Orlando's housing market experienced significant changes in September 2023, as indicated by the recent data published by the Orlando Regional REALTOR® Association. Notable findings point towards the market facing a slowdown this fall, with some of the most impactful changes directly attributed to the interest rates reaching their highest point in over two decades. Key Takeaways from September...
Deciding between renting and buying your first home? While it often seems like a purely financial decision, determining whether or not you can afford what you desire, there's more to the story. The concept of Cost-Benefit Analysis comes into play here. It involves analyzing a situation to determine if the benefits outweigh the costs. As a prospective homebuyer, you need to think along these lines. The...
As summer draws to a close, the Central Florida real estate market displays signs of cooling. The Orlando Regional REALTOR® Association's recent data release sheds light on this transition, indicating notable shifts as the fall season approaches. State of the Market Inventory Dynamics: The inventory for August stood at 6,115, reflecting a 6.9% increase from July's figure of 5,720 homes. New...
Nationally it’s 13%, but in Fort Lauderdale it’s 28% – the highest in the U.S. In Miami, a first-time buyer needs to earn 25% more than they did a year ago. By Kerry Smith SEATTLE – A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% ($7,200) from June a year ago, according to a report from Redfin, thanks to the one-two punch of...
AND HOW TO GET BACK INTO THE SHALLOWS When you get over your head financially, it is easy to look for a single event to explain how you got there. But it isn’t always a catastrophic event that leads to a large amount of debt. It is more often the accumulation of bad financial habits that leads to an increase in debt beyond what you can handle. Here’s a list of the most common mistakes people make...
Headwinds in Central Florida: Interest Rates & Home Sales The Orlando Regional REALTOR® Association (ORRA) has recently unveiled statistics that spotlight some challenging aspects of the Orlando housing market. Interest Rates on the Rise: The recorded interest rate for July stood at 6.8%, a minor increase from June's 6.7%. Strikingly, this is the second-highest rate Central Florida has...
One section addresses “termination of a tenancy without a specific term.” What does that mean, and when does it apply? Read on. Another amendment affects annual leases with a specific duration. What changed there, and how does it work now? Read on. By Meredith Caruso ORLANDO, Fla. – Different sections of Part II of Chapter 83 Florida Statutes, otherwise known as the “Florida Residential...
Senior homeowners often hold a significant amount of equity in their homes. This equity becomes a potential financial resource in the form of a reverse mortgage, which can turn home value into spendable cash for those aged 62 and above. While this can be an appealing prospect, it is crucial to fully understand the implications, risks, and alternatives before proceeding. "Should my parents refinance...
Homeowners with mortgage rates too low to give up aren’t listing their homes, pushing buyers to the new-home market – an economic boon for builders. NEW YORK – High interest rates are actually making new homes easy to sell by compounding a shortage of available real estate. Existing home sales have slowed because fewer owners are willing to sell, and that has pushed buyers into the arms of...
Hold onto your flip-flops, folks, because the Orlando housing market is sizzling this summer! With the sun shining and the prices rising, it's time to dive into the latest market snapshot and discover the exciting trends that are making waves in the real estate scene. Let's start with the numbers that really matter. The median home price for June surfed its way to $385,000, riding the wave of...
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