REAL ESTATE NEWS! Foreclosure activity remains minimal!

by Elsa Soto | Feb 7, 2024 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Long Term Rental, News, Real Estate News, Renters

REAL ESTATE NEWS! Foreclosure activity remains minimal!

Have you come across alarming headlines discussing the surge in foreclosures within today’s housing market? If so, you might find yourself feeling uneasy about what lies ahead. However, it’s important to remember that these attention-grabbing titles often fail to provide the complete picture.

It’s crucial to put these headlines into perspective. The purported increase highlighted by the media can be misleading. This is because they’re comparing the latest figures to a period when foreclosures reached historic lows, creating the illusion of a more significant issue than what truly exists.

Throughout 2020 and 2021, the implementation of moratoriums and forbearance programs provided vital support to millions of homeowners, enabling them to retain their residences and regain financial stability during exceptionally challenging times. Consequently, the expiration of these relief measures naturally led to an anticipated uptick in foreclosures. However, it’s essential to understand that a rise in foreclosures does not necessarily signify distress within the housing market.

To gain a clearer understanding, it’s advisable to assess the data within the broader context of historical trends, particularly in comparison to the housing crash. This approach offers a more accurate depiction of the current situation, alleviating concerns about the potential recurrence of past crises.

Orlando is frequently regarded as a premier destination for living, thanks to its sunny climate, abundant economic opportunities in tourism and technology, and vibrant cultural offerings. With renowned attractions such as Walt Disney World, the city provides ample entertainment and recreational options. Orlando also boasts well-respected educational institutions, a blend of urban and natural landscapes, and affordability compared to other major U.S. cities. Its family-friendly atmosphere, sports scene, and ongoing infrastructure enhancements add to its allure. While preferences may vary, Orlando’s mix of career prospects, recreational activities, and relatively affordable living costs make it a desirable choice for many. When considering buying, selling, or renting retirement, residential, or vacation properties in Orlando, Florida, remember to consider Remax Heritage!

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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JUST LISTED! 9000 US HWY 192 #658, CLERMONT

by Elsa Soto | Feb 1, 2024 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Investment Property in Florida, Long Term Rental, New Listing, Property for Sale, Renters, Retirement / 55+

JUST LISTED! 9000 US HWY 192 #658, CLERMONT

Blog Post 8

9000-9000 US Highway 192 #658, Clermont, FL

Click here to Get Directions

$ CLICK FOR CURRENT PRICE

1 BEDROOMS

1.5 BATHROOMS

1905 sqft Lot

STOP YOUR SEARCH! You’ve found your dream vacation home! Affordable living at it’s best! This beautifully maintained 1-bedroom, 1.5-bathroom park model in Outdoor Resorts at Orlando is a gem. Positioned towards the front of the neighborhood this lot is low maintenance with decorative driveway and paved side yard, providing low maintenance while adding additional golf cart parking or patio area as well as beautiful curb appeal. Ideal for outdoor enthusiasts, it offers a covered raised at the front and a patio area at the rear, perfect for entertaining or relaxing. The interior impresses with an open living area, including a living room and dining room with beautiful laminate flooring throughout. The kitchen overlooks the front of the property and features an abundance of counter space and cabinets. The bedroom at the rear of the unit offers a built-in closet and drawer space as well as overhead cabinet storage. The family bathroom is conveniently located outside the bedroom door and alongside the dining area for easy access. An additional half bathroom which also incorporates the laundry facilities can be accessed from the bedroom or living room. It also provides access to the backyard and storage shed. Situated in the manned gated active adult RV park of Outdoor Resorts at Orlando, the community provides a range of amenities, including two swimming pools, a clubhouse, a 9-hole golf course, mini-golf, horseshoes, shuffleboard, and pickleball, community boat ramp plus a range of activities for the owners and their guests! All of these amenities plus cable, water, sewer and trash removal for $615 per quarter! Time to live the Florida lifestyle. So call today!

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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REAL ESTATE NEWS!! What you need to know about saving for a home in 2024!

by Elsa Soto | Jan 31, 2024 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Long Term Rental, Mortgages, News, Real Estate News, Renters

REAL ESTATE NEWS!! What you need to know about saving for a home in 2024!

If you’re in the process of planning to buy a home, understanding budgeting and saving might seem daunting, but it doesn’t have to be. To alleviate concerns, it’s crucial to grasp some of the upfront costs, and for that, relying on trusted real estate professionals is essential. They can assist in crafting a plan and conducting a strategic assessment of your budget and process before you initiate the home-buying journey.

Consider the following aspects, as recommended by experts:

Down Payment:

While saving for your down payment is a primary consideration when buying a home, the notion that a 20% down payment is universally required is a myth. Your specific situation and home-buying goals determine the right amount. Collaborate with trustworthy real estate professionals to explore various loan types and down payment assistance programs, gaining clarity on each requirement and optimizing your approach.

Closing Costs:

Budgeting for closing costs is equally vital, encompassing fees and payments distributed among the parties involved in the transaction. Closing costs typically range from 2 to 5 percent of the mortgage amount. Consulting with a reliable lender will provide insights into the specific costs you need to prepare for at the closing table.

Earnest Money Deposit (EMD):

For added security, consider saving for an earnest money deposit (EMD), a demonstration of good faith when making an offer on a house. This deposit, usually 1% to 2% of the total home price, is not an extra expense but a portion of your upfront costs. It showcases your commitment to the seller, and if the offer is accepted, the EMD funds contribute to the down payment and closing costs.

Remember, an EMD is not obligatory, and its presence doesn’t guarantee offer acceptance. Collaborate with a real estate advisor to determine what aligns with your situation and any local requirements. They will guide you in making informed decisions throughout the buying process.

In conclusion, being well-informed about the expenses you need to anticipate is crucial when purchasing a home. Partner with a local real estate advisor to benefit from their expertise and receive guidance at every stage of the buying journey.

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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REAL ESTATE NEWS! What You Need to Know About Saving For a Home in 2024

by Elsa Soto | Jan 24, 2024 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Renters, Sellers

REAL ESTATE NEWS! What You Need to Know About Saving For a Home in 2024

If you’re in the process of planning to buy a home, understanding budgeting and saving might seem daunting, but it doesn’t have to be. To alleviate concerns, it’s crucial to grasp some of the upfront costs, and for that, relying on trusted real estate professionals is essential. They can assist in crafting a plan and conducting a strategic assessment of your budget and process before you initiate the home-buying journey.

Consider the following aspects, as recommended by experts:

1. Down Payment:

While saving for your down payment is a primary consideration when buying a home, the notion that a 20% down payment is universally required is a myth. Your specific situation and home-buying goals determine the right amount. Collaborate with trustworthy real estate professionals to explore various loan types and down payment assistance programs, gaining clarity on each requirement and optimizing your approach.

2. Closing Costs:

Budgeting for closing costs is equally vital, encompassing fees and payments distributed among the parties involved in the transaction. Closing costs typically range from 2 to 5 percent of the mortgage amount. Consulting with a reliable lender will provide insights into the specific costs you need to prepare for at the closing table.

3. Earnest Money Deposit (EMD): For added security, consider saving for an earnest money deposit (EMD), a demonstration of good faith when making an offer on a house. This deposit, usually 1% to 2% of the total home price, is not an extra expense but a portion of your upfront costs. It showcases your commitment to the seller, and if the offer is accepted, the EMD funds contribute to the down payment and closing costs.

Remember, an EMD is not obligatory, and its presence doesn’t guarantee offer acceptance. Collaborate with a real estate advisor to determine what aligns with your situation and any local requirements. They will guide you in making informed decisions throughout the buying process.

In conclusion, being well-informed about the expenses you need to anticipate is crucial when purchasing a home. Partner with a local real estate advisor to benefit from their expertise and receive guidance at every stage of the buying journey.

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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Orlando Ranks 3rd in US for Largest Increase in Homes Sold

by Elsa Soto | Jan 17, 2024 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Local Events, News, Press Releases, Real Estate News, Renters, Sellers

Orlando Ranks 3rd in US for Largest Increase in Homes Sold

I had the pleasure of appearing on FOX 35’s Good Day Orlando program earlier this week to discuss the recent RE/MAX Housing report that showed Orlando ranking 3rd in the nation for the largest increase in homes sold.

Preparing to discuss the report I pulled together some of the latest market information reflecting on 2023 and peering into the future and what is going to happen in 2024. With a population surge, affordability challenges, and shifting inventory dynamics, the Orlando market continues to be a captivating arena for buyers and sellers.

The Pulse of 2023 – A Rollercoaster Ride Population Surge and Affordability Challenge: 2023 witnessed the lowest number of home sales across the nation since 1993, emphasizing the critical role affordability plays in shaping market dynamics. Fueled by the pandemic Florida’s population soared by 1.9%, in 2022 reaching 22,244,823 making it the fastest-growing state in the nation.

Pent-up Demand Unleashed: So why the surge? Buyers and sellers alike experienced a release of pent-up demand, driven by factors such as job changes, household formation, marriages, and births. The anticipation for interest rates to drop further added to the momentum in the real estate market.

Inventory Fluctuations: Inventory saw a slow but steady increase over the past eight months. While November 2021 had less than a month’s supply, the current 4-month supply marks a shift towards a more balanced market that many consider to be between 5 and 6 months. Closed sales, down 17% from October, align with the normal seasonal trends and actually mirrored the same level as 2022 despite higher interest rates.

The Interest Rate Conundrum Affordability Challenges and Interest Rates: Affordability emerges as a significant challenge, accentuated by October rates reaching their highest in over 22 years at 7.8%. However, the market is already witnessing a shift, with mortgages dropping to the low 6’s and even the 5’s for some loan programs. This shift signifies a potential game-changer for the Orlando market.

Price Dynamics: While prices experienced a slight dip from October to November, the median home price surged by just over 4% in the last 12 months. The advice echoes – don’t wait. Anticipate rate cuts, act when you find the right house, and capitalize on potential refinancing opportunities as rates decrease.

The Road Ahead – Time to Buy Advice for Buyers: The resounding advice is to act now. Expect rate cuts to bring an influx of buyers, intensifying competition. The mantra becomes clear – “Marry the house and Date the Rate.” Secure the right property and be ready to capitalize on favorable refinancing when rates decrease.

As we step into 2024, the forecast is for a busy year with increasing activity as the months unfold. In the realm of real estate, there’s never a bad time to own a home, but remember, every market is unique and working with experienced professionals who understand the local market, like those at RE/MAX Heritage becomes paramount for success in navigating the ever-evolving Orlando real estate landscape.

Explore your ultimate destination for all things related to the property market by clicking the image above the text, and delve deeper into valuable insights and information.

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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REAL ESTATE NEWS! Avoiding common mistakes after submitting your mortgage application

by Elsa Soto | Jan 10, 2024 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Local Events, News, Real Estate News, Renters, Sellers

REAL ESTATE NEWS! Avoiding common mistakes after submitting your mortgage application

As you embark on the exciting journey of buying a home, it’s natural to envision the future and the joy of making it your own. However, before you get too carried away with emotions, it’s crucial to keep certain key considerations in mind after applying for your mortgage and before reaching the closing stage. Here’s a comprehensive list of things to bear in mind during the home loan application process:

1. Avoid Depositing Large Sums of Cash

Lenders require traceable sources for your money, and cash transactions can be challenging to trace. Before depositing any cash into your accounts, consult your loan officer to understand the proper documentation process.

2. Refrain from Making Large Purchases:

Beyond home-related expenses, any significant purchases can raise red flags for lenders. New debts result in higher debt-to-income ratios, impacting loan eligibility. Resist the urge to make substantial purchases, even for furniture or appliances.

3. Avoid Cosigning Loans:

Cosigning makes you accountable for the success and repayment of a loan, contributing to higher debt-to-income ratios. Even if you’re not responsible for payments, lenders will consider them in your evaluation.

4. Maintain Consistency in Bank Accounts:

Lenders prefer consistency in sourcing and tracking your assets. Before transferring funds, communicate with your loan officer to ensure a smooth process.

5. Refrain from Applying for New Credit:

Whether it’s a credit card or a car loan, new credit applications impact your FICO® score. Lower credit scores can influence your interest rate and loan approval. Avoid applying for new credit during this critical period.

6. Avoid Closing Any Accounts:

Some believe reducing available credit lowers risk, but this isn’t accurate. Your credit score considers the length and depth of your credit history and your total credit usage. Closing accounts negatively affects both aspects.

7. Discuss Changes with Your Lender:

Transparency is key. Inform your lender of any changes or anticipated changes, whether in income, assets, or credit. Share recent alterations in job or employment status to ensure your home loan approval remains unaffected.

In conclusion, for a seamless home purchase experience, consult your lender before making substantial financial decisions. Whether it’s large purchases, fund transfers, or significant life changes, your lender can guide you through the process, ensuring your home loan remains on track.

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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