Renovating your home is no small investment. Making structural changes can require changes in your home’s insurance policy as well. Check out this list of the most popular improvements before calling your agent: 

• A new roof could lower your premium, especially when upgraded to the latest standards of protecting your home from natural disasters. 
• Whenever you increase square footage by way of a home addition, your policy will need to be upgraded, increasing your premium. 
• Converting already-existing space into a master suite or a media room may not require changes to the policy if the square footage is already covered, but since the replacement value has changed, it would be wise to increase your coverage. 

• When making upgrades to your home, whether using top-quality building materials for a renovation or finishes or installing state-of-the-art appliances in the kitchen, increasing your policy’s replacement value for these items would be worth the additional amount in the premium. 
• Improving home systems, i.e., the electrical or plumbing, can lower your premiums, as upgrades can make your home safer from incidents relating to fire and leaking pipes. 
• Installing a pool or hot tub in your backyard will add to the replacement value of your home, and liability coverage will need to be increased to protect yourself in case of any accidents. 
• According to Safewise, adding a home security system could lower your homeowner’s premium by 20%.   
• Depending on how they are mounted, adding solar panels may require a policy of their own, which would add to your budget.  

Protecting your home should be top priority, but it is wise to be prepared for anything that will add to your monthly budget. Schedule a meeting with your insurance agent before beginning any changes in your home so there will be no surprises when your payments increase. 

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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Photo credit: universal property 

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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By: www.orlandorealtors.org

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.

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Photo credit: Dreamstime

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.

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Photo credit: Simpson Windows and Doors 

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.

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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.