Orlando Vacation Villa For Sale in Terra Verde Resort
105 Pompano Beach Dr
Looking for the ideal location and resort amenities without the costly CDD? Then you are looking at the right place. Minutes from Old Town, Disney and Hwy 192 with its abundance of restaurants and stores. This well maintained 3/2.5 town home could be what you are looking for. Located within walking distance of the clubhouse, this home will suit someone looking for a second home, investment or family home. This nicely furnished property has lots to offer its new owner. The kitchen overlooks the front of the home and has lots of cabinet and counter space. Adjoining the kitchen is the dining room/great room with access to your private lanai complete with your own hot tub. All bedrooms are upstairs. This desirable man-gated resort community has something for everyone. Amenities include club house with fitness center, lounge area and theatre room. Outdoor activities include beach entry resort pool, basket ball, shuffleboard, mini golf, children’s play area and tiki bar alongside the pool. What more can you ask for? Enjoy the Florida lifetstyle.
There 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.
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 listingsin 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.
“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 homesin 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.
What Is a Mortgage Note—and Do You Know Where Yours Is?
What is a mortgage note? Also known as a promissory note or deed of trust note, it’s the basic loan contract given to you by your lender—the document you signed on the dotted line to make your deal official.
A mortgage note is an important piece of paperwork to keep in your files for a variety of reasons. Here’s a rundown of what’s on this document, and why it matters.
What is a mortgage note? Also known as a promissory note or deed of trust note, it’s the basic loan contract given to you by your lender—the document you signed on the dotted line to make your deal official.
A mortgage note is an important piece of paperwork to keep in your files for a variety of reasons. Here’s a rundown of what’s on this document, and why it matters.
Rate of interest
Terms of your loan (e.g., 30-year fixed or five-year ARM)
Payment due dates
Penalties and fees for not meeting your payment due dates or other terms of your loan
Your mortgage note is also a contract pledging your property as security for the money you’re borrowing. It gives the lender the right to repossess the property if you don’t keep your end of the bargain by making payments promptly and regularly, as spelled out in the contract.
As you can see, your mortgage note is an essential contract and an important legal document, so if you’re buying a home for the first time, make sure you put your mortgage note in a safe place where you know you’ll be able to find it.
It would be a good idea to have a digital copy of it as well, in case your home is destroyed by flood or fire. However, if disaster strikes and you’re unprepared, know that your lender has a copy as well.
Mortgage notes and owner financing
Banks and other lending institutions are not the only ones to issue mortgage notes. In fact, “Mortgage notes are often associated with sales of property using owner financing,” says Alan Noblitt, owner of Seascape Capital, based in San Diego.
With owner financing, the homeowner not only sells the home, but also loans the buyer the money to make it possible.
“Oftentimes, owner financing can be a form of financing for buyers who experience difficulties obtaining a traditional mortgage loan through a bank,” Noblitt explains.
The buyer then pays this loan back monthly, plus interest, much like a conventional loan. This type of financing, however, typically lasts only a few years—at which point the buyer tries to refinance and apply for a conventional loan from a regular bank.
Can mortgage notes be transferred or sold?
Just so you aren’t surprised later on, here’s a fun fact: Your lender can sell your mortgage note without your permission. This happens more often than you might think, and it can happen more than once during the life of your loan.
Banks often bundle mortgages together and sell them to investment companies, and the transactions get really complicated. The important thing to know is that the terms of your mortgage note do not change with each new owner, who is required by law to see that the terms remain the same.
So when you get that notice in the mail saying that you’re now making payments to Bank XYZ, instead of to Bank ABC, whom you’ve been paying all along, don’t sweat it. The only thing that will change is the address where you’re sending your payments.
Mortgage notes as investments
Another fun fact: You can buy other people’s mortgage notes. Mortgage notes can be good investmentsfor those who want to get involved with real estate, but are not interested in “the three T’s of landlording: tenants, toilets, and trash,” according to real estate investment expert Joel Cone.
Mortgage notes can be purchased through mortgage note brokerages (you can find hundreds online). They can also be purchased in shares of mortgage bundles through real estate investment trusts or other similar products. This is a fairly complicated venture, however, so you’ll want to do lots of research before you jump in.
For more smart financial news and advice, head over to MarketWatch.
Obtaining a mortgage can be difficult when you are trying to research and solidify a plan on your own. We suggest you reach out to an experienced agent at Bardell Real Estate who will be able to help you understand every aspect of your home-buying process. This includes giving you information about mortgages, mortgage rates and any other important information you need to know to make an educated decision about your Disney Investment Home.
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., Orlando, Tampa-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 homes 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).
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.
