Orlando Real Estate Report – February 2010

by Phil on March 12, 2010

Metrowest Orlando Florida

Orlando’s Housing Market Moves Closer to a Balanced Buyer/Seller Market – While the number of unsold homes in the Orlando ticked up slightly in February to 20,529, the housing inventory months on hand (MOH) actually declined to 8.71 months on hand from the 9.71 MOH in January.
Inventory of Unsold Homes: The inventory level of unsold homes increased by a mere 54 homes in February to 20,529, up from the 20,475 in January. While this may appear negative at first glance, there is a really positive in the other key indicator, which is the inventory months on hand (MOH).
Months of Unsold Homes on Hand (MOH): In February Orlando’s housing market moved closer to a balanced market between buyers and sellers (6 MOH is considered balanced). The housing inventory of unsold homes in February dipped to 8.71 MOH, down from 9.97 MOH in Janruary. The increase in buyer activity in February resulted in 304 more home closings than the 2,053 closing in January.
Median Home Prices: The median home price was up to $110,000, a $7,000 increase from January’s median home price of $103,000. We believe this increase in the median home price is yet another indicator that the buyer/seller market continues to balance out.
Summary: We are seeing a number of indicators that are pointing to a healthier real estate market in the Orlando area. In fact, we are seeing some communities switch from a strong buyer’s market to a seller’s market. The housing inventory in Metrowest fell to 2.74 MOH, which is a strong seller’s market. Who would have thought that possible just one year ago.
Forecast: With the governments involved in so many aspects of the economy and offering one program after another, we will no doubt be seeing spikes and dips in the market until things are just left to take a more natural course. Also, financing continues to be a major barrier. We have many buyers that are really interested in purchasing homes and condos, but simply can’t obtain the financing. Many of these buyers would have qualified for homes twice the value two years ago. We are seeing FHA returning to the condo market, approving some buildings and doing spot approvals in others. We are seeing light at the end of Orlando’s housing tunnel.
 
Orlando area communities in focus – home sales in our featured communities are as follow:
Active ListingsProperties SoldMOH
Orlando MSA20,5292,3578.71
Altamonte Springs477696.91
Apopka7256710.82
Casselberry264338.00
Celebration1751511.67
Clermont859939.24
Davenport9401347.01
Kissimmee23413636.45
Lake Mary367418.95
Longwood5234013.08
Maitland2262011.30
Mount Dora3762813.43
Ocoee313368.69
Orlando66259407.05
Oviedo376537.09
Sanford672699.74
Sorrento99714.14
St. Cloud6744814.04
Windermere5074411.52
Winter Garden409715.76
Winter Park7504815.63
Winter Springs3133010.43
COMMUNITIES
Avalon Park270367.50
Baldwin Park107119.73
College Park205825.63
Conway Area139719.86
Dr. Phillips Area3562812.71
Hunter's Creek191345.62
Isleworth44144.00
Keene's Point78326.00
Lake Nona233259.32
Metrowest181662.74
Waterford Lakes104119.45

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Orlando Property Taxes | FAQs

by Phil on February 22, 2010

Orlando Property Taxes | Frequently Asked Questions – Tax season is approaching and I am getting more and more questions about property taxes. Questions like, what are property taxes? How much are property taxes? How do property taxes affect buyers and sellers? Let me start out by stating that I am not a property tax professional. And I highly recommend that you seek professional tax advice when you have specific questions about taxes. Now, let me see what I can do to clear up some of the basics.

Orlando Property TaxesQuestion: What are property taxes?
Answer: Property taxes, also known as real estate taxes, and ad valorem taxes (Latin for: according to value) are taxes paid based on the value placed on real property (real estate). Keep in mind, this is the assessed value of the property, not what you paid for the property. Usually the assessed value is less than the market value, but if you got an extremely good deal on the purchase of your home, the assessed value could be more than you paid. It is always a good idea to check with the:
Orange County Property Appraiser
Phone: 407-836-5044
Website: http://www.ocpafl.org/

Question: How much will I have to pay in property taxes?
Answer: The short answer is that it depends on two things. First: what is the assessed value of the property; second: what is the millage rate for the property’s specific location.
Now that you collected your data, it’s time for a little math:

1) Take the assessed value (for our example let’s use) $200,000
2) You will then pay your millage rate on every $1,000 of assessed property value. In this case, $200,000 divided by $1,000 is 200 (millage units).
3) Now we multiply our millage rate (for our example let’s use $17.50) X our 200 millage units, and we get our property taxes of $3,500.

Example:
Property’s Assessed Value                      $200,000
Millage Rate X 200 millage units                $17.50
Property Taxes Due                                  $3,500

You can also use the Orange County’s Tax Estimator Tool

Question: When are my property taxes due?
Answer: Property taxes are due by March 31 of each year. Property taxes are considered delinquent on April 1st of each year.

Question: How do I pay my property taxes?
Answer: If you own property in Orange County Florida (the Orlando area), You should pay your taxes to the:
Orange County Tax Collector
Phone: 407-836-2709
Website: http://www.octaxcol.com/

Note: In many cases when you have taken out a mortgage on the property, the mortgage company will collect money from you throughout the year in an escrow account and they will use that money to pay your property taxes on your behalf. You should check with your mortgage company to see if they are handling the property taxes for you. Always double check with the County Tax Collector to ensure your mortgage company is paying your tax bills. It is ultimately your responsibility to ensure your property taxes are paid. Post comments, or ask other questions. I hope this helps. Good luck!

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Low Cost Home Staging Tips

February 18, 2010

“You can’t judge a book by its cover” may be great advice but today’s home buyers won’t do more than glance at your home, “the book,” unless it has something that draws them in. Furthermore, you need to ensure that your home doesn’t have issues that may actually repel buyers. If you want buyers to [...]

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Is the Log-jam in Orlando’s Short Sales Market Getting Worse?

February 15, 2010

Log-jam in Orlando’s Short Sales Market Getting Worse? – Over the last few years we have seen an overwhelming build in the number of short sale homes for sale in the Orlando market. As the number of short sale listings have increased, we have seen very few closing actually taking place. If you look at [...]

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Orlando Real Estate Report – January 2010

February 7, 2010

Orlando’s Real Estate Market Slows in January – Inventory Increases: The number of unsold homes in the Orlando area increased in January to 20,475, which is up 1,572 homes from the 18,903 available homes in December. This increase in available homes brings an end to the recent trend of home inventory reductions. We attribute this [...]

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Short Sales Hit Luxury Home Market

February 1, 2010

If you mentioned a short sale five years ago many people wouldn’t have known what you were talking about. Times sure have changed, and most people now realize that if you need to sell your home, and you owe more than it’s worth, you will in most cases want to consider selling your home as [...]

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FHA Changes Loan Requirements For Buyers

January 22, 2010

FHA Reduces Buyer’s Closing Assistance to 3% – In an effort to reduce its financial risk and strengthen its reserves, FHA has made some changes that will affect many future home buyers. Here are the key changes:
1) Mortgage Insurance Premium Increase – The upfront fee will increase to 2.25% of the loan amount.
2) Buyer’s Closing [...]

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Orlando Foreclosure and Short Sales Statistics: December 2009

January 15, 2010

Short Sales Create Traffic Jam in Orlando’s Real Estate Market: We get so many questions about short sales, foreclosures and the difference between the two. To answer some of the questions, we decided to compile some real time numbers from the Orlando MLS. As we began compiling this information, it became clear to us that short [...]

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Orlando Real Estate Report – December 2009

January 11, 2010

Orlando’s Real Estate Market Finishes 2009 Strong: The number of unsold homes in the Orlando area decreased to 18,903. This brings Orlando available listings of unsold homes to a ten month low. The number of unsold homes is now at 18,903, down from 19,724 in November, which leaves 821 less homes for sale in the [...]

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Home Buyer Tax Credit Extended and Expanded for 2010

January 2, 2010

Many of you have asked me about how the new and now expanded Home Buyer Tax Credit works. I put together this blog post to clear things up:
On November 6, 2009 the new home buyer tax credit was passed. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to [...]

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