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!

According to the OBJ, Florida scored highest for its top marginal personal income tax rate, state minimum wage and its right-to-work status. Good news for us!

Courtesy of CNN and Money Magazine.... this is a nifty little page that lets you find out which markets across America have had the biggest price drops and offer the best opportunities depending based on what criteria is important to you.

A couple of facts here:
Both Lake Mary and Oviedo made the top 100 list of "Best Small Towns to Live".
Orlando's 9% depreciation seems to indicate that it is still a good place to find bargains (as are many cities in Florida).

Click below and play around with the page....very interesting....

Best (and worst) Places to Buy A Home NOW

Often a Realtor will be asked, "So what do you think about the market?" "When is it going to get better?" How I usually answer is this: The quicker we realize that it is not going to be what it was, the quicker we will be able to embrace the "New Normal."

I've seen it starting to happen. We are still in what would be considered a down economy yet we have had a string of good days on Wall Street. Home sales are starting to go up though the prices of homes....are not. I think we are beginning to come to grips with the fact that "this is it and this is how it is going to be".

Realistic sellers are facing up to the harsh reality that they will not get the big payday they expected from the house they bought in the "boom" a couple years back. Smart buyers who were once hesitant are realizing that with the combination of increased home sales and rising interest rates it is time to get off the sidelines.

The $8000 tax credit for first time home buyers will not be around forever- in fact it is due to expire by the end of this year.

Just as many have looked back and beaten themselves up for purchasing a house a couple of years ago when the market was topping out, there may be a slew of others who might very soon regret letting the opportunity of lifetime- the ability to purchase their dream home in a market that is beginning to lift its way out- slip through their hands.