Orlando Real Estate

February 4th, 2016 1:44 PM
There are a lot of acronyms and terminology that get thrown around in the real estate business, and many times we don't stop to explain what they mean. When I am speaking with my customers, I do my best to define our jargon. One of the terms that has come up a lot over the last several years in Orlando is REO. What does REO stand for? What does REO mean?

First, REO is an acronym, it is not the river separating the US from Mexico, nor is it a song by Duran Duran. The acronym is used by banks to describe real property that they have foreclosed on and taken into their inventory. The letters stand for Real Estate Owned. That is what banks call properties that they have taken back through foreclosure. Second, REO means exactly what it stands for, Real Estate Owned. Who owns it? The bank that took it back in the foreclosure process. When a property becomes REO it means the bank owns the property.

The foreclosure process varies by state, but the end result is the same. Once the bank has foreclosed on the property they take it back into their inventory of real estate owned. At this point, Freddie Mac, Fannie Mae or HUD my have to settle with the bank if there was some type of guaranteed loan involved. To the end consumer it doesn't make a lot of difference if the bank, Freddie, Fannie or HUD owns the property. It is called an REO regardless, and it just means that the property has been taken back through the foreclosure process.

Two of the most common questions I get about REO's are:
1-What will the bank do with it?
2-Can I buy it from the bank, before it goes on the market?

The simple answer to each of these questions respectively is: 'sell it' and 'no'. Sometimes banks have issues to resolve with the property, before they put it on the market for sale. Many times they will actually make minor or even major repairs to the property to get the most from the sale. They always get multiple broker price opinions (BPO), before listing the property with one of their network brokers. Sometimes the bank will sell off properties in bulk sales to investors purchasing multiple properties at once. The bank is NOT going to sell it to you, before it goes on the market though. They want to get as much as they can for the property, which is why you always see them listed with a REALTOR®.



Posted by David W. Welch on February 4th, 2016 1:44 PMLeave a Comment

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January 26th, 2016 2:26 PM

There are 10,340 homes for sale listed by Orlando Realtors® and 5,835 homes listed as contract pending. Of the homes still available for sale, 887 are foreclosures and 427 are short sales. Of the homes with contracts pending, 1,003 are foreclosures and 1,292 are short sales.

Way too early Orlando real estate sales statistics for January: 1,464 closed sales with a median sales price of $180,000. The red hot market seems to be cooling off a little to start the year. We will have to watch it to see if this becomes a trend.

David Welch Real Estate Optimist, Orlando Real Estate


Posted by David W. Welch on January 26th, 2016 2:26 PMLeave a Comment

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January 19th, 2016 1:33 PM

I am a bit behind on getting out my last market report for 2015. Now that Christmas, New Years and college football are behind me, not to mention the closing on my own house sale, I have broken down December's activity along with the current inventory and contracts pending. There are 10,323 homes listed as active by Orlando Realtors®. Of those homes listed active, only 945 or 9.2% are REO properties; 436 or 4.2% are short sales; 8,942 or 86.6% are traditional, equity sales. There are 5,610 properties listed as either pending or active with contract. Of these homes with contracts on them, 988 or 17.6% are REO, 1,311 or 23.4% are short sales and 3,311 or 59% are equity sales.

December was another great month for sales in Orlando. There were a total of 3,186 closed sales with a median price of $187,889. That is way better than last December when we saw 3,117 closed sales with a median price of only $163,000. While the number of sales was only up 2%, prices have climbed over 15% from a year ago. Of the closed sales in the last month of 2015, 637 or 20% are REO with a median price of $125,699; only 144 or 4.5% are short sales with a median price of $138,400 and 2,405 or 75.5% are equity sales with a median price of $210,000. The 144 closed short sales accounted for 11% of the pending short sales.

Cash sales remain strong, but continue to slide accounting for 1,201 or 37.7% of sales closing for all cash with a median price of $125,000. Financed sales made up 1,985 or 62.3% of the closed transactions last month with a median price of $218,500.

Orlando Real Estate


Posted by David W. Welch on January 19th, 2016 1:33 PMLeave a Comment

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January 19th, 2016 11:50 AM
I have been in the real estate business for over 19 years now, and I just did something I have never done before. I sold my own home. I have purchased three homes, but I have never actually sold a home before. Don't get me wrong I have sold hundreds of homes, but always for someone else.

I tell customers all the time that 'selling your home is inconvenient.' Now I really know what I meant. There are some things you can do to prepare for a sale that will make things move more smoothly. Before putting your house on the market, have your agent come over and help you prioritize a to do list for anything that needs to be addressed to help your house show the best it can.

Often, this to do list can be broken down into 'de-cluttering, repairs and improvements.' 

De-cluttering is a great place to begin, because it usually doesn't cost anything and it gives you a head start on packing for your move. Start with family photos, personal mementos and other items that are meaningful to you, but probably won't help sell your home. Occasionally, folks have just too much furniture in a room, and that can make the room feel smaller than it is. If you can move some of the pieces to another room, that's great, but you may need to have a garage sale or get a storage unit if you really have a lot of furniture. Furniture de-cluttering can either be a money maker or an additional cost if you need to store items temporarily.

In my opinion, repairs would be the next priority in preparing your home for sale. Buyers generally don't want to get into a home that needs work. If you are not willing or are unable to get things into working order, expect to get less for your home. A relatively small repair could be the difference in getting market value or taking a big hit. 

Improvements rarely pay for themselves, but some can make a big impact. A fresh coat of paint can often go a long way toward improving the marketability of your property. I also find that a few updated light fixtures can really make a home stand out from the competition.

If you're thinking of selling this year, now is the time to get in touch with your agent to go over the preparations you will need to make to help your home sell in quickest time and for the most money. It's not convenient selling your home, but if you prepare ahead of time, you can have a faster and smoother sale.

Posted by David W. Welch on January 19th, 2016 11:50 AMLeave a Comment

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December 29th, 2015 10:27 AM

There are 10,450 homes for sale listed by Orlando Realtors® and 5,551 homes listed as contract pending. Of the homes still available for sale 1,084 are foreclosures and 448 are short sales. Of the homes with contracts pending, 965 are foreclosures and 1,344 are short sales.

Too early Orlando real estate sales statistics for December: 2,326 closed sales with a median sales price of $184,700. Inventory and contracts pending continue a pretty steep decline this month as we finish up an otherwise hot year in Orlando real estate.

David Welch Real Estate Optimist, Orlando Real Estate


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on December 29th, 2015 10:27 AMLeave a Comment

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December 15th, 2015 9:55 AM
Here is the latest breakdown of the Orlando real estate market courtesy of the Orlando Regional Realtor Association. November makes the 52nd consecutive month of year over year price appreciation. With a trend like that, I think it is safe to make the investment in your America Dream.


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on December 15th, 2015 9:55 AMLeave a Comment

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December 14th, 2015 3:30 PM

Down, dooby doo down down. Inventory, pending contracts and sales are all down from October, but it's not bad news. The number of homes listed active on the market by Orlando REALTORS® slid a bit to 10,718. Of the homes available for sale 1,157 or 10.8% are REO, 457 or 4.3% are short sales, and 9,104 or 84.9% are equity sales. Based on November's sales we saw the months inventory tick up slightly to just over 4.25.

The number of contracts pending which includes properties listed as pending and active with contract is 5,986. Of the homes with contracts on them 1,022 or 17.1% are REO, 1,376 or 23.0% are short sales and 3,588 or 59.9% are equity sales. Short sales continue to drag, but make up a much lower share of the market. Closed short sales represented on 7.1% of the pending short sales and still take on average about nine months to close. The oldest short sale that closed last month took 860 days to close. That is over 2.35 years.

Sales were down compared to October, but improved from a year ago. There were 2,507 closed transactions in November with a median sales price of $178,000. Compared to last November that is a 9.5% increase in sales which were reported as 2,290 in 2014. Prices are also higher than last year's $165,000 by nearly 7.9%. Of the property sales that closed last month 517 or 20.6% are REO with a median price of $111,000; only 98 or 3.9% are short sales with a median price of $160,000; and 1,892 or 75.5% are equity sales with a median price of $198,850.

Cash remains strong with 1,045 closed sales, or 41.7% of the total, with a median price of $120,150. Financed sales accounted for the remaining 1,462 or 58.3% or the sales with a median price of $208,000.

Posted by David W. Welch on December 14th, 2015 3:30 PMLeave a Comment

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December 7th, 2015 7:48 AM

There are 10,771 homes for sale listed by Orlando Realtors® and 6,004 homes listed as contract pending. Of the homes still available for sale 1,189 are foreclosures and 444 are short sales. Of the homes with contracts pending, 1,042 are foreclosures and 1,392 are short sales.

Way too early Orlando real estate sales statistics for December: 347 closed sales with a median sales price of $173,769. Inventory, contracts pending and sales have all declined.

David Welch Real Estate Optimist, Orlando Real Estate


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on December 7th, 2015 7:48 AMLeave a Comment

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Header
Header_2
Listings Photo
$289,900.00
2125 Florida Soapberry

Orlando, FL 32828



Beds: 4 Rooms: 0
Full Baths: 2 Sq. Ft.: 2360
Garage: 0 Built: 2004
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google? Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

David W. Welch
RE/MAX 200 Realty
4076296330
www.davidwelch.com



 
  Visit this listing here

Posted by David W. Welch on December 1st, 2015 10:45 AMLeave a Comment

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December 1st, 2015 10:37 AM
SOLD
Header_2
Listings Photo
$159,900.00
3101 Surfside Way

Orlando, FL 32805



Beds: 3 Rooms: 0
Full Baths: 2 Sq. Ft.: 2337
Garage: 0 Built: 1958
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google? Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

David W. Welch
RE/MAX 200 Realty
4076296330
www.davidwelch.com



 
  Visit this listing here

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Posted by David W. Welch on December 1st, 2015 10:37 AMLeave a Comment

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