Orlando Real Estate and Community News

July 20, 2018

Downtown Duplex with Owner Financing

 

Property Description

This unique full duplex with 2/2 on each side comes updated and move in ready with individual carport and additional parking. One side is already vacant and can be rented at $1100-$1200 while the other is currently bringing in $900.

 

The property is in excellent condition and is virtually turn key.  This one is very hard to comp as none have sold recently in the zip code. Neighboring zip code has similar properties from $380,000 – $450,000.

 

The real kicker is that $135,000 in owner financing is being offered by the seller. Terms are interest only at just 6% for 3 years with potential to renew thereafter.

 

For more information - Photos and Details

July 19, 2018

Newer Build Flip in Winter Haven

 

Property Description

This is as easy as they come.  Property needs just some basic cosmetic updates.  The house was built in 2009 so all of your majors are in good working order.  The house overlooks a pond in the back, which will definitely help with resale!

The cheapest active in the neighborhood currently is $219k.  You have multiple comps in the 200k and up range but our house is smaller, so we aired on the conservative side with ARV.

For more information - Photos and information

 Innsbruck Front

July 19, 2018

Off Market Flip in Lakeland

 

Property Description

This is the cheapest active, pending or sold in the neighborhood within the last 6 months, including REO’s and Short Sales. House is a 3/1 with just over 1,000 sf and is in relatively good shape already.

You will not need to over rehab this house at all. Only a couple of comps are nicely rehabbed but they are a different style of home.  You will need an outside ac, some kitchen/appliance work, spray in bathroom, and paint.

Almost every comp sells within days, whether it is rehabbed or not. You have a ton of  3/1 comps as well. You have a pending at 1413 Camphor that is not rehabbed and sold for 145k in 7 days. You don’t have a lot of rehabbed comps, but the ones you do are selling well into the 200k’s, so our ARV estimate of 150k is definitely very conservative.

For more information - Photos and information

Lakeland House Front

April 12, 2018

Five Factors that Influence Home Value

When you’re shopping for (or selling) a home, it’s normal to wonder why one home is priced five or six figures higher or lower than another home on the same block. Some factors that influence a home’s value are obvious, but what about the price influencers that are a little less obvious and more difficult to measure?

HouseCanary examined five “hidden” factors that can have an impact on home value:

  1. View angle from backyard
  2. Frontage length
  3. Backyard exposure to neighbors
  4. Privacy score
  5. Backyard slope

We controlled for other value influencers, such as location, lot size, gross living area (square footage), and more, so we could isolate the effect of these hidden factors. And we found that the relative importance of these factors can vary widely according to where the home is located.

The Top 5 “Hidden” Factors That Influence Home Value

1. View Angle From Backyard

The view angle calculates the maximum angle (in degrees) that opens up to scenery or nature from your backyard. The degrees measured are 0 to 180, showing the maximum angle of scenery viewable from your backyard, with 0 indicating that there is no scenic view at all from your backyard, and 180 indicating that the view is scenic from every angle.

2. Frontage Length

The frontage length is the length (in feet) of the street-facing side of the home’s lot. It doesn’t always correlate perfectly with lot size because not all lots are square, but it indicates the amount of curb-facing home relative to other homes in the area—and believe it or not, homes with more curb to appeal do tend to have more curb appeal in some parts of the country.

3. Backyard Exposure to Neighbors

Most home buyers in the U.S. not only want a nice view from the backyard, but they also don’t want someone else’s nice view to include their home or yard. The angle of backyard exposure to neighbors is a measurement of how easily neighbors can see into a home and backyard, thus potentially mitigating privacy. It’s also measured in degrees from 0 to 180, with 0 indicating no exposure at all of your backyard or home to neighbors, and 180 indicating total exposure.

4. Privacy Score

How private is a home, and how much will that matter when it comes time to sell? We examined backyard exposure to neighbors, backyard slope, distance to neighbors, home density, and other metrics to determine a privacy score and show how much privacy matters in different parts of the country.

5. Backyard Slope

Would you prefer your backyard to slope up or slope down? This is a factor that many buyers value, although they might not be able to verbalize it. We found that homes with downhill-sloping backyards tend to be more desirable.

Still, this doesn’t necessarily mean that homes with flat yards are neutral or undesirable; flat yards are more desirable than yards that slope uphill. But it does mean that slope matters in a lot of the country, most notably counties in Minnesota and Indiana, both states that contain a mixture of mountains or rolling hills and flat terrain. And the backyard slope trend is more pronounced in Seattle than Los Angeles, which are both hilly metro areas, suggesting that perhaps Seattleites spend more time on their back decks looking at the cityscape than Angelenos do.

Read the full research report on housecanary.com.

Methodology: HouseCanary built regression models to predict value based on view angle, frontage length, backyard exposed angle, privacy score, and backyard slope. In these models, we also controlled for common explainers of value (location, building area, lot size, etc.). We included 1,836 counties for view angle, privacy score, and backyard slope; 1,835 counties for backyard exposed angle; and 1,581 counties for frontage length.

For a list of homes in East Orlando, Wedegefield, Avalon Park, Lake Nona, St. Cloud.

Posted in Selling Your Home
April 5, 2018

Five Reasons Good School Ratings Matter when Buying a Home

Schools can have a big impact on property value and quality of life. If you're buying a home, here are a few reasons local school ratings matter – even if you don't have kids.

  • 1.The next buyer will consider school ratings, too

According to a recent National Association of REALTORS Profile of Home Buyers and Sellers, 25 percent of homebuyers listed school quality and 20 percent listed proximity to schools as deciding factors in their home purchase. Another survey conducted by Realtor.com showed that 91 percent of the people surveyed included school district boundaries in their decision-making process. You may be surprised to learn that not all of the shoppers involved in the studies had kids.

2.More money spent on schools means more money spent on homes

There's a correlation between school expenditures and home values in any given neighborhood, according to the National Bureau of Economic Research. Their report, "School Spending Raises Property Values," found that for every dollar spent on public schools in a community, home values increased $20.

3.Higher school ratings equal higher home values

A Brookings Institution study looked at the 100 largest metro areas in the country and found an average difference of $205,000 in home prices between houses near high-performing and low-performing schools.

4.And good school ratings help homes maintain value

While changes in the economic landscape and local area can ripple across the market, a great school district can sometimes help insulate a home from market fluctuations.

5.Great school districts usually mean great neighborhoods

Often there's a correlation between super school districts and safer neighborhoods, better shopping and transportation and great public amenities – like parks. All of these factors increase the desirability of the neighborhood, which translates to higher home values and a better deal for you when it's time to sell.

Looking for a home near a great school? I can help you get started!

Posted in Buying a Home
March 26, 2018

What is Seller Financing and what are the benefits?

Are you a potential homebuyer having trouble securing financing? Are you a homeowner who wants to sell but is having trouble finding a buyer?

As a buyer, getting a mortgage can be difficult if your financial situation doesn't fit into neat little boxes — a predictable salary that can be documented with paycheck stubs and W-2 forms, a stable employment history with no interruptions and a gleaming credit score. And as a seller, closing a deal on your home can be difficult if borrowers are having trouble getting approved for loans. Wouldn't it be great if you could take out the middle man and find another way to complete the transaction?

Seller financing, also referred to as Owner Financing, is just what it sounds like: instead of the buyer getting a loan from the bank, the person selling the house lends the buyer the money for the purchase.

The buyer and seller execute a promissory note providing an interest rate, repayment schedule, and consequences of default. The buyer sends his monthly mortgage payments to the seller, who gets to earn interest on the loan, perhaps at a higher rate than he could get elsewhere. Seller financing arrangements are often for a short term, such as five years, with a balloon payment due at the end. The idea is that the buyer will be able to refinance before then.

As the parameters for searching for homes that offer Seller Financing in Orlando are unique and limited to the MLS, please fill out the form below or contact me directly with your specific areas and criteria and I will send you an email with all available properties. Otherwise, feel free to click the hyperlink for all available Seller Financing homes in Orlando and surrounding areas.

Posted in Selling Your Home
March 22, 2018

Orlando Vacation Homes: Dream Responsibly

It happens a lot. The dream vacation on the beach, at the lake or on the ski slopes suddenly morphs into a dream of buying a piece of paradise. There are several vacation homes in Orlando and they are all within a few minutes of the world famous Disney theme parks to accommodate visitors from all over the world.

If you're considering buying a holiday home in Orlando, here are some preparatory steps you can take as you embark on your search:

  • Decide whether you want the place to be primarily for your use or also serve as a rental property.
    If you will try to recoup some of the purchase and maintenance costs through renting, the property you purchase should have a broad appeal, include popular amenities and may even be professionally managed.
  •  
  • Speak to your accountant about potential tax advantages or obligations involved with your vacation property.
    Second homes and rental properties are subject to specific tax rules, so be sure you know what's expected and what you can deduct.
  •  
  • Think about location, location, location.
    Yes, it's a cliché, but no less true for vacation properties than for other real estate. Homes near beaches or mountains tend to attract the greatest number of interested buyers or renters. Check out all four seasons in your targeted area because the atmosphere can change dramatically based on busy or slower seasons. Finally, consider something within a few-hours drive or flight. Anything much farther tends to discourage frequent visits.
  •  
  • Consider renting first, then buying.
    This will give you time to get to know the development, the area and the turnover rate among your future neighbors. All these factors are crucial to your enjoyment of the place – and its resale potential.
  •  
  • Find a local RE/MAX agent who knows the area and the second-home market.
    Working with an expert who lives and works in or near your targeted community is your best bet. In addition to advising you on each location's pluses and minuses, your RE/MAX agent can also discuss the property's rental and resale potential and year-round character – key factors to consider in your property search.
Posted in Real Estate News