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Fla.’s Oct. Housing Market: Median Prices, Inventory Rise

Fla.’s Oct. Housing Market: Median Prices, Inventory Rise

by | Nov 26, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Sellers

Fla.’s Oct. Housing Market: Median Prices, Inventory Rise

Fla.’s Oct. Housing Market: Median Prices, Inventory Rise

ORLANDO, Fla., Nov. 18, 2022 /PRNewswire/ — Florida’s housing market reported higher median prices and more inventory (active listings) in October compared to a year ago, though inflation and rising interest rates remained a factor for buyers, according to Florida Realtors®’ latest housing data.

Closed sales of single-family homes statewide last month totaled 20,837, down 24.6% year-over-year, while existing condo-townhouse sales totaled 8,356, down 26.9% from October 2021, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

According to Florida Realtors Chief Economist Dr. Brad O’Connor, a look at market conditions from 2021 to the latter half of 2022 offers insight into how sales have been affected. He explained, “The beginning of 2022 marked the end of a nearly two-year period of record-low mortgage rates, as the Fed began to reverse its course in order to fight pervasive inflation in the economy. The rapid pace of the resulting increases in interest rates has dramatically increased the monthly payments required for new mortgages, and home price growth has only recently started to show signs of responding.

“In terms of closed sales in Florida, 2022 started out a lot like 2021, but soon, the shock of the rapid rise in mortgage rates caused many buyers to suspend their home searches and sit on the fence; some even had to drop out when their planned budget for a home couldn’t keep pace. As a result, the second half of 2022 has seen the level of existing home sales in Florida more-or-less fall in line with the typical pre-pandemic seasonal trends.”

O’Connor added, “The fact that monthly sales still remain in the neighborhood of pre-pandemic levels despite today’s significantly higher home prices and mortgage rates only illustrates that despite these headwinds, housing demand in Florida continues to receive support from its recent surge in post-pandemic in-migration, vacation home purchases, and the ever-increasing number of millennials looking to find a home for their growing families.”

In October, the statewide median sales price for single-family existing homes was $401,990, up 12% from the previous year; for condo-townhouse units, it was $310,000, up 19.2% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

“The supply of for-sale homes continues to slowly build, easing inventory constraints in many markets across the state,” said 2022 Florida Realtors® President Christina Pappas, vice president of the Keyes Family of Companies in Miami. “Having more supply available will begin to ease some of the pressure on home prices, which in turn will help buyers dealing with higher interest rates. Homes in Florida continue to go under contract quickly, though the time to contract is slightly increasing: The median time to contract for single-family existing homes last month was 25 days compared to 12 days during the same month a year ago. The median time to contract for existing condo-townhouse units was 25 days compared to 15 days in October 2021.

“Buying or selling a home is a complex and emotional process but working with a local Realtor can help you understand changing market conditions and give you peace of mind.”

Statewide inventory was higher last month than a year ago for both existing single-family homes, up 88.4%, and for condo-townhouse units, up 31%. The supply of single-family existing homes increased to a 2.7-months’ supply while existing condo-townhouse properties were at a 2.5-months’ supply in October.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 6.90% in October 2022, significantly up from the 3.07% average during the same month a year earlier.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom at http://floridarealtors.org/newsroom and look under Latest Releases or download the October 2022 data report PDFs under Market Data at: http://floridarealtors.org/newsroom/market-data.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 225,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

SOURCE Florida Realtors

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Reasons Home Sales Are Falling Through Today

Reasons Home Sales Are Falling Through Today

by | Nov 23, 2022 | Blog, Homeowners, Homes, Villas and Condos, News, Real Estate News, Sellers

Reasons Home Sales Are Falling Through Today

Reasons Home Sales Are Falling Through Today

 

For the past few years, anyone who wanted to sell their home was pretty much guaranteed a buyer, but that’s no longer the case.

During the height of the COVID-19 pandemic, a seller’s market reigned, where buyers would do just about anything to get a house, from offering way over the asking price to waiving contingencies. But the real estate landscape has changed a lot since then.

In fact, one recent survey by home warranty company Cinch Home Services of 1,000 Americans who tried to buy or sell a home in the past year found that 1 in 5 seller’s deals fell through.

The reasons these deals are failing run the gamut, but one common theme is economic uncertainty. According to the Cinch survey, 16% of deals fell through due to buyer’s job loss and in 23%, buyers pulled out because they were afraid of a recession.

“Consumers are feeling uneasy about the current state of housing and the economy,” says Ali Wolf, chief economist for Zonda. “Today’s market is different than it was just six months ago.”

Since selling a home today is no longer a given, sellers whose homes are on the market right now might be worried. While not all contracts can be saved, many can if sellers know how to properly vet a buyer and make sure they’re prepared for any curveballs that might hit before closing day. Here’s where those deal-killing pitfalls are hiding, as well as how to avoid them so your own contract crosses the finish line.

 

1. Higher interest rates interfere with buyer financing

Back when the market was booming and mortgage interest rates were low, many buyers could finance a home purchase without a problem. But now that interest rates have essentially doubled in the past year (from the 3% to 6% range), buyers can’t afford what they used to. In fact, the Cinch survey found that of the real estate contracts that didn’t close, 42% was due to the mortgage application being denied and 31% was due to higher interest rates.

How to save the deal: “The best bet for sellers is to require a recent pre-approval letter from the lender, written within the last 30 days,” says Elizabeth Sugar Boese. “This helps the seller by preventing a contract termination based on the loan’s monthly payments.”

And whenever interest rates are rising fast, sellers should ask if their buyers have a lock on their interest rate, which makes them immune to fluctuations within a certain time period.

“Buyers that have a mortgage rate lock are more likely to close the purchase versus those that still need a rate lock,” says Wolf.

“Home sellers should also be aware of some signs that a homebuyer is at higher risk for not closing on the deal,” says Jason Gelios, author of “How to Think Like a Realtor”. “These signs are a smaller down payment, a need for concessions or seller credits, and/or a pre-approval from an unknown lender.”

 

2. Homes aren’t appraising for what buyers offered

Another problem with loans today is that even if the buyer is solid, the property itself can throw a wrench in things if the appraisal falls short of what the buyers offered to pay. This is known as an appraisal gap, and it’s a huge problem for sellers—and buyers—right now.

According to the Cinch survey, 35% of deals that fell through during the past year were because a home appraised for significantly lower than the purchase price.

“Home sales are falling through because sellers are still pricing their homes as if it was six months ago, thinking they are going to be getting lots of offers over asking price,” says Nathaniel Hovsepian.

Even if sellers luck out and get a sky-high offer, a lower appraisal means the homebuyer has to figure out how to make up the difference. If the buyer can’t, or doesn’t want to, the deal is off.

How to save the deal: When you’re looking to price your home, make sure you’re on target with what similar homes in your area have appraised for within the past three months. In general, you want to price your home within 10% of those numbers.

But then also consider that the market is cooling.

“A seller reluctant to price their property at the lower market price may find themselves chasing a declining market,” says real estate agent and lawyer Bruce Ailion. “And that can become extremely costly.”

 

3. Buyers are driving a harder bargain

When the market was red-hot, buyers were willing to give up a lot to win the bid. In many cases, that meant giving up contingencies for appraisals, financing, and home inspections.

But now that buyers have a bit more leverage with negotiations, contingencies are back—particularly home inspections. And if your own home’s inspection uncovers termites or a leaky roof, know that buyers will dig in their heels today.

According to the Cinch survey, 38% of home purchase deals that didn’t close in the past year was due to something found during a home inspection.

How to save the deal: As a seller today, you just have to accept that buyers will no longer throw caution to the wind and waive all contingencies. They have the leverage today to do their due diligence—and if a home inspection turns up problems, you may have to make repairs or other compromises to keep the buyer happy.

Gelios had a deal almost go awry recently when, upon inspection, it was discovered that the shower in the primary bathroom would not be operable until it was remodeled by the new owner.

“After the inspection was completed, I reached out to the listing agent and stated that we needed to adjust the offer price to reflect a newly remodeled walk-in shower,” says Gelios.

Fortunately, Gelios says, the seller agreed to renegotiate a lower price and the deal was saved. And that is what is needed by sellers who don’t want the contract to fall apart.

“One of the most common ways to save a deal from dying is to renegotiate fairly for both buyer and seller,” says Gelios. “Whatever the buyer is looking to renegotiate should also be fair to the seller—avoiding any overabundant requests or higher price adjustments that are way out of whack.”

As a seller right now, you’ve got to be willing to give a little.

“Sellers that want the contract to move forward should be willing to work with the buyer,” says Wolf. “Consider helping with the closing costs or addressing many of the items on the home inspection list.”

 

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Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Cost of living in Florida 2022

Cost of living in Florida 2022

by | Nov 22, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Renters, Sellers

Cost of living in Florida 2022

Cost of living in Florida, 2022

 

The Sunshine State’s beaches and warm climate are a powerful draw. Florida is attracting new residents in droves — it was the number one state that people moved to in 2021, according to a recent study by Move.org. And it’s no wonder: Two Florida cities appear on Bankrate’s newest rankings of the best places to live in America, and the state tops our list of best states for retirement.

One of our best places to live in Florida is Tampa, a city that actually skews young, rather than retirement age, thanks in part to its numerous colleges and universities. Other top-rated cities include Jacksonville, Gainesville and Orlando, which all receive high marks for affordability and job offerings.

For a long time, Florida had a reputation of being one of the more budget-friendly states in which to live. But that appears to be changing as the cost of housing trends ever upward. As of August 2022, median sale prices for homes in the state reached $407,000, according to Florida Realtors data. And Miami was labeled the least affordable city in the nation for renters by a Realtor.com report issued earlier this year.

What’s the average cost of living in Florida?

Housing is a big piece of the puzzle when it comes to overall cost of living — but it’s not the only piece. There’s also what you’ll need to pay for daily essentials like food and transportation. According to MIT’s living wage calculator, a single adult with no children would need to earn a minimum of $35,858 to make ends meet. Here are some key costs to consider if you’re thinking of moving to Florida:

Housing costs

Whether you’re seeking to rent or buy, there’s a great deal of competition for homes in Florida. The influx of people moving from pricier parts of the country is pushing up prices and squeezing many longtime residents out of the market, particularly those in lower-paying jobs. And be sure to look into the cost of homeowners insurance in Florida, which may be high due to potential damage from hurricanes and other risks.

The state is home to the top three cities in the Sun Belt where rents increased the most between 2021 and 2022, according to Realtor.com. In Miami, rents in February 2022 had soared 55.3 percent since the previous year, with the median monthly rent reaching $2,929. In Orlando, rents rose 35.4 percent to $1,843, and Tampa rents increased 32.3 percent to $2,098.

On the buyer side, the $407,000 median sale price for single-family homes represents a 15 percent year-over-year increase, say Florida Realtors. And the median price for a condo or townhouse, $305,000, is an increase of more than 20 percent. However, there are signs that inventory is increasing, which may help ease prices.

Utility costs

Utility costs in Florida are 3 percent higher than the national average, according to RentCafe. Average monthly utility bills in major cities run well over $100. In Orlando, home of Disney World, utilities cost a steep $185 per month on average, while in Miami, monthly bills are typically around $128.

Grocery costs

Amid the inflation pressures sweeping the nation, food prices in Florida have been rising. The cost of typical grocery items, like baked goods, meats and produce, rose 15 percent between 2020 and 2022. According to MIT’s living wage calculator, food costs in Florida run about $3,351 per year for a single adult with no children. For a family of four, two adults and two children, that figure rises to $9,856.

Transportation costs

Unlike many other living costs in Florida, transportation is about 1 percent less expensive than the national average. MIT’s data puts annual transportation costs in the state at $5,509 for one adult. For a family of four, that cost ticks up to $15K.

Taxes

The state of Florida has no income tax for individuals, according to the Tax Foundation. It does, however, charge a 6 percent sales tax. Property tax rates in Florida vary by county but average about 0.91 percent of a property’s value. That puts it right near the national median — it ranks 26th out of the 50 states in property taxes.

Florida’s job market

Florida offers a robust job market. The state’s largest employer is the Publix supermarket chain, which is headquartered in Lakeland, followed by — no surprise — Walt Disney Parks and Resorts. (Grocery chains and amusement parks loom large in Florida’s employment scene, as Winn-Dixie and Universal Orlando also rank among the state’s top employers.)

The state’s unemployment rate as of August 2022 was just 2.7 percent, according to the Bureau of Labor Statistics. That’s 1.6% lower than it was in 2021, and it’s a full percentage point lower than the national unemployment rate of 3.7 percent.

Ready to move to Florida?

Before relocating anywhere, it’s a good idea to visit and explore the different areas where you might consider living. Daily expenses, job opportunities, healthcare offerings and entertainment options can vary significantly from place to place, even within the same state. Use Bankrate’s cost of living calculator to determine the differences from one Florida city to another — for example, the cost of living in Miami is more than 25 percent higher than it is in Jacksonville.

If you’re looking to buy a house in Florida, be sure to work with an experienced local real estate agent. An agent who knows the intricacies of the local market can make all the difference on your house hunt, especially if you’re moving from out-of-state. Ask friends and family in the area for referrals, and if you see a “for sale” or “sold” sign in a neighborhood you’re interested in, reach out to those agents as well.

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Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Understanding Interest Rate Buy Down

by | Nov 19, 2022 | Blog, Buyers, Mortgages, News, Real Estate Components, Real Estate News, Renters, Sellers

Understanding Interest Rate Buy Down

WHAT ARE MORTGAGE DISCOUNT POINTS?

Mortgage discount points are fees paid to a lender to reduce your interest rate. They allow a borrower to trade paying more money upfront in exchange for a lower interest rate. A borrower can pay more in closing costs for smaller monthly payments over the life of the loan. Having an understanding of this substantial savings opportunity over the life of the loan is key. When reviewing interest rates from mortgage lenders, you’ll often see different numbers listed, including:

1. Mortgage interest rate
2. APR (Annual Percentage Rate)
3. Points

The mortgage interest rate is the percentage of the loan you are paying your lender to borrow the money. APR is the yearly income received by the lender over the life of the loan, reflected as a percentage of the loan amount (this includes other fees and costs charged in addition to the interest).

Points are fees associated with buying down your interest rate. Each discount point equals 1% of your loan amount and this discount point typically decreases your interest rate by about 0.25%. 

How much will you save when buying mortgage points?

Depending on your circumstance, buying mortgage points can save you significant money over the course of your loan. Here’s an example:

Paying discount points to get a lower interest rate can be a great strategy. Lowering your rate even just 25 basis points (0.25%) could save you tens of thousands over the life of the loan.

Other things to know about mortgage points

The terms around buying points can vary greatly from lender to lender. Here are some important things to consider:

The lender and the marketplace determine your rate reduction, and it can change after the fixed-rate period for your mortgage ends. That’s why it’s important to make sure your break-even point occurs well before the fixed-rate expires. For Bank of America customers, however, if rates go up during the adjustable period, your rate will be lower based on the points you initially purchased.

Contact a tax professional to see whether buying mortgage points could affect your tax situation.

If you need to decide between making a 20 percent down payment and buying points, make sure you run the numbers. A lower down payment can mean also paying for private mortgage insurance (PMI), which could cancel out the benefit of buying points for a lower interest rate.

 

RE/MAX Heritage has served the Central Florida real estate market for over 30 years. 

If you are interested in buying, selling or renting a property in the Disney Orlando area of Central Florida please complete the form below to provide us with more information so that we can better serve you.

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Ready to make a Move?

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Mortgage rates drop by largest amount in 41 years

Mortgage rates drop by largest amount in 41 years

by | Nov 18, 2022 | Blog, Buyers, Homeowners, News, Real Estate News, Renters, Sellers

Mortgage rates drop by largest amount in 41 years

Mortgage rates plunged by nearly a half-percent this week, marking the largest week-over-week decline since November 1981.

The rate on the average 30-year fixed mortgage fell to 6.61% from 7.08% the week prior, according to Freddie Mac, which this week changed its methodology calculating rates. The drop follows a sharp decline in the yield on the 10-year Treasury last week after a government showed inflation cooled last month.

The sudden decrease gave price-strained homebuyers and sellers still in the market an inkling of relief, boosting activity in the otherwise sluggish market.

“The drop in rates incentivized buyers to rush and try to lock rates this weekend, the difference in demand was significant,” Adriana Perezchica, president of Via Real Estate, told Yahoo Money. “Until recently, buyer demand had weakened as borrowers have had a hard time keeping up with higher rates and home prices. We don’t know how long this dip in rates will last…and buyers are absolutely racing to lock a rate.”

This week’s results also debuts Freddie Mac’s revised methodology, which now collects real-time rates based on loan applications submitted to its automated underwriting system. The new approach has an average difference of less than 10 basis points.

​​mortgage rate graph

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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How Does Eviction Work?

How Does Eviction Work?

by | Nov 18, 2022 | Blog, News, Property Management, Renters

How Does Eviction Work?

Going through an eviction isn’t an ideal outcome for landlords or their tenants. Surprisingly though, the eviction process is more common than you think — according to the U.S. Federal Reserve, roughly 3 million non-homeowners were evicted or forced to move due to the threat of eviction between 2016 and 2018.

While some evictions are unavoidable, there are best practices that landlords should follow to rent responsibly and prevent evictions altogether, including properly screening tenants and signing lawyer-approved, state-compliant lease agreements. Here’s what every landlord needs to know about the eviction process.

What Is an Eviction?

People often associate the word “eviction” with the physical act of the tenant being expelled from a rental property. In actuality, an eviction is a lengthy legal process. This process starts with an eviction notice, frequently in the form of a Pay or Quit Notice, and if necessary, culminates in an Unlawful Detainer, which is carried out by local law enforcement.

According to TransUnion, the average eviction-related cost to landlords is approximately $3,500, and an eviction can take as long as three to four weeks to complete. When comparing this cost to the low price of tenant screening, the results speak for themselves — thorough tenant screening is a less expensive and time-saving alternative. Using a lease agreement that’s already been reviewed by lawyers can also ensure both parties are aware of the processes set in place in the case of an eviction.

Before initiating the eviction process, it may be worth discussing options with tenants directly. Finding a solution before going to court may save significant time and money in the long run, and ultimately, most tenants don’t want to be evicted, since a legal eviction will be reported against the tenant for seven years. When possible, it’s in the best interest of both landlords and tenants to come to an agreement together.

What Are the Steps in the Legal Eviction Process?

To help you know how to break a lease as a landlord, we outlined four steps to take that can help make the eviction process go smoothly.

1. Pay or Quit Notice

A Pay or Quit notice is designed to provide tenants with a formal warning that they are in violation of the lease. This will provide the tenant with specific instructions to comply with their lease and advise the number of days allowed before an eviction is brought to court.

As a landlord, it is best to provide a Pay or Quit Notice (sometimes called a Pay or Vacate Notice) by certified mail. This ensures that there is a legal record of the date that notice was provided. It is common practice to post the notice of eviction to the door of the property, but this should only be done in addition to sending the notice by certified mail.

When going through an eviction, it is of the utmost importance to act professionally and to comply with state and federal laws. Before providing an eviction notice, check the laws for your state to confirm the number of days required for notice and confirm there are legal grounds for eviction. If the legal grounds for eviction are met, you can move to the next step of creating a state-specific eviction notice.

2. Eviction Forms and Filing

After a Pay or Quit notice is served, the tenant has a specific number of days to comply with the lease or vacate the property. If the tenant fails to comply within the provided notice period, then an eviction may be filed against the tenant through the courts.

Filing a Forcible Detainer to remove the tenant requires the following forms:

  • Eviction complaint: This form starts the eviction case.
  • Summons: This informs the tenant about the eviction case.

These forms are to be filed with the court clerk and to be delivered to the tenant through the local sheriff’s office. You can also check the resources provided by the local clerk’s office to see if there are options for filing online. 

As a tenant, if you are served with an eviction summons, be sure to follow the instructions for the summons and check the tenant rights for your state. These are designed to help tenants follow the law and provide protection against any unlawful practices by the landlord.

When an eviction is filed through the court, a judge will review the documentation related to the case and issue a ruling. To help prepare for this step, it is best to have a copy of the signed lease, a record of all payments, and a record of any relevant communication between the landlord and the tenant.

Although Avail cannot act as a legal counsel, the platform is designed to help keep landlords and tenants organized with all necessary documentation stored in one place. This includes: 

  • Applications saved with the legal name, date of birth, and identification of the tenant.
  • Legally-binding state leases that have been reviewed by lawyers with time-stamped signatures.
  • Online payments recorded with corresponding receipts and late rent notices.

Be sure to prepare for the eviction case by gathering all corresponding documentation for the judge or the jury. After all relevant parties have made their case, a judgment will be issued. This defines the requirements for any money owed, and if applicable, instructions for the expulsion of the tenant.

3. Judgment

The final step in the eviction process is the removal of the tenant and their belongings from the property. Even after an eviction has been awarded to the landlord, harassment or intimidation is absolutely unacceptable and illegal. If the tenant refuses to leave the property voluntarily, then a court order may be brought to local law enforcement to remove the tenant.

Individual states have different requirements for removing a tenant’s personal belongings. Some states require items to be removed through the court process, while other states give landlords free-reign after the property has been vacated. Check your state requirements before removing a tenant’s personal property.

4. Preparing For New Tenants

It’s worth noting that not all evictions are finalized with the court ordering a Forcible Detainer of a tenant. Throughout the court proceedings, the tenant may agree to comply with an alternate order. Examples of these include an Agreed Move-Out and Compliance, Dismissal with Leave to Reinstate, or a Pay-and-Stay Agreement. These options are generally better for both the landlord and the tenant, because they result in the landlord receiving payment and the tenant having the option to stay in the property.

It’s important to note that some circumstances will add additional steps to the eviction process. Legal representation may be useful to understand the requirements of a particular case.

Some circumstances that may affect or lengthen the eviction process are the following:

  • Accepting partial or full rent payments will negate the eviction process.
  • If the tenant declares bankruptcy, the eviction process is put on hold until bankruptcy proceedings are finalized.
  • Once the tenant has moved out, the landlord typically still has to prepare the property for turnover to the next tenants. Depending on any potential damage caused by the evicted tenant, this could take additional time, and sometimes lead to additional lawsuits.

Evictions can be costly, and due to the variables that can affect the length and outcome of the eviction process, it’s always best to avoid evictions in the first place.

How Much Does an Eviction Cost?

There are quite a few costs associated with evicting a tenant, including attorneys fees, court costs, lost rent, turnover costs, and property damages. As mentioned previously, the cost to break a lease is approximately $3,500.

Even if a landlord wins a financial judgement against the tenant, many landlords are still unable to collect payment from those tenants. According to the American Collectors Association, the success rate for debt collection after an eviction is only 17%.

How Long Does an Eviction Take?

Along with the high cost of an eviction, the process can take weeks to complete. An eviction typically takes from three to four weeks to run its course, but is dependent on your state laws, the specific eviction case and other factors.

 

 

 

Renting a Home through RE/MAX Heritage

If you are looking for a home to rent in the Orlando area we are here to help. As a full-service real estate office licensed to conduct long-term rental activity we are capable of meeting all your needs for long-term leasing.

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or call us at (863) 424-3209

 

 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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