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.

In most home buying situations, you are not only purchasing a house, but you are also buying the neighborhood. There are many factors you cannot control, but to avoid regrets, consider these five things while house-hunting: 

• Affordability: The mortgage payment is an important part of your budget, but keep in mind that property tax is normally added to your monthly loan payment. Property tax is based on the assessment value of the property. The assessment value depends on different factors, and the home’s location is number one. Ask your Realtor® for past tax information, but the house may be reassessed after closing.  
• How you live: Satisfaction with your home’s location will depend on the general area. Are you a pet lover with four dogs? You need a pet-friendly community. Is your family a large one with lots of noisy backyard activities? Look for active families in the neighborhood. Do you need close access to theaters, restaurants, or shopping? Your new home does not need to be a long commute to things you love.  
• Schools: Communities in a high-rated school district normally have homes with higher price tags. As a parent, buying a home in a good school district is an investment in your child’s future, and if you do not have children, it is a wise financial investment as your home should at least keep its value as time goes by. 

• Safety: Everyone wants to feel safe in their home. Several websites offer crime stats, but it may be best to contact local law enforcement for current information about the area. 
• Utilities: Is high-speed internet or natural gas available in the neighborhood? Does your water come from the municipal water supply or a well? Your agent should have all of this information for you but asking the homeowner if they are willing to share how much they pay in monthly utilities will help you plan your monthly budget. 

Performing some “home” work is probably the best way to learn more about a community. Drive through at different times during the day or take a walk and pay attention to the sights, sounds, and–yes–smells of the neighborhood. You will be spending a lot of time there and being content in your new home is the most important location factor of all! 

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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With the cost of heating and cooling a home throughout the year, homeowners want to have the most efficient HVAC units in their home that they can afford. Asking for recommendations for a specific unit can bring about a wide range of different answers, though. Those who are in the market for a new HVAC unit need a way to tell just how efficient different units are beyond all of the hype. That’s where SEER ratings come in.

An HVAC unit’s SEER rating should be one of the most important factors you consider when trying to decide on a model. Unfortunately, if you don’t really know what a SEER rating is or how it’s used, the rating can be kind of confusing. To help, here’s a basic rundown of what SEER ratings are, how they’re used, and where you can turn to get more information.

There are a multitude of enticements when it comes to choosing and using a credit card. Companies advertise rewards points, cashback on purchases, and airline miles, to name a few. Having a credit card can also have drawbacks if you are not responsible with that piece of plastic. Keep yourself in check with these tips: 

• Add extra to your minimum payment each month if you cannot pay the entire balance off each time. Compounding interest will increase the remaining balance as well having a negative impact on your credit.  
• Make payments by the due date, because late fees plus interest on the balance will max the credit card limit, and it could take decades to pay it off. Set up an auto-pay plan or mail your payment one week before the due date. 
• Rewards seem like a great reward, but in the end, interest costs add up to more than any rewards points earned. 

• Interest on a cash advance begins as soon as the money is in your hand. Cash advances are loans and treated as such. Beware of “convenience” checks your card company offers, as they are cash advances in disguise. 
• Protect your credit rating and your wallet by staying within your credit card spending limit. Maxing out the card or over-spending just a little will cost a hefty over-balance fee, as well as affect the credit utilization ratio. 
• Keep your contact information current with the company, and check all correspondence from them, whether it be via snail mail or electronic communication. You do not want to miss important announcements, fraudulent activity alerts, or changes in your minimum payment due.  
• If you are paying for everyday purchases with a credit card, it is time to get your finances under control. Using your credit card at the grocery store or to pay utility bills will help in an urgent situation, but only if you can pay the full balance at the end of the month.  

Two more things to keep in mind when using a credit card: the balance should be less than 30% of the credit limit, and monthly payments should be manageable for you. Credit cards should not be utilized as an extension of your income, but as tools to help build credit or keep your score in good standing.  

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: First Citizens Bank

Having a smart home is becoming more affordable every year, and using automated devices is so convenient! However, many homeowners simply plug everything in and connect it to the home network, but this can be a mistake. Security should be a priority when buying anything for a smart home. Keep your smart devices secure with these tips:

• Expert Michael Horowitz suggests purchasing your modem/wireless router instead of leasing it from your internet provider. Ownership of the equipment allows more freedom to change settings and passwords and update the firmware.
• If leased equipment is already in place, use the router’s IP address, (most are found on a label on the router itself), and change the name of the router, the wifi connection, and create new passwords for both.
• Two- or multi-factor authentication is the next important step. Use a password keeper to create strong passwords and keep those passwords safe but accessible to you.
• Setting up a home network on your own can be intimidating, so hire a pro or ask a friend who has the know-how to help you. Having a home network will keep your “internet of things” connected separately, thus, less vulnerable to hacking or spying. Another benefit is if one device becomes infected with a virus, home computers and other devices that us a different network will not “catch” anything and remain safe from irreparable damage.
• Changing the router’s firewall settings is one way to add security from hacking, but purchasing a separate firewall is almost like having a double wall between your home’s network security and the bad guys!
• Privacy is a must: configure all “listening” devices to limit the data they record and share.
• Enable automatic updates on all devices during setup. If that is not an option, set a reminder to check for firmware updates at least once per week.

Finally, when you upgrade to any new devices, reset the setting of the old ones to factory default. Thus, if you sell or give away any of those items, your custom settings are not available to the new owners. You hold the keys to the security of your home’s smart devices and going through the process of good security setup may take some time, but the effort is worth 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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: PCMag

Having a good HVAC system in your home can really help you enjoy your living space throughout the year. A solid system will keep your home cool in the summer, warm in the winter, and just plain comfortable throughout the full year. Proper maintenance can keep your HVAC system running smoothly for years, ensuring that your home’s internal climate stays exactly the way you want it as time goes by.

This doesn’t mean that things can’t be better, though. You may not realize it, but there are actually several ways that you can modify your HVAC system to improve performance and create a better overall quality of life for you and your family. Different systems may have different options available, and they can affect the function of your system in different ways.

We spend a lot of time and effort keeping things clean, but are we thinking about how we can clean without damaging countertops, flooring, or other surfaces?  Proper cleaning keeps them looking good as new! 

Stainless Surfaces 

• Regular wiping with plain warm water is your first defense in cleaning any stainless surface, followed by a microfiber cloth or paper towel drying. Get rid of fingerprints with  a glass cleaner containing ammonia. 
• For scratches, use a clean cloth with a few drops of mineral or olive oil.  Wipe in the direction of the grain, and minor scratches will disappear. 

Countertops 

• Countertops need daily cleaning, but they need disinfecting as well. Some chemicals in sanitizing products could be harmful, so to give surfaces some TLC while killing germs, use white distilled vinegar, hydrogen peroxide, or just good old hot, soapy water. 
• Mild soap mixed in warm water is great for general cleaning, as well as keeping germs at bay for granite countertops. Applying bleach, ammonia or even acidic vinegar can be harmful, so spray with a mixture of rubbing alcohol and water if you need to disinfect. Having it resealed annually helps protect it, as well as maintain the germ barrier. 
• Quartz is a tough surface, but treat it gently; since it’s a manufactured product, using anything to scour away an errant stain will scratch the surface. Warm, soapy water is best to keep it sparkling.   

Flooring 

• Hardwood floors are fairly simple to care for: sweep often, and vacuum using the bare floor setting once a week. Chemical products for mopping are a no-no: a mop dampened with warm water and a mild soap is best, then rinsing any residue with a clean water mop. 
• Caring for tile is similar to hardwood using a damp microfiber mop and mild soap mixed with water.  As the floor is drying, buff with a dry microfiber cloth for a beautiful shine.  Unsealed grout can be cleaned safely with a paste of baking soda and water applied with a soft brush.   
• Mix a half cup of vinegar in a gallon of warm water when mopping vinyl floors. (The odor will vanish after it dries, or you can add some lemon essential oil to combat the initial smell.) Remove scuff marks by rubbing the streaks with a tennis ball, melamine sponge (sold as “magic” eraser/sponges), or clean pencil eraser. 

• Real Simple has some great tips for cleaning less common types of flooring such as bamboo, cork and natural stone flooring.  

Advertisers bombard us with messages saying that we need their products to keep our homes clean and sanitized, and while those things are important, not all of those products are safe.  Natural cleaners and mild detergents mixed in hot water clean just as well while protecting the material of each surface.  

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

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Maybe you’ve just moved into your new home and you’ve got a patio of your very own for the first time, or maybe you’ve had one for a while and just didn’t know what to do with it. Patios are magnificently flexible spaces, if not a little boring by themselves. Think of your patio as a three-dimensional canvas that you can literally create anything on that you’d like. From tiki hot tub paradise to casual outdoor dining space, patios are only limited by your imagination. Here are some things to think about when you’re trying to dress yours up!

Scammers are getting more and more creative with their swindling schemes, and older adults are no exception.  Some scams target the general population, but many aim specifically at senior citizens, and we should make our older friends, neighbors, and family members aware. This article features five common schemes: 

• Fake Social Security Claims:  This scam can begin with an official-looking letter in the mail or a phone call. The caller informs the recipient that there is a problem with their Social Security benefits or suspicious use of their SSN and could stop receiving their monthly deposits if the requested information is not provided immediately. Remind your older adult that the Social Security Administration will never call asking for more information unless they have applied for benefits. They should simply hang up and call their local SSA office or file a report through the SSA Inspector General Office website. 
• “Family Member” in Trouble:  Someone posing as a family member, most commonly a grandchild, will contact the elderly person and claim to be in serious trouble. The caller says that they need money immediately and will als0 stress not to contact their parents to avoid getting in trouble with them. In spite of their urgency, the senior adult should hang up or disengage and contact another member of the family, or call the person claiming to be in trouble to make sure everything is okay. 
• Homeowner Scams:  Older homeowners are targeted because they normally live in a home without a mortgage and a higher value than the purchase price.  Property tax scammers will offer to send someone to re-assess the value of the property to lower the taxes, but for a fee. No matter how official the correspondence may seem, the homeowner should always contact their local tax office to make sure they are not being had. 

• Deceased Spouse’s Fake Debt:  Fraudsters have no shame, and will go through obituaries, then contact surviving family members to claim that the deceased has an outstanding debt.  The best defense against this is to not give out any financial information, and most certainly do not pay anything. The estate handles any outstanding accounts, not surviving spouses. 
• Medicare Scams: Phone calls come daily–to those who are not even over 65–claiming to be a Medicare representative.  The most common claims the caller will make are asking to verify information, saying the account has a refund flagged, or offering free medical supplies.  Simply hang up without engaging in conversation.   

Though it may be difficult, stress to the older adult that their financial protection is as important as their physical well-being.  Giving a scammer any personal information can result in identity theft and financial ruin, so it is imperative that no matter their financial status, older adults understand not to trust any phone calls that initiate a financial or personal information transaction. 

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: Senior Crossroads