Monday Market Report – Why Buy?

Well it turns out I forgot to hit publish on this post yesterday – better late than never!

As you may have read in my previous post, Market Report – Bidding War, the Orlando real estate market has shifted.  Long gone are the days of 26,000 listings to choose from and offering $100,000 less than asking price. If you are a buyer in today’s market times are tough. That doesn’t mean it’s not a great time to buy.  It just means the strategy for offering has changed.

You might wonder why things are so tough for buyers.  Well…the listing inventory has declined about 17% since this time last year.  And it hasn’t been this low since the boom days of 2005.  The demand is extremely high, especially for homes in good condition or location.  If the level of demand we are seeing in certain Downtown Orlando neighborhoods keeps up, this strong sellers market could go on for a while longer.  It’s not just cash investors out there buying up homes - although there are many of those.  There  are mainly three types of buyers:

1.  The buyers who have been looming for the past 2 or 3 years
thinking they were going to wait until the prices hit bottom have now
realized they missed that opportunity and are rushing to get in before
prices rise much more.

2.  Investors – prices are still affordable and they are eating up
much of the inventory in good locations anticipating a high return in
the future.

3.  Regular buyers – those who are just now in a position to buy and
ready/willing/able.  Perhaps they finally have equity to sell their
home and move up or they finally have a strong job history.

So why buy in Orlando?  Even with the lack of inventory and multiple offer situations,  interest rates are still amazing and you really can’t complain about getting a 30 year loan for under 4%.  On top of that, the rental market is very strong and with increasing rental prices it can still be more affordable to buy than rent.  The housing affordability in the Orlando area is still at around 220%!  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 key to buying in every market is to not get emotionally attached.  It’s very difficult because most of us make decisions based on emotions rather than logic.   Just remember the home you’re falling in love with…well so is everyone else.  Take a step back, be patient and be willing to offer above asking price when it is appropriate. You will eventually have a place to call home.

I don’t want to share all of my secrets; but one of my strategies lately is to look for houses that have been on the market longer than 30 days.  Those listings might be overpriced.  Get in and make an offer before the seller drops the price and then you’re in another bidding war!  Contact me today to learn more about finding a home in this challenging market.

*Stats from Orlando Regional Realtor Association

 

Go Local Wednesdays – Lodge 10 Year Anniversary this Weekend

I have a special place in my heart for The Lodge in Downtown Orlando.  If you can believe it they are 10 years old – wow I feel old!  If you have not been to The Lodge – where have you been living the last 10 years?  Congrats to the awesome guys who own this establishment on their 10 year anniversary!  

The Lodge is just a fun place to go any night of the week if you’re looking for a good beer or a stiff drink and it’s a great example of successful Downtown businesses.  The guys recently opened up another bar right upstairs called The Woods.  The new place offers a more intimate atmosphere with craft cocktails made with fresh juices and unique spirits and the beer menu is excellent as well.  Hope to attend the 10 year anniversary for this new spot in the future!

Be sure to check out the Lodge 10 year Anniversary Festivities at their Facebook Event Page or stop by and ask one of the friendly bartenders!  There’s no cover for the main bar with $2 PBRs and $3 Jagers.  The best part is the VIP Beer Garden with 16 of the Best Craft Beers available

Come Celebrate 10 Years of Debauchery! NO COVER, $2 PBR’s, $3 Jagermeisters, Get Served by Bartenders Past, a Beer Garden with 16 of the Best Craft Beers Available(Limited Space for the Beer Garden, so get your tickets asap!).  The VIP tickets are only $25!  Oh and last but not least, my favorite DJ in Downtown Orlando will be playing some old Lodge classics.

 

Monday Market – Historic Homes

If you’re anything like me, you love historic homes in Downtown Orlando.  This is one of the reasons I focus on selling in the Downtown Orlando area.  I love the charm of an older home and they just do not build them like they used to!  The craftsmanship of these homes is always in style.

I recently read a blog post on the Preservation Nation Blog (blog written by the National Trust for Historic Preservation) about how to shop for a historic house.  If you love the charm of an older home and daydream about owning one check out this post:  How to Find a Historic House!   Or start searching for your new…I mean old…home today.

If you are interested in selling your home in one of Orlando’s historic districts contact me today to learn how to market the special features and what buyers are looking for in an older home!

407-494-2820 direct

ThinkLiveBe.com

 

Image Credit:  J. Carter Brown / Kitty Kelley at Everystock via Creative Commons License

 

Who Says There’s Nothing to do in Orlando? – Spring Weekend

As we head into the Spring, there are more and more outdoor events in the Orlando and Winter Park area.  This weekend is no exception!  Whether you are looking for something to spruce up your exterior or interior there is a place for you this weekend.

If you want to get your front yard ready for spring, stop by the Leu Gardens annual plant sale this weekend near Audubon Park.  I have personally purchased many things and it is a great way to spend a spring day!  Bring a cart if you plan on buying anything so you can transport the plant back to you car.

Saturday, March 16 & Sunday March 17
9:00 am – 5:00 pm

If you are in the mood to change things up in your house, stop by the Annual Winter Park sidewalk Art Festival.  ”The Winter Park Sidewalk Art Festival is one of the nation’s oldest, largest and most prestigious juried outdoor art festivals, consistently rated among the top shows by Sunshine Artist and American Style magazines.”  Each year more than 350,000 visitors enjoy the show.  It’s a great place to find some inspiration for an interior space.

Friday, March 15th, 9 AM to 6 PM
Saturday, March 16th, 9 AM to 6 PM
Sunday, March 17th, 9 AM to 5 PM

Do you have any weekend plans?

Image credit:  personal

 

Market Report – Back on Track

I am super excited to be hosting an event this Thursday morning for the business members of the Mills 50 District at our office on Colonial Dr.   Mills 50 is a city of Orlando  Main Street district which supports local businesses in the area.   I live and work in the Mills 50 district so I support it to the fullest extent and am extremely excited to be hosting an event to discuss the Mills 50 real estate market in the area.

We presented to the group in September of 2011 when we started to see some signs of recovery for home values.  It’s been a bumpy road for the industry for the past 7 years or so; but things are looking up these days!  There are several signs that the recovery is on track and I will be discussing these things this Thursday.

You may have started to hear the buzz about prices being on the rise or low inventory levels; but we will dig a little deeper into why the market is shifting on a local level.   After all, what is happening in our neighborhood is much more important than what’s happening in the entire state of Florida or the entire United States for that matter.

What I said back in 2011 still remains true, there are big factors that affect overall consumer confidence or interest rates, etc.  However, your home value is largely determined by what’s happening within a mile from your home – a street over from your home – or even right next door.

To get a brief look at your “local” data, visit our website ThinkDowntownHomes.com and become a Market Insider.  When you enter your zip code you are provided with a ton of information about your personal real estate market and that’s how you determine if now is the right time to sell or buy!

Mills 50 members please  RSVP to director@mills50.org and don’t forget parking is in the back on Hillcrest St!

 

Go Local Wednesdays – Manicures and Mimosas in Thornton Park

This weekend you can enjoy a mimosa, get a manicure, and people watch in Downtown Orlando’s favorite neighborhood for locals!  Lambs Eat Ivy Salon located at 804 E Washington St  will be featuring Manicures and Mimosas on their front patio from 11:30 am – 3 pm.  The weather is just right to enjoy a manicure alfresco in Thornton Park!

Stop by this Saturday from 11:30 am – 3 pm and enjoy a relaxing weekend in Downtown Orlando.  First come first serve!  For more info visit their Facebook page or call  (407) 245-7006.

The Thornton Park area is full of small businesses to check out – make a day of it!

 

Monday Market Report – Audubon Park Values on the Rise

This is part three of the series about increasing values throughout Downtown Orlando neighborhoods.  As I mentioned last week, in 2012 there were over 2000 single home sales that took place within 5 miles of Downtown Orlando.  The median sales price of these homes increased from 2011 – 2012 and it seems the trend is continuing into the new year.

This week I’m going to talk about the ever popular Audubon Park.  This trendy neighborhood full of retro Florida ranch homes has  increased in value from 2011 to 2012.  There were actually more homes that sold in 2012 in this neighborhood than in 2011.  Currently there are only about 3 homes for sale in this highly sought after neighborhood and people keep asking when will there be more to choose from!  This lack of inventory will continue to drive up the values.

The median price increased in 2012 by just under 10% to about $160,000.  If the trend continues it will be on the rise in 2013 as well.   The median listing price for active and pending homes in this neighborhood is holding steady.

What does all this mean? 

You may finally have equity in your Audubon Park home!  Don’t miss your chance to sell.  Contact us today to sell your Audubon Park property.   Search for nearby Audubon Park homes for sale at our website.

Kathryn@ThinkLiveBe.com

407-494-2820 direct

*This information is based on personal data I have gathered from the local MyFloridaRegional MLS system.  It is deemed reliable but not guaranteed. 

Image: Personal of flowers near Downtown Orlando 

 

Monday Market Report – Eola Heights Home Values on the Rise

As I mentioned last week, in 2012 there were over 2000 single home sales that took place within 5 miles of Downtown Orlando.  The median sales price of these homes increased from 2011 – 2012 and it seems the trend is continuing into the new year.  Each week for the next few weeks I’m going to show you how the  median price is on the rise in some of our favorite Downtown Orlando neighborhoods!

This week I’m going to show you how Lake Eola Heights has increased from 2011 to 2012.  There were actually more homes that sold in 2012 in this neighborhood than in 2011 – almost double.  This increase in activity and demand has brought the values up quite a bit.

The median price increased in 2012 by over 20% to $275,000.  If the trend continues it will be on the rise in 2013 as well.   The median listing price for active and pending homes in this neighborhood is currently about $319,000.  That’s a huge increase over the last two years for this area.

The downside is that as the home values increased the average time on the market did as well. This is mainly because there are less home buyers searching at these higher price points and therefore it takes a little longer to sell.

What does all this mean? 

You may finally have equity in your Lake Eola Heights home!  Don’t miss your chance to sell.  Contact us today to sell your Eola Heights property.

Kathryn@ThinkLiveBe.com

407-494-2820 direct

*This information is based on personal data I have gathered from the local MyFloridaRegional MLS system.  It is deemed reliable but not guaranteed. 

Image: Personal of flowers near Downtown Orlando 

 

Market Report – Thornton Park Home Values on the Rise

In 2012 there were over 2000 home sales that took place within 5 miles of Downtown Orlando.  The median sales price of these homes increased from 2011 – 2012 and it seems the trend is continuing into the new year.  Each week for the next few weeks I’m going to show you how the  median price is on the rise in some of our favorite Downtown Orlando neighborhoods!

There were a few less home sales in Thornton Park in 2012 as compared to 2011.  However, the prices have gone up and continue to be on the rise.  From 2011 to 2012 the median price for the entire year increased 6%!  And  It took about half as long to sell a home in 2012 in this neighborhood than in 2011.

Things are looking up for 2013 with the current active and pending listings  (homes under contract) median sales price in the $350,000 range.  The days on the market for the pending listings is only 21 days.  If this trend continues we will see a huge year to year increase in the Thornton Park home values.

What does all this mean? 

Homes are selling quicker and for more money right now!  Don’t miss your chance to sell.  Contact us today to sell your Thornton Park home.

Kathryn@ThinkLiveBe.com

407-494-2820 direct

 

*This information is based on personal data I have gathered from the local MyFloridaRegional MLS system.  It is deemed reliable but not guaranteed. 

 

Go Local Wednesdays – Yummy Treats in Ivanhoe Village

Just the other day my boyfriend stopped off in Ivanhoe village to meet with someone about a logo design.  He stopped by Yalaha bakery on his way home.  It’s a place we have passed by many times but never gone inside.  I have always been curious what kind of treats they had!

He brought home a beautiful Tuscan bread, a key lime tart, and some kind of chocolate treat that seemed to be filled with ganache.  It was so tasty that once I took a bite I forgot what it was actually called!

This delightful bakery serves German breads and old world tortes and pastries, they offer lunch, and coffee beverages.  It is open Monday through Sunday from 8 am - 6 pm.  I highly recommend stopping by and will probably make this a weekly routine for myself!

What’s your favorite local Orlando bakery?