 --> 00:18:21,510 months six months nine months. Not only does it give you time to potentially save a 189 00:18:21,510 --> 00:18:25,140 little bit more money to and you're needing it for your downpayment, now we can go 190 00:18:25,140 --> 00:18:28,890 ahead and show you well this is what's wrong right you may think that there's 191 00:18:28,890 --> 00:18:33,420 something wrong happening we can jump in we can pull your credit we can look at a 192 00:18:33,420 --> 00:18:37,170 report go over with you and maybe it's on your what are you thinking so and 193 00:18:37,170 --> 00:18:41,600 that's what we find in so many cases 194 00:18:42,420 --> 00:18:46,830 credit-card bill that is a little to high, and we need you to pay that down it and 195 00:18:46,830 --> 00:18:54,270 give your credit just an opportunity to reflect that so again it was let's just 196 00:18:54,270 --> 00:19:02,000 run through the highlights of the program. okay it is the second mortgage 197 00:19:03,440 --> 00:19:14,220 no interest,no interest, $7,500 they can be used for down payment or 198 00:19:14,220 --> 00:19:20,990 closed cost. Correct, it just gets at taking out of your total cash 199 00:19:24,530 --> 00:19:31,890 statewide and another thing that we like about this program as opposed to some of 200 00:19:31,890 --> 00:19:36,750 their county ones is that there's not a limit on the fun this is just a program 201 00:19:36,750 --> 00:19:41,660 that's okay that's good 202 00:19:42,600 --> 00:19:46,770 the state of Florida does want to help so and and there's two there was 203 00:19:46,770 --> 00:19:49,740 another there's another program that will run out of money and that's some of 204 00:19:49,740 --> 00:20:00,650 the heartache you hear but this one is credit score we need 640 205 00:20:03,110 --> 00:20:15,649 we can use them with FHA, VA, or USDA loans. Anything else Oh purchase pricing 206 00:20:15,649 --> 00:20:23,749 go up to $271,000 there's an income restriction but work glad to help you 207 00:20:23,749 --> 00:20:27,649 and figure that out and make sure that you're going to I think there was one 00:20:27,649 --> 00:20:31,610 other thing about to talk to if you do not have access to that money for a down 00:20:31,610 --> 00:20:33,679 payment you've got a family member that's 00:20:33,679 --> 00:20:38,419 willing to help out so you can actually be gifted so upon those folks program to 00:20:38,419 --> 00:20:42,409 qualify so if you've got a mom dad brother sister aunt uncle grandmother 00:20:42,409 --> 00:20:47,720 grandfather that was the best interest they can give to the funds so that would 00:20:47,720 --> 00:20:51,470 be actually another way to come out of pocket no money I know that all of us 00:20:51,470 --> 00:20:59,950 are in situations like that but that situation does speak you so we are I 00:20:59,950 --> 00:21:04,340 think that's it I think we've hit all the points if you have any questions 00:21:04,340 --> 00:21:09,230 feel free to give myself a call at four oh seven seven one zero eight seven two 00:21:09,230 --> 00:21:15,710 zero okay you can be reached at 4:07 six four five six three five zero 00:21:15,710 --> 00:21:21,379 I love mortgage consultations please give me a call and relax and answer any 00:21:21,379 --> 00:21:24,980 and all of your questions we're here to help thank you for your 00:21:24,980 --> 00:21:28,480 tractor I'll
Posted in Topic Of Interest
July 21, 2018

Home Purchase Power Today With Higher Interest Rates



Home Purchase Power Today With Higher Interest Rates

Transcript Of Video:

<begin s

ubtitles>

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- Hello everyone, my

name is Brenden Rendo,

 

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and this is the Orlando Real Estate Buzz.

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I'm here today with Joseph

Dionne, of Home 1st Lending.

 

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And we wanted to take a moment

 

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with the interest rate

changes that have happened

 

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over the past six months,

and do a little breakdown

 

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of what it's done to the purchasing power

 

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for people out there on the market today.

 

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To give you a little idea,

in January of this year,

 

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Home Purchase Power

4:05

the average interest

 rate

was sitting right around 4%.

 

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Okay?

 

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- 4% is really good.

 

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- That's a nice range.

 

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And if you look at the

history, I went back last night

 

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and looked all this history.

 

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Over the past two years,

we averaged right in that

 

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4% window, and actually

dipped down below it.

 

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So what's happened is,

mentally, a lot of people

 

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have gotten used to that

4% mortgage interest rate.

 

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So when we took a little

spike up to 4 1/2%,

 

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I won't tell my age, but when I started

 

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we were averaging about 11%.

 

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When you're still seeing 4

1/2, you're, okay, no big deal.

 

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But, to a lot of people,

because of conditioning,

 

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it's a shock, and it was

a shock to the system.

 

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And I'll go over some other numbers

 

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about web searches a little bit later.

 

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But I think you, have

you felt it, that's it's

 

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slowed down a little bit, the market feels

 

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kind of a little bit softer?

 

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- Yeah, it's a little bit,

and you know, things like this

 

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or when it was four and four

and eighth, or something,

 

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it was right in that

range, nobody questioned,

 

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nobody was just like, "Oh,

I gotta find a lower rate."

 

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- Right.

 

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- Everybody's out there, would say,

 

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"Oh, that rates too high."

 

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- Yup.

 

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- But now, you notice

 

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the market's gotten stronger,

these rates have ticked up

 

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a little bit higher, over 4 1/2,

 

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now we're sitting close to

4.75 our conventional logs.

 

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And people are, "Whoa,

like this is really high!"

 

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- Exactly, and that's--

 

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- An interesting story.

 

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- Yes.

 

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- The crazy part is, let's go back before

 

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you know, seven, eight years ago.

 

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These rates are lower than

historic, before any other

 

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time in history.

 

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- Very true.

 

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Even if you look at the time of the boom

 

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in 2005, '06, and '07, interest

rates still were at the six,

 

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between six and seven percent.

 

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- Yeah.

 

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- I mean, you know, the

houses were appreciating, but

 

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we had the good old liar ones back then.

 

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No more of those.

 

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- (mumbling words), no more to those.

 

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- It has been kind of

kind of a mental shock.

 

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So really, right now,

 

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right now in July,

 

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of 2018,

 

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you're kind of looking at

4.75%, on a conventional loan.

 

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- Absolutely.

 

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- How's the (mumbles)

chain, comparative to this?

 

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- There's no chain right

now, it's sitting where

 

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a buyer that, you know,

 

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said, let's say same

credit, same credit profile,

 

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they're probably right

around four and half.

 

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- Okay.

 

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- Maybe 4.6 to five,

depending on the debt.

 

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- Okay.

 

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- And you if go back a year

or more ago, remember that,

 

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that difference between I could take,

 

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conventional is a little bit bigger.

 

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- Mm-hmm, sure.

 

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- (mumbles) strung a lock.

 

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- Has it?

 

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Okay.

 

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So the big thing is (coughs)

 

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to look at, is what is has this done?

 

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This .75% change in

interest rate increase?

 

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What has that done to your

purchasing power, as a buyer?

 

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But also, what has it done as a seller?

 

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If you've priced your house,

 

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and it's been on the market

say since March, or April,

 

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or even late May, and

you've got it priced here

 

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because you're in the summer

market, things are strong.

 

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What has that done, and

how do you have to look at,

 

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do I have my house priced right now?

 

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Can the person

 

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who may have looked at it back in January,

 

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and was waiting you know,

 

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for the end of school, a lot of people

 

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wait 'til the end of school,

to start their shopping.

 

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And they've seen this spike,

 

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this increase in interest rates.

 

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Maybe they can't afford

that house anymore.

 

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You've got to look at these things.

 

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Joseph, why don't you take

and go through a little bit,

 

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and let's do a comparison

 

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of what someone at 4% could afford,

 

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versus what someone at 4.75% could afford,

 

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as far as purchase price allowance.

 

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- And you know, let's try to make this

 

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as real as possible, right?

 

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So let's just say,

 

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and in Central Florida,

we're right here, you know,

 

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we're Water Springs Central Florida,

 

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and Central Florida market.

 

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Fannie Mae dictates that

the average median income

 

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for someone in Central Florida is $62,000.

 

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- Okay.

 

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- It's 62 and some change.

 

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But for this purpose, let's just be very,

 

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you know, basic.

 

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You make $62,000 a year.

 

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Alright?

 

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So, let's go into,

 

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because nobody just makes money,

 

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we all have expenses too, right?

 

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- Yes.

 

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- Unfortunately.

 

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So what are some of the

most common expenses?

 

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I mean, do you know anybody--

 

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- Your wife.

 

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- Okay.

 

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- I'm sorry, no, no.

 

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I'm sorry (laughs)

 

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- We'll list it there, first off, car.

 

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Let's say, car payment.

 

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I don't think I've done an application,

 

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I would say 95% of my

applications have a car payment.

 

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- That makes sense.

 

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- You know, where you're making $62,000,

 

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you probably don't have you know,

 

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a Pinto, you don't have a baseline,

 

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but you don't have an expensive car.

 

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And let's say you've got a great rate,

 

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and you put a little down,

your payment's 375 a month.

 

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- Where you suppose.

 

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- Right, feasible?

 

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Went to college, to get that

$62,000 a year job you have.

 

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- Yeah, wooh!

 

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- Student loans.

 

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You see 90% of that, so we'll just say,

 

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S.L. for student loans.

 

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Let's say, you know,

 

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you're on a income-based repayment plan,

 

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and that's what, 175, which

is kind of a nice square.

 

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You're making enough, that

you've got to make a payment,

 

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but the reality is, it's probably not

 

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paying down your balance,

with the (mumbles).

 

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- Not a lot, yeah.

 

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- You have a wife,

 

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she's not that expensive.

 

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(laughter)

 

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But you know, about two years ago,

 

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let's say you had a credit card at Jared

 

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and you're paying $75.00 a month on that.

 

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And you like to have a

little extra spending money

 

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so you got a second credit card

 

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and that's $50.00 a month.

 

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Right?

 

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So.

 

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- Pretty reasonable.

 

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- We've got not too much.

 

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Standard profile, we've got car payment,

 

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student loans, credit card,

 

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and credit card.

 

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That's about what I see 90% of the time.

 

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- Okay.

 

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- Pretty basic, kind of cost.

 

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Nobody's really (mumbles)

 

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some people will be a

little bit lower or higher

 

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but this is just a great example.

 

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So with that buying,

 

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like with scenario, $62,000.00

 

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these monthly debts,

you're gonna still qualify

 

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for a $300,000.00 house

 

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at a 4% interest rate.

 

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Right?

 

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We're starting to give you

 

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let's just say, 4% interest rate,

 

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300,000 home and this not

saying you wanna spend

 

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300,000 but it's just kind of,

 

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saying maximum debt to income.

 

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This is where you have

maximum you can afford.

 

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- Right now, what is Fannie

letting you get away with

 

00:07:02:20 00:07:03:17

on debt?

 

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- So the debt to income,

 

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total debt to income is,

 

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we can get all the way up to 49.999.

 

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We have a standard 50%.

 

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- Okay.

 

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- The other key is, is to get to that

 

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you know, this person right here

 

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has to be doing a good job

 

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so we'll say they have a 720 credit score.

 

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- Okay.

 

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- So fair enough.

 

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- Alright.

 

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- So, we're at 300,

 

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you saved up a little bit you know,

 

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you've got 5% down

 

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which would be $15,000.00 you know.

 

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So now you're gonna be

financing $285,000.00.

 

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- Okay.

 

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- Alright, so what does that look like?

 

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So there's a couple of things.

 

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You will just plug in some square numbers,

 

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again 4% interest rate.

 

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So, let's say you know, 4% on a 285 loan

 

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is gonna be roughly $1,360.00 a month

 

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for a principal and an interest payment.

 

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- P and I.

 

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- P and I.

 

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But we need the tax--

 

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- The TI.

 

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- The TI, too yes.

 

00:07:58:10 00:08:00:14

- You know, so you write interest.

 

00:08:00:14 00:08:02:11

Let's go at it $300,000

 

00:08:02:11 00:08:04:12

120 a month sounds pretty reasonable.

 

00:08:04:12 00:08:05:12

- Yeah, that's sounds reasonable.

 

00:08:05:12 00:08:06:12

- You know, maybe, maybe a little bit

 

00:08:06:12 00:08:07:19

on the conservative side.

 

00:08:07:19 00:08:09:01

- Yeah.

 

00:08:09:01 00:08:10:13

- But it's not gonna be

much lower than that.

 

00:08:10:13 00:08:14:10

Let's just a your, your taxes are 300.

 

00:08:14:10 00:08:15:06

- What?

 

00:08:15:06 00:08:18:02

- What are we not, we're

missing one piece on this.

 

00:08:18:02 00:08:19:15

You only put 5% down.

 

00:08:19:15 00:08:20:19

- You brought it.

 

00:08:20:19 00:08:23:16

- 4% rate, so you've got

mortgage insurance, too.

 

00:08:23:16 00:08:24:12

- Yes, mortgage insurance.

 

00:08:24:12 00:08:26:03

- And this is something that

is really important because

 

00:08:26:03 00:08:29:18

I've noticed a lot, and I love, I love,

 

00:08:29:18 00:08:31:05

I love Zillow.

 

00:08:31:05 00:08:33:03

I'm not gonna talk a whole

(mumbles) about Zillow.

 

00:08:33:03 00:08:34:02

(laughter)

 

00:08:34:02 00:08:35:01

- I will.

 

00:08:35:01 00:08:35:25

(laughter)

 

00:08:35:25 00:08:36:20

- But, this is what it means

 

00:08:36:20 00:08:37:23

that (mumbles) very, very low

 

00:08:37:23 00:08:40:10

is on every house, they talk about

 

00:08:40:10 00:08:41:07

what's your payment?

 

00:08:41:07 00:08:43:05

You know what that does?

 

00:08:43:05 00:08:45:14

They give you this number.

 

00:08:45:14 00:08:46:10

- Yes.

 

00:08:46:10 00:08:47:17

- And that number is not accurate

 

00:08:47:17 00:08:50:04

so you go, I can buy a $300,000.00 house.

 

00:08:50:04 00:08:52:02

- I kind of like their Z estimate.

 

00:08:52:02 00:08:53:10

- I don't know (mumbles).

 

00:08:53:10 00:08:55:23

(laughter)

 

00:08:55:23 00:08:58:16

So you've got that, and

we do this whole math

 

00:08:58:16 00:09:00:04

right there (mumbles) right.

 

00:09:00:04 00:09:00:25

- Yeah.

 

00:09:00:25 00:09:02:07

- Eight, another eight.

 

00:09:02:07 00:09:03:21

So around 1885.

 

00:09:03:21 00:09:05:04

- Okay.

 

00:09:05:04 00:09:06:00

- This completes your dent to income,

 

00:09:06:00 00:09:07:03

it's gonna be over 49 and a half

 

00:09:07:03 00:09:08:14

on the back-end.

 

00:09:08:14 00:09:09:12

- Okay.

 

00:09:09:12 00:09:10:12

_ You're pretty much maxed out right here.

 

00:09:10:12 00:09:11:11

- You're maxed out.

 

00:09:11:11 00:09:12:17

You're not going any higher.

 

00:09:12:17 00:09:13:13

- This is (mumbles) no HOA

 

00:09:13:13 00:09:14:08

because that's a factor

 

00:09:14:08 00:09:15:19

we have to evaluate, too.

 

00:09:15:19 00:09:16:15

- That's true.

 

00:09:16:15 00:09:19:23

- So this is 4%, so we can't go 4% today.

 

00:09:19:23 00:09:23:09

We can get it back in January remember.

 

00:09:23:09 00:09:25:21

We can't get it today in July

 

00:09:25:21 00:09:27:17

so what is it doing if my rate

 

00:09:27:17 00:09:30:09

goes from a four to what

the current market is,

 

00:09:30:09 00:09:34:17

so let's say I'm super, super picky.

 

00:09:34:17 00:09:37:05

And I just couldn't find what I liked.

 

00:09:37:05 00:09:38:01

- Yup.

 

00:09:38:01 00:09:39:02

- At 300,000.

 

00:09:40:09 00:09:44:13

Now we're at a 4.75 so what

happens is that principal

 

00:09:44:13 00:09:45:24

and interest payment adjusts

 

00:09:47:07 00:09:49:05

because now your principal

and interest goes up.

 

00:09:49:05 00:09:51:21

What actually happens is the

key to the similar payment

 

00:09:51:21 00:09:53:14

to qualify within your debt to income--

 

00:09:53:14 00:09:55:01

- Yup.

 

00:09:55:01 00:09:56:03

- You just dropped your

buying power all the way

 

00:09:56:03 00:09:58:14

down to $275,000.00.

 

00:09:58:14 00:09:59:10

- Okay.

 

00:09:59:10 00:10:01:22

- So what is, what is $275,000.00.

 

00:10:03:02 00:10:04:07

It's about $25,000.00 difference

 

00:10:04:07 00:10:05:23

between you know, (mumbles) I owe

 

00:10:07:02 00:10:08:19

more on my webstream during that (mumbles)

 

00:10:08:19 00:10:10:17

probably would cost 25,000

 

00:10:10:17 00:10:13:08

but, what is that gonna do nowadays?

 

00:10:13:08 00:10:15:09

Like, you just over six months,

 

00:10:15:09 00:10:17:24

seven months time, you lost 25,000.

 

00:10:17:24 00:10:18:19

- You lost

 

00:10:20:24 00:10:21:19

25K.

 

00:10:24:21 00:10:26:04

25,000 in purchase power.

 

00:10:27:07 00:10:29:03

That's huge.

 

00:10:29:03 00:10:30:00

That's really bad.

 

00:10:30:22 00:10:33:08

Now I'll tell you a

place where I've seen it

 

00:10:33:08 00:10:34:18

in the past several months,

 

00:10:34:18 00:10:35:18

we've had the opportunity

 

00:10:35:18 00:10:36:19

to sell a couple properties

 

00:10:36:19 00:10:37:18

in Sweet Water.

 

00:10:37:18 00:10:39:04

- Okay.

 

00:10:39:04 00:10:39:25

- It's actually by where I live.

 

00:10:39:25 00:10:42:07

And they're a little bit older homes.

 

00:10:42:07 00:10:43:03

- Swarming, big yards.

 

00:10:43:03 00:10:44:22

- Yeah, big yards, love it,

 

00:10:44:22 00:10:47:01

absolutely love the area.

 

00:10:47:01 00:10:51:24

But what you saw is back in

the early part of the year

 

00:10:51:24 00:10:53:19

these four bedroom, two bath homes

 

00:10:53:19 00:10:55:01

you know, 2,000 square feet

 

00:10:55:01 00:10:56:21

about 2,500 square feet.

 

00:10:56:21 00:11:00:17

Starting now between 350 and $400,000.00.

 

00:11:02:05 00:11:05:18

Well, all of a sudden if

you look at Sweet Water

 

00:11:05:18 00:11:07:09

in the number of price reductions,

 

00:11:07:09 00:11:09:15

they've had over the

past couple of months,

 

00:11:09:15 00:11:11:24

it's numerous because people

 

00:11:11:24 00:11:13:11

had to bring it down.

 

00:11:13:11 00:11:17:15

You have sellers who are pricing homes

 

00:11:17:15 00:11:20:20

for the 4% market.

 

00:11:20:20 00:11:22:10

- Mm-hmm.

 

00:11:22:10 00:11:25:10

- Stretching it, everyone's you know,

 

00:11:25:10 00:11:28:19

it's unfortunate and one reason why

 

00:11:28:19 00:11:30:11

I asked Joseph this, and the reason why

 

00:11:30:11 00:11:35:11

I'm doing this is I hate

the 30 second sound bite.

 

00:11:35:14 00:11:36:10

Freakin' hate it.

 

00:11:36:10 00:11:39:23

It pisses me off and I really look at this

 

00:11:39:23 00:11:42:14

as going beyond the economy.

 

00:11:42:14 00:11:44:19

Really getting into what

 

00:11:44:19 00:11:47:01

effects you as a customer,

 

00:11:47:01 00:11:49:16

as a client because when we just sit

 

00:11:49:16 00:11:51:13

and look at the 30 seconds

 

00:11:51:13 00:11:53:23

you know, the were

later, the later realtors

 

00:11:53:23 00:11:54:19

do a great job.

 

00:11:54:19 00:11:56:13

They put out a monthly (mumbles).

 

00:11:56:13 00:11:59:16

But if you look at the

numbers that they've put out

 

00:11:59:16 00:12:02:01

currently, it looks great.

 

00:12:02:01 00:12:04:15

Whoa, median price from last year,

 

00:12:05:14 00:12:07:22

June of last year to June of this year,

 

00:12:07:22 00:12:09:23

you had 7% increase.

 

00:12:09:23 00:12:11:07

That's fantastic.

 

00:12:11:07 00:12:12:03

- That's a great (mumbles).

 

00:12:12:03 00:12:15:11

- Yeah, it sounds great for long term.

 

00:12:16:08 00:12:17:04

Alright.

 

00:12:17:04 00:12:18:18

But let's look at the other numbers.

 

00:12:18:18 00:12:19:25

Percentage of sales,

 

00:12:19:25 00:12:21:19

down 11%.

 

00:12:21:19 00:12:24:13

Pending sales, down 12%.

 

00:12:24:13 00:12:27:10

New listings, down 11%.

 

00:12:27:10 00:12:30:17

Inventory, down 17%.

 

00:12:30:17 00:12:33:23

So you're getting conflicting information.

 

00:12:33:23 00:12:36:14

One part makes it sound

like, wow, it's fantastic.

 

00:12:36:14 00:12:38:04

The other part, you're looking going,

 

00:12:38:04 00:12:41:19

"Wait, those are some

pretty big negative numbers,

 

00:12:41:19 00:12:42:23

"that are sitting on there."

 

00:12:42:23 00:12:44:15

And what's the key?

 

00:12:44:15 00:12:48:07

Interest rate average, 4.61

 

00:12:48:07 00:12:51:12

and that just, when I look at numbers

 

00:12:51:12 00:12:53:23

and we get the (mumbles)

numbers every month.

 

00:12:53:23 00:12:56:16

What are the things that I always look at

 

00:12:56:16 00:12:58:07

is original price,

 

00:12:58:07 00:13:00:05

versus sold price.

 

00:13:00:05 00:13:02:12

- This is what they

listed for, versus what--

 

00:13:02:12 00:13:03:11

- Yeah.

 

00:13:03:11 00:13:04:17

- What they're actually willing to pay.

 

00:13:04:17 00:13:06:21

- Because unfortunately

what happens a lot of times

 

00:13:06:21 00:13:09:14

we get with Zillow and

some of these other points

 

00:13:09:14 00:13:12:10

all you see is the final list price.

 

00:13:12:10 00:13:13:06

- Mm-hmm.

 

00:13:13:06 00:13:15:21

- Not the original list price

 

00:13:15:21 00:13:17:18

and any, and any price reductions.

 

00:13:17:18 00:13:19:16

So yeah, so I started to (mumbles)

 

00:13:19:16 00:13:21:21

on $390,000.00.

 

00:13:21:21 00:13:23:08

That was great.

 

00:13:23:08 00:13:27:01

No hits, well let's drop it to 375.

 

00:13:28:05 00:13:29:23

Whoops, no hits.

 

00:13:29:23 00:13:31:22

Let's drop it to $350,000.00.

 

00:13:32:24 00:13:37:05

Oh, fantastic, we sold it for $349,000.00.

 

00:13:38:09 00:13:39:15

So what does this look like?

 

00:13:39:15 00:13:41:20

Well, we sold the house

 

00:13:41:20 00:13:45:16

at 99.9% of the listing.

 

00:13:46:21 00:13:48:17

No, you didn't.

 

00:13:48:17 00:13:49:24

- No you didn't.

 

00:13:49:24 00:13:51:09

(mumbles) list price.

 

00:13:51:09 00:13:53:12

- This of the current list price.

 

00:13:53:12 00:13:55:15

It's not the real number.

 

00:13:56:13 00:13:57:12

So one of the things that I did

 

00:13:57:12 00:13:58:25

is I pulled the chart

 

00:13:58:25 00:14:00:25

going from January of this year

 

00:14:00:25 00:14:02:24

until July of next year.

 

00:14:02:24 00:14:04:21

Here's the interesting thing.

 

00:14:04:21 00:14:06:19

The original median price

 

00:14:06:19 00:14:10:06

in January was $224,000.00.

 

00:14:11:08 00:14:13:11

These are Seminole County numbers,

 

00:14:13:11 00:14:14:10

just to let you know.

 

00:14:14:10 00:14:15:06

I pulled just for Seminole County.

 

00:14:15:06 00:14:17:07

- Not (mumbles) just Seminole.

 

00:14:17:07 00:14:18:06

- Just Seminole.

 

00:14:18:06 00:14:20:03

July of this year,

 

00:14:20:03 00:14:21:16

the July numbers for this year

 

00:14:21:16 00:14:24:10

median price, you think has gone up.

 

00:14:24:10 00:14:27:13

- You said, it said 75 was what we saw.

 

00:14:27:13 00:14:29:03

- Yeah, so we (mumbles).

 

00:14:29:03 00:14:31:01

- (mumbles) maybe 230's?

 

00:14:31:01 00:14:34:25

- No, 225.

 

00:14:34:25 00:14:38:12

Median price is actually stabilized.

 

00:14:39:13 00:14:42:03

We did see a spike back in May

 

00:14:42:03 00:14:44:24

up to $233,000.00

 

00:14:44:24 00:14:46:11

but since May--

 

00:14:47:12 00:14:50:05

- May was when this piece.

 

00:14:50:05 00:14:51:00

- Yes.

 

00:14:51:00 00:14:52:22

- Started (mumbles) some

of the biggest (mumbles).

 

00:14:52:22 00:14:54:09

- Started to pop up.

 

00:14:54:09 00:14:55:08

- Right, yeah.

 

00:14:55:08 00:14:56:04

January was here,

 

00:14:56:04 00:14:57:11

and it goes up a little bit.

 

00:14:57:11 00:14:59:17

February, March, April, and May (mumbles).

 

00:14:59:17 00:15:01:19

- We could've spiked, yeah.

 

00:15:01:19 00:15:04:17

- 65 to four point

interest, boom, boom, boom.

 

00:15:04:17 00:15:06:00

Really got up

 

00:15:06:00 00:15:07:21

and a lot of that is not because

 

00:15:07:21 00:15:09:18

you know, banks are being greedy at all.

 

00:15:09:18 00:15:10:24

- No.

 

00:15:10:24 00:15:11:20

- It's because the economy is actually

 

00:15:11:20 00:15:12:17

getting stronger where (mumbles).

 

00:15:12:17 00:15:14:08

- Exactly.

 

00:15:14:08 00:15:15:04

- The people don't like to hear

 

00:15:15:04 00:15:16:20

that interest rates are going up

 

00:15:16:20 00:15:17:20

'cause it's actually a quick bit because

 

00:15:17:20 00:15:19:16

when it was held at the four

 

00:15:19:16 00:15:22:03

or you know, we go back further in time

 

00:15:22:03 00:15:24:06

add it was you know, the high three's

 

00:15:24:06 00:15:25:11

and such, this is

actually not good at all.

 

00:15:25:11 00:15:27:02

Like it was great for our wallets.

 

00:15:27:02 00:15:28:11

- Oh (mumbles)

 

00:15:28:11 00:15:29:09

- For a time card.

 

00:15:29:09 00:15:30:09

- We loved it.

 

00:15:30:09 00:15:31:09

- But his the economy,

 

00:15:31:09 00:15:32:12

as the entire nation

 

00:15:32:12 00:15:34:15

it was saying, "Hey we

weren't doing well,"

 

00:15:34:15 00:15:35:24

because--

 

00:15:35:24 00:15:36:24

- Exactly.

 

00:15:36:24 00:15:37:22

- The program was pulling brakes,

 

00:15:37:22 00:15:39:10

they were pressing

brakes to keep (mumbles).

 

00:15:39:10 00:15:40:07

- They were (mumbles)

 

00:15:40:07 00:15:41:03

but artificial involvement.

 

00:15:41:03 00:15:41:24

- There was, they perfect

basically giving a,

 

00:15:41:24 00:15:43:18

like a penicillin shot--

 

00:15:43:18 00:15:44:17

- Exactly.

 

00:15:44:17 00:15:46:01

- To the housing project.

 

00:15:46:01 00:15:47:07

- Exactly.

 

00:15:47:07 00:15:48:07

So those days are over.

 

00:15:48:07 00:15:50:22

We've got the normalized rates.

 

00:15:50:22 00:15:52:13

But I the Feds is

actually doing a good job

 

00:15:52:13 00:15:54:04

of doing so.

 

00:15:54:04 00:15:55:00

- Yeah.

 

00:15:56:10 00:15:57:11

- But your still getting that

 

00:15:57:11 00:15:59:20

mental breakdown where people

 

00:15:59:20 00:16:01:12

are just saying, "Whoa"

 

00:16:01:12 00:16:02:22

for a second.

 

00:16:02:22 00:16:04:18

So, let's look at this.

 

00:16:04:18 00:16:09:08

May we were at $233,000.00 median.

 

00:16:11:03 00:16:11:23

Okay.

 

00:16:12:23 00:16:17:09

June, we're at 229,900.00

 

00:16:21:05 00:16:26:05

and then July, we're

seeing that 225,000.00.

 

00:16:27:01 00:16:29:15

So these are the median original prices.

 

00:16:29:15 00:16:30:24

Original prices.

 

00:16:30:24 00:16:32:16

So we've actually,

 

00:16:32:16 00:16:33:16

it's tightened out,

 

00:16:33:16 00:16:35:05

the market's tightening

 

00:16:35:05 00:16:37:19

so for sellers, you've got to look at this

 

00:16:37:19 00:16:39:05

and go, "Ooh."

 

00:16:39:05 00:16:40:05

- Can I ask some questions?

 

00:16:40:05 00:16:41:17

- Sure.

 

00:16:41:17 00:16:42:17

- And this might just be that

 

00:16:42:17 00:16:45:13

(mumbles) the mortgage side

and not the real estate side

 

00:16:45:13 00:16:49:06

but isn't this like, isn't

this peak buying season?

 

00:16:49:06 00:16:50:02

- It is.

 

00:16:50:02 00:16:51:16

- Isn't this when most people are buying

 

00:16:51:16 00:16:54:08

which doesn't that mean this

should be going another way,

 

00:16:54:08 00:16:55:17

right?

 

00:16:55:17 00:16:56:16

- Right.

 

00:16:56:16 00:16:57:12

Well here's a very interesting thing.

 

00:16:57:12 00:16:59:03

This is the geek in me

 

00:16:59:03 00:17:00:12

'cause I am a geek.

 

00:17:00:12 00:17:01:12

(laughter)

 

00:17:01:12 00:17:02:11

If you look around this room,

 

00:17:02:11 00:17:03:22

you would realize I am a geek.

 

00:17:03:22 00:17:04:23

Alright.

 

00:17:04:23 00:17:08:09

I went on to some of the top local realtor

 

00:17:08:09 00:17:09:19

web pages.

 

00:17:09:19 00:17:10:22

I'm not gonna tell you what they are,

 

00:17:10:22 00:17:12:19

but I'll tell you I did.

 

00:17:12:19 00:17:13:17

(laughter)

 

00:17:13:17 00:17:14:13

And their bell curve

 

00:17:14:13 00:17:17:09

for web traffic looks like this.

 

00:17:18:16 00:17:19:16

- So this is now.

 

00:17:19:16 00:17:20:19

- This is now.

 

00:17:21:16 00:17:24:09

This, was May.

 

00:17:25:11 00:17:29:13

Their hits totaled averaged about 14,000

 

00:17:30:21 00:17:32:21

and you know, this is a great parameter

 

00:17:32:21 00:17:33:22

for the real estate market.

 

00:17:33:22 00:17:34:20

You know why?

 

00:17:34:20 00:17:36:12

Because 95% of people

 

00:17:36:12 00:17:39:17

start their home search on the web.

 

00:17:39:17 00:17:40:21

- Mm-hmm.

 

00:17:40:21 00:17:43:07

- So, you watch, one thing I always do

 

00:17:43:07 00:17:44:20

is I watch the web tracker.

 

00:17:45:20 00:17:49:02

Because you can tell

how the market is also

 

00:17:49:02 00:17:50:21

based on the web tracker.

 

00:17:50:21 00:17:53:17

Well, this is now July.

 

00:17:55:02 00:17:56:10

And they dropped down

 

00:17:56:10 00:18:01:07

to under 6,000 web hits

 

00:18:01:07 00:18:02:21

and that's four or five,

 

00:18:02:21 00:18:03:17

I can't remember exactly,

 

00:18:03:17 00:18:07:11

four or five different very good

 

00:18:07:11 00:18:09:05

realtor-based web pages here

 

00:18:09:05 00:18:10:23

in Orlando that are locally based.

 

00:18:12:04 00:18:14:15

So, again, here it is.

 

00:18:14:15 00:18:17:09

Matches up to these numbers.

 

00:18:17:09 00:18:18:21

Now here's another interesting number

 

00:18:18:21 00:18:20:04

that I love.

 

00:18:20:04 00:18:21:22

Is I took a look

 

00:18:21:22 00:18:24:23

at the difference from

the original meeting

 

00:18:24:23 00:18:26:06

original priced median

 

00:18:26:06 00:18:28:10

versus the sales price median.

 

00:18:28:10 00:18:30:10

Well, in January (mumbles).

 

00:18:36:02 00:18:38:21

In January the difference

 

00:18:40:06 00:18:42:22

was $34,000.00.

 

00:18:44:17 00:18:46:10

- So original list price

 

00:18:46:10 00:18:48:02

to where they actually sold for.

 

00:18:48:02 00:18:48:23

- Right.

 

00:18:48:23 00:18:49:18

- $34,000.00.

 

00:18:49:18 00:18:53:10

- So this was sitting at 224 median.

 

00:18:53:10 00:18:56:10

Median actual sales price was 190,000.

 

00:18:57:22 00:18:59:05

- So does that mean--

 

00:18:59:05 00:19:00:01

- Different (mumbles).

 

00:19:00:01 00:19:02:10

- That on access (mumbles)

overpriced 34,000.

 

00:19:02:10 00:19:03:06

- Yeah.

 

00:19:03:06 00:19:04:02

- Right?

 

00:19:04:02 00:19:04:23

- Slower, slower markets,

 

00:19:04:23 00:19:06:17

what happens in a slower market?

 

00:19:06:17 00:19:08:07

You try and get a bigger,

 

00:19:08:07 00:19:11:03

bigger discount off the the list price

 

00:19:11:03 00:19:11:24

which make sense.

 

00:19:11:24 00:19:13:10

- Yeah.

 

00:19:13:10 00:19:14:06

- Okay.

 

00:19:14:06 00:19:16:16

Well, what's now in July

 

00:19:16:16 00:19:18:23

we're at, we're at July.

 

00:19:25:20 00:19:30:00

The difference is $12,000.00

 

00:19:31:20 00:19:33:19

tightened up immensely.

 

00:19:35:00 00:19:37:07

So you've got a 225,

 

00:19:38:11 00:19:39:08

nice numbers, huh.

 

00:19:39:08 00:19:40:18

- Yeah.

 

00:19:40:18 00:19:43:25

- 225,000 median versus a 213,000

 

00:19:46:16 00:19:49:14

sales price, so $12,000.00.

 

00:19:49:14 00:19:54:14

- So, what's been (mumbles)

literally the market's

 

00:19:54:24 00:19:57:22

gone a little bit just 'cause it's gotten

 

00:19:57:22 00:19:59:14

better, more quicker.

 

00:19:59:14 00:20:00:21

- Well.

 

00:20:00:21 00:20:02:17

- Is it because of the price better?

 

00:20:02:17 00:20:03:19

- To me it's a couple things.

 

00:20:03:19 00:20:06:14

One, they're priced better.

 

00:20:06:14 00:20:10:03

If you notice, our line really

 

00:20:10:03 00:20:13:10

looks like this now as

far as price increases

 

00:20:13:10 00:20:14:20

in homes.

 

00:20:14:20 00:20:15:16

Alright.

 

00:20:17:16 00:20:18:12

So, we've leveled off,

 

00:20:18:12 00:20:19:08

we really kind of leveled off

 

00:20:19:08 00:20:21:19

on the prices, and actually

the past couple months

 

00:20:21:19 00:20:23:20

the median has come down just a hair.

 

00:20:23:20 00:20:25:13

So, the sellers are learning that,

 

00:20:25:13 00:20:29:05

"Hey, I can't overprice the houses.

 

00:20:29:05 00:20:31:22

"If I price it right, I'm gonna get closer

 

00:20:31:22 00:20:34:03

"to what I'm looking for."

 

00:20:34:03 00:20:36:14

What the real true value of the house is.

 

00:20:36:14 00:20:38:12

- So we can't dream too big.

 

00:20:38:12 00:20:39:14

- Right, and then the,

 

00:20:39:14 00:20:42:01

and then the buyers are realizing,

 

00:20:42:01 00:20:44:03

"Okay, it is competitive."

 

00:20:44:03 00:20:46:15

The inventory is tight,

 

00:20:46:15 00:20:48:22

so yes, am I gonna have to

pay closer to what they're

 

00:20:48:22 00:20:50:07

asking for that house?

 

00:20:50:07 00:20:51:04

Yes, I am.

 

00:20:52:22 00:20:57:19

So, these, the details and the data

 

00:20:59:11 00:21:00:09

when you break up the numbers,

 

00:21:00:09 00:21:02:12

you get beyond that 30 seconds--

 

00:21:02:12 00:21:03:16

- Mm-hmm.

 

00:21:03:16 00:21:07:09

- Sound play, there's a

lot of information there

 

00:21:07:09 00:21:08:23

and when you're looking to price a home

 

00:21:08:23 00:21:11:11

these you got it a look at these things.

 

00:21:11:11 00:21:13:23

You know, when you're

looking at buying a home

 

00:21:13:23 00:21:15:17

you wanna know this type of stuff.

 

00:21:15:17 00:21:17:11

Okay, for this subdivision.

 

00:21:17:11 00:21:19:11

Let's take a subdivision in Sweet Water.

 

00:21:19:11 00:21:21:03

How many price decreases have they had

 

00:21:21:03 00:21:23:05

in the past two months?

 

00:21:23:05 00:21:25:03

You know, what's, what's the tendency

 

00:21:25:03 00:21:27:02

within that, within that subdivision?

 

00:21:27:02 00:21:28:02

You know, what's the tendency

 

00:21:28:02 00:21:29:16

within that town?

 

00:21:29:16 00:21:31:22

So I think what we're gonna see really

 

00:21:31:22 00:21:35:03

over the next probably six months

 

00:21:35:03 00:21:36:10

is we're gonna see this

 

00:21:36:10 00:21:38:14

even though the inventory is still tight.

 

00:21:39:16 00:21:40:13

You know, we've only got I think

 

00:21:40:13 00:21:43:03

7700 or 7500 homes you know,

 

00:21:43:03 00:21:44:18

on the MLS.

 

00:21:44:18 00:21:47:00

So even though the market is tight

 

00:21:47:00 00:21:49:17

because people's wallets

 

00:21:49:17 00:21:50:21

are gonna be tighter,

 

00:21:51:25 00:21:54:03

you're gonna see this number

 

00:21:54:03 00:21:55:24

this difference stay tight

 

00:21:57:04 00:21:59:01

and they're gonna be much pickier

 

00:21:59:01 00:22:03:18

because you've lost $25,000.00

 

00:22:04:16 00:22:07:10

in purchasing power.

 

00:22:07:10 00:22:09:15

- I really just wanna,

I feel like this is huge

 

00:22:09:15 00:22:11:23

because if you sell a house, right?

 

00:22:11:23 00:22:12:19

- Mm-hmm.

 

00:22:12:19 00:22:16:06

- What do you, almost 95, 99%

 

00:22:16:06 00:22:17:20

have to do after that?

 

00:22:17:20 00:22:18:22

- Buy another house.

 

00:22:18:22 00:22:19:17

- Buy another house.

 

00:22:19:17 00:22:22:12

So you just listed in January

 

00:22:22:12 00:22:25:04

and then you lost 34,000

 

00:22:25:04 00:22:27:05

as you went through this, right?

 

00:22:27:05 00:22:28:13

- Mm-hmm.

 

00:22:28:13 00:22:32:00

- And then you lost 25,000

 

00:22:33:05 00:22:35:11

you know, on your purchasing power.

 

00:22:35:11 00:22:39:03

So you really lost 59,000.

 

00:22:39:03 00:22:40:02

- Where's the (mumbles)?

 

00:22:41:23 00:22:43:10

- (mumbles) website.

 

00:22:43:10 00:22:44:17

Right?

 

00:22:44:17 00:22:47:10

(laughter)

 

00:22:47:10 00:22:48:07

You gotta go to the camera first.

 

00:22:48:07 00:22:49:09

(laughter)

 

00:22:49:09 00:22:50:10

This 60,000.

 

00:22:50:10 00:22:51:15

- Right (mumbles).

 

00:22:51:15 00:22:52:14

(laughter)

 

00:22:52:14 00:22:55:20

- Yeah, that's almost

$60,000.00 in loss because--

 

00:22:55:20 00:22:57:19

- Oh, sure yeah (mumbles).

 

00:22:57:19 00:23:00:14

- Like this is the

challenge right there is--

 

00:23:00:14 00:23:01:13

- Yup.

 

00:23:01:13 00:23:03:18

- You are trying to get

as much as you could

 

00:23:03:18 00:23:06:24

but you didn't listen to the professional

 

00:23:08:03 00:23:11:20

that was telling you where the values are

 

00:23:11:20 00:23:13:22

and how because you're

going in as a realtors

 

00:23:13:22 00:23:15:06

what--

 

00:23:15:06 00:23:16:04

- Yeah.

 

00:23:16:04 00:23:17:11

- Sell it for the most

and you're (mumbles).

 

00:23:17:11 00:23:19:03

- You always wanna get the best,

 

00:23:19:03 00:23:20:11

best value for your client.

 

00:23:20:11 00:23:21:18

- Mm-hmm.

 

00:23:21:18 00:23:22:23

- You know, you wanna maximize the value

 

00:23:22:23 00:23:25:11

but sometimes, I'll tell you

one of the hardest things

 

00:23:25:11 00:23:27:15

for a lot of realtors to do--

 

00:23:27:15 00:23:28:11

- Mm-hmm.

 

00:23:28:11 00:23:30:22

- Is to actually look

your client in the face,

 

00:23:30:22 00:23:33:16

and say, "Yeah, I know you've

got the nicest kitchen,

 

00:23:33:16 00:23:35:01

"you've got the nicest bathroom,

 

00:23:35:01 00:23:37:07

"you've got the nicest yard.

 

00:23:37:07 00:23:41:25

"But I'm sorry, it does not

make that much of a difference

 

00:23:41:25 00:23:43:08

"in the value."

 

00:23:43:08 00:23:44:04

- Yeah.

 

00:23:44:04 00:23:46:14

- You know, comparables are comparables.

 

00:23:46:14 00:23:48:24

- You can have of course,

but the Kaughs have granite.

 

00:23:48:24 00:23:50:06

- Right.

 

00:23:50:06 00:23:54:07

And it's one of the, honestly

one of the hardest things

 

00:23:54:07 00:23:57:20

is when, "Well Zillow said

it was worth this much."

 

00:23:57:20 00:23:58:20

(laughter)

 

00:23:58:20 00:23:59:16

- You're Zestimatg.

 

00:23:59:16 00:24:01:18

- Yes, the essence.

 

00:24:01:18 00:24:02:14

Well, here's the thing.

 

00:24:02:14 00:24:03:23

Anyone who wants their Z-estimate

 

00:24:03:23 00:24:08:04

and the 60,000 other

automated evaluation models

 

00:24:08:04 00:24:11:00

that take a look, we sold a house,

 

00:24:11:00 00:24:14:22

the Z-estimate was $257,000.00.

 

00:24:17:06 00:24:18:11

Gorgeous house.

 

00:24:18:11 00:24:21:19

House was redone by one

of the best builders

 

00:24:21:19 00:24:24:06

in the county.

 

00:24:24:06 00:24:26:16

And practically gorgeous.

 

00:24:26:16 00:24:28:13

We sold the house,

 

00:24:28:13 00:24:30:09

I think it was for $357,000.00.

 

00:24:33:15 00:24:35:07

You know the Z-estimate changed to?

 

00:24:36:07 00:24:37:03

$300,000.00.

 

00:24:38:05 00:24:40:02

(laughter)

 

00:24:40:02 00:24:42:07

I was dying laughing.

 

00:24:42:07 00:24:45:23

And again, details, you wanna have fun?

 

00:24:45:23 00:24:47:24

Go into the back page of Zillow

 

00:24:47:24 00:24:49:06

where they hide it,

 

00:24:50:08 00:24:51:12

and look at their numbers.

 

00:24:51:12 00:24:53:15

They came out with their

numbers in February 2018,

 

00:24:53:15 00:24:56:08

they come out with their

numbers all the time.

 

00:24:56:08 00:24:58:22

On average, they're off 5%.

 

00:25:02:14 00:25:03:18

5%, okay.

 

00:25:04:18 00:25:06:16

On a $300,000.00 house,

 

00:25:08:07 00:25:10:17

you're 15 grand off.

 

00:25:11:15 00:25:13:11

But it's not 15 grand in one way,

 

00:25:13:11 00:25:16:25

you can be 15 grand too high,

 

00:25:16:25 00:25:18:12

or 15, excuse me, too high

 

00:25:18:12 00:25:20:01

or too low.

 

00:25:20:01 00:25:21:22

So you really gotta $30,000.00 swing

 

00:25:22:18 00:25:25:00

on what the real value of your house is.

 

00:25:25:00 00:25:28:01

And this is only for 40% of the market.

 

00:25:29:05 00:25:33:11

The other 60%, they average 10 to 20%

 

00:25:33:11 00:25:34:07

I believe it is.

 

00:25:35:14 00:25:36:10

- Okay.

 

00:25:37:19 00:25:42:09

- So that's, that's, that's

why we spend so much time

 

00:25:42:09 00:25:44:14

(mumbles) the price and

valuations accounts.

 

00:25:44:14 00:25:45:25

- So that's why you can't rely on

 

00:25:45:25 00:25:47:00

a computer algorithm.

 

00:25:47:00 00:25:47:21

- Exactly.

 

00:25:47:21 00:25:49:09

Because they don't know.

 

00:25:49:09 00:25:50:10

'Cause what they're doing is

 

00:25:50:10 00:25:52:05

they're taking okay,

 

00:25:52:05 00:25:53:04

first it's your house.

 

00:25:53:04 00:25:56:01

You know, something,

you're taking your house

 

00:25:56:01 00:25:58:08

and then they're going, to like summarize

 

00:25:58:08 00:25:59:22

over on the other side of Tuscaloosa,

 

00:25:59:22 00:26:01:20

and because it's in

the geographical area--

 

00:26:01:20 00:26:02:16

- Okay.

 

00:26:02:16 00:26:03:21

- Okay?

 

00:26:03:21 00:26:04:20

Two totally different subdivisions.

 

00:26:04:20 00:26:06:02

- Two miles to be exact.

 

00:26:06:02 00:26:07:25

- Two miles and they average them out.

 

00:26:09:06 00:26:10:04

They can't do it that way.

 

00:26:10:04 00:26:12:08

- Once a (mumbles) neighborhood.

 

00:26:12:08 00:26:13:08

- Exactly

 

00:26:13:08 00:26:14:03

- And then they would say--

 

00:26:14:03 00:26:15:05

- A move up.

 

00:26:15:05 00:26:16:04

- Establish it.

 

00:26:16:04 00:26:17:03

- Yes, a move up.

 

00:26:17:03 00:26:18:24

- There you go, neighborhood.

 

00:26:18:24 00:26:20:02

- Exactly.

 

00:26:20:02 00:26:21:10

- So I mean, I think these

numbers are out of point

 

00:26:21:10 00:26:23:05

and I don't wanna leave and you know

 

00:26:23:05 00:26:25:21

the design here is not to

sit there and scare anybody

 

00:26:25:21 00:26:26:17

or (mumbles).

 

00:26:27:13 00:26:28:19

- Correct.

 

00:26:28:19 00:26:29:18

- (mumbles) the goal here

 

00:26:29:18 00:26:31:19

is to give you a little bit more knowledge

 

00:26:31:19 00:26:32:24

and a little bit more power

 

00:26:32:24 00:26:35:06

in understanding what is happening

 

00:26:35:06 00:26:36:12

because guess what?

 

00:26:36:12 00:26:38:23

That 4.75 we talked about isn't,

 

00:26:38:23 00:26:41:00

it's not stopping right there.

 

00:26:41:00 00:26:41:24

- No.

 

00:26:41:24 00:26:43:19

- You know, they're projecting

over 5 by the end of,

 

00:26:43:19 00:26:45:17

the Feds have already announced another--

 

00:26:45:17 00:26:46:16

- What four more--

 

00:26:46:16 00:26:47:14

- At least--

 

00:26:47:14 00:26:48:14

- Four more or three more.

 

00:26:48:14 00:26:50:05

- They're projecting at

the start of the year

 

00:26:50:05 00:26:51:23

they said three rate increases

 

00:26:51:23 00:26:53:00

to the Fed fund rates

 

00:26:53:00 00:26:55:19

which is based, like

it's what the government

 

00:26:55:19 00:26:58:08

gives banks to borrow money overnight.

 

00:26:58:08 00:26:59:07

- Okay.

 

00:26:59:07 00:27:00:17

- It's kind of a round

about simple explanation.

 

00:27:00:17 00:27:02:23

So if that goes up,

then the give it charges

 

00:27:02:23 00:27:03:19

banks more money.

 

00:27:03:19 00:27:06:09

Banks are gonna charge the consumers

 

00:27:06:09 00:27:07:08

more money.

 

00:27:07:08 00:27:10:12

So what happens is that

what kind of drives this--

 

00:27:10:12 00:27:11:10

- Yup.

 

00:27:11:10 00:27:12:18

- Is the (mumbles) it's

not the only factor

 

00:27:12:18 00:27:14:08

like they originally had to start

 

00:27:14:08 00:27:15:25

in the year they projected the rate

 

00:27:15:25 00:27:17:14

now they're saying four.

 

00:27:17:14 00:27:18:16

We're already at two

 

00:27:18:16 00:27:19:12

which basically is another two more

 

00:27:19:12 00:27:20:08

for the year.

 

00:27:20:08 00:27:21:06

- Yeah.

 

00:27:21:06 00:27:22:01

- We're gonna be around five.

 

00:27:22:01 00:27:24:01

And the reality is the stable economy

 

00:27:24:01 00:27:27:03

should be at five and a half to six.

 

00:27:27:03 00:27:28:10

- Yeah.

 

00:27:28:10 00:27:29:08

- Right in there.

 

00:27:29:08 00:27:31:11

- Our GDP, number which

is supposed to come out

 

00:27:31:11 00:27:33:14

next week, is projected to be something

 

00:27:33:14 00:27:35:01

we haven't seen in years.

 

00:27:36:02 00:27:40:01

4%, that's a boom.

 

00:27:40:01 00:27:40:22

- Yeah.

 

00:27:40:22 00:27:41:18

- That's a boom.

 

00:27:41:18 00:27:42:15

4% is a boom.

 

00:27:43:20 00:27:46:09

So, everything is pressure

 

00:27:46:09 00:27:48:19

on all interest rates is gone this way.

 

00:27:48:19 00:27:50:05

What may hold it now,

 

00:27:50:05 00:27:51:23

Europe, China.

 

00:27:51:23 00:27:52:18

- Other markets.

 

00:27:52:18 00:27:54:11

- Other markets because right now

 

00:27:54:11 00:27:56:19

the US is the only booming economy.

 

00:27:56:19 00:27:58:07

Everyone else is struggling.

 

00:27:58:07 00:27:59:22

- What's nice about this though

 

00:28:01:01 00:28:02:08

is the economy is booming

 

00:28:02:08 00:28:04:08

and what I'll say here is,

 

00:28:04:08 00:28:07:19

we're not seeing housing

market go, go, go, go up.

 

00:28:07:19 00:28:08:14

- Right.

 

00:28:08:14 00:28:09:19

- Like before.

 

00:28:09:19 00:28:10:14

It's gone up a lot, don't get me wrong.

 

00:28:10:14 00:28:12:00

You know, but the key is like,

 

00:28:12:00 00:28:14:02

when a lot of people talk about

 

00:28:14:02 00:28:16:05

the previous housing collapse,

 

00:28:16:05 00:28:17:22

the Recession, everything that was started

 

00:28:17:22 00:28:18:21

because of housing.

 

00:28:18:21 00:28:20:06

- Yup.

 

00:28:20:06 00:28:21:01

- And you've noticed we've tightened up

 

00:28:21:01 00:28:21:22

on underwriting.

 

00:28:21:22 00:28:23:02

Appraisers--

 

00:28:23:02 00:28:24:01

- Oh yeah.

 

00:28:24:01 00:28:25:00

- They don't have,

 

00:28:25:00 00:28:25:24

and say loan officer,

 

00:28:25:24 00:28:26:20

you can't, I just can't call an appraiser

 

00:28:26:20 00:28:30:03

and say, "Hey, I need

that value at 300,000.

 

00:28:30:03 00:28:31:18

"I'll take you to lunch tomorrow."

 

00:28:31:18 00:28:34:08

No it doesn't, now maybe 15 years ago

 

00:28:34:08 00:28:35:10

you could do that.

 

00:28:35:10 00:28:36:09

- Yeah, yeah.

 

00:28:36:09 00:28:37:08

- You know, during the boom

 

00:28:37:08 00:28:38:07

you could do it.

 

00:28:38:07 00:28:39:06

You can't do that.

 

00:28:39:06 00:28:40:06

Like I can't even talk to 'em anymore.

 

00:28:40:06 00:28:41:02

I have to go through our

appraisal management company.

 

00:28:41:02 00:28:42:01

They--

 

00:28:42:01 00:28:42:25

- Exactly.

 

00:28:42:25 00:28:44:05

- Everything's separate and

they done all these things.

 

00:28:44:05 00:28:46:03

They tightened up how we underwrite.

 

00:28:46:03 00:28:47:09

They're starting to loosen up

 

00:28:47:09 00:28:49:17

because now we have technology

 

00:28:49:17 00:28:51:17

and data that could say there you go,

 

00:28:51:17 00:28:53:12

okay and that's why when we talked about

 

00:28:53:12 00:28:55:19

49.999--

 

00:28:55:19 00:28:56:18

- Yup.

 

00:28:56:18 00:28:57:17

- That debt to income, you know,

 

00:28:57:17 00:28:59:09

a year ago, it is was 45%.

 

00:28:59:09 00:29:01:10

But they went up because what they found

 

00:29:01:10 00:29:04:04

is they looked at, they

looked at FHA and VA

 

00:29:04:04 00:29:05:22

and all these other type of buyers

 

00:29:05:22 00:29:07:22

that were over 45 and they were like,

 

00:29:07:22 00:29:09:07

"Wait a minute."

 

00:29:09:07 00:29:12:14

Being over 45 isn't a

catalyst for defaulting

 

00:29:12:14 00:29:13:18

on your loan.

 

00:29:13:18 00:29:15:01

There's other pieces that are

 

00:29:15:01 00:29:17:07

and guess what, with technology,

 

00:29:17:07 00:29:18:18

Fannie Mae which you know,

 

00:29:18:18 00:29:20:11

Freddie Mac, you know,

 

00:29:20:11 00:29:22:19

these entities can now look at

 

00:29:22:19 00:29:25:08

your FICO, your totality

of your credit file

 

00:29:26:08 00:29:28:00

and they can go, "Hey,"

like, "You have a 720,

 

00:29:28:00 00:29:29:23

"but we saw that last year why had,

 

00:29:29:23 00:29:32:17

"you missed three

payments on a student loan

 

00:29:32:17 00:29:33:22

"and then the year before that,

 

00:29:33:22 00:29:35:11

"you missed a payment on a car,

 

00:29:35:11 00:29:36:23

"and the year before

that, you missed this."

 

00:29:36:23 00:29:39:20

And they're going, "We

don't like that as much."

 

00:29:39:20 00:29:43:03

You know, whereas before

the system was only

 

00:29:43:03 00:29:43:24

intlelligent enough to go,

 

00:29:43:24 00:29:46:19

"You have a 720, you're

not missing anything now."

 

00:29:46:19 00:29:49:09

- Yup, I remember, okay,

here's our there scores.

 

00:29:49:09 00:29:50:17

- Yup.

 

00:29:50:17 00:29:54:02

- Oh, we got a 745, 720, and a 650.

 

00:29:54:02 00:29:55:08

Oh we get to take the middle one.

 

00:29:55:08 00:29:56:16

Thank God.

 

00:29:56:16 00:29:57:16

(laughter)

 

00:29:57:16 00:29:58:21

- And we still use the middle one

 

00:29:58:21 00:29:59:17

but guess what?

 

00:29:59:17 00:30:01:21

Now we take that 650 into consideration.

 

00:30:01:21 00:30:03:09

We price on the middle,

 

00:30:03:09 00:30:04:07

that low one,

 

00:30:04:07 00:30:07:15

now we have to go, why is

that one so much lower?

 

00:30:07:15 00:30:08:21

So that's why it's changing

 

00:30:08:21 00:30:09:23

and that's what's you know,

 

00:30:09:23 00:30:11:09

that's one of the pieces

 

00:30:11:09 00:30:12:16

we market housing.

 

00:30:12:16 00:30:14:06

These things are not rising his quickly

 

00:30:14:06 00:30:16:01

as they were.

 

00:30:16:01 00:30:16:25

- Yeah.

 

00:30:16:25 00:30:17:23

- Like--

 

00:30:17:23 00:30:18:19

- We, we needed it.

 

00:30:18:19 00:30:19:22

We, quite honestly,

 

00:30:19:22 00:30:20:18

we needed it.

 

00:30:20:18 00:30:22:04

Because I'm sorry, but there's just

 

00:30:22:04 00:30:27:04

you can't have 10, 12% appreciation

 

00:30:27:11 00:30:29:04

continuously in the market.

 

00:30:29:04 00:30:32:08

It doesn't make sense.

 

00:30:32:08 00:30:35:13

You know, it just, we

needed a little pressure

 

00:30:35:13 00:30:38:04

up to help stabilize the market.

 

00:30:38:04 00:30:39:21

Is what we really needed.

 

00:30:39:21 00:30:41:21

Now hopefully what we'll see

 

00:30:41:21 00:30:44:15

really over the next six months to a year,

 

00:30:44:15 00:30:46:22

is that when this growth rate,

 

00:30:46:22 00:30:48:14

unemployment worries

 

00:30:48:14 00:30:50:16

is we're gonna see, start to see

 

00:30:50:16 00:30:54:09

people get pay increases.

 

00:30:54:09 00:30:55:06

I think that's the one thing

 

00:30:55:06 00:30:56:11

where we're seeing--

 

00:30:56:11 00:30:57:07

- That great.

 

00:30:57:07 00:30:58:11

- We're seeing a little bit of lack

 

00:30:58:11 00:31:00:06

is, is the pain.

 

00:31:00:06 00:31:03:12

What is interesting, I

saw a number the other day

 

00:31:03:12 00:31:05:05

there's actually more people

 

00:31:05:05 00:31:06:20

quitting their jobs

 

00:31:06:20 00:31:08:02

than ever before.

 

00:31:08:02 00:31:08:24

(laughter)

 

00:31:08:24 00:31:10:08

Yeah.

 

00:31:10:08 00:31:11:08

(laughter)

 

00:31:11:08 00:31:12:25

- Oh, man.

 

00:31:12:25 00:31:14:02

- Oh, man.

 

00:31:14:02 00:31:16:00

- Anne strives (mumbles).

 

00:31:16:00 00:31:18:05

- And it's because the see opportunity.

 

00:31:19:06 00:31:20:17

And there's optimism.

 

00:31:20:17 00:31:21:21

And it's a nice,

 

00:31:21:21 00:31:23:10

it's a nice feeling.

 

00:31:23:10 00:31:24:14

- We're no longer

looking at life stagnant.

 

00:31:24:14 00:31:26:00

- Yes.

 

00:31:26:00 00:31:27:00

- Where the economy is stagnant.

 

00:31:27:00 00:31:27:23

- Yeah, what's, but it's funny

 

00:31:27:23 00:31:30:18

because I think there's still

a lot of people out there

 

00:31:30:18 00:31:34:09

who went through that housing crisis.

 

00:31:34:09 00:31:35:05

- Mm-hmm.

 

00:31:35:05 00:31:37:16

- You know, people who lost their homes.

 

00:31:37:16 00:31:38:13

- Yeah.

 

00:31:38:13 00:31:39:20

- And they're looking at it now

 

00:31:39:20 00:31:41:19

again and they're a little bit nervous.

 

00:31:42:16 00:31:43:22

I think probably one of the next (mumbles)

 

00:31:43:22 00:31:46:01

we're gonna do is 'cause I watched,

 

00:31:46:01 00:31:47:03

I've read some articles

 

00:31:47:03 00:31:48:19

over the pat week

 

00:31:48:19 00:31:52:00

is Millennials and others

 

00:31:52:00 00:31:53:08

they're actually starting to feel that

 

00:31:53:08 00:31:54:23

renting is better than owning.

 

00:31:56:00 00:31:59:20

And long term, I still don't see that.

 

00:32:00:22 00:32:02:12

You know, I don't see it.

 

00:32:02:12 00:32:05:06

That's not the American dream.

 

00:32:05:06 00:32:06:23

You know, it's not.

 

00:32:06:23 00:32:08:07

You know, and I think that's something

 

00:32:08:07 00:32:09:12

you know, we need to look at,

 

00:32:09:12 00:32:10:12

we need to show 'em,

 

00:32:11:12 00:32:13:02

hey, you still can own,

 

00:32:13:02 00:32:15:05

you still can you know,

 

00:32:15:05 00:32:17:04

you still, there's still

opportunity out there.

 

00:32:17:04 00:32:18:17

But I think a lot of those

 

00:32:18:17 00:32:20:20

saw what happened to their parents.

 

00:32:20:20 00:32:21:16

- Yeah.

 

00:32:21:16 00:32:22:19

- As they crashed.

 

00:32:22:19 00:32:23:19

- Mm-hmm.

 

00:32:23:19 00:32:24:15

- And now, they're at that stage

 

00:32:24:15 00:32:25:11

and they're like,

 

00:32:26:08 00:32:27:23

"Well, my parents went through this."

 

00:32:27:23 00:32:31:05

You know, it kind of reminds

me of my grandparents.

 

00:32:31:05 00:32:32:01

Because my grandparents

 

00:32:32:01 00:32:32:23

were very frugal.

 

00:32:32:23 00:32:35:18

My grandparents went

through the Depression.

 

00:32:35:18 00:32:37:15

And anyone who's my age,

 

00:32:37:15 00:32:39:00

18, 19.

 

00:32:39:00 00:32:40:07

(laughter)

 

00:32:40:07 00:32:41:23

Anyone who's my age,

 

00:32:41:23 00:32:45:04

you know, their grandparents

 

00:32:45:04 00:32:47:05

you know, who went through the Depression

 

00:32:47:05 00:32:49:03

they kept, they had all their money

 

00:32:49:03 00:32:51:10

and they never lived at

the end of their means.

 

00:32:51:10 00:32:52:09

- Mm-hmm.

 

00:32:52:09 00:32:53:08

Yeah.

 

00:32:53:08 00:32:54:14

- And I think there's, we're

seeing a little bit of that

 

00:32:54:14 00:32:56:17

in the Millennials.

 

00:32:56:17 00:32:58:03

They're not out stretching.

 

00:32:58:03 00:33:00:23

They saw what happened to their parents.

 

00:33:00:23 00:33:02:01

- So a payments (mumbles) for.

 

00:33:02:01 00:33:04:11

You're definitely gonna want to stay tuned

 

00:33:04:11 00:33:05:14

for the next one.

 

00:33:05:14 00:33:07:20

It's Joseph Dionne with Home 1st Lending.

 

00:33:07:20 00:33:11:14

- Brenden with, Brenden Rendo

with Homes in Orlando team

 

00:33:11:14 00:33:13:13

and Nexthome Neighborhood Realty.

 

00:33:13:13 00:33:15:06

Thank you four time today,

 

00:33:15:06 00:33:17:00

hope we taught you something.

 

 

<end subtitles>

 

 

 

 

 

 

Posted in Topic Of Interest
July 19, 2018

Orlando Housing Market Report | June 2018

Orlando's meager inventory continues to stifle sales, drive up prices

 

 

The inventory of homes available for purchase in the Orlando area displayed its greatest percentage of decrease yet in 2018, contributing to a second consecutive month of slower sales. However, buyer demand is continuing to boost the area’s median price.

The overall median price of Orlando homes (all types combined) sold June is $239,180, which is 6.8 percent above the June 2017 median price of $223,950 and 2.7 percent above the May 2018 median price of $233,000. 

Year-over-year increases in median price have been recorded for the past 84 consecutive months; as of June 2018, the overall median price is 107.8 percent higher than it was back in July 2011.The median price for single-family homes that changed hands in June increased 6.8 percent over June 2017 and is now $260,000. The median price for condos increased 13.6 percent to $125,000.

The Orlando housing affordability index for June is 124.26 percent, down from 124.26 last month. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Orlando June SnapshotConversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

The first-time homebuyers affordability index decreased to 88.37 percent, from 90.31 percent last month.

Sales and Inventory

Members of ORRA participated in 3,451 sales of all home types combined in June, which is 11.1 percent less than the 3,882 sales in June 2017 but 0.7 percent more than the 3,426 sales in May 2018.

“Summertime is when we traditionally see sales expand as families seek to secure new homes before the start of the new school year,” explains ORRA President Lou Nimkoff, Brio Real Estate Services. “Incredibly low supply continues to be the primary impediment to sales in Orlando, but the combination of higher prices and mortgage rates contribute by pinching the budgets of some prospective buyers -- particularly first-timers – and thwarting their efforts to buy.”

Sales of single-family homes (2,672) in June 2018 decreased by 11.8 percent compared to June 2017, while condo sales (408) decreased 11.1 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 132 in June and are 50.2 percent less than the 266 distressed sales in June 2017. Distressed sales made up just 3.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in June (7,558) represents a decrease of 17.3 percent when compared to June 2017, and a 1.0 percent increase compared to last month. There were 16.1 percent fewer single-family homes and 22.6 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for June. There was a 2.35-month supply in June 2017 and a 2.2-month supply last month.

The average interest rate paid by Orlando homebuyers in June was 4.61, down from 4.64 percent the month prior.

Pending sales in June are down 11.6 percent compared to June of last year and are down 9.9 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 11.4 percent when compared to June of 2017. Year to date, MSA sales are down by 1.8 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 12.8 percent below June 2017;

*Orange: 12.1 percent below June 2017;

*Osceola: 9.9 percent below June 2017; and

*Seminole: 9.6 percent below June 2017.

MAY BY THE NUMBERS

Median Price $239,180

+7%

 Sales 3,451

-11% 

Pending Sales 5,206

-12%   

New Listings 4,128

-11% 

New Contracts 3,188

-7% 

Inventory 7,558

-17%  

Interest Rate 4.61%

Compared to June 2017

Based on 30-year fixed rate mortgage

 

 

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. 
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR association, ot just members of ORRA,
 
July 17, 2018

Douglas and Wymore Changes | I-4 Ultimate Improvement Project

Douglas and Wymore Changes

Old-New Configuration

 

As Soon as July 28, Traffic Will no Longer be Able to Cross S.R. 436 from Douglas Ave. and Wymore Rd.

To improve traffic flow at the State Road (S.R.) 436 and Interstate 4 (I-4) interchange nearby roads and traffic movements must shift.

As soon as Saturday, July 28, 2018, a new traffic movement will be in place to prepare for the final configuration of the S.R. 436 interchange. The change means traffic will no longer be able to cross S.R. 436 between Wymore Road and Douglas Avenue.

Wymore Road and Douglas Avenue will become right-in, right-out only from S.R. 436. Pedestrians and right-in and right-out traffic will still be guided by the existing traffic signal. Once the S.R. 436 interchange is completed and the pedestrian tunnel opened the traffic signal at S.R. 436 and Wymore Road/Douglas Avenue will be removed to provide more capacity for vehicles accessing I-4 and to improve traffic flow.

Lanes on Westmonte Drive also will be added or widened to accommodate the additional volume of motorists using the roadway. Construction on these roadways began in 2017 in anticipation of motorists using this new traffic movement. The signals throughout these roadways will be adjusted and timed to accommodate the additional capacity.

The final configuration of S.R. 436 will function as a Single Point Urban Interchange (SPUI). This type of interchange helps efficiently move large traffic volumes through an intersection with limited space. The SPUI at S.R. 436 will allow opposing left turns to proceed simultaneously in one single intersection over I-4.

3351 Wymore Douglas Westmonte Handout

 

 

 

Posted in Topic Of Interest
July 12, 2018

Is The C&D About To Take Over The B&B?

C&D

Is The C&D About To Take Over The B&B?

You ask what a C&D is?  A Couch and Dinner, invented by Angie Rendo due to the need to help her brother-in-law, Korey.   She invented the C&D as a way to provide him a place to stay while he was searching for his new home.  

We took the time to speak with Angie about how she came up with the C&D idea.

Interviewer: “Angie, how did you come about with the C&D idea?”

Angie: “Well, first off I've got a really large couch and it's really soft and really comfortable.  I often found myself sleeping on it a lot of nights when I had difficulty in my own bed or my husband was snoring so loud, he would shake the walls. So, when my brother-in-law got a new job down here In Lake Mary, we decided to let him stay here. However, we have a small 2-bedroom apartment and really had no place for him to sleep.  We did look at the prices of cots and other solutions, but they were kind of expensive, so we thought, you know, let's just turn the couch into a bed it's super wide and really comfortable.”

Interviewer: “So where does the D for Dinner come in?”

Angie: “Well, to top it off, he doesn't like to eat breakfast. I made breakfast a couple mornings before he went to his new job and he just never ate them.  I asked him, and he said he never eats breakfast. But dinner, that's a whole different story, he loves to eat, and I love to cook.  So, in preparing a dinner for my husband, I would just make an extra big meal so that he got a good dinner, too.  Thus, we came up with ‘couch and dinner’ the ‘C&D’.”

Interviewer: “So, Angie, what tips could you offer to those who would like to help out a family member or make a few extra dollars with their own C&D?”

Angie: “Well probably the biggest one to start with is that you’ve got to have a great couch. I’ve got a GREAT couch.  I’ve got a sectional that I can move around and make different sizes, but the best thing about it,is that it is super deep.  You can actually sleep two people together on this couch if you wanted to.”

Interviewer: “What are some of the other tips you can provide?”

Angie: “One of the big things is with the dinners, you need to find out what your clients are allergic to, or if they are on a special kind of diet.  One of the things that Korey made clear was that he wanted to cut down on his carbs, so I made sure he had a high protein meal. One little side thing about that, you must make sure that you have a lot of snacks in the pantry because you'll find that your guest like to get up in the middle of night and nibble on a lot of different snacks. So that is just a little side tip.”

Interviewer: “Have your every heard or seen anything like your C&D before?”

Angie: “That is funny you ask because I have seen something called ‘Couchsurfing’.  I think there is an actual website on it too.  But I prefer C&D, it sounds more welcoming.”

Interviewer: “That's fantastic Angie.  Really appreciate your time and wish you much success with your C&D Business.”

Posted in Topic Of Interest
July 6, 2018

School Immunizations For Seminole County

Seminole County

Information Provided By Community Relations Officer Ashley Moore

SCHOOL IMMUNIZATIONS

The Florida Department of Health in Seminole County (DOH-Seminole) is urging parents to prepare their children now for this upcoming school year. Parents may visit their child’s medical provider or the health department to obtain their required vaccines and school physicals for school entry and help keep their children safe from vaccine preventable diseases. “Up-to-date immunizations are very important to keep children safe and ready for school. A higher number of vaccinated children will make it less likely for a disease to spread from person to person, which is known as community immunity,” said Donna Walsh, health officer for the Florida Department of Health in Seminole County. “It is important to continue protecting our children from outbreaks of vaccine-preventable diseases like pertussis, mumps and measles.” Immunizations and school physicals are available at DOH-Seminole located at 400 W. Airport Boulevard in Sanford, Monday through Friday from 8 am to 3:30 pm. To make an appointment call (407) 665-3700. Due to the high demand for immunizations from July 23rd through August 14th, services are provided on a first come, first served, walk-in basis. You may experience a longer wait during this period. Children must be accompanied by an adult family member or legal guardian to receive immunizations. If not, a notarized permission form, signed by the parent or legal guardian, must be presented before services are rendered. A copy of each child’s immunization record and government-issued, valid photo identification of the adult relative or legal guardian are required. Parents may also visit their primary care provider to avoid possible long wait times. A certified DH 680 immunization form is required for school entry and is provided with immunizations. You can obtain this form at your child’s medical provider or though the immunization clinic at the health department. Immunization services are available for low-cost administrative fees at the health department. Families with private insurance assigned to a medical home or HMO provider are encouraged to go to their doctor for immunizations as the health department is a safety net for those without health care coverage. For more information on childhood immunizations visit www.seminolecohealth.com .

 

Florida Health