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!
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!
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:
WESTBOUND I-4 UNDER CENTRAL PARKWAY CLOSING NIGHTS OF NOV. 27 AND 28
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.
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!
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.
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.
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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
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there's a business great there's a big
list a lot of your expired or just never
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00:09:29,510 --> 00:09:33,800
finish the approval process soyou are
really limited with condos. The vast
98
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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
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address that with a little bit different program. Okay now
we know we gets $7,500 we're at the
102
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$271,000. We can go after single-family,
townhomes. With the government programs
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Alright, now as a borrower there are
always credit questions. Where do they
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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
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there. And with these loans we do find
that if your in that 640 range that
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it's fairly easy to get you approved. And with the processing,
another thing is processing time
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because a lot of people are familiar
with a SHIPP program and the paperwork on
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that is a headache, absolutely. How does this differ from the
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SHIPP program and I know you're laughing about that. I could see how much fun
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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
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00:11:17,839 --> 00:11:27,559
but giving loans closed in as little as
30 days. Question: How much money should someone
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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
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00:11:35,059 --> 00:11:39,079
the loan program that you have so that
FHA is gonna require minimum downpayment
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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
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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
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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
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and they have an address finder. Where
you type in the address of a property
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and It will tell you whether or not it's
inside the USDA's
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letting district. Right now quite a bit of
Volusia County, Deland, Debary, Orange City.
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It's easiest to figure out USDA if
there's a not a lot of people living in
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and around the area well we're gonna be
you as usual and USD really just stands
129
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for its her role so here if you looking
in your not long a lot of neighbors
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don't mind living outside of like more
populated urban centers and easiest way
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to really do that go on your computer so
look up a search and just search USDA
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eligibility map and they'll be a place
where you can add an address you don't
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see and you can look at a map it is
clear as day the area it is street by
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street so you could live on one side of
the street it could be USDA eligible the
135
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other side of the street where it could
not be USDA and actually have that
136
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happen recently yep so hope that answers
your question other things now how is
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this how is this show to the buyer as
far as it is a second mortgage okay so
138
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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
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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
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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
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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
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minutes I love my job
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Now one thing I think after tell people
is don't be afraid to ask questions! We
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want to be your resource that's why
we're doing this. Is so that we can teach
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you. We feel a lot of stuff today
people aren't teaching. How to
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process a personal loan and I know
you've done this with your clients and
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I've done this with my clients. I've had
clients was taken a year, a year and a
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half to get them into position the purchase their
home. But you got to have a rode map and
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that's what we do as a team. Because it
is truly team in the purchasing process, you
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have when you have your realtor, you have
your mortgage company, we work with a
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couple credit repair companies that will
help you repair the credit. So we can get you
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to at 640. Because every
time we can get you up a little bit higher
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Your credit score, can see on your interest
rate alright. So don't ever be afraid to
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ask questions and ask can you help. We
always happy to help. I love mortgage
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consultations and I can't tell you as long
as you're willing to listen and there's
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a the heed advice and take the advice
that yeah if you're not at the point
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where you can purchase today so but we
can show you how to do it in three
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months six months nine months. Not only does it
give you time to potentially save a
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little bit more money to and you're
needing it for your downpayment, now we can go
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ahead and show you well this is what's
wrong right you may think that there's
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something wrong happening we can jump in
we can pull your credit we can look at a
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report go over with you and maybe it's
on your what are you thinking so and
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that's what we find in so many cases
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credit-card bill that is a little to high,
and we need you to pay that down it and
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give your credit just an opportunity to
reflect that so again it was let's just
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run through the highlights of the
program. okay it is the second mortgage
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no interest,no interest, $7,500
they can be used for down payment or
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closed cost. Correct, it just
gets at taking out of your total cash
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statewide and another thing that we like
about this program as opposed to some of
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their county ones is that there's not a
limit on the fun this is just a program
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that's okay that's good
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the state of Florida does want to
help so and and there's two there was
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another there's another program that
will run out of money and that's some of
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the heartache you hear but this
one is credit score we need 640
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we can use them with FHA, VA, or USDA
loans. Anything else Oh purchase pricing
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go up to $271,000 there's an income
restriction but work glad to help you
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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
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. Conversely, 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 Sales5,206
-12%
New Listings 4,128
-11%
New Contracts 3,188
-7%
Inventory 7,558
-17%
Interest Rate4.61%
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,
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.
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.”
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 .
Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)
