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Rent Or Buy: Either Way You’re Paying A Mortgage!

Rent Or Buy: Either Way You’re Paying A Mortgage!

Rent or BuyThere are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

With home prices rising, many renters are concerned about their house-buying power. Mark Fleming, Chief Economist at First American, explained:

Over the last three years, renter house-buying power has increased fast enough to keep pace with house price appreciation, so the share of homes that a renter can afford to buy has remained the same since 2015.

Although mortgage rates are expected to rise, they are still low by historic standards, and real household incomes are the highest they have ever been. Assuming this trend continues, our measure of affordability, which takes into account income, interest rates, and house prices, indicates that homeownership is still within reach for renters.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.51% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

Source: Keeping Matters Current

Orlando’s Home sales, New Listings, Median Prices up in July

Fla.’s home sales, new listings, median prices up in July

ORLANDO, Fla. – Aug. 22, 2018 – Florida’s housing market reported more sales, rising median prices and more new listings in July compared to a year ago, though for-sale inventory remains constrained in many markets, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 25,488 last month, up 3.8 percent compared to July 2017.

Home Sales in Florida“In a positive sign for Florida’s housing market and potential buyers, we saw a modest increase in new listings in July,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “New listings for existing single-family homes rose 3.1 percent compared to a year ago and new listings for condo-townhouse properties increased 2 percent from last July. Meanwhile, home sellers received more of their original asking price at the closing table. Sellers of existing single-family homes received 96.7 percent (median percentage) of their original listing price, while those selling condo-townhouse properties received 95.3 percent (median percentage).”

July was the 79th month in a row that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year. The statewide median sales price for single-family existing homes was $255,000, up 6.3 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse units in July was $180,000, up 5.3 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in June 2018 was $279,300, up 5.2 percent from the previous year; the national median existing condo price was $258,100. In California, the statewide median sales price for single-family existing homes in June was $602,760; in Massachusetts, it was $430,000; in Maryland, it was $313,254; and in New York, it was $280,000.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 10,032 last month, up 8.5 percent compared to a year ago. Closed sales data reflected dwindling short sales and foreclosures in July: Short sales for condo-townhouse properties dropped 33 percent and foreclosures fell 26.5 percent year-to-year; while short sales for single-family homes declined 41.6 percent and foreclosures fell 38.3 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“We are continuing to see signs that the low-inventory situation impacting the single-family home market has finally stopped getting worse, though it remains constrained,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “As of the end of July, there were 3.9-months’ supply of single-family inventory in Florida, marking the third straight month where there was no year-over-year change in this metric. We’re still squarely in seller’s market territory, though, and we’re going to need new single-family construction to ramp up even more.

“Half of Florida’s 4.3 million millennials are now in their thirties, and while their employment opportunities have improved drastically in recent years, the state’s housing shortage is locking them out of their best opportunity to build lasting wealth during their prime working years. In the short run, their best bet may be to consider ownership of a multifamily unit like a condo or townhouse, where inventory levels are not nearly as tight in most areas around the state. Statewide, there’s currently a 5.3-months’ supply in the condo-townhouse category, indicating a much more balanced market than what we have with single-family homes.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.53 percent in July 2018, up from the 3.97 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors website.

© 2018 Florida Realtors®

Orlando Daily Mortgage Rate

Daily Mortgage Rate

Welcome to this weeks snapshot of Orlando’s Mortgage Rate! Take a look at mortgage rates that are steadily increasing. Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!

Daily Mortgage Rate
Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Tuesday August 21, 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!

Source: Bankrate.com

Orlando, Tampa, Jacksonville near top of ‘likely to move’ list

Orlando, Tampa, Jacksonville near top of ‘likely to move’ list

IRVINE, Calif. – Aug. 16, 2018 – ATTOM Data Solutions’ Q2 2018 Pre-Mover Housing Index finds that Chicago, Washington, D.C., OrlandoTampa-St. Petersburg and Atlanta posted the highest pre-mover index in the second quarter of 2018 in the larger-metro category. ATTOM says a high score is “predictive of a high percentage of homeowners moving in the third quarter.”

ATTOM’s quarterly report looks at 36 metropolitan statistical areas (MSAs) with at least 500,000 single-family homes and condos using data collected from purchase loan applications on residential real estate transactions.

The Pre-Mover Housing Index is based on the ratio of homes with a “pre-mover” indicator compared to total single-family Orlando on Top List for 'Likely to Move' tohomes and condos in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 90 days in a given market.

Among a broader set of 131 metro areas with at least 100,000 single family homes and condos, those posting the highest pre-mover index in Q2 2018 were Wilmington, N.C. (206); Colorado Springs, Colo. (178); and Manchester-Nashua, N.H. (172); followed by Chicago (168) and Washington, D.C. (166).

“A higher pre-mover index bodes well for local real estate agents, home improvement stores, moving companies and others that benefit from the halo effect of a home sale,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“Meanwhile markets with a low pre-mover index likely have a scarcity of inventory available to buy or relatively weak demand from prospective buyers – or some combination of both – which is not optimal for businesses that rely on the home sale halo effect,” Blomquist adds.

ATTOM has a pre-mover heat map on its website that displays the likelihood of home sales by city.

States with the highest pre-mover index in the second quarter of 2018 – predictive of a high percentage of homeowners moving in the third quarter – were North Dakota (275), Illinois (193), Nevada (164), Virginia (163), and Colorado (147). Other states with a pre-mover index among the 10 highest in Q2 2018 were New Jersey (133), Florida (133), Delaware (130), Maryland (127), and Utah (124).

Florida cities ranked by pre-mover index ranking

  • Orlando-Kissimmee: 136
  • Jacksonville: 136
  • Tampa-St. Petersburg-Clearwater: 133
  • Lakeland-Winter Haven: 126
  • Ocala: 109
  • Port St. Lucie: 100
  • Palm Bay-Melbourne-Titusville: 95
  • Cape Coral-Fort Myers: 91
  • Deltona-Dayton Beach-Ormond Beach: 90
  • Bradenton-Sarasota-Venice: 87
  • Miami-Fort Lauderdale-Miami Beach: 85
  • Pensacola-Ferry Pass-Brent: 65
  • Fort Walton Beach-Crestview-Destin: 58
  • Naples-Marco Island: 53

 © 2018 Florida Realtors®

WOW!! This is great news for Florida and its new, potential, residents. Contact one of our associates today to get more information about jump on this wagon and making the move to Central Florida!! Disney’s famous attractions and Central Florida’s lifestyle has so many things to offer visitors and residents, we want YOU to be a part of all of it! Contact us today to learn where to start on the Homebuying process. 

Orlando Retirement Villa For Sale | Outdoor Resorts


Orlando Retirement Villa For Sale in Outdoor Resorts

9000 US Highway 192 Lot 408

CUTE and CLEAN! This is a one bedroom home….but….the laundry area is 10×10 and has a 2nd bed in it!! This home has real windows in the Florida Room, a sleeper sofa, step storage, a great kitchen/dining area with lots of storage, WOOD floors, a front outside storage closet, and backs up to the bath house. The a/c was replaced in 2017. This is a great home in a great 55+ community. The park is gated and the fees are $490/qtr which pays for your water, sewer, basic cable, trash, and lawn mowing. It is well maintained and just about the least expensive living in this area that you’ll find. Check it out before it’s gone!!

9000 US Highway 192 Lot #408

$44,900

617 Heated Sq. Ft. | 2017 Taxes $711

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Orlando Vacation Home For Sale Near Disney | Silver Creek



Orlando Vacation Home For Sale Near Disney

17614 Woodcrest Way

One of the best lots in the whole community. Plenty of space on all sides of the home and right across the street from the playground. This luxurious 4 bedroom villa has so much to offer and as soon as you walk in through the front door you will feel right at home. This property offers a feeling of luxury and space and boasts of 4 bedrooms with large spacious rooms throughout. This villa is located in the Community of Silver Creek only 10 mins to Disney. As soon as you step outside the rear, you will be welcomed by the spacious heated pool and spa and large deck area, ideal for sunbathing the day away on this oversized lot. Owner bookings may convey as well if desired.

17614 Woodcrest Way, Clermont FL 34714

$235,000

1,858 Heated Sq. Ft. | 2017 Taxes $2,903

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