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 November 10th, 2024 – November 16th, 2024
Single-family existing homes
Sales of single-family homes decreased to 305 during the week of November 10, from 329 the week prior
The median price of single family homes increased to $457,500 a change of 8.9%
The number of single-family home foreclosure transactions increased to 2 from 1 the week prior
The number of single-family short-sale transactions decreased to 0 from 1 the week prior
Single-family inventory increased by 24, and now sits at 7,843.
Condos, townhomes, and villas
Sales of condos, townhomes, and villas decreased to 83 during the week of November 10, from 98 the week prior
The median price of condos, townhomes, and villas increased to $285,000 a change of 9.6%
The number of condo, townhome, and villa foreclosure transactions remains constant at 1
The number of condo, townhome and villa short-sale transactions remains constant at 0
Condo inventory increased by 43, and now sits at 3,835.
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.
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 highest inventory in nearly ten years.
State of the Market
Inventory for September was recorded at 11,560, up 0.4% from August when inventory was recorded at 11,511. This is the ninth month in a row inventory has risen. The last time inventory was this high was September 2015.
Inventory in September 2024 was 71.1% higher than in September 2023.
September’s interest rate was recorded at 5.9%, down from 6.1% in August. This is the lowest interest rates have been since August 2022.
Homes spent an average of 58 days on the market (DOM) in September – up slightly from 57 in August.
This is a 41.5% increase compared to September 2023 when homes spent an average of 41 days on the market.
The median home price for September was recorded at $380,000, down from $384,500 in August.
Overall sales decreased by 15.3% from August to September. There were 2,655 sales in August and 2,249 sales in September.
Pending sales fell by 1.9%, with 3,556 in August and 3,490 in September.
New listings fell 8.5% from August to September, with 3,530 new homes on the market in September, compared to 3,856 in August.
“Lower interest rates and rising inventory levels are setting the stage for a balanced Orlando housing market as we enter Q4,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “With the Federal Reserve’s recent interest rate cuts and a significant increase in available homes, many buyers who have been waiting on the sidelines are now finding opportunities to achieve the American dream of homeownership.”
Market Snapshot
Interest rates fell from 6.1% in August to 5.9% in September.
Pending sales fell 1.9%, with 3,556 in August and 3,490 in September.
17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in September. This is a 54.5% increase from August, when 11 distressed homes sold.
Inventory
Orlando area inventory rose 0.4% from August to September. Inventory in August was 11,511, and inventory in September was 11,560.
The supply of homes rose to 5.14 months in September, up 18.6% from 4.34 months in August. A balanced market is six months of supply.
This is the highest supply of homes has been since January 2015.
The number of new listings decreased from August to September by 8.5% – from 3.856 homes to 3,530 homes.
ORRA’s full State of the Market Report for September can be found here.
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 you have started considering buying a new home, the first thing you will need to work on is a down payment. While many lenders offer different programs with variable down payment amounts, saving as much as you can is necessary. Check out these tips and start saving now!
It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount.
Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account.
Sign up with your employer to deposit a portion of your pay into a down payment savings account. Most of the time, if you do not see it, you do not miss it.
If a pay raise comes your way, save that unexpected pay: stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account.
When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost.
Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS. Mortgage Reports shares more information about down payment gifts.
A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit.
If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house. Make sure you document these sales.
You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties. Talk with your account holder before making any withdrawals.
Do not let that 20% ideal down payment stop you before you even get started. However, if it seems impossible for you, do your research. There are many first-time buyer programs available, as well as lower-than-20% down payment options through the USDA, the VA, and state-specific programs. Learn more about low down payment guidelines and opportunities to help you get started. Planning will help you keep your eyes on the prize of homeownership!
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.
This time of year folks begin to get outdoors to do more around their homes because it is nice and warm outside. It’s also a good time to do a bit of work outside the house and make your outdoor space more inviting and fun for family and friends. Below is a list of ways in which you can accomplish this.
If you already have landscape lighting, why not purchase a few fun colored lights to use in them for different holidays. This will defiantly make your outdoor space a lot more fun.
If you are getting tired of mowing your grass then you may want to replace your grass with a garden. You might want to add a garden of flowers or a garden of vegetables or even put in a koi pond. Any of these ideas will help to keep you from spending your summer evenings mowing the grass all the time, therefore making your outdoor space more fun.
If your patio furniture is old and outdated, now is the time to go out to purchase some that allows you to show your style more effectively. Outdoor furniture always makes outdoor spaces more inviting and fun.
Adding a new doorbell to the outside of your home may seem like a small thing, however if you find a nice one that lights up the front door area it can do wonders towards making your home seem more inviting at night.
If you don’t already have a swimming pool, summertime is a great time to add one. Not much can make your outdoor space more fun than a swimming pool for all to enjoy.
If you do add a swimming pool why not go out and make it really fun and cool by adding an outdoor shower to the mix. This type of thing is pretty rare unless your home is at the beach, therefore your outdoor shower may quickly become the talk of the neighborhood.
There are so many ways in which to make your outdoor space more inviting and fun; these are just a few of them that you may want to try.
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.
Tiny Houses are really super cute and a lot less expensive than traditional size homes but there are a few things you might want to take into consideration before you decide to purchase a tiny house. There are pros and cons to owing a tiny house and those are listed for you below for your review.
Tiny houses are typically no more than 100 to 500 square feet. This may work perfect for you and your family if your family is rather small. If however you have a large family a tiny house may not be the way to go.
You can have a tiny house built for $15,000 however if you want that tiny house to have all the bells and whistles you may end up spending in excess of $80 to $100,000. Basically it will be up to you if you want to purchase a tiny house and “bling it out” so to speak or if you would rather take your money and purchase a large home that already has everything you desire.
You may need to check with the zoning board in your area to see if a tiny house is allowed before you make a decision. If so, why not give a tiny house a go…if not, you can always put the tiny house on wheels and travel from state to state.
If personal space is important to you then you may not want to even consider purchasing a tiny house. If you do decide to purchase a tiny house your lifestyle will change for sure. If you don’t mind being in close proximity to your family then a tiny house may be just the ticket!
A pro to living in a tiny home is that you won’t have very much space to clean. If you don’t like spending a ton of time cleaning your house, a tiny home may be the place of your dreams!
These are just a few of the pros and cons associated with tiny house living. In the end, it is your decision whether or not you want to purchase a tiny house and join the many others you have already done so.
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.
If you currently have your house on the market, you may want to look over a few of the curb appeal mistakes that you might possibly be making listed below. You may or may not have issues with any of the mistakes that are listed but if you do, we will tell you how to fix them so that you will be more likely to get folks interested in looking at your house. Curb appeal can many times be the number one reason why a person decides to look at your house in the first place. Be sure to do your part to make your home’s curb appeal work for you and you might find that you have an offer quicker than you were planning on.
If your home is totally gorgeous inside but lacks curb appeal outside, no one may ever know just how beautiful your home actually is because they simply won’t want to come inside. You need to make sure that the outside of your home matches the quality of the inside. If your home looks fresh and new inside, make sure that you have fresh paint and landscaping outside.
Even though you may have a trash pick-up service, many times when days get busy the trash may be overflowing. Do your best to keep your trash cans out of sight from those who may come to tour your home and also keep them empty if at all possible or at the least not overflowing with garbage.
If you have recently starting doing a bit of renovations to the outside of your house, be sure to get those finished before you put your home on the market. You need to think about prospective buyers that may be driving by your house to get a glimpse of what it looks like and realize that no one wants to see a house renovation half completed.
If you have a big sense of style that can sometimes get a bit crazy, now is the time to neutral that down a bit. If your front door is painted bright pink for example, you may want to cover it with some white or beige or even black paint before you put it on the market. Just because you love hot pink doesn’t mean everyone does!
If you don’t have a green thumb and therefore you haven’t done any landscaping to the outside of your home, it is time to at least plant a few bushes. Homes with no landscaping tend to be looked over when up against homes with a bit of landscaping.
These are just a few ideas to get you thinking of perhaps some curb appeal mistakes you may have currently at your home and how to correct the issues to help snag a sale.
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.
Just because your home doesn’t have any major issues such as a leaky basement or a floor that is about to cave in doesn’t mean you don’t have a lot of little ways you are losing cash each month. Below are a few small tips to help you save money at home that may eventually add up big.
If you have yet to change your lights over to energy efficient ones you should do that right away. This is an easy way to save a little bit each month that doesn’t take long at all to accomplish. LED lights are going to cost you a bit more than regular light bulbs but in the long run they will be a big help to your budget.
Big ticket items such as air conditioning systems can cost you and your family a lot each year if you don’t do your part to make sure they work to the best of their ability. Make sure to change your air filters on a regular basis and clean all the vents as well. This type of maintenance should be done before the heat of the summer begins so that all will work correctly when it is needed most.
Another small way to save money at home is to make sure you eat what you put in your refrigerator. Wasting food is a big money pit that affects many Americans today. If you buy a lot of produce and other perishables you need to be sure to put them at eye level so that they don’t get lost in your fridge only to have to be thrown out later. If you have a small family you might want to purchase smaller amounts of foods that don’t have a long shelf live to avoid wasting each week.
If you haven’t already done so, get rid of your landline phone. Most everyone these days has a cell phone and the need for a landline phone has almost become obsolete. Save that $40 per month and put it towards something of better use. You may be surprised at just how quickly $40 each month can add up.
Before you decide to bring a furry family member into your home, realize that they are quite expensive. If you are trying your best to save money perhaps buying a pet might need to go on the back burner for a while.
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.
