Many people turn to the “Foreclosures” section of online house hunts or newspaper ads. Sure, the price is a bargain, but there is normally a different process when purchasing a home that is in foreclosure. Consider these tips before heading to the auction or making an offer:
If the property is on the auction block, the bidder will likely need the full purchase amount in cash. The lender is looking to recoup as much from the defaulted loan as possible, which does not allow time for the financing process.
Most foreclosures have been unoccupied and will be affected by that. The new owner will need to be ready to put in some work and cash to bring it up to code/living conditions.
Some states allow redemption to the homeowner, and HUD defines this as “…a period after [the] home has already been sold at a foreclosure sale when [a homeowner] can still reclaim [their] home.”
Because a foreclosed property is sold “as is,” the buyer will not receive any disclosures, meaning, a home inspection is a must! Depending on who owns the property will make a difference in how much time the buyer has to complete the inspection.
On the other hand, if the property is REO (real estate owned), the buyer will be able to go through the home-buying process in the usual way and have time to secure financing for the purchase.
An REO will be sold as-is just like an auctioned property, and all repairs will have to be done by the new owner–there are no repair requests or contingencies granted.
For buyers who are new to the foreclosure-purchase game, going through a bank to buy the property is their best bet versus bidding at an auction.
For distressed properties, it is recommended that the interested party have a title search performed. Buying a foreclosure takes long enough, and this will help remove any roadblocks.
For foreclosure-hunting convenience, realtor.com® has a search page specifically for foreclosures! Municipality offices also publish notices on tax foreclosures, and if the funding is available,pre-foreclosures and short sales are other great property bargains. Remember to contact a Realtor® that is experienced in distressed sales. Their knowledge and expertise can make a drawn-out process go smoothly!
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.
New Orlando Regional REALTOR® Association data shows August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
State of the Market
“Interest rates have dropped to their lowest level since August 2022, providing much-needed relief for buyers,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “This decrease can significantly reduce monthly mortgage payments by hundreds of dollars. Additionally, buyers have more leverage and options, with homes staying on the market longer and inventory increasing. Now is the perfect time to explore the market, find your dream home, and secure a favorable rate.”
The median home price for August was recorded at $384,500, down from $390,000 in July.
Overall sales held steady from July to August. There were 2,655 sales in August, compared to 2,652 sales in July.
Inventory for August was recorded at 11,511, up 3.2% from July when inventory was recorded at 11,158. This is the eighth month in a row inventory has risen. The last time inventory was this high was September 2015. Inventory in August 2024 was 88.2% higher than in August 2023.
August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
11 distressed homes (bank-owned properties and short sales) accounted for 0.4% of all home sales in August. This is a 56.0% decrease
from July, when 25 distressed homes sold.
New listings fell 5.2% from July to August, with 3,856 new homes on the market in August, compared to 4,067 in July.
Interest rates: The average interest rate for a 30-year fixed mortgage in September was 5.9%, down from 6.1% in August. This marks the lowest rate since early 2023.
Increasing inventory: The number of homes for sale in September rose to 11,825, up from 11,511 in August. This is the ninth consecutive month of inventory growth.
Stable prices: The median home price in September was $383,000, slightly down from $384,500 in August.
You can find ORRA’s full State of the Market Report for August 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 may 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.
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.
Every Monday, ORRA’s Monday Morning Quarterback Report gives you a snapshot of the previous week’s market activity, including sales, prices, days on market, and much, much more.
Monday Morning Quarterback for September 8th, 2024 – September 14th, 2024
Single-family existing homes
Sales of single-family homes increased to 405 during the week of September 08, from 331 the week prior
The median price of single family homes increased to $425,000 a change of 1.2%
The number of single-family home foreclosure transactions decreased to 1 from 2 the week prior
The number of single-family short-sale transactions increased to 1 from 0 the week prior
Single-family inventory increased by 95, and now sits at 7,544.
Condos, townhomes, and villas
Sales of condos, townhomes, and villas decreased to 105 during the week of September 08, from 120 the week prior
The median price of condos, townhomes, and villas decreased to $268,000 a change of -6.6%
The number of condo, townhome, and villa foreclosure transactions increased to 1 from 0 the week prior
The number of condo, townhome and villa short-sale transactions remains constant at 0
Condo inventory increased by 69, and now sits at 3,726.
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.
Every Monday, ORRA’s Monday Morning Quarterback Report gives you a snapshot of the previous week’s market activity, including sales, prices, days on market, and much, much more.
Monday Morning Quarterback for August 25th, 2024 – August 31st, 2024
Single-family existing homes
Sales of single-family homes increased to 501 during the week of August 25, from 424 the week prior
The median price of single family homes decreased to $420,000 a change of -2.3%
The number of single-family home foreclosure transactions remains constant at 2
The number of single-family short-sale transactions decreased to 0 from 1 the week prior
Single-family inventory decreased by 41, and now sits at 7,371.
Condos, townhomes, and villas
Sales of condos, townhomes, and villas increased to 148 during the week of August 25, from 120 the week prior
The median price of condos, townhomes, and villas increased to $310,750 a change of 11.5%
The number of condo, townhome, and villa foreclosure transactions decreased to 0 from 1 the week prior
The number of condo, townhome and villa short-sale transactions remains constant at 0
Condo inventory decreased by 8, and now sits at 3,657.
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.
There are several measures everyone can take to protect their credit.
Sign up for the free credit monitoring Equifax offers, but don’t let that make you unaware of your credit reports. Check them as often as possible, and dispute errors.
Setting up a fraud alert with Equifax, as well as TransUnion and Experian, is another important step.
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.
New Orlando Regional REALTOR® Association data shows inventory surpasses 10,000 homes for first time since 2016.
State of the Market
Inventory for May was recorded at 10,282, up 9.7% from April when inventory was recorded at 9,376. This is the fifth month in a row inventory has risen. The last time inventory was this high was September 2016.
Inventory was 99.7% higher than May 2023.
Overall sales rose 5.4% from April to May. There were 2,909 sales in May, up from 2,759 sales in April. This is the fourth month in a row that sales have risen.
The median home price for May was recorded at $385,000, down from $388,500 in April. April was the highest monthly median home price on record in the Orlando area.
May’s interest rate was recorded at 6.6%, down from 6.9% in April.
Pending sales fell by 1.8%, with 4,379 in April and 4,298 in May.
New listings rose 6.9% from April to May, with 4,521 new homes on the market in May, compared to 4,230 in April.
Homes spent an average of 54 days on the market (DOM) in May – the same as in April.
“Although May’s inventory did show a slight increase, it’s important to remember that our market is still very active. While there may be a few more options available compared to recent months, the high sales volume means homes are still moving quickly,” said Rose Kemp, Orlando Regional REALTOR® Association President. “With inventory levels remaining below the six months of supply that is considered a balanced market, buyers should be prepared to act fast if they find a home that meets their needs. The past four months have seen consistent sales growth, and I expect that trend to continue into the summer, making inventory a key factor for buyers.”
Market Snapshot
Interest rates fell from 6.9% in April to 6.6% in May.
Pending sales fell 1.8%, with 4,379 in April and 4,298 in May.
17 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May. That represents a 34.6% decrease from April when 26 distressed homes sold.
Inventory
Orlando area inventory increased 9.7% from April to May. Inventory in April was 9,376, and inventory in May was 10,282.
The supply of homes rose to 3.53 months in May, up 4.0% from 3.40 months in April. A balanced market is six months of supply.
The number of new listings increased from April to May by 6.9% – from 4,230 homes to 4,521 homes.
You can find ORRA’s full State of the Market Report for May 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 may 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.
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.
When buying a home various factors come to mind immediately-location, price range, home style, home condition, wish list for the interior and exterior, number of bedrooms and bathrooms desired; just to name a few. One component which can be overlooked by some but is extremely essential to many would be the local school system in the neighborhood. I highly value my communities’ school system.
Studies have found that home buyers would give up one aspect of their home to have their children attend a ‘better’ school district; this speaks volumes to how important education is for parents’. For some parents there are alternatives such as private schools but that is not the case for many. Even if buyers don’t have or plan to have school-age children in the house, the quality of nearby schools can have an impact on how much you pay, and how much a home sells for down the line.
In the past year Orange county public schools has succeeded in the improvement to maintain outstanding schools for all of our children. Through strategic planning and organizational development our schools continue to advance! Good local schools are amongst us in high numbers and will provide our children with the learning and education they should receive but with the type we wish for them to obtain as well.
For additional information on our school systems please visit Florida Department of Education.
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.
New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year
State of the Market
Overall sales rose 26.5% from January to February. There were 2,174 sales in February, up from 1,719 sales in January. This comes after eight months of falling sales.
The median home price for February was recorded at $377,000, up from $360,000 in January. This comes after three months of falling median home price.
Pending sales increased by 17.8%, with 3,303 in January and 3,891 in February.
New listings rose 7.8% from January to February, with 3,799 new homes on the market in February, compared to 3,524 in January.
Inventory for February was recorded at 8,589, up 4.5% from January when inventory was recorded at 8,217.
February’s interest rate was recorded at 6.6%, up slightly from 6.5% in January.
Homes spent an average of 57 days on the market (DOM) in February – the same as in January.
“Super Bowl weekend is considered the unofficial kick-off to the spring homebuying season, and we definitely saw an uptick in the market this month,” said Rose Kemp, Orlando Regional REALTOR® Association President. “We had a lot of pending sales in January that finalized in February, causing home sales to jump as we approach this busy time for the market. Inventory and pending sales both increased from January to February, meaning we can expect to see another active sales month in March now that buyers have more options.”
Market Snapshot
Interest rates rose from 6.5% in January to 6.6% in February.
Pending sales rose 17.8%, with 3,303 in January and 3,891 in February.
25 distressed homes (bank-owned properties and short sales) accounted for 1.1% of all home sales in February. That represents a 13.6% increase from January when 22 distressed homes sold.
Inventory
Orlando area inventory increased 4.5% from January to February. Inventory in January was 8,217, and inventory in February was 8,589.
The supply of homes fell to 3.95 months in February, down 17.3% from 4.78 months in January. A balanced market is six months of supply.
The number of new listings increased from January to February by 7.8% – from 3,524 homes to 3,799 homes.
ORRA’s full State of the Market Report for February can be found 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 may 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.
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.
Spring cleaning has likely already become underway in your household. What you may not have given much thought however is spring maintenance for your home. There are several things that folks generally check around their homes before the winter months but there are also a few things you need to check in the early spring months. Below is a spring maintenance check list for your home.
Springtime means it is time to start mowing your lawn again. If your lawn mower has been outside all winter due to lack of storage space you may need to do a bit of maintenance on it before you get it going. Sharpening the blade is always a good idea before a new season so that you get a nice clean cut on the grass. It’s also a good idea to check the oil on your lawn mower before beginning to use it for the warm season.
Spring is a great time to check your house for worn paint areas such as your shutters. If you find worn or chipped paint on your house what better time to fix that than in the typically perfect weather of spring.
Be sure to check your crawl space vents for any debris that may have accumulated there over the winter months. Also you want to keep your eye out for any animals such as snakes or rodents that may have made their home in your crawl space over the last few months. Get rid of anything that doesn’t belong and repair anything that may be broken such as the vent covers.
Get your flower beds and any garden areas ready for spring by cleaning out any debris that may have accumulated and trimming back any old growth. It is also a good time to add mulch to your flower beds and fertilizer to your garden.
The above list of spring maintenance ideas is just a start in the right direction. There is certainly much more that you need to do in and around your house before the summer time approaches. Once you get started with these, you will likely find and think of more things that need to be done.
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
Let’s face it, many times when folks visit the islands they tend to not want to come home from such places. This is the case typically because the beach is a very relaxing place to be with all the warm air, salt water and sunshine. What if you could decorate your home to have an island feel? There are ways to go about turning your home into a tropical oasis. A few of those ideas are listed below for you.
A good way to get started making your home feel like an island paradise is by beginning to think outside of the box. Do not be afraid of using bold colors in rooms in which you want to transform. You can choose bold teal colors that mimic the look of the ocean for your family room then perhaps you can use some wallpaper in your kids’ bathroom that has sea creatures on it. Don’t worry, as long as you keep it classy, not tacky, you will be able to get away with doing all sorts of wild colors and designs to achieve your beach house feel.
Another way to decorate your home to have an island feel is to add some accessories throughout the house that help you achieve the look. Throw pillows with sand dollars and seahorses on them are a great start. You can even use seashells you have gathered on your trips to the ocean to decorate with. Putting some seashells in glass vases with a bit of sand in them is a great way to achieve beach décor.
One way to give your home an island feel is to use a lot of candles that are scented with tropical scents. Lighting these daily will help you to feel like you are on vacation when you are sitting in your own home.
Lots of ceiling fans throughout your home is another way to create an island oasis inside. You can also use ceiling fans outside on your porch area to take the feel outside.
Wicker and rattan is your friend if you want your home to feel like an island. Use it liberally.
Using a lot of tropical plants to decorate the inside of your home is another good way to get the island feel you are searching for.
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.
