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Historical Perspective for Orlando, FL

February 23rd, 2018 by tisner

In 1968, mortgage rates were 8.5%. The next year, rates went down to 7%. Homeowners could buy a 15-20% larger home for the same payments if they could find someone to assume their mortgage.Mortgage rate history2a.png

FHA and VA mortgages were very popular in certain price ranges and they allowed anyone to assume the mortgage regardless of the credit. If you could find a person to take over your note, you were free to qualify for another mortgage.

In October 1981, mortgage rates reached 18.63%. A $250,000 mortgage had a monthly principal and interest payment of $3,896.46. As astronomical as that rate sounds, people were still buying homes and were good investments.

Four years later, they were still over 12%. The monthly payment was $2,571.53. Believe it or not, people were excited to be paying only 2/3 what they had to pay a few years earlier.

Fast forward to late 1991 when the rates went below 9% and that same payment was to $2,015.16. At the turn of the 21st century, rates were 8.15% and that made the payment $1,860.62. Not much change in rates during that decade.

If we look around the housing bubble, late 2008, the rates were 6.04% and the payment was $1,505.31. By 2009, mortgage rates had fallen below 5%. The lowest mortgage rate was 3.31% on November 2012 with a payment of $1,096.27.

Rates fluctuated for the next few years until now, and most of the experts are expecting them to be above 5% by the end of 2018.  Rates have increased each week for the last six weeks to 4.38% with payments of $1,240.12.

The average mortgage rate for the past 47 years is a little over 8%. The real estate and mortgage markets are cyclical. Rates have been historically low for a long period but will probably continue to rise. Most buyers don’t pay cash and mortgages enable them to purchase now. Based on history, even 8% would be an excellent rate. Until it reaches that point again, everything lower is a bargain.

By: PatZaby.com

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.

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Windermere Florida Real Estate Market Report for January 2018

February 15th, 2018 by tisner

The Windermere Real Estate Market Trends Report shows the average sales price was $749,291 in January 2018 compared to $668,452 in January 2017. Homes were on the market for an average of 107 days compared to 106 days last year. Homes sold for 97% of the list price.

Windermere FL Real Estate Market Report

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.

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Kissimmee Florida Real Estate Market Report for January 2018

February 15th, 2018 by tisner

The Kissimmee Real Estate Market Trends Report for 34741 shows 37 homes sold in January 2018 up from 28 in January 2017. The average sales price was $184,767 compared to $174,529 in January 2017 and homes were on the market an average of 50 days, up from 39 days in January 2017.

Kissimmee FL Real Estate Market Report

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.

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House Hunting Homework

February 6th, 2018 by tisner

There is plenty to do to prepare for buying your new home, and once you’re actively touring homes or stopping into an open house, you can draw a blank when it comes time to ask specifics.  Have some questions ready to prepare yourself so you won’t forget! 

Open House and Walkthrough 

  • How long has the house been on the market, and are there any current offers? The length of time it’s been for sale can mean savings for you, or you may not want to bother if there are already multiple offers. 
  • Why is the current owner selling?  This may seem like prying, and you may not get the exact answer, but it can add flexibility to price negotiations if the owner is ready for a fast sale. 
  • Ask for a seller’s disclosure before you think about making an offer. Check this list for your state’s info about what the seller must tell you before buying the house. 
  • How old is the roof? An older roof that has issues can either cost in the long run, or give you a discount on the sale price if it need replacing. 
  • If it isn’t obvious, ask when the house was last updated.  With people living longer, some could have lived in the same home for fifty years and done nothing else besides redecorating. 
  • Condition of the home’s systems are important, so inquire about the age of the water heater, electric, plumbing, security and climate control systems. 
  • How is the home heated and insulated, including the attic?  You need to have a good idea of what your utilities will cost, and heating can be expensive, whether it’s propane, electric, or geothermal if the insulation needs improving. 
  • Has the house been treated for pests on a regular basis?  This can keep a lot of headaches at bay in the long run. 
  • What is included in the sale price, and are any warranties still active?  You don’t want to be surprised when you start moving in and find out you have to buy all new appliances. 
  • You may be moving in the same general area, but a different city or county.  Property taxes vary per location, so make sure you know how much you will be paying if you eventually purchase the home. 
  • If your prospective new home is in a historic district or homeowner’s association, there will be restrictions on how you renovate or build an addition, and fees for HOA.  Ask your realtor for these details. 

Pay Attention 

  • While you’re on your walkthrough, pay attention to traffic and nearby surroundings.  Spend several minutes outside in the front and back yards and listen for any traffic noise, or a noisy possible neighbor. 
  • Is your prospective new home on a busy shortcut street in the mornings and evenings?  Make time to discover for yourself and drive through on your way to or from work. 
  • Look closely at fresh paint jobs for cracks or possible mold.  Sometimes, that new paint is covering up a problem. 
  • Check your mobile phone for signal strength.  Different areas can be dead zones. 
  • Drive through the area one evening after most people are home from work.  Is there plenty of parking available? 

Using these opportunities to find all the information you can about a potential new home is imperative when you know you’ll be looking at many different homes on the market.  Do your homework–keep a list of questions on your mobile phone’s notepad app so you won’t forget anything, or use a clipboard if you’re looking at multiple houses, keeping this information better organized. Since buying a home will most likely be your biggest investment, you want to be certain your money will be spent wisely. 

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: ashwinarchitects.com

Downsizing for Retirees and Empty Nesters

January 17th, 2018 by tisner

Your children have flown from the nest, or maybe retirement is not so far away.  Do you still need all of the space your current home has? Or maybe the idea of selling and buying a smaller home and save the profit for a boost to your retirement income.  Whatever the reason, many empty nesters and retirees are downsizing. Let’s look at these things to consider: 

  • Downsizing can be a huge change for most, and planning for it is the key.  Talk with your partner, your family and friends, tell them of your thoughts, and have some of them help you start a Downsize Plan.  
  • Think practically when you’re thinking about what sort of house you’d like to buy.  You don’t want to go so much smaller that you don’t feel at home.    
  • Do you want to stay in the general area you are currently in, or do you want to move across the country? Maybe you’d like to have an adventure and travel.   
  • Look at your budget and go through it very carefully.  Even with a home sale, your new place could be in a more expensive area, with property taxes and higher utility costs.  Choose carefully so you save more of the profit from the old house’s sale. 
  • We don’t like to think about aging, but one consideration you should be taking is that if this will be your last home, make sure it will work for you as you get older.  In case of mobility issues later on, a single-story house that will be easier to maneuver around in, or one with a smaller yard for less maintenance is best when house-hunting. 
  • The thought of maintaining our landscaping can make us groan as we get older in more ways than one, so consider a condominium or townhouse to relocate to. Be sure to ask if there are extra maintenance fees in these communities. 
  • Once you make your decision, contact a realtor in the area with questions about the housing market, as they can assist you with figuring out how much your house would sell for, as well as finding a smaller and affordable home for you to buy or even consider a rental for a while. 
  • Once you decide to sell and relocate, start the first step of the moving process of going through your belongings, and deciding what you’ll have room for in a smaller home.  This downsizing article from Sixty&Me.com has some extreme but practical advice to help you start this emotional task. Get the family involved if your children still have belongings stored in your attic or spare room. 
  • If the thought of cutting out so many of your belongings is too daunting, find a professional organizer who can help.  Look for one that specializes in downsizing. 
  • You have probably acquired a houseful of furniture, and a smaller home means less space to place what you have now.  Talk to family members who may want pieces that you have, sell some furniture, or donate practical items to a shelter or thrift store. 

Preparing for the later years in life can be daunting.  If you’re getting ready for retirement, or dreading the thought of the last child leaving home, downsizing and a new beginning can actually be something to look forward to.  Be sure to share your housing concerns and desires with your real estate agent, who will do all they can to find the perfect home for you to make every moment enjoyable for you for years to come. 

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: thenubiannews.com

Saving Money for a New Home Down Payment

December 20th, 2017 by tisner

With the new year approaching, many people start thinking about resolutions.  If you’re seriously considering buying a new home, you’ll definitely need to be thinking about having your down payment ready when you find the perfect house.  Follow these ideas for saving as much as you possibly can.

  • First and foremost, know your house-purchasing budget, and estimate needing 20% of that budget.
  • Set up a hands-off down payment high-yield savings or money market account.
  • Start cutting out expenses, or find ways to make extra money. Every little bit counts.
  • If you plan on getting an end-of-year bonus or income tax refund, set aside that money to begin your new nest’s egg.
  • Sign up with your employer to deposit a portion of your pay into a down payment savings account if you’re not great at putting money into savings. Most of the time, if you don’t see it, you don’t miss it.
  • Receiving gifts from family members towards your down payment require documentation so your lender, as well as the IRS, knows where the money is coming from, and that the money doesn’t require re-payment.  More information about down payment gifts are here from The Mortgage Reports website.
  • Start paying off your credit card debt by paying more than the minimum payment. Lowering and/or eliminating your card balance also lowers your interest rates, so you can start taking what you’d normally pay on credit cards and depositing it towards your down payment fund.
  • If you have investments in stocks or bonds, plan on liquidating those assets when it’s time to purchase your house. Make sure you document these sales.
  • A pay raise at work is great, but if you happen to get one, stay on your old budget, and have the extra pay direct deposited into your down payment account.
  • You can always borrow from your 401k or IRA, but make sure you’re not having to pay penalties. Talk with your account holder before you make any withdrawals.

A down payment, especially at twenty percent, can look daunting.  If it just looks impossible, do your research.  There are many first-time buyer programs available, as well as lower down payment options through the USDA, the VA and state-specific programs.  Zillow has a terrific guide on low down payment guidelines and opportunities. Planning ahead and keeping your eye on your goal will get you well on the way to home ownership.

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: northeastfunding.com

Windermere Real Estate Market Report for November 2017

December 14th, 2017 by tisner

The Windermere Real Estate Market Trends Report shows the average sales price was $510,876 in November 2017 compared to $605,913 in November 2016. Homes were on the market for an average of 67 days compared to 96 days last year. Homes sold for 97% of the list price.

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Kissimmee Real Estate Market Report for November 2017

December 14th, 2017 by tisner

The Kissimmee Real Estate Market Trends Report for 34741 shows 41 homes sold in November 2017 up from 36 in November 2016. The average sales price was $205,841 compared to $150,900 in November 2016 and homes were on the market an average of 42 days, down from 61 days in November 2016.

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

FHA is a Good Option

December 1st, 2017 by tisner

FHA insured mortgages serve a sector of the market that is not necessarily being met by other loan programs.

Securing an 80% conventional mortgage that doesn’t require mortgage insurance may be the lowest cost of financing but if the buyer doesn’t have 20% down payment, it isn’t really an option.42257772-250.jpg

Securing a 100% VA loan doesn’t require a down payment or mortgage insurance but if the buyer isn’t a veteran with his/her eligibility intact, it isn’t an option either.

There are conventional loan programs with as little as 3% down payment but they not only require mortgage insurance, they also require a credit score of 740 or above which may eliminate some buyers.

For these reasons, FHA is a viable alternative to about 20% of new and existing home sales. The Federal backing of these mortgages makes it easier for first-time and low-income buyers to qualify because the requirements are not as demanding. They’re even more lenient towards buyers who have previously experienced bankruptcy, foreclosure or a short sale.

Finding the right mortgage for the right home is a team effort where both mortgage and real estate professionals work in harmony to get a buyer into their own home. Call us at 407-566-1800 for a recommendation of a trusted mortgage professional.

General FHA loan requirements include:

  • The loan is for primary residences only but can include two, three or four units.
  • The property must be appraised by an FHA-approved appraiser.
  • The property must be safe, sound and secure, in compliance with minimum property standards as defined by the U.S. Department of Housing and Urban Development.
  • The borrower must be a legal resident of the U.S. and have a valid Social Security number.
  • The minimum credit score of 580 with a down payment of at least 3.5 percent, or a minimum credit score of 500 with a down payment of at least 10 percent.
  • The borrower may not have delinquent federal debt or judgments, or debt associated with past FHA loans.
  • The borrower must have steady employment history.
  • Documentation is required if the down payment was gifted by a family member.
  • The borrower must have a debt-to-income not exceed limits of 31% for front-end and 43% back-end ratio (some exceptions may apply).
  • Any judgments or collections on the credit report must be resolved or satisfactorily explained.

By: PatZaby.com

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Holiday Travels

November 16th, 2017 by tisner

The last thing you want if you’re traveling these holidays is to worry about someone burglarizing your home. Use this check list to add some peace of mind while you’re out of town.

  • Ask a trusted friend – to pick up mail, newspaper and keep yard picked up to avoid an appearance of being empty.
  • Consider discontinuing your mail (USPS Hold Mail Service)
  • Don’t post about your trip on Facebook and other social media until you return – some burglars actually look for this type of announcement to schedule their activities.
  • Do notify police or neighborhood watch – especially if you’re going to be gone for more than just a few days. Let your monitoring service know when you’ll be gone and if someone will be checking on your home for you.
  • Light timers make it look like someone is home – use several sets for different times to better simulate someone being at home.
  • Do unplug certain appliances – TV, computers, toaster ovens that use electricity even when they’re off and to protect them from power surges.
  • Don’t hide a key – burglars know exactly where to look for your key and it only takes them a moment to check under the mat, above the door, in the flower pot or in a fake rock.

These easy-to-handle suggestions may protect your belongings while you’re gone while adding a level of serenity to your trip

By: PatZaby.com

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

 

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