Looks like a promising trend in the College Park area as homes for sale are at the lowest level since we started keeping these trending reports back in April of 2009.  At the same time both homes sold and pended are up compared to a month ago, a year ago and 15 months ago.   Below you will see that although the "for sale" prices for single family homes in College Park are staying consistent, the "Sold at" prices are creeping up (+15% a year ago).  As I have said in previous posts, the home buyers credit has something to do with this...but consistent lower interest rates are also a big factor- thus a window of opportunity perhaps for those who are thinking about listing in zip 32804.



Make sense?  Questions?  As always, if I can be of assistance to you do not hesitate to contact me at michael@michaelgonick.com.

This article from ABC News which points out that a one point decline of interest rate can represent a $200 savings on a mortgage payment for a $400,000 home.  This is equally good news for sellers if you think about it- there will be greater demand for homes as buyers try to take advantage of these low rates.  Questions?  Give a call or drop a line.

I was going to write about this but the Orlando Sentinel took the words right out of my mouth.  Read the full article here and get in touch with questions... I can explain why I have units in downtown Orlando buildings going under contract for clients now, and why things are picking up in our condo market.

• Properties SOLD is 91% above 15 months ago, and 15% above a year ago. Comparatively to last month, sales are down 25% (which most likely due to the tax credit deadline).
• What looks promising is the PENDING sales data ...which continues an up trend (up 26%) compared to last month despite the expiration of the buyer's tax credit.

Below is a link to an article from the Orlando Business  Journal.  Home sales rose 28% in June.  Not a surprise to me.

As I have been saying for a couple of months now, certain zip codes (32801, 32806) and neighborhoods (Lake Davis/Greenwood, Delaney Park, Thornton Park, ) remain very tight as far as inventory is concerned.  Areas downtown are bouncing back quicker than other areas- for example Winter Park. Yet many downtown Realtors are not doing their homework and continue to price homes BELOW market value...and they are selling fast. Maybe too fast for some sellers.  This really isn't very good for property values. Of course this has been a tremendous opportunity for the buyers I am working with.  But buyers beware, it is supply and demand.  As the inventory tightens in hot areas, your choices may become limited particularly with the low interest rates we have at the moment.
I have set u charts on the side of my blog that pin points specific neighborhoods so you can see the relationship between inventory and list price in your own backyard.  These charts update automatically.  If you are considering selling your home...make sure you know the value in today's market.  Make sure there is strategy to market it properly. Use a Realtor who is a specialist in your neighborhood and has a proven track record of buying and selling in your area. Do not sell yourself short!  Call me if you have questions or if you want to know the true value of your home....today.

Here is the article from the Orlando Business Journal

I ran into one of my favorite "client couples" yesterday evening as I took a stroll around Lake Davis.  These two are extremely savvy and have made great real estate decisions in my humble opinion as long as I have known them and worked with them. From time to time they will find a property and ask my opinion and whether or not it is the right time to buy and/or sell their existing home. I believe that if I am doing my job correctly, and want to be their "Realtor for Life",  I have the responsibility to be 100% honest in all cases....even if my thoughts are not something they want to hear  :).  I try to be "objective" and lay out the facts as best as I can for each circumstance.  This particular couple I ran into last night takes the time to weigh pros and cons, really listens to feedback from myself as well as their lender.  I am fortunate to say that in our history of buying and  selling transactions I do not think they have had a "dud" yet. 

So it got me thinking, how can I help you decide whether or not it is the right time to buy or sell real estate in Central Florida right now?  Of course, every situation is different and needs to be handled individually.  But some general thoughts have come to my mind.

First off, let's think back to a couple of years ago...and the initial emotional reaction that many had when the real estate market took it's mighty tumble.  Here is my analogy:

Have you ever seen a baby right after a huge chewing gum bubble pops on his face? A multitude in every single place, eyes wide, mouth in an "O" - fairly reminiscent of the real estate industry when its personal bubble popped. Homeowners panicked and rushed in a frenzied attempt to sell their Orlando homes.  Why?  Well in many cases there just wasn't what I considered to be a compelling reason other than "OMG I made a bad decision and I have to sell!".  But did you make a bad decision?

All of a sudden a "dream home"  became an unwanted "step child" of homeownership, the real estate market grew to become glutted, leading to lower sales prices. Two years later, some owners are still trying to sell their Orlando homes, still panicking, and still fearful about what the future will bring.


Stop.

Take a deep breath.

Stop worrying for a second and ask yourself… Why am I selling?

Of course, there are good reasons to sell:

• If you are able to sell your home and get a decent price, you instantly have the opportunity to be a buyer in a buyer's market....and reap the benefits which can be substantial.

• Certain zip codes (For example here in Orlando 32801 and 32806 as well as others) are "hot" right now and you might be able to do very well by selling.

• A house has become hard to afford.

• Some are getting older and have to move someplace that doesn't take as much maintenance.

• You have to relocate for a job.

However there are a lot of not-so-good reasons to sell:

• You've read a lot about people who have been unable to sell their homes that you turned alarmed and put yours available on the market "just in case" you wish to sell it later.

• You're simply uninterested in your home. If that's the case, maybe all you actually need to do is replace or redecorate your home to make it sparkle again.

• You want to throw your house on the market just to see what you can get for it (as unrealistic as it might be).

It may appear strange for a real estate agent to appear to be speaking in opposition to selling Orlando homes.... I really am not.  There is a right time to list a home- and it may be the right time for you now. Many of my collegues are inundated with listings they cannot sell and I am not at this point- simply because my first motivation is always doing what's best for my clients, together with giving them the best advice I can.
So, I ask you to think about both the pros and cons of selling right now.

I will remind  you that even if your home has lost some value, there are many ways that your home continues to be very "valuable":

• Building credit - Home ownership is still a good way to construct credit. With good credit you can borrow for different major bills, such as a new car.

• Building equity - The typical home equity for the U.S. is approximately $38,000. When you contemplate how a lot your home costs, that won't appear to be much. Nevertheless, when you are ready to sell, that equity will be there to put toward your next home purchase or your retirement savings.

• Saving cash on taxes - Owning a home offers a number of tax benefits. For most Americans, the biggest benefit is deducting the annual interest paid on a mortgage- and here in Florida we have our homestead exemption of course.

• Living well - There's a reason why home ownership is still referred to as the American Dream. It simply feels good to reside in a home you love.  You have the control andcan decorate any way you want. It is a home that is your very own.

I hope this article helps you in some way, and maybe gets you thinking or brings you peace of mind.   If you have any questions or would like to discuss the possibilities of selling your home, or just want to know what the value is and what I think I could sell it for, please get in touch.  As always, I am there for you!

Hey if you think it's a "Dogs Life" for dogs in the "City Beautiful" then you are barking up the wrong tree.  According to this list courtesy of dogfriendly.com, in 2010 Orlando ranks #7 for vacationing pooches.  San Diego was #1 by the way.  So hats off Orlando....we prevailed although there was definitely "ruff" competition.  :)