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.
It won’t be long before the streets of your neighborhood are filled with children, and some parents, will be costumed and carrying bags and buckets for Halloween treats! Since many homeowners don’t regularly use the front entrance to their home, they may not think about all the little feet that will be tramping up the path to your door. Make sure everyone has a safe trip for their candy by following these tips before October 31!
Do your own walk-up to your front door, and examine everything, including the driveway and front steps. Make sure there are no loose pieces or large cracks that can cause anyone to take a tumble. Porch railings should be secure.
Yard decor should be fixed securely so the wind can’t blow it over, or curious little hands cannot pull it down.
Battery-operated LED tea lights are inexpensive and much safer to use in place of lighted candles. Many options are available for LED’s, including a flickering light that is perfect for your jack o’ lantern.
Speaking of lights, make sure that not only is your porch light switched on, but that the path you’ve created is well-lit.
Decor that hangs from the trees is scary and fun, so make certain they are hanging at least ten feet from the walkway, making certain they don’t obstruct anyone’s view.
Take an afternoon close to Halloween to be sure any shrubbery, trees or edging isn’t in the way of where trick-or-treaters mustwalk. Inspect for loose branches in nearby trees and remove them.
If you have room in the garage, consider parking the car there. The folks that are coming and going would likely appreciate the extra room to pass others.
A constantly-ringing doorbell or persistent knocking can cause your pets some distress and a lot of barking. Confine them to a room, or even better, to their crate. Check out these other great tips about your pets and Halloween from the ASPCA.
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.
It’s the time of year to check not only your battery-operated smoke alarm, but anything you have in your home that could start a fire if not properly used and maintained. This is also the time to talk with your family about your emergency plan in case of a fire. These tips will get you started:
Every kitchen should have an easily-accessed fire extinguisher. If you don’t have one, purchase one, and if your old one hasn’t been serviced recently, call an official inspector to make sure yours is in good working order.
Smoke alarms are a must! Older smoke detectors can be sensitive and go off while someone is cooking, and we inadvertently disconnect the battery to stop that, and forget to reconnect them. More recently-produced types have a sensitivity button that can reduce that problem for a set period of time and return to normal after the time is up.
Homes with more than one story should have an escape ladder close to an easily-accessed window on the upper floor. Safewise.com has a list of their best-rated ladders, and offers tips for choosing the right ladder for your home.
Don’t overload electrical outlets, and use extension cords only on a temporary basis. If you need more outlets, call an electrician to install them. The cost of this greatly outweighs the cost of a fire.
A visit from an electrician is also warranted if you have outlets that spark when you use them, lights that flicker, or a circuit breaker that trips regularly.
Clean your dryer’s lint screen after each load, and keep the vent and back of the dryer clean from lint build-up.
Have chimneys and furnaces checked out before you use them to make sure they’re clean and in good working order. If you use a wood fireplace, make sure the screen protector has no holes, and use only a flame-retardant rug in front of the hearth.
While cooking, don’t leave the kitchen, and even though your children may like to help, have their station set up far from any hot items. Keep towels and paper products away from anything hot, and don’t leave cooking oil unattended.
Although it isn’t very common, lightning can cause a house fire. Lightning rods may seem like an outdated tool, but they are not only helpful for redirecting lightning and prohibiting a fire, they can save your electronics from lightning damage.
Most importantly, you need a family fire plan, and everyone should be familiar with this plan. For tips and a guideline to setting up your own fire escape plan, consult this page from the National Fire Protection Association, where you can find free printable tools to make your planning process go smoothly. No amount of time taken to put a plan into place and practice is too much when it comes to protecting your home and family from a fire.
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.
The weather is cooler, but the days are still long enough to get some regular Fall maintenance done. Get your home prepped for cooler weather now so it won’t be a problem later.
Clean gutters before the leaves fall so they won’t get clogged. Consider installing some gutter protectors so the coming leaf drop won’t cause further problems.
Raking leaves is a job many don’t care for, but if you do, and plan on burning them, check with your local government offices or HOA guidelines to make certain it’s allowed. If not, it’s best to bag them for curbside pick-up, or find a gardening neighbor that would appreciate the extra composting material.
After you’ve mowed and raked one last time, fertilize the lawn. The roots are still active, and the extra nutrients will help the grass overwinter safely.
Speaking of using the lawnmower one last time, drain the fuel and oil from gas-powered equipment, and clean them well. This Old House offers some excellent tips on putting up the lawn mower for Winter.
Give the roof a good look and replace broken or missing shingles.
Check windows and doors–inside and out–for drafts and apply weather-stripping or caulking where it’s needed. Today’s Homeowner has a video that shows us how to apply caulk around our windows.
Call your HVAC serviceperson, and have the heater checked and serviced, if necessary. Go ahead and make sure your filters are new–buying them in bulk keeps you from having to remember to get one every couple of months and saves you money.
If you use wood for heating, hopefully it’s already cut and seasoned. Store it at least 30 feet from the house, covered, unless you bring it in a few days before you burn it.
Turn off your sprinkler system timer, shut water off at the main, and drain the system. If you’re not able to drain it yourself, it may be worth the money to hire a pro to blow the pipes out and drain the sprinkler heads.
It may take a couple of weekends to get all of these done, but all are important to do, and hopefully save you from a headache and spending a lot of money later in the Winter. Some of these chores could be done by a teenager looking to earn a few extra dollars, and they can learn something in the process. You’re never too young to learn about taking care of your home.
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.
Homeowners of houses built in the wall-to-wall carpet phase may be pleasantly surprised to learn that there is hardwood flooring beneath rug. If you’ve pulled up a corner of the carpeting and found just that, or simply want to remove the old carpet before new is installed, DIY’ing this job is a good idea, but be ready–here are a few tips for removing wall-to-wall carpeting:
You’ll need a few things–heavy duty trash bags, protective gloves, sharp utility knife, dust mask, and a crowbar, and for removing padding glue or staples, a flat floor scraper or padding adhesive remover.
Remove all the furniture from the room, as well as floor vents, and any under shoe molding. Vacuum very well to remove as much dirt and dust as possible.
If there is a room door that swings inward, take the door off the hinges to keep it out of the way.
Suit up with the dust mask and the work gloves, and start in a corner, pulling a section back with the crowbar, taking care to be mindful of the tack strips that can be holding down the carpet around the perimeter of the room.
Once you’ve pulled the carpet back, fold it over, and, using the utility knife, cut a section of carpet from the back side for easier going. (Cutting the large rug into sections makes it much more manageable than rolling up the whole piece.)
Remove the tack strips with the crowbar if you have hardwood floors under the padding that you plan on refinishing. Start in the middle of the strip, loosening the nails, and work towards the ends.
After the tack strips are out, tackle the padding. Pull it up, cutting into sections the same way the carpet was cut.
Some padding is installed with adhesive, and some is stapled to the floor. If there is glue remaining on the floor, follow the instructions on the carpet padding adhesive remover to get the glue off the flooring. The staples can be removed with the floor scraper.
Remember that if you’re planning on recarpeting the floor, leave the tack strips in place, and remove the padding anyway, as most installers require new padding to be put down.
Call your local municipality to find out how they would like for you to dispose of the old carpet, because the large amount may not be able to be picked up by the regular truck. Don’t hesitate to ask about recycling programs that are available, as virtually all carpeting can be recycled.
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.
The large dining room, family room or bonus rooms was one of the things that sold your house to you. Despite our good intentions, though, those rooms sometimes end up being used for storage, folded laundry, or just not being used altogether. Use these ideas to inspire you to get these rooms ready to spend more time in:
Extra Bedroom
Most extra bedrooms end up being the guest room, whether you have guest often or not. Turn that room into a dual-purpose room; use a daybed with trundle or a wall bed so you’ll have more space in the room for other things.
Set up a home office or study space for the kids.
Add a small double-leafed or card table, use stackable or folding chairs, install some shelving, and have the room serve as the game/play room.
If your children like to invite friends over for video games, hang a flat screen on the wall, a small shelf for their game console, lay a cushy area rug on the floor, and purchase bean bag chairs, slip chairs are large floor pillows for seating.
Create a reading room with a small bookshelf, a comfy chair, blanket, small side table and lamp.
Bonus/Flex Room
You couldn’t wait to start decorating and using your extra room, but you’re stumped on exactly what to do.
Get the television out of your living space, get some affordable seating, and create a home theater.
Do you have a musician in the family? Soundproof the walls, add extra electrical outlets, and clear the floor for your own concert hall.
Give your workout equipment a home in the extra room, use a small television for workout entertainment, install a comfortable bench, hooks for small towels, and include a small fridge for water and smoothies when you’re finished with exercising.
Not Just for Dining
Busy families don’t always have time for a sit-down meal at the dining table, but there’s no need to use it for special occasions.
Use one end of the table for office space. A dining room is less busy than other rooms, and you can get more done there without distractions. Use a laptop for the space, take advantage of wireless printing, and use part of a china cabinet for supplies so you won’t fill the room with office clutter.
Consider using a smaller table or remove the leaf from a large table. Place some comfortable seating at one end of the room, add a sideboard to use for a coffee/tea bar, and have an after-dinner seating area.
If your home lacks an extra living area, why not use it for family time instead of a dining area? Treat the space as you would a den, and furnish it with sofa, chairs, and television for a cozy family room.
There are no rules that say a room must be used for what the blueprint says. Your home is just that–your home. You know best how you and your family can use a space. It doesn’t have to cost a lot; shop thrift shops and tag sales, or use what you already have. You can add extra space to your home without picking up a hammer and nail!
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.
In most parts of the US this time of year, there is a lot of groaning by kids who are heading back to school, and some parents as well, because they dread the busyness of the school being in session. Take the dread out by getting organized and staying organized so that it becomes a routine for you and your kids.
With sales and coupons abounding at every store this time of year, we usually end up with more school supplies than we need. Have a dedicated storage spot for everything for easy access when it’s time to replenish. Donating some of those extra supplies to the school or organization who help kids in need is a good thing, too.
If your school requires uniforms, go through old ones, and if they’re not worn or stained, take them to your school office so other students have a change of clothing in case of spills or accidents.
Getting ready for school begins the night before. Set a bedtime, get a good routine going, and stick to it. It can help reset your child’s body clock so that even when things get busy, they’ll be ready for sleep at their set time.
Even if they haven’t yet learned to tell time, get your child an alarm clock. Set the alarm and help them be responsible for getting themselves up.
Have all their school clothes for the week hanging on a wreath hanger on the back of their bedroom or closet door or folded on their dresser. This way, they can decide what to wear each day without staring at a closetful of clothes.
Let the kids pitch in with lunch prep. Have their lunchboxes, storage containers, plastic bags and drink containers all in one easily-accessed spot in a kitchen cabinet. Good Housekeeping has a video with some great tips for packing up lunches.
Whether you have a mudroom or not, place some baskets or totes near the door for shoes, bookbags and sports bags. It certainly helps with “I can’t find…” when it’s time to get them out the door.
After-school routines can vary, with extracurricular activities, sports, and lessons. Keep a white board in a prominent place and have everyone’s schedule listed by days of the week. Have the kids go over their schedule the night before so they’ll be prepared for their activities the next day.
Sometimes children come home from school and can’t wait till dinner and want to eat a full meal. Have some snack bags of sliced fruit or veggies keeping cold in the fridge. Add some fruit dip or ranch, and they’ll have a yummy snack that will tide them over until meal time.
Getting in a routine doesn’t mean there won’t be mishaps or struggles or lost socks. Go with the flow and remind the kids of the importance of putting things in their place or having things ready to go. When they see you getting things ready beforehand, they’ll pick up your habits, get used to it, and it will soon be second nature.
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.
