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How to Decorate Your Home to Have an Island Feel

March 12th, 2024 by tisner


Let’s face it, many times when folks visit the islands they tend to not want to come home from such places.  This is the case typically because the beach is a very relaxing place to be with all the warm air, salt water and sunshine.   What if you could decorate your home to have an island feel?  There are ways to go about turning your home into a tropical oasis.  A few of those ideas are listed below for you.

  1. A good way to get started making your home feel like an island paradise  is by beginning to think outside of the box.  Do not be afraid of using bold colors in rooms in which you want to transform.  You can choose bold teal colors that mimic the look of the ocean for your family room then perhaps you can use some wallpaper in your kids’ bathroom that has sea creatures on it.  Don’t worry, as long as you keep it classy, not tacky, you will be able to get away with doing all sorts of wild colors and designs to achieve your beach house feel.
  2. Another way to decorate your home to have an island feel is to add some accessories throughout the house that help you achieve the look. Throw pillows with sand dollars and seahorses on them are a great start.  You can even use seashells you have gathered on your trips to the ocean to decorate with.  Putting some seashells in glass vases with a bit of sand in them is a great way to achieve beach décor.
  3. One way to give your home an island feel is to use a lot of candles that are scented with tropical scents.  Lighting these daily will help you to feel like you are on vacation when you are sitting in your own home.
  4. Lots of ceiling fans throughout your home is another way to create an island oasis inside. You can also use ceiling fans outside on your porch area to take the feel outside.
  5. Wicker and rattan is your friend if you want your home to feel like an island. Use it liberally.
  6. Using a lot of tropical plants to decorate the inside of your home is another good way to get the island feel you are searching for.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market January 2024

February 16th, 2024 by tisner

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year

State of the Market

  • New listings rose 46.3% from December to January, with 3,524 new homes on the market in January, compared to 2,409 in December.
  • Inventory for January was recorded at 8,217, up 4.8% from December when inventory was recorded at 7,838.
  • The median home price for January was recorded at $360,000, down from $367,250 in December. This is the third month in a row that median price fell. Median price has dropped $17,000 since October 2023.
  • January’s interest rate was recorded at 6.5%, down slightly from 6.6% in December. This is the third month in a row that rates have fallen.
  • Overall sales fell 13.3% from December to January. There were 1,719 sales in January, down from 1,982 sales in December. This is the eighth month in a row that home sales have fallen.
  • Pending sales increased by 32.4%, with 2,495 in December and 3,303 in January.
  • Homes spent an average of 57 days on the market (DOM) in January, up from 49 days in December.
  • “We closed out 2023 with the healthiest market we’ve had in years, and this made both buyers and sellers optimistic for 2024,” said Rose Kemp, Orlando Regional REALTOR® Association President. “Rates have begun to fall, and many sellers are happy with the equity they have earned in their existing homes. January data shows a spike in new listings as many buyers and sellers who had been waiting on the sidelines felt confident to enter the market and make a move.”

Market Snapshot

  • Interest rates fell from 6.6% in December to 6.5% in January. This is 6.2% higher than January 2023 when interest rates were 6.1%.
  • Pending sales rose 32.4%, with 2,495 in December and 3,303 in January.
  • 22 distressed homes (bank-owned properties and short sales) accounted for 1.3% of all home sales in January. That represents a 69.2% increase from December, when 13 distressed homes sold.

Inventory

  • Orlando area inventory increased 4.8% from December to January. Inventory in December was 7,838, and inventory in January was 8,217.
  • The supply of homes increased to 4.78 months in January, up 20.9% from 3.95 months in December. A balanced market is six months of supply. The last time the supply of homes was this high was January 2016.
  • The number of new listings increased from December to January by 46.3% – from 2,409 homes to 3,524 homes.

ORRA’s full State of the Market Report for December can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Essential Tips for First-Time Homeowners: A Comprehensive Guide

January 11th, 2024 by tisner


Congratulations on becoming a first-time homeowner! Owning a home is an exciting milestone, but it also comes with a whole new set of responsibilities. From maintenance to budgeting, there’s a lot to consider. But fear not! In this comprehensive guide, we’ll provide you with essential tips to help you navigate the world of homeownership with confidence. Let’s dive in!

1. Prioritize Home Maintenance:

Keeping your new home in good shape is crucial. Regular maintenance can help prevent costly repairs down the line. Create a schedule for tasks like cleaning gutters, inspecting HVAC systems, and changing air filters. Don’t forget to maintain your lawn and garden too! A little effort now will go a long way in preserving the value and comfort of your home.

2. Understand Your Finances:

Owning a home comes with financial responsibilities beyond the monthly mortgage payment. Take time to understand your budget, including property taxes, insurance, and utility bills. Create an emergency fund to cover unexpected repairs or maintenance issues. It’s also wise to review your homeowners’ insurance policy and make sure it adequately covers your needs.

3. Get to Know Your Neighborhood:

One of the joys of homeownership is becoming part of a community. Take the time to explore your new neighborhood, meet your neighbors, and get involved in local activities. It’s a great way to find out about resources, services, and amenities that can enhance your living experience.

4. Stay Organized with Important Documents:

Keep all important documents related to your home in a safe, accessible place. This includes your mortgage agreement, insurance policies, warranties, home improvement receipts, and contracts with service providers. Having everything organized will save you time and stress if you need to refer to them later.

5. Plan for Home Improvements:

Make a list of home improvements you’d like to tackle over time. Prioritize them based on urgency and budget. Whether it’s updating the kitchen, remodeling the bathroom, or adding a deck, having a plan will help you achieve your vision for your home while staying within your means.

6. Learn Basic DIY Skills:

While it’s always good to call professionals for complex repairs, learning some basic DIY skills can save you time and money. Simple tasks like fixing a leaky faucet, changing light fixtures, or painting a room are handy skills to have. There are plenty of online tutorials and workshops available to help you get started.

7. Build a Reliable Support Network:

Don’t hesitate to seek advice from family, friends, or even online communities of homeowners. They can offer valuable insights and share their experiences. Additionally, having trusted professionals like plumbers, electricians, and contractors on speed dial will give you peace of mind when you need help.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By and photo credit: blog.homekeepr.com/essential-tips-for-first-time-homeowners-a-comprehensive-guide

First Time Homebuyer Courses That Make the Process a Breeze

January 9th, 2024 by tisner


You are reading that correctly–classes for home buyers! If you are just starting the home-purchase process, you may get overwhelmed when you find out all that is involved. Sadly, it is not as easy as finding a house, paying for it, then moving in. It is a great idea to learn all you can about the purchase process as well as being a homeowner.
 

  • The Department of Housing and Urban Development has a list of free classes in every state, from credit counseling and home maintenance to housing for seniors. Select your state and find all that are available. 
  • Sign up before you have found a house you want to purchase! However, if you are purchasing your home through FHA, USDA, or other agency, you may be required to take the courses. 
  • Before deciding what workshop is best for you, make sure it is certified through HUD, and any credit courses are nonprofit and accredited by the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies 
  • Credit counseling should take place about six months before you start looking at homes so you can learn about improving your credit score and creating a budget. You want the highest credit score possible in order to receive pre-approval for a mortgage. 
  • HUD-approved counseling agencies usually offer one-on-one sessions so you can get a better understanding of your financial situation, as well as answers to questions you may have. 
  • Many workshops have more than one “instructor;” you will hear from lenders, appraisers, inspectors, and insurance agents who will discuss their roles in the home-buying process. 
  • If there is no way to save or pay a 20% down payment, taking a workshop can help you find low down payment mortgages, as well as any grants that may be available in your community. 

When dreaming of buying your own home, do not allow the amount of information to overwhelm you and keep you from even trying! All it takes is this first step, and you will find that a home-buyer course will show you will not be alone on the road to homeownership. Once you learn the ropes of the process, you will feel confident when you contact a Realtor to begin your search. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market August 2023

September 22nd, 2023 by tisner

New Orlando Regional REALTOR® Association data shows market continues to cool as fall season approaches


State of the Market

  • Inventory for August was recorded at 6,115, up 6.9% from July when inventory was recorded at 5,720.
  • New listings rose 6.1% from July to August, with 3,620 new homes on the market in August, compared to 3,413 in July.
  • The median home price for August was recorded at $375,000, down from $380,000 in July. This is the second month in a row that median home price has fallen.
  • Median home price in August 2023 was extremely close to August 2022, when it was recorded at $377,750.
  • Overall sales fell slightly – 2.1% – from July to August. There were 2,792 sales in August, down from 2,852 sales in July. Sales in August 2023 were also 16.0% lower than August 2022, when there were 3,324 sales.
  • Homes spent an average of 41 days on the market (DOM) in August, up from 39 days in July. This is 51.9% higher than August 2022 when homes spent an average of just 27 days on the market.
  • August’s interest rate was recorded at 6.6%, down from 6.8% in July. Interest rates in August 2022 were 5.3%.
  • In a July survey of ORRA members, 48% said they are seeing signs of the market cooling off.
  • “As we near the fall season, we typically see a slowdown in sales, and we are beginning to witness this in the Central Florida market,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Fall can have its benefits for buyers. With our market cooling off, fall homebuyers will face less competition, find more inventory, and see median home price pull back a bit.”

Market Snapshot

  • Interest rates decreased from 6.8% in July to 6.6% in August. This is 24.5% higher than August 2022 when interest rates were 5.3%.
  • Pending sales fell 4.2%, with 3,808 in July and 3,647 in August.
  • 21 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in August. That represents a 16.0% decrease from July, when 25 distressed homes sold.

Inventory

  • Orlando area inventory increased 6.9% from July to August. Inventory in July was 5,720 and inventory in August was 6,115.
  • The supply of homes increased to 2.19 months in August, up 9.2% from 2.01 months in July. A balanced market is six months of supply.
  • The number of new listings increased from July to August by 6.1% – from 3,413 homes to 3,620 homes.

ORRA’s full State of the Market Report for August can be found here.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Real Estate Disclosures and You

September 19th, 2023 by tisner

Real Estate Disclosures and You

Zillow.com defines the term disclosure as “…the buyer’s opportunity to learn as much as they can about the property and the seller’s experience in it.”  In most states, this simply means that the seller must let the buyer know about problems that they are aware of.  Whether you’re selling or buying a house, disclosing issues with the house is an extremely important part of the process.  

What Disclosure Means for the Seller 

  • Your listing agent will provide a form for you to fill out, answering questions with either yes, no or I don’t know about different aspects of the house.  This form should be filled out truthfully and to the best of your knowledge. 
  • Items that most states ask you to disclose to the buyer:  lead paint or asbestos, previous repairs or additions, mold or water damage, pest issues, drainage problems, foundation cracks, problems with HVAC and other appliances, and if the roof is leaky. 
  • If you think there might be a problem, say possible mold in the crawlspace, have an inspector come and have a look.  It’s better to be safe than sorry here. 
  • While you’re going over the disclosure form, if you’re not sure if you should report something, report it anyway.  It’s best to err on the side of caution. 
  • Have the disclosure ready before you’ve accepted an offer for your own protection. 
  • Your listing agent will be aware of all government disclosure requirements–federal, state, and local–so be prepared to report all that these laws ask of you. 

Disclosure and the Buyer 

  • Once you receive the disclosure statement, go over it carefully and ask questions if you’re not sure about anything listed, because you must sign the disclosure. 
  • The extra expense of having an official inspection done on the house is vital to this part of the sale.  Have the disclosure form information with you when you meet the inspector at the house, so you can go over the problem places with a pro. 
  • In the case of any additions to the home, check the local government building permit and zoning information to make sure the addition was done the legal way by licensed people. 
  • If you have any issues with the seller’s answers on the disclosure statement, and don’t want to make the repairs, and can’t come to an agreement with the seller, it may be best to walk away and look for another house. 
  • Once you are satisfied with the disclosure and have the peace of mind that the sale should go through, sign off on the disclosure. 

A disclosure should be a seller’s protection plan, and smart sellers will be completely honest, and maybe even over-disclose.  Also, be aware that some states even ask sellers to disclose things like traffic noise, and even paranormal activity!  Your Realtor will know everything you need to provide to buyers, so the sale of your home goes smoothly.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Photo credit: Nestiny.com

Wind Mitigation Inspections

August 22nd, 2023 by tisner

Florida is well known for all of the damage caused during our stormy seasons.  The power of wind can burst open windows, doors, split open walls, creating and increasing uplift forces on the roof.   Once the wind breaks open any part of the home, wind and water will enter and damage to the interior escalates dramatically.

Homeowner’s insurance companies offer premium discounts based on a home’s level of wind resistance. These wind mitigation inspections are used to determine whether specific protective reinforcements are in place, therefore decreasing the amount of damage your home may receive during a hurricane or strong storm. A home with these features is less likely to incur costly repairs  during a “high wind event” which saves the insurance company money.

What is Wind Loss Mitigation? Mitigation is the act of making a condition less severe. Therefore wind loss mitigation is the act of minimizing loss that might be caused by wind damage to your home.

History Behind the Credits
After the devastating 2004 Hurricane season many Florida based insurance companies were forced to increase premiums due the substantial losses they occurred. The Florida Legislature saw the rising premiums as a problem for Floridians so they agreed that if homeowners made steps to make their homes more secure from wind loss, they should be rewarded by a reduction in insurance premium.

So How Do I Get the Credits?

In order to get credits you must have a Wind Mitigation report completed by a licensed inspector. Many people believe that their Homeowners carrier is responsible for paying for the report, but that is not the case. That being said, the mitigation report usually pays for itself within the first year, with prices ranging from $70 – $125. These prices are typically reduced if you purchase another report from the inspector, such as a 4-point inspection.

Make Sure You Request the 2012 Form!

Most carriers are now requiring that the Wind Mitigation Report to be on the 2012 form. If you have an older form, you will most likely have to get a new mitigation completed to apply for credits.

Premium Credits for Wind Mitigation Construction Features 

Roof Age: If your roof was replaced on or after March of 2002, it most likely is eligible for the Florida Building Code of 2001 credit. This code required contractors to use improved construction techniques, thus making roofs sounder.

Roof Covering: Common types include shingles, clay tiles, metal, and built-up-tar and gravel. The key factor in roof covering performance is the method of attachment of the roof covering to the roof deck.  This feature must meet or be equivalent to the Florida Building Code which has specific material and attachment specifications which are superior to building practices in the past.

Roof Deck Material & Attachments: The method used to connect the roof decking (plywood, metal panels, etc.) to the roof trusses or rafters. The performance of the roof deck is of critical importance in keeping hurricane losses to a minimum. This is usually achieved by nail fasteners. Nail size, type, spacing, and penetration depth into the truss or rafters determines the uplift resistance of the deck.  The difference in uplift capacity of 8d (2 ½”) nails at a typical nail spacing and 6d (2 ½”) nails at the same spacing is a factor of about two times stronger.

Roof-to-Wall: This is another critical connection that keeps the roof on the building and acts to transfer the uplift loads into the vertical walls.  This connection is KEY to the performance of the building due to the large negative pressures acting on the roof.

Secondary Water Resistance: Material applied to the roof covering to prevent water from intruding into the structure when the roof covering fails.  Roof coverings often begin to peel off in peak wind gusts ranging from 70 to 100 mph.

Roof Shape: Roof shape refers to the geometry of the roof.  There are many common roof shapes in residential construction, including gable, hip, and flat (and many possible combinations).  Some roof slopes and configurations perform better than others.   Moderate roof slopes don’t tend to uplift the roof and push the building sideways and hip roofs provides greater stability during high winds regardless of which direction the wind blows.  *A HIP shaped roof receives the largest insurance discount. This may help a protective home buyer consider which home to buy.

Opening Protection: Openings in the wall and roof include windows, doors, sliding glass doors, skylights, and garage doors.  Openings are vulnerable to wind-borne debris impacts in hurricanes and other windstorms. The protection of openings is perhaps the greatest single loss mitigation strategy for a building.  The reason for this is that once a window or door fails the pressure inside of the structure increases due to the breach in the building envelope.  Thus, putting all openings in an overload situation; resulting in additional failures.  The inspector is looking for glazed (glass) openings with specific ratings and or shutters protecting them.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By and photo credit: Tracy Sihle,  Sihle Insurance Group

Orlando State of the Market July 2023

August 18th, 2023 by tisner


State of the Market

  • July’s interest rate was recorded at 6.8%, up slightly from 6.7% in June. This is the second-highest interest rate in Central Florida in 20 years. October 2022 had the highest interest rate in 20 years at 7.0%
    • In ORRA’s new survey of Orlando REALTORS, 43% of respondents said that rising interest rates are the biggest challenge facing buyers, causing some buyers to wait out purchasing homes right now or look at lower price points.
  • Overall sales fell 8.7% from June to July. There were 2,852 sales in July, down from 3,124 sales in June. Sales in July 2023 were also 13.8% lower than July 2022, when there were 3,309 sales.
  • Inventory for July was recorded at 5,720, up 5.0% from June when inventory was recorded at 5,450.
    • Low inventory was cited as the second biggest issue facing buyers in ORRA’s new survey.
  • The median home price for July was recorded at $380,000, down from $385,000 in June. This is the first month this year that median home price has fallen.
  • Median home price in July 2023 was extremely close to July 2022, when it was recorded at $380,900.
  • New listings fell 7.8% from June to July, with 3,413 new homes on the market in July, compared to 3,703 in June.
  • Homes spent an average of 39 days on the market (DOM) in July, down from 41 days in June. This is still 85.7% higher than July 2022 when homes spent an average of just 21 days on the market.
    • Last year, 63% of Orlando REALTORS said clients were selling their homes in 10 days or less. This year, only 34% said clients are selling their homes in 10 days or less.
  • “Approaching the end of summer with interest rates at nearly their highest level in 20 years, we are seeing an impact on both buyers and sellers,” said Lisa Hill, Orlando Regional REALTOR® Association President. “More homeowners are being locked into ‘golden handcuffs’ – where they’re choosing to stay in their current homes to keep their low mortgage rates, which could be 3% or lower – and more buyers are choosing to wait in hopes that rates go down.”


Market Snapshot

  • Interest rates increased from 6.7% in June to 6.8% in July. This is 27.7% higher than July 2022 when interest rates were 5.4%.
  • Pending sales fell, with 3,964 in June and 3,808 in July.
  • 25 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in July. That represents a 10.7% decrease from June, when 28 distressed homes sold.

Inventory

  • Orlando area inventory increased 5.0% from June to July. Inventory in June was 5,450 and inventory in July was 5,720.
  • The supply of homes increased to 2.01 months in July, up 15.0% from 1.74 months in June. A balanced market is six months of supply.
  • The number of new listings decreased from June to July by 7.8% – from 3,703 homes to 3,413 homes.

ORRA’s full State of the Market Report for July can be found here.

Access Teri’s one-stop Orlando FL home search website.Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By: www.orlandorealtors.org

Can You Time the Housing Market?

August 10th, 2023 by tisner

A Fannie Mae survey found that a record number of buyers think it’s a bad time to buy a home. But is it? Even experts stumble with market predictions.

WASHINGTON – “It’s a bad time to buy a home.” This summer, more Americans held that view than any time since 2002, the first year that mortgage agency Fannie Mae started its “Home Purchase Sentiment Index.”

High prices and rates are souring many would-be buyers. But in April, home prices nationally posted their first year-over-year price decline in 11 years, according to the S&P CoreLogic Case Shiller National Home Price Index.

And some metros, like Seattle and San Francisco, are seeing double-digit drops.

A downward price progression, though, begs the question: “If I buy now, will my home price slide later?”

“Timing the market can be very difficult,” says Selma Hepp, chief economist for CoreLogic, a real estate data firm.

Personal Timetable Financial planners routinely advise buyers to consider timing – not when to jump in the market, but their own personal plans of how long they think they’ll be staying in the home.

“Even if prices continue to go down in the short term, if you can afford the home at the current price and plan on being there for a few years, I think you’ll be just fine,” says DJ Hunt, a certified financial planner with the Melbourne, Florida, firm Moisand Fitzgerald Tamayo, LLC.

Ultimately, prices in a market depend on what buyers can pay. That’s why “it is important to pay attention to economic conditions of an area, such as job creation, population growth and income growth,” explains Hepp.

In Bastrop, Texas, about 30 minutes east of Austin, real estate agent Judah Ross says, “we’ve seen about a 10-15% drop in prices which can be directly correlated with interest rates.”

He has buyers, especially first-timers, who were knocked out of the market during the earlier boon. Continued business expansion, from firms like SpaceX give buyers confidence that values will reverse course, he adds.

Still, not everyone with a down payment and a home buying wish should buy, cautions Hunt. “Especially if you are moving to a new city where home prices are declining, I would advise renting for at least a few months … people shouldn’t feel rushed into buying.”

© Copyright 2023, Richmond Times-Dispatch, Richmond, VA

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Source: www.floridarealtors.orgBy Marilyn Kennedy Melia

Fed Raises Interest Rates a Quarter Point as Expected

July 27th, 2023 by tisner


Observers looked for clues on whether the Fed will raise interest rates again later this year, and the Fed seemed to imply it was likely, but not a sure thing.

WASHINGTON – The U.S. Federal Reserve on Wednesday raised its benchmark interest rate by another 0.25 percentage point following a pause in June, recognizing the need to do more to contain inflation.

The increase, announced after a two-day policy meeting, brings the federal funds rate, which banks charge each other for overnight borrowing, to a new target range of between 5.25% and 5.5% — a 22-year high.

This is the 11th hike since March 2022, when the U.S. central bank raised the key rate from near zero. At the June meeting, the bank’s policymaking Federal Open Market Committee left the rate unchanged following 10 consecutive increases, saying it wanted time to assess the effects of its past decisions and labor market figures.

At the time, Fed Chair Jerome Powell also said the pause was needed to examine any fallout from the banking turmoil that shook the U.S. financial system earlier this year, while noting that most of the central bank’s policymakers viewed additional rate hikes as necessary later this year to cool down the economy.

Inflation in the United States has declined considerably since it peaked last summer at 9.1%, a level unseen since more than four decades earlier.

Although inflation also broadly slowed in June, with the consumer price index rising 3% from a year earlier to register the smallest increase since March 2021, it is still far above the Fed’s 2% target.

Moreover, economic data have shown that the U.S. labor market remains robust. Citing income gains, the International Monetary Fund earlier this week revised upward its 2023 growth forecast for the United States to 1.8%, compared with the 1.6% projected in April.

Economists and investors are keen to find any clues as to whether the latest hike will be the Fed’s final move this year in its inflation fight. The Fed has ruled out the possibility of cutting the key rate anytime soon, but it has become increasingly careful not to set the stage for the world’s largest economy to tip into a recession by raising the cost to borrow too much.

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By: floridarealtors.org

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