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Hot Housing Market Keeps Foreclosures at Bay

August 11th, 2022 by tisner

Homeowners who have hit hard times face foreclosure, but most now also have lots of equity and they’re selling rather than going into foreclosure.

NEW YORK – The hot housing market keeps many delinquent mortgage borrowers from being foreclosed, with their home values often exceeding their mortgage principal. As a result, strong home prices and tight inventory frequently give homeowners the option to sell before facing foreclosure. In addition, federal forbearance programs and other safeguards offer them some breathing room.

Although foreclosure starts have risen since the moratorium ended last July, the current number is still roughly half of what it was for the same period in 2019 and about a tenth of the peak during the 2007-09 recession, according to ATTOM Data Solutions.

The S&P CoreLogic Case-Shiller National Home Price Index estimated that single-family home prices in major metros climbed around 33% in the two years ended February; price drivers included urban renters moving to buy more spacious suburban homes, long-term government stimulus, and a rapid economic rebound following COVID-19 lockdowns.

The National Association of Realtors (NAR) forecasts a 9% annual decline in housing demand, although home prices are unlikely to fall due to limited housing supply caused by labor shortages and limitation of buildable lots.

ATTOM’s Rick Sharga noted the pandemic-fueled job losses disproportionately impacted younger, lower-wage non-homeowners, while the persistence of elevated inflation means lower-income mortgage borrowers with little financial buffers could face a higher risk of default.

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!

Source: Wall Street Journal (06/19/22) Matsuda, Akiko
https://www.floridarealtors.org/

Buying a Home After Financial Setbacks

August 9th, 2022 by tisner


Filing bankruptcy or losing your home to foreclosure does not mean the end of the road for financial success afterwards.  It can be scary to even think about buying another house, but it is not impossible! Check out these tips to help you back on your way to homeownership:
 

  • Probably the most important thing to do is to pay all of your bills on time and in full. This will get your credit score climbing back up to a number that will look good to lenders. 
  • The bankruptcy process begins and ends with required financial courses.  Ask for a fee waiver so the added costs are not a burden. 
  • If your last home went into foreclosure, there are waiting periods for applying for a mortgage: three years for FHA loans, seven years for Fannie Mae/Freddie Mac loans, two years for Veterans Affairs loans, three years for USDA loans, and other lenders have different waiting periods. 
  • The homebuying process is different for those above-mentioned agencies when it comes to past bankruptcy. It simply depends on the type of bankruptcy filed. 
  • Going through a short sale may be a different situation, but this process has a waiting period as well. The average wait time to apply for a mortgage is two to seven years. 
  • Some financial institutions may ask for an explanation–in writing–about the situation that led to the foreclosure or short sale, as well as what you learned during the process.   
  • Extenuating circumstances, such as a major illness or job loss, can make a difference in how long you have to wait to apply for a mortgage.  Be prepared with any paperwork that shows your loss of income or increase of debt. 

When you are ready to start house-hunting, find a RealtorⓇ that is experienced with assisting those who have experienced financial hardship and lost a home in the past.  They have a wealth of knowledge to help you every step of the way on the path to a fresh start! 

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: Dreamstime

U.S. Housing Market Collapse? Nowhere in Sight

August 4th, 2022 by tisner


The housing market has taken a few hits, such as a doubling of mortgage rates in 2022, but it remains solid even if legitimate news providers suggest doom and gloom.

NEW YORK – The rock-hard foundation of the U.S. housing market is suffering some cracks, but an outright collapse is nowhere in sight.

Regardless, sensational news headlines are reverberating like seismic tremors around the country. Here are recent inflammatory headlines from legitimate websites:

  • “U.S. home prices are about to tumble as demand for new houses ‘craters,’ an economist warns.” (BusinessInsider)
  • “Homebuilder confidence suffers near-record plunge” (Newsweek)
  • “Scary times: builders are slashing home prices and slowing construction as buyers pull back, survey shows” (MarketWatch)
  • “The housing market is entering the ‘most significant contraction in activity since 2006,’ says Freddie Mac economist” (Fortune)

Gloomy reports like these can be enough to make builders halt building. Or to prompt homebuyers to delay buying. Or to discourage mortgage brokers from lending.

In an unintentional collaboration, depressing news can have a chilling effect on the housing market. They create a negative tone.

In recent years, however, the real estate market has been resilient, through the ups and downs of the U.S. economy, through pandemics. On a national level, home prices soared 40% over the past two years, according to the Case-Shiller Price Index.

These price increases have been even bigger in Northeast Florida. And even more so in trendy places like Amelia Island, where a hearty demand outstrips a limited supply of houses and condominiums and raw land.

A new complication has clouded the housing picture in recent months, however. It’s the almighty Fed.

With its eye on cooling down inflationary prices, the Federal Reserve has embarked on a campaign of interest rate hikes. Therefore, borrowing costs have inevitably increased for homebuyers.

Meanwhile, the U.S. economy is sputtering, bordering on the brink of a mild recession. Inflation rages at the hottest pace in 40 years. However, employment is still healthy – contrary to most recessions. So there are mixed economic signals.

With U.S. stocks dipping into bear market territory, the economic backdrop for real estate has ultimately darkened. Homebuilding stocks have also cratered – a leading indicator of what potentially lies ahead.

“The market is adjusting to a new reality, with much lower sales volumes and far more inventory,” says Ian Shepherdson, chief economist at Pantheon Macro. “Prices, therefore, have to adjust to the downside, likely quite substantially.”

With Federal Reserve’s recent moves, mortgage rates have doubled from previous levels. As expected, mortgage applications have dropped off a cliff – to the lowest level since 2000.

The same level of decline has been seen in homebuilder confidence. A measure of this confidence dropped precipitously in July. Consequently, prices of new homes should follow a similar downward path, although the trajectory is the question.

The number of home listings remains low nationally. However, new listings increased at the fastest pace in five years, according to Realtor.com. And listing prices are being reduced in some red-hot markets (Austin, Las Vegas, Nashville).

But all these measures and statistics and sensational headlines must be put into context. Home prices are still near record levels, in most places. Here in Nassau County, prices are still at record levels, especially around Amelia Island.

Cracks in a foundation will usually spread over time. And only time will tell how the housing market endures, through the obstacles and challenges.

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!

By: www.floridarealtors.org and Steve Nicklas

Short-Term Fixes for Urgent Home Repairs

July 26th, 2022 by tisner


Things happen, and it seems that they usually happen on weekends or after normal working hours. What do you do until a professional makes a service call? Find the temporary solution to many emergency needs here:
 

  • Leaky roof:  Search for the leaking area in the attic while it is raining and call a roofing company or handyman as soon as possible. Cover the area with a heavy-duty tarp, using nails to keep it in place.  
  • Broken window: Wearing work gloves and safety glasses, remove any broken glass pieces. Use heavy-duty plastic and weather-proof tape to cover the hole or cover the window completely, sealing it well to keep out rain or cold. 
  • Leaking water pipe: Turn the water off at your water main. Stop small leaks with epoxy putty. Do not allow pipes to continue to leak or think the putty will hold forever. Have a plumber address the issues. 
  • Water heater leak: The first thing that should be done is to turn off the water heater breaker or gas flow, then turn off the cold-water flow to the heater. Call your plumber immediately, then start cleaning up with towels or a wet/dry vacuum. If water has flooded the room, take photos before cleaning up, and call your insurance company. 
  • Clogged drain: Using a plunger for clogs is better and safer than using store-bought drain cleaners. This video from Ask This Old House shows homeowners the proper way to clear drains. If none of those solutions work, calling a plumber is in order, as a backed-up drain will eventually burst and create a much larger mess. 
  • Gas leak: Whenever you smell sulfur or the “rotten egg” odor, it is usually a gas leak. Get out of your home, turn the gas off outside by turning the valve control to a perpendicular position, and call your utility company immediately. Do not go back into the home until the leak has been checked and repaired. 

Keep in mind that these are temporary repairs! Neglecting to make repairs can cause extensive and costly damage to your home. The plumber’s bill for a leaking water pipe is much less expensive than replacing rotting floors. Taking care of emergencies as quickly as possible protects your investment and saves money in the end. 

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: Simpson Windows and Doors 

Orlando State of the Market June 2022

July 21st, 2022 by tisner

Orlando Area Residential Real Estate Snapshot for June 2022

State of the Market

  • Inventory increased by 41.2% from May 2022 to June 2022, with 1,586 more homes on the market in June compared to May. This is the second month in a row with a surge in inventory, following May’s increase of 44.2%.
  • Inventory increased by 75.5% from June 2021 to June 2022, jumping from 3,098 homes in June 2021 to 5,437 in June 2022.
  • June’s median home price was recorded at $387,000, an increase of 1.9% compared to May 2022; this sets a record high for the fifth month in a row. This is a 22.9% increase from June 2021 to June 2022, when the median home price was recorded at $315,000 in June 2021.
  • Interest rates increased from 5.3% in May 2022 to 5.5% in June 2022. This is the highest interest rates in the Orlando area have been since November 2008.
  • Overall sales in June 2022 decreased by 3.9%, with a total of 3,793 sales compared to 3,946 sales in May 2022. This is a 14.1% decrease compared to June 2021 when overall sales were recorded at 4,414.
  • Homes spent an average of 20 days on the market in June, down slightly from May 2022 when the average was 21 days.
  • New listings increased by 11.3% from May 2022 to June 2022, with a total of 5,367 new homes on the market in June.
  • “A balanced housing market has a six-month supply of homes,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “In June, with rising interest rates and surging inventory, we had over a one-month supply of homes for sale for the first time since February 2021. While it’s still a sellers’ market, we’re continuing to see signs that the market is starting to level out, which is good news for buyers.”

Market Snapshot

  • Interest rates continue to increase as the average interest rate for June 2022 was recorded at 5.5%. This is an 87.5% increase from June 2021 when interest rates were at 2.9%.
  • Pending sales decreased by 8.9% from May 2022 to June 2022 for a total of 4,231 pending sales.
  • 23 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in June 2022. That represents a 4.2% decrease from May 2022, when 24 distressed homes sold.

Inventory

  • Orlando area inventory increased by 41.2% from May 2022 to June 2022 from 3,851 homes to 5,437 homes. Inventory in June 2022 was 75.5% higher than in June 2021.
  • The supply of homes increased to 1.43 months in June 2022. This is the first time the supply has been over one month since February 2021. A balanced market is six months of supply.
  • The number of new listings increased in June 2022 from May 2022 by 11.3% to 5,367 homes.

 

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!

 

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 of 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.

Orlando State of the Market May 2022

June 16th, 2022 by tisner

Orlando Area Residential Real Estate Snapshot for May- 2022

State of the Market

  • Inventory increased by 44.2% from April 2022 to May 2022, with over 1200 additional homes hitting the market in May compared to April – this is the highest monthly increase in Orlando inventory to date
  • May’s median home price was recorded at $379,950, an increase of 2.7% compared to $370,000 in April 2022; this sets a record high for the fourth month in a row.
  • Interest rates increased from 4.9% in April 2022 to 5.3% in May 2022. This is the highest interest rates in the Orlando area have been since 2009. This is also the first time Orlando’s interest rates have gone above 5% since April 2010, when they were recorded at 5.1%.
  • Overall sales in May increased by 3.8%, with a total of 3,946 sales compared to 3,800 sales in April 2022. This is a 1.9% increase compared to May 2021 when overall sales were recorded at 3,872.
  • Homes spent an average of 21 days on the market in May, down 12.5% from April 2022 when the average was 24.
  • New listings increased by 10.7% from April 2022 to May 2022, with a total of 4,822 new homes on the market in May.
  • “This new surge in inventory is a sign that the Orlando housing market is beginning to level out, which is good news for both buyers and sellers,” said Tansey Soderstrom, Orlando Regional REALTOR®Association President. “Buyers will find more homes to choose from and sellers are still getting top dollar as Orlando’s median home price continues to rise.”
  • Market Snapshot
  • Interest rates continue to increase as the average interest rate for May 2022 was recorded at 5.3%. This is a significant rise compared to May 2021 when interest rates were at 3%.
  • Pending sales decreased by 7.9% from April 2022 to May 2022 for a total of 4,645 pending sales.
  • 24 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May 2022. That represents a 7.7% decrease over April 2022, when 26 distressed homes sold.
  • Inventory
  • Orlando area inventory increased by 44.2% from April 2022 to May 2022 from 2,670 homes to 3,851 homes. Inventory in May 2022 was 36.5% higher than in May 2021.
  • The supply of homes remained at nearly one month in May 2022. A balanced market is six months of supply.
  • The number of new listings increased in May 2022 from April 2022 by 10.7% to 4,822 homes.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!

Mortgage Shopping: Avoid These Mistakes

June 7th, 2022 by tisner


Searching for the right mortgage for your new home is likely the most important step when buying a new home. Having that preapproval lets you know how much house you can afford as well as getting your wallet ready for budgeting. There are some things you can do that can make lenders second guess your application, and you want to avoid doing anything that can sabotage the purchase of a new house:
 

  • Not knowing what is on your credit report can set you up for a surprise when a potential lender pulls it for inspection. Obtain a free report through your bank or credit union so you can correct or dispute errors before you fill out a loan application. 
  • Sending late payments on credit cards and other monthly bills during the approval process will show on your credit report. 
  • Opening a new line of credit for large purchases will raise your debt-to-income ratio (DTI). Except in emergencies, avoid buying anything on credit until after closing on your new home. 
  • In the same manner, closing credit accounts can negatively affect your credit score. If you have paid off credit card balances, leave them active, as this shows lenders that you have credit options available. 
  • Trying to help a family member get a loan by co-signing with them will raise your DTI and can discourage lenders. 
  • Unless it is completely unavoidable, changing jobs can hurt your loan chances. Lenders like to see a steady income from employment with the same company or same field. 
  • If you are using gifted funds to assist with the down payment, do not deposit the money into your bank account without documentation from the giver. Learn more about the procedures for down payment gifts from the balance. 
  • Do not let poor credit and lack of a 20% down payment keep you from buying a house. FHA, USDA, and the VA all have programs to help make the dream of homeownership a reality. Check each website for eligibility requirements. 

Lastly, buying a home without a REALTORⓇ can be a costly mistake. No, there is no money coming directly from your pocket to pay the buyer agent–their pay comes from the home sale. Find a reputable agent who knows how to find the right house for your budget as well as your wants and needs, plus knows all about negotiating a home sale 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!

Photo credit:  CNBC

Unexpected Tips for Better Home Staging

May 20th, 2022 by tisner


Putting a home on the market can be a stressful experience. Sometimes it seems like homes sell almost before you can get them listed, while others appear to languish due to shifts in the economy and buyer enthusiasm. Fortunately, there are ways that you can increase the likelihood of your home selling even if the market isn’t at its best. One of these options is to improve your home staging so that potential buyers will be wowed by the property and want to make it their own.

Some people view home staging as simply making sure that everything is neat and orderly so that buyers can see the home at its best. While this is important, it’s not the only thing that you can do to improve the appeal of your home. Here are a few unexpected ways that you can make your home look better to prospective buyers.

Bigger and Brighter

When staging your home, you want to make sure that you not only present its best qualities but that you also reduce the impact of some of its less-great aspects. Take your bathrooms for instance. If one or more of the bathrooms in your home seem kind of small, try putting a larger bathroom mirror in there to make the whole room seem bigger. Also, hang it slightly lower if possible so that you don’t have a large mirrored surface looming over visitors’ heads; ideally, the center of the mirror should be slightly below eye level for the average person using it.

Another tip that can work in both bathrooms and any room that seems a bit too dark is to lighten up the walls to improve the overall brightness of the room. This can be as simple as replacing dark colored curtains with light white ones or adding white hand towels and decorative items to add light areas to the room. If you feel like taking in a larger project, add a couple of coats of paint in a light color that goes well with existing decorations, such as a light blue or soft light green.

Upscale and Comfortable

Tweaking your furniture and decorations is another way that you can improve your home staging and make your home a must-buy. If you wish that you had some more upscale furniture to show off, talk to developers that have model homes available in planned communities around where you live. Much of that furniture is used solely for staging, and excess pieces can usually be bought relatively cheaply since they’re considered used. Staging companies in your area may also have furniture available for rent or purchase under similar terms. The best part is, if you buy the furniture for your staging then you may be able to recoup some of your money by selling the furniture along with the house.

While you want buyers to like the way that your home looks, it’s also important that they think it looks comfortable and ready for them to move in. Add fluffy comforters and knit throws to beds, drape a soft blanket along the back of the couch, and add other little touches to make it look like the house is just waiting for someone to make it theirs. Just be sure that you remove photos and other personal items from the home before the staging since you want potential buyers to picture it as their house and not yours.

Knock Out Those Repairs

One last thing that you can do to improve your staging is to go ahead and finish some of the little repairs around the house that you never quite got around to doing. If you need a handyman or contractor to help, HomeKeepr can hook you up. Creating a HomeKeepr account is free, and you can use our app to connect with pros in your area to take care of the little repairs and improvements that will really help take your home from being on the market to being sold.

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!

By: Homekeepr, Rob Morelli

Ten Important Financial Terms for Home Buyers

May 17th, 2022 by tisner


While meeting with a lender to discuss the purchase of a new home, you may hear and read words you are not familiar with. Knowing these financial terms and acronyms will make that meeting go more smoothly. Here are some common financial terms that will come up during your mortgage transaction:
 

  • Adjustable-Rate Mortgage (ARM): a type of mortgage in which the interest rate applied to the outstanding balance varies throughout the life of the loan. A fixed rate may be applied for the initial loan period, but after that, the rate will fluctuate. Sometimes called a Variable Rate Mortgage. 
  • Annual Percentage Rate (APR): the yearly rate of interest that an individual must pay on a loan 
  • Closing Costs: fees and expenses paid at closing, beyond the down payment; costs can run 3 to 5 percent of the loan amount and may include title insurance, attorney fees, appraisals, taxes, and more 
  • Debt-to-Income Ratio: the borrower’s monthly debt payments divided by their gross monthly income; the number is one way lenders measure the borrower’s ability to manage monthly payments of the loan they receive 
  • Earnest money deposit (EMD): deposit made after buyers make an offer on a property; sometimes referred to as a good faith deposit; held in escrow until closing 
  • Escrow: an arrangement in which a third party distributes the money paid during the property-buying transaction 
  • Fixed-Rate Mortgage (FRM): a type of loan in which the interest rate on the mortgage is fixed; the rate will not change during the term of the mortgage 
  • Loan Estimate: tells important details about the mortgage loan requested; compare and choose the loan that’s right for your budget by getting a loan estimate from more than one lender 
  • Pre-Approved: when the home buyer is approved by a lender for a specific loan amount after the buyer provides documented financial information to be reviewed and verified by the lender 
  • Pre-Qualified: an estimate of how much the home buyer can borrow based on a review of financial information; not a guarantee of being approved 

Do not go into the lending process without some knowledge under your hat! Going into what is probably your largest investment without knowing anything about it may end up in disappointment and having to wait longer to buy your new home. The Consumer Financial Protection Bureau offers many other terms not listed here and is a great resource for learning more. 

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: bettermoneyhabits.bankofamerica.com

A Seller’s Guide to the Home Appraisal

May 10th, 2022 by tisner


The appraisal is one of the many steps in the buying/selling transaction. Lenders need an unbiased valuation of the home being sold, and the appraiser will look at the property. Sellers generally have at least two weeks to get ready, and because they have an important stake in the appraisal of their house, they should be well prepared:
 

Exterior 

  • Make sure the front and back yards are neat and free of debris. Check fencing, steps, and walkways for any damaged places and make any necessary repairs. 
  • As close to the appraisal appointment as possible, put down fresh mulch, colorful potted plants, and mow the grass. 
  • The exterior siding should not have peeling paint, broken or missing vinyl siding, or rotting wood. 
  • Make certain windows are in good working order, with no rotting sills, cracked glass, or peeling paint. 
  • Decking and porches should be in safe condition. 
  • From a distance, look at the roof for missing shingles or bad spots. Have any recent roof repair paperwork ready for the appraiser. 

Interior 

  • Flooring that is worn, soft, cracked, scratched or stained will deduct from the home’s value. Clean the carpets, and make repairs to any hardwood, tile, or linoleum. Use an enzyme odor remover where pet odors are present. 
  • The appraiser will check the water pressure by turning on all faucets and will flush toilets, too. 
  • Kitchen cabinets should not have sagging doors, and all should close completely. 
  • If the odor of mold is present, it will be cause for further inspection. Clean the usual bathroom mold before the appraisal, but if mold is present anywhere else in the house, it is best to be straightforward with the problem and have it professionally eliminated. 

Repairs that cost $500 or less are worth making, as they usually add to the appraisal value. Allow the appraiser to perform their job, answering questions along the way, and have any paperwork from previous repairs at the ready. After prepping the house for the market, it is important to maintain it during the showing process, as it will save time and money once an offer is made and the appraiser makes their assessment. 

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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Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
1170 Celebration Blvd
Suite 200
Celebration, Fl 34747

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