The National Association of Realtors (NAR) recently released their July edition of the Housing Affordability Index. The index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data. NAR looks at the monthly mortgage payment (principal & interest) which is determined by the median sales price and mortgage interest rate at the time. With that information, NAR calculates the income necessary for a family to qualify for that mortgage amount (based on a 25% qualifying ratio for monthly housing expense to gross monthly income and a 20% down payment).
Here is a graph of the income needed to buy a median priced home in the country over the last several years:
And the income requirement has accelerated even more dramatically this year as prices have risen:
Bottom Line
Some buyers may be waiting to save up a larger down payment. Others may be waiting for a promotion and more money. Just realize that, while you are waiting, the requirements are also changing.
Interest rates remain extremely low making this a great time to think about refinancing you home. Here are a few tips for refinancing that will help you in making an informed decision.
If you have an FHA loan you need to get rid of the mortgage insurance as quickly as you possibly can. Mortgage insurance on FHA loans can add up over the years more than you realize. You will need to refinance your FHA loan into a different mortgage in order to get rid of the mortgage insurance if your loan is for 30 years and you put less than 10% down.
Be careful not to refinance too often just because interest rates have gotten lower. It is worth it to refinance for just half a percent these days but don’t keep going after lower and lower rates. It is best not to refinance more than two to three times during the life of your loan.
If you do decide to refinance your home loan, it is best to refinance for a shorter number of years. Refinancing a 30 year loan to another 30 year loan is essentially adding another 5 years to your payoff date. If you refinance try to refinance for 15 years if you can afford to do so.
If you are planning to sell your home anytime soon it is not a good idea to refinance because you are going to have to pay closing costs and therefore will be losing money in the long run. Be sure to take into consideration your long term goals when you consider refinancing.
Shop around for your new loan. Just because you have had a good rapport with your current mortgage company doesn’t mean you have to refinance with them. Do your part by shopping around for the best rate and take the one that saves you the most money.
Refinancing your home can be a great way to get ahead in life and to save some money along the way. If you want to refinance I would suggest that you get online to check out what rates are being offered these days and to get the ball rolling!
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.
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.
Things To Do Orlando: The Orlando Fall Home & Garden Show
Don’t miss your opportunity to turn your home and garden dreams into reality! The entire Orange County Convention Center will be completely transformed, for one weekend only, into a Home and Garden Extravaganza. From the front door to the backyard you’ll find it all at the Orlando Fall Home & Garden Show.
We can help you get your Projects Solved! With thousands of square feet of exhibits you’ll find the latest in products and services for everything from builders, contractors, materials, decks, pools, spas, entertainment systems, storage, plants, landscape displays/materials, kitchenware, and much more.
Information courtesy of Orlando Real Estate Expert Teri Isner and the Orlando Avenue Top Team.
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 estatemarket. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale. You deserve professional real estate service!
You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.
There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced properly.
After all 15,315 houses sold yesterday, 15,315 will sell today and 15,315 will sell tomorrow.
15,315!
That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.59 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,315 homes sell every day. The report from NAR also revealed that there is currently only a 4.8 months supply of inventory available for sale, (6 months inventory is considered ‘historically normal’). This means that there are not enough homes available for sale to satisfy the buyers who are out in the market now in record numbers.
Bottom Line
We realize that you want to get the fair market value for your home. However, if it hasn’t sold in today’s active real estate market, perhaps you should reconsider your current asking price.
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.
Things To Do Orlando: Orlando’s Magical Dining Month
Satisfy your craving for haute cuisine during Visit Orlando’s 10th Anniversary Magical Dining Month, a culinary celebration sure to please your palate and wallet. This fall, select Central Florida restaurants will offer three-course, prix fixe dinners for only $33. Indulge your inner gourmet with an appetizer, entree and dessert at a variety of trendy bistros and upscale dining destinations. One dollar from each meal will be donated to this year’s charity, Elevate Orlando.
Visit the Event Website to browse restaurant and for more details.
Information courtesy of Orlando Real Estate Expert Teri Isner and the Orlando Avenue Top Team.
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 estatemarket. 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.
Don’t miss this special opportunity to own A FULLY FURNISHED 6 bedroom, 3 1/2 bath home with pool and spa on a CONSERVATION and POND VIEW setting in popular Liberty Village. Just over 3,100 sq. ft. this home has a GREAT RENTAL HISTORY WITH MANY REPEAT VISITORS and bookings that could be transferred to new owner. There is an open floor plan with spacious family and living rooms. RELAX in the Pool and spa, enjoy meals in the Eat-in-Kitchen area with breakfast bar or in the formal dining area. The spacious Master bedroom has a large master closet, bathroom with garden tub and a separate shower stall. This Community is close to all the Disney and Central Florida attractions and only minutes from shopping (a 24 hour Walmart), dining, schools, and main roads. Come look inside today, this is a great opportunity to own a beautiful home as a primary, second or investment residence.
Marketed by Orlando Realtor Teri Isner, Orlando Avenue Top Team.
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 may be Orlando’s theme parks that bring millions of visitors to our city every year. But there are numerous free parks, museums, gardens, events, festivals and places to visit that won’t break the budget. Here is a list of all of the free things to do in Orlando.
Museums and Art
The Cornell Fine Arts Museum, on the campus of Rollins College, includes the works of Henri Matisse, Pablo Picasso and Thomas Moran, among others. Free admission with any valid student ID.
The Charles Hosmer Morse Museum of American Art inlcudes one of the world’s most impressive collections by Louis Comfort Tiffany. Free Fridays between 4 pm and 8 pm November through April.
The Winter Park Historical Museum houses a photo timeline of the history of Winter Park and features changing themed exhibits.
CityArts Factory is an eclectic collection of art galleries in downtown Orlando showcasing local and international artists. Free admission Tuesday through Saturday from 11 a.m. to 6 p.m.
The Grand Bohemian Gallery has two locations in downtown Orlando and Celebration featuring a variety of art, including jewelry, glass and sculpture.
The Enzian Theater/Eden Bar in Maitland offers a weekly Wednesday Night Pitcher Show every Wednesday, as long as the weather is good.
Gardens and Parks
Black Hammock Adventures on Lake Jessup offers free live alligator and bird exhibits. There is a deck party at the Lazy Gator Bar Friday and Saturday night to listen to free, live music.
Harry P. Leu Gardens offers free admission from 9 a.m. to 5 p.m. on the first Monday of every month.
Kraft Azalea Gardens is a 5.22-acre public garden and is located on the shore of Lake Maitland. It is open all year from 8 a.m. until dusk. Lakefront, secluded and unique, Kraft Azalea is Winter Park’s secret garden!
University of Central Florida’s Arboretum is home to more than 600 plant species on an 80-acre property. Visitors can walk through a self-guided tour to view an impressive number of native plant species.
The Winter Park Farmer’s Market is held from 7 a.m. to 1 p.m. every Saturday. Local vendors and farmers sell their homemade and homegrown specialties, including fruits, vegetables, organic produce, baked goods and more.
Lake Eola Park is a 43-acre recreational area in the heart of downtown Orlando. Visitors can picnic along the shore, enjoy one of the many free concerts at the amphitheater, feed the resident swans or stop by the farmer’s market on Sundays.
Fort Christmas Historical Park is a little slice of old Florida. Visit the fort, the historical homes on site and the gift shop.
Big Tree Park in Sanford features 11 acres of natural vegetation and wetlands.
Camp out and roast marshmallows with Disney characters Chip n’ Dale at Disney’s Fort Wilderness Resort for free. The evening sing-a-long around the campfire includes a viewing of a Disney movie. Starts at 7:30 p.m.
Ocala National Forest is the second-largest National Forest in Florida and the oldest National Forest East of the Mississippi River.
The World of Orchids is a conservatory containing natural exhibits with flowers from Southeast Asia, Indonesia, Australia, and the South and Central Americas.
Food and Wine
Lakeridge Winery & Vineyards which sits on 80 breathtaking acres just north of Orlando, offers free tours, tastings and many free festivals and events.
The Orlando Brewing Company near downtown Orlando is the only organic brewery and tap room in the Southeast and one of only 10 in the United States. Each weekend, there are free brewery tours, free Wi-Fi and free live entertainment.
Other
Fleaworld is the largest flea market in the United States, boasting over 1,700 vendors.
The Children’s Library offers a variety of events, depending on the day and time of year, including special readings, arts and crafts, family movie nights, board games, and musical events.
Popcorn Flicks is a series of outdoor movies starting at 8 p.m. throughout the summer in Winter Park.
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.
Welcome to your up-to-the-minute August 2015 edition of Market Snapshot for Kissimmee, Florida compliments of Teri Isner. This report is personalized with charts including market activity for homes in the 34741 zip code.
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.
Welcome to your up-to-the-minute August 2015 edition of market snapshot for Celebration, Florida compliments of Teri Isner. This report is personalized with charts including market activity for single family homes in the 34747 zip code.
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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