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Extend Your Living Space!

April 18th, 2023 by tisner


It is time for favorite summer pastimes: grilling, dining al fresco, or relaxing in a hammock, and many homeowners realize they would better enjoy them if they had a patio or deck. Outdoor spaces can be an extension of our indoor living space, so if you are considering adding either a deck or patio, here are a few tips to get your ideas rolling:
 

  • For outdoor spaces with level ground, constructing a patio from brick, pavers, stone or poured concrete is usually more cost-effective than building a deck. 
  • Soften the hard surface and add privacy by adding landscaping. Plant a perimeter of shrubs or tall grasses or add plants of varying heights in containers–even trees! 
  • Because of the availability in many colors and styles, making a final decision on patio surfacing can be overwhelming.  Landscaping Network has done the homework for you, making it easier to choose your materials. 
  • Backyards with in-ground pools are better suited for a patio for ease of use and maintaining the pool. Another bonus is that there is less grass to mow! 
  • Create a path from the front approach of your home to your backyard courtyard if there is enough room on the side of your home. This will help keep a lot of extra traffic out of the house. 
  • Because they can be built on virtually any surface, including slopes and rocky ground, decks are the most popular outdoor space addition. 
  • Determine what size you will need as well as other aspects of the deck by how you want to use the space: grilling and/or dining, simple entertaining, or maybe a private space for a hot tub.  
  • If you have the know-how, by all means, DIY a new deck. This Old House offers a thorough guide to building a deck, from materials to designs. 
  • Two advantages to building a deck: increasing your home’s value, and cooler entertaining. Add screening and a roof for an all-weather space to protect you from the elements and insects. 
  • If your local building codes require railings for the new addition, do it in style! Check out these deck railing ideas. 

Once your new outdoor “room” is complete, do not waste the time and expense it took to create it by not utilizing it! Add seating, shade, grill, or firepit, and enjoy summer evenings with family and friends or a good book. An investment in outdoor improvements can be an investment in your well-being! 

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: Progressive Design Build 

Is Buying a FSBO Right For You?

April 11th, 2023 by tisner


During the house hunt, many potential homeowners take an interest in a home that is being offered For Sale By Owner (FSBO). What is the risk to the buyer? These tips will guide you through the decision-making process:
 

  • The buyer will need to know how to negotiate the asking price. Since the majority of FSBO sellers do not have the experience to set a good market value on their home, their price will likely be too high. 
  • There may be a wait time to see the home. Most homeowners have work and other responsibilities and can only show the property at their convenience. 
  • Unless you have real estate experience, you will have some unfamiliar responsibilities: making sure you are paying the right price for the property by performing a comparative market analysis, negotiating credits or repairs with the owner after the inspection, finding the right title insurance company, and deciding how much each party will pay during closing.  
  • A seller may try to discourage a house hunter from getting a home inspection, stating that their house is in well-maintained condition. Even brand-new houses should be inspected before changing owners, and the seller is required to have a disclosure statement ready for you to read over. 
  • Once you make an offer, the owner may want to wait before accepting in hopes they receive a higher offer from someone else. In a scenario like this, and there is no urgent need for them to move, you may have to walk away from the deal. 
  • When you are represented by a buyer’s agent, and there is no disclosure in the property listing that the seller will pay buyer agent fees, ask the seller directly or walk away. Your agent has put a great deal of time and effort into the house hunt and deserves proper compensation. 
  • Do your own research on the house, make sure the person you have talked with is the actual owner, and proceed with caution. Some scams involve an empty house, FSBO signs, and criminals who will take your money and run, all while posing as the rightful owner. 

All said and done, not every seller is going to be dishonest, but the best tip for a potential homebuyer is to ask a Realtor to represent them. A licensed real estate agent knows all of the ins and outs of purchasing a home and will protect your interest as a home buyer, whether you want a home that is being sold by its owner or one being marketed by another agent. Either way, you will need the experience and knowledge that a real estate agent has to offer. 

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: Budgeting the Nest

Does Your Home Need an Energy Audit?

April 4th, 2023 by tisner


Energy audits are becoming more common among homeowners as a way to save money on energy costs as well as check their carbon footprint. According to the Environmental Protection Agency, an energy audit is a process to “assess how much energy a home consumes and evaluate measures to make the home more energy efficient.” Is an energy audit something your home needs? This checklist will assist you in answering that question!
 

  • Musty Odors:  When certain rooms, mainly bathrooms, have a musty smell or form mold quickly in between cleanings, there could be a hidden moisture problem that can cause more serious issues if it remains unchecked. 
  • Window Problems:  Can you feel cold or hot air seeping in from the outside when near a window? Is there condensation on the glass, no matter the season? These are obvious signs that your windows are interfering with the energy efficiency in your home. 
  • Insulation: Attic insulation requirements have changed over the years. When you are in the attic, can you see most of the joists in between the insulation? That is a sure sign there is not enough insulation to keep it heated and cooled efficiently. 
  • Comfort Level:  Are some rooms too cold, some too hot, or just the opposite? While everyone feels differently as a matter of personal preference, your home should not have major differences from room to room when it comes to temperature and comfort level. 
  • High Energy Bills:  The different components that use electricity in your home can add up if they are not running properly. If your HVAC is short-cycling, or you have outlets and/or electric cords that get too hot, or light bulbs burn out before they should, these are all problems that will add up on your power bill if not checked. 
  • There are two different levels of an energy audit for a house. Level one is a basic walk-through assessment, and level two begins with the basics in level one and includes an energy survey and analysis. 
  • Homeowners can perform their own level one audit, and the U.S. Department of Energy offers a list of what you can check for without paying a professional. 
  • This Old House offers a video that demonstrates a level two energy audit using different pieces of equipment and processes the pros use to assess your home’s energy use.  

The age of your home does not matter! Newer homes can be as energy inefficient as older homes! Once you have determined that your home could use some help to become a better consumer of energy, use the Residential Energy Services Network (RESNET®) Home Energy Rating member finder for a list of energy audit professionals in your area. Do your homework on each one in your area to find the right one for your needs and budget. 

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: Green Mountain Energy

Are Floridians More Optimistic than Rest of U.S.?

March 30th, 2023 by tisner


While Americans’ attitudes declined a bit in Jan., a monthly UF study of Floridians found a 1.4-point increase overall with an uptick in expectations for the future.

GAINESVILLE, Fla. – In January, consumer sentiment among Floridians increased 1.4 points to 65.4 from December’s revised figure of 64. At a national level, sentiment increased over five points. Yesterday, the Conference Board noted a slight dip in overall Americans’ optimism.

“The increase in consumer sentiment in January stems from improvements in Floridians’ expectations about the future, particularly their expectations of a year from now,” says Hector Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.

Sandoval calls those views “consistent with a falling inflation outlook. After peaking at 9.1% in June, inflation has steadily declined to 6.5% in December. It is expected that price pressures will continue to ease over the next few months, preventing households from experiencing further hardships.

Among the five components that make up the index, four increased and one decreased.

Current conditions: Floridians’ opinions about current economic conditions in January were mixed. Views of personal financial situations now compared with a year ago increased 1.1 point from 54.6 to 55.7. On the other hand, opinions as to whether it’s a good time to buy a major household item like an appliance decreased three-tenths of a point from 55.2 to 54.9.

Future conditions: Outlooks about expected future economic conditions were positive. Prospects for individual’s personal finances a year from now increased 3.3 points from 76.5 to 79.8. Similarly, expectations about U.S. economic conditions over the next year increased 1.6 points from 62.9 to 64.5.

This long-range optimism even extended five years into the future. Views of U.S. economic conditions over the next five years increased 1.1 points from 70.9 to 72.

Meanwhile, the Florida labor market continued to strengthen in December, with more jobs being added. According to the latest Florida jobs report, the unemployment rate ticked down by 0.1 percentage point in December, reaching 2.5% – only one-tenth of a percentage point above the lowest rate on record.

In line with this, the number of Florida workers seeking unemployment benefits is hovering around pre-pandemic levels, indicating a tightening labor market.

“Prices have been declining over the second half of 2022 as the Fed swiftly increased interest rates,” says Sandoval. “Despite this, the U.S. economy grew at an annual rate of 2.9% in the last quarter of 2022.”

Inflation, however, remains well above the Federal Reserve target of 2%.” While the Fed will likely raise rates this week, it’s not expected to be a large increase similar to last year.

Still, “continued increases in interest rates will ultimately slow down the economy and trigger a recession,” adds Sandoval.

Sandoval remains positive, though, “Looking ahead, with the assumption the labor market remains robust, we expect consumer sentiment to improve slowly as inflation pressures continue to ease.”

The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.

© 2023 Florida Realtors® Kerry Smith

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.

Unique Window Treatments for Small Rooms

March 21st, 2023 by tisner


When it comes to the smaller rooms in the house, window treatments play an important part in the feel of the space. You do not, however, have to give up style or privacy in these areas; check out these unique ways you can add pizzazz to your windows, and “space” to your small room:
 

  • If drapes are your only choice, install the hardware higher on the wall than the top of the window. This simple trick will add a spacious feel to the room. 
  • Using a simple roller shade keeps an open feel to the room. Rollers come in many colors, or you can create a custom shade with adhesive-back shelf paper, fabric, or even wallpaper. 
  • Hanging a neutral valance will keep the room light, and add color to the window by hanging an old stained glass window section, or create your own “stained glass!” 
  • A simple way to add style and make the room seem larger by drawing the eye up is to use a cornice or a pelmet covered in colorful fabric and paired with plain sheer panels. 
  • Using shutters instead of curtains gives you privacy while allowing light to come through when you have adjustable louvers on the shutters. Most are made of wood and can be painted or stained to match your room’s decor or make a statement. 
  • Need privacy but need to keep the room well-lit? This is an easy DIY using “frosted glass” film or spray paint! A textured glass look can be created using clear glass craft paint. 
  • A sunny window is a perfect place for plants, so use them as your window treatment! Purchase shelving and install, or make shelves for your green thumb display. 
  • Window screens made of laser-cut metal are becoming increasingly popular and more affordable. Styles are seemingly endless and can be easily purchased at online home decor sites or even craft websites with laser-cutting machines becoming more common for crafters. 

The window treatments, placement and size of the furniture, and scale of the room’s decor are all factors for making a room seem open or stuffy. Choose wisely so time spent there will not leave you with a “cooped up” feeling! Simple is more in a small room! 

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: milesandlincoln.com

Orlando State of the Market February 2023

March 16th, 2023 by tisner


State of the Market

  • Overall sales rose 33.8% from January to February. There were 2,240 sales in February and 1,674 sales in January.
  • Overall sales in February 2023 were 30.0% lower than February 2022 when there were 3,198 sales.
  • Inventory dropped from 6,115 homes in January to 5,555 homes in February.
  • Inventory in February 2023 (5,555) was 140.2% higher compared to February 2022, when it was recorded at only 2,313 homes.
  • The median home price for February was recorded at $358,000, up from $350,000 in January. This comes after three straight months of declining median home prices.
  • February’s interest rate was recorded at 6.4%, up from 6.1% in January.
  • Homes spent an average of 62 days on the market (DOM) in February, up from 57 days in January. This is a 106.7% increase compared to February 2022 when homes spent an average of 30 days on the market.
  • New listings decreased slightly from January to February, with 2,820 new homes on the market in February, compared to 2,911 in January.
  • “In February, we saw a spike in sales due to closings that started during the holiday season. After the New Year, we tend to see those contracts close as home buying and selling activity rises,” said Lisa Hill, Orlando Regional REALTOR® Association President. “The Orlando housing market continues to look positive as we look ahead to a strong spring selling season.”

Market Snapshot

  • Interest rates increased from 6.1% in January to 6.4% in February. This is 64.5% higher than February 2022 when interest rates were 3.9%.
  • Pending sales increased by 21.2%, from 3,453 in January to 4,184 in February.
  • 22 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in February. That represents a 57.1% increase from January, when 14 distressed homes sold.

Inventory

  • Orlando area inventory decreased by 9.2% from January to February – from 6,115 homes to 5,555 homes. Inventory in February 2023 was 140.2% higher than in February 2022, when inventory reached a record low.
  • The supply of homes decreased to 2.48 months in February, down from 3.65 months in January. A balanced market is six months of supply.
  • The number of new listings decreased from January to February by 3.1% – from 2,911 homes to 2,820 homes.

ORRA’s full State of the Market Report for February 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

A Guide for Avoiding Foreclosure

March 14th, 2023 by tisner


Sometimes, homeowners can get into financial trouble by circumstances beyond their control. Job loss, divorce, medical bills, or the death of a family member are usually the culprits. While foreclosure seems to loom over an already bad situation, it does not have to get to that point! Here are some tips that can help keep foreclosure proceedings at bay:
 

  • Contact the lender before the first late mortgage payment, especially if there is equity in the home. Lenders normally do not begin the foreclosure process until payments are 120 days behind, so there is still time at this point. 
  • The mortgage servicer can offer several options to avoid losing the home to foreclosure: refinance the mortgage, a loan modification, working out a repayment plan, or forbearance. Two procedures that will affect the borrower’s credit score are the short-sale of the property, or going through a “deed-in-lieu of foreclosure.” 
  • Selling expensive items–a boat that is only used a few times per year, for instance–can cut monthly expenses, and any proceeds can go towards the mortgage. 
  • Keeping mortgage payments current is more important than paying credit card bills! Credit scores will be affected by late credit card payments, but a foreclosure will do far more damage. 
  • Do not allow mail from the lender to go unopened if payments are currently behind. Mortgage lenders normally want to avoid foreclosing on the home as much as the homeowner. 
  • Credit counseling can never begin too early, and the HUD website offers lists of local credit counselors. Find other helpful information through the National Foundation for Credit Counseling®. 
  • Resist any quick-fix offers advertised on the internet, television commercials, and junk mail, or even from so-called investors. These “rescue mortgages” could be scams, and a home can be lost before foreclosure procedures can even begin. 
  • When the house payment is simply no longer affordable, get advice from an attorney whose specialty is foreclosure, as most will do a one-time consult at no cost. Legal Aid can assist the borrower in finding a pro bono lawyer. 

The best tip is to contact the lender as soon as finances become difficult to manage. Being proactive before the installments become overdue will allow more options to be available. A house is an important investment, and it is home. A homeowner should do all they can in order to keep it. 

 

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: USDA

Economy Sends Mixed Signals: What’s It Mean?

March 9th, 2023 by tisner


Inflation slowed and the stock market climbed in the first six weeks of 2023, but then it stopped. A soft landing seemed possible; now recession fears are back.

WASHINGTON (AP) – Maybe it was just too good to be true.

For a few weeks in late January and early February, the U.S. economy seemed to have reached a rare, sweet spot. Inflation was steadily slowing from painful heights. And growth and hiring remained surprisingly sturdy despite ever-higher interest rates imposed by the Federal Reserve.

Perhaps, the thinking went, the Fed’s inflation fighters were managing to nail a notoriously difficult “soft landing”: A scenario in which borrowing and spending slow just enough to tame inflation without tipping the world’s biggest economy into a recession.

“We were looking at landings that were pillow-soft,” recalled Diane Swonk, chief economist at the accounting giant KPMG. “There was a bit of glee about that.”

The financial markets roared their approval in the first six weeks of 2023, with stock prices surging on expectations that the Fed might soon pause and eventually reverse the series of aggressive rate hikes it began nearly a year ago.

Then something went wrong.

It began on Valentine’s Day. The government said its closely watched consumer price index had surged 0.5% from December to January – five times the increase from November to December.

Over the next week and a half, two more government releases told essentially the same story: The Fed’s fight to curb inflation wasn’t even close to being won.

That realization brought a related worry: If high inflation was even stickier than we thought, then the Fed would likely keep raising rates – and keep them high – longer than was assumed. Those ever-higher borrowing rates would make it more probable that a recession, with layoffs and business failures, might occur.

Fed Chair Jerome Powell warned Congress Tuesday that the central bank will have to raise interest rates even higher than its previously signaled if inflation keeps running hot.

“It’s heartbreaking,” Swonk said. “This has put the Fed back in defensive mode, and they’re going to have to harden their resolve on rate hikes.”

Unsurprisingly, the stock market has recoiled at the prospect.

Here’s a closer look at the economy’s vital signs at a perplexing time of high interest rates, still-punishing inflation and surprisingly strong economic gains.

Inflation

Consumer inflation, not much of a problem, on average, since the early 1980s, started picking up in the spring of 2021 as the economy roared out of recession and Americans spent freely again. At first, Fed Chair Jerome Powell and some economists dismissed the resurgent price spikes as likely a temporary problem that would resolve itself once clogged supply chains had returned to normal.

But the supply bottlenecks lasted longer than expected, and so did high inflation. Worse, Russia’s invasion of Ukraine a year ago sent energy and food prices rocketing. By June 2022, consumer prices were 9.1% higher than they’d been a year earlier – the hottest year-over-year inflation in more than four decades.

By then, the Fed had begun, belatedly, to respond. It has raised its benchmark rate eight times since March 2022 in its most aggressive credit tightening since the early 1980s.

In response, consumer inflation edged down from its mid-2022 peak. It posted milder year-over-year increases for seven straight months as supply chains unclogged and higher borrowing costs worked their way through the economy, putting a brake on overspending.

Financial markets appeared ready to declare the inflation dragon all but slain.

Then came January’s unexpectedly hot consumer inflation data. Two days later, the government reported that wholesale prices had jumped 0.7% from December to January, nearly twice what forecasters had expected.

Next came bad news from the inflation gauge the Fed watches most closely: The government’s personal consumption expenditures price index. It accelerated 0.6% from December to January, far above the 0.2% November-to-December uptick. On a year-over-year basis, prices rose 5.4%, up slightly from the annual increase in December and well above the Fed’s 2% inflation target.

The PCE report “adds to the difficult if not impossible task facing the Fed in terms of getting inflation back to its 2% target without driving the economy into a ditch,” said Joshua Shapiro, chief U.S. economist at the Maria Fiorini Ramirez Inc. consultancy.

One concern is that this time, inflation may prove harder to slow than it was initially. Households have increasingly shifted their spending away from physical goods like patio furniture and appliances to experiences like traveling, restaurant meals and entertainment events. Inflationary pressures, too, have shifted from goods toward services, where price acceleration can be harder to tame.

In part, that’s because chronic labor shortages at stores, restaurants, hotels and other service-sector industries have led many employers in those industries to keep raising pay to attract or retain workers. Those employers, in turn, have generally raised their prices to make up for their higher labor costs, thereby fueling inflation.

Some economists expect the Fed to raise its benchmark rate by a substantial half-percentage point when it next meets March 21-22, after having announced only a quarter-point hike when it met Jan. 31-Feb. 1.

Housing

The Fed’s rate hikes, which so far have had only a limited effect on the overall economy, have walloped one industry: Housing.

Residential real estate depends on the willingness of people to borrow for what’s typically the costliest purchase of their lives. As the Fed continually jacked up interest rates last year, the average rate on a 30-year fixed mortgage topped 7% last fall – more than double where it began 2022 – before dropping back slightly.

The damage has been severe. Sales of existing homes have dropped for a record 12 straight months, according to the National Association of Realtors®. And the government’s GDP report showed that investment in housing plunged at an annual rate of nearly 26% from October through December after having tumbled 18% from April through June and 27% from July through September.

The overall economy

The flipside of the disquieting inflation news is good news on the state of the economy – or what would be considered good news in normal times. Even burdened by rising borrowing rates, the economy has proved stronger and sturdier than most forecasters had imagined.

“This economy today looks very different from where we thought it was in mid-January,” said Peter Hooper, an economist at Deutsche Bank. “Before, we thought that things were slowing down, the labor market was softening, wage and price inflation was coming down.”

With inflation pressures still persistent, Hooper said, “there’s this growing expectation that the Fed has clearly more work to do.”

The economy regained its footing last summer after enduring an anemic first half of 2022. The nation’s gross domestic product – its total output of goods and services – contracted from January through March last year and again from April through June.

Though one informal definition of a recession is two straight quarters of negative growth, most economists set aside such concerns this time. They noted that the economy had shrunk in early 2022 because of factors unrelated to its underlying health: Leaner business inventories and a surge in imports, which widened the U.S. trade deficit.

GDP quickly regained momentum: It grew at a solid 3.2% annual rate from July through September and a 2.7% rate from October through December. Steady consumer spending contributed heavily to the growth.

Economists still foresee a recession sometime this year – they were always skeptical of a soft landing – but now see it coming later than they’d expected. A survey of 48 forecasters issued last week by the National Association for Business Economics found that only a quarter of the respondents think a recession will have started by the end of March, down from half who had predicted so in December.

Jobs

The remarkable strength of the American job market has defied expectations throughout the economic tumult of the COVID years. 2021 and 2022 were the two best years for hiring in U.S. government records dating to 1940.

Job creation was expected to slow this year. Not so far. In January, employers added a blistering 517,000 jobs, far surpassing December’s 260,000 gain. They likely added nearly 208,000 more in February, according to a survey of forecasters by the data firm FactSet. The Labor Department releases last month’s job numbers on Friday.

What’s more, American workers as a whole are enjoying nearly unheard-of job security despite some high-profile layoffs in technology and a few other sectors. The government’s count of monthly dismissals and layoffs sank below 1.5 million for the first time in 2021 and has stayed there since.

In January, the unemployment rate reached 3.4%, its lowest level since 1969. There are now about two job openings, on average, for each unemployed American.

But a robust job market also puts upward pressure on wages – and therefore on prices. Which means further inflation.

“The kind of wage gains we’re seeing and the kind of tightness in the labor market is consistent with 3.5% to 4% inflation, not 2% or 3%,” KPMG’s Swonk said. “That’s the hard reality of where we are.”

Consumers

Their jobs secure, their bank accounts still bolstered by pandemic-era savings, Americans have continued to spend, shrugging off higher interest rates and prices.

In January, retail sales rose at their fastest pace in nearly two years, rebounding from a tepid holiday shopping season. Even after accounting for inflation, consumers spent their after-tax dollars at the fastest pace since March 2021. Consumer spending on services, ranging from health care to dinners out to airline tickets last year accounted for 95% of the economy’s growth.

Mark Zandi, chief economist at Moody’s Analytics, estimates that consumers still have $1.5 trillion in “excess savings” – above what they’d have socked away if the pandemic hadn’t hit – from government aid and from cutting back while stuck at home at the peak of the pandemic.

Still, inflation continues to cause hardships for millions of households. Adjusted for inflation, average hourly earnings have fallen for 22 straight months, government data shows. Many low- and middle-income families are turning to credit cards to sustain their spending.

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. AP Economics Writer Christopher Rugaber contributed to this report.

By: www.floridarealtors.org, Paul Wiseman

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.

9 Tips for Cleaner Laundry

March 7th, 2023 by tisner


Virtually everyone does laundry, but does everyone do it well? With so many different washers and products available it is natural to assume that the machine and detergent will take care of everything, but that is not always the case. Get your clothes their cleanest with this guide:
 

  • Adding too many items to the washer keeps them from getting truly clean. How much can your washer tub handle? The Spruce shows how to figure it out! 
  • Never allow stains to dry, if possible. Even with the use of stain removers, not every set- in stain comes out. The American Cleaning Institute Stain Removal Guide has a solution for almost every stain under the sun! 
  • Too much detergent can leave residue and actually cause stains! Measure carefully and add laundry boosters, such as borax or laundry soda, to get your laundry really clean. 
  • Just like detergent use, adding extra bleach to a cycle of whites or towels will cause fabrics to eventually yellow and break down. Use the recommended amount on the bottle. 
  • If you want that “clean” scent of “fresh” laundry, make your own scent booster with your favorite essential oil and Epsom salts. This is better for your laundry and the environment! 
  • Ignoring hand-washing instructions can be a big mistake. When you do not have time to swish those pieces in the sink, use a garment bag and/or the delicate cycle on your machine, and lay items flat or hang them to dry. 
  • Fabric softener can actually damage certain fibers, ie., athletic wear does not benefit from the softener because it coats the moisture-wicking fibers in the clothing. Adding one cup of white vinegar to the final rinse will remove detergent residue, and its strong scent fades quickly. Towels will be soft without softener when dried in the dryer. 
  • Save the high-heat dryer cycle for towels and whites. Clothes may take longer on the low heat setting, but the lower temperature helps save your clothes from fading and shrinkage. 
  • When you stop using fabric softeners or sheets, static from the dryer is the next issue. Try some aluminum foil balls–yes, aluminum foil!–and you will be finished with fabric softener sheets and static! 

Change your way of thinking about doing laundry–not a job, but a process! It may add a few minutes to this chore, but you will benefit from longer-lasting clothes and less energy use, saving 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.

photo credit: Tide

Yes, You Should Buy a House This Year

March 3rd, 2023 by tisner

Buyers who wait for more inventory, lower interest rates or something else may never own a home. And given history, 2023 is a pretty good year to commit.

McDONOUGH, Ga. – Mortgage rates are finally falling across the fruited plains, with rates in the 5.6% range for a 30-year fixed mortgage not uncommon in early February. Couple that with declining home prices and an uptick in the residential real estate inventory, and it looks like the great American homebuyer finally has leverage after two years of home sellers calling the shots.

“2023 will be better for buyers,” said Magellan Realty LLC mortgage broker Alex Caras. “As the Federal Reserve keeps interest rates at the current levels, the buying market will start to open up more, reducing competition for existing homes.”

Construction woes brought on by the supply chain issues are also being eased, “so more new homes will be on the market,” Caras added.

Buyers getting an edge

Those are the macro reasons why U.S. homebuyers have a leg up going into the busy spring and summer real estate season. Buyers should have an edge thanks to these five realities, as well.

1. Mega-high prices are a thing of the past. “The price climbing we saw in 2020 and 2021 has hit a plateau,” said Guaranteed Rate Mortgage Senior Vice President of Lending Jennifer Beeston. “It took a good chunk of 2022 for many sellers to realize 2021 is long gone and they needed to be more realistic with the pricing and condition of their home.”

In addition, buyers see a return to a more balanced market in 2023. “Now, buyers actually can get inspections and can negotiate prices,” Beeston said. “That wasn’t the case with the drama of 2022.”

2. The Federal Reserve is hitting the brakes. The U.S. Federal Reserve is slowing down its policy of substantial interest rate increases that were prevalent in 2022.

“This means more buyers will be able to purchase a home at a lower rate,” Caras told TheStreet. “Home prices have been reduced to a more reasonable level as well, and this will continue for much of 2023 as the competition to purchase homes has lessened.”

3. The pandemic is over. Buyers will have an opportunity to negotiate again in 2023 and even more so in 2024.

“We’re likely going to see some distressed sales and sellers will need to become more realistic,” said Pulse International Realty founder Rena Kliot. “The spike in home prices is not sustainable and was in direct correlation to the pandemic. During the dark days of the pandemic, there were many desperate and emotional purchases.”

4. Changing residential market tastes. While single-family homes will continue to be popular, the U.S. condo market will return in full swing.

“Life as we knew it seems to be returning and that is drawing people back to urban dwelling – especially with condo living,” Kliot said. “Condo prices are now also more affordable or negotiable than single-family residences.”

5. Strong signals from the stock market. Across the U.S., there seems to be a general sigh of relief the worst has passed.

“Inflation has peaked, interest rates have peaked, and home prices have peaked for now,” said Elegran Real Estate managing director Jared Antin. “The stock market – notably the tech-heavy NASDAQ – has seen a significant rebound thus far in 2023, which instills a certain level of confidence in the consumer.”

The falling market through much of 2022 had the opposite effect, reducing consumer appetite for a new home with rising interest rates and inflation.

“Now, a more positive consumer base will help fuel a rebounding real estate market,” Antin noted.

One of the most important things a would-be home buyer should do right now is to stay hopeful and be prepared.

“Don’t assume that just because you’re having trouble finding a home now, or can’t afford a house at today’s rates, that you’ll never be a homeowner,” LendingTree senior economist Jacob Channel. “If you have patience and are willing to compromise on some things, like how many bathrooms your house needs to have or what specific neighborhood you require, you can make your dream of homeownership a reality.”

Additionally, being prepared financially when a good deal arises is critical right now.

“Be diligent about saving money and make all of your monthly payments on time to protect your credit,” Chanel told TheStreet. “Also, shop around and compare mortgage offers from different lenders or look into different mortgage loan programs – like FHA or USDA backed loans – so you can make the home buying experience more affordable.”

Copyright © 2023 Henry Daily Herald. All rights reserved.

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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