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    Orlando Housing Market – August 2013

    To check out my profile, references and the references of the other agents, just click on my picture to go to my profiles and read what our clients say about us. Pick the broker that you think is right for you. Of course I hope it’s me, but if not then best wishes!

    Search on MLS here:http://www.thepremiumproperties.idxco.com/idx/3935/advancedSearch.php

    Highest and best regards.

    Vincent Paige |REALTOR® | RE/MAX Showcase
    Major, U.S. Army (Reserve)
    Certified Broker Price Opinion Registered Agent (BPOR)
    Florida Military Specialist (FMS)
    8934 Conroy Windermere Road | Orlando, FL 32835
    Direct: 407.256.8190 | Fax: 407.264.8073
    E-mail: vince@thepremiumproperties.com
    Search for homes here: http://luxurylivingorlando.com

    How to make an offer on a home!!

    Home closing


    Like marriage, home-buying is one part love, one part legal transaction, and it starts with a proposal. When you’re ready to buy a home, you need to make a written offer: Oral promises are not legally enforceable in real estate sales.

    Realtors usually have a variety of standard forms (including Residential Purchase Agreements) that are kept up to date with the changing laws. In many states, sellers must comply with certain disclosure, and a Realtor will ensure that they do, as well as answering any questions you may have during the sale.

    If you are not working with a Realtor, keep in mind that your purchase offer or contract must conform to state and local laws. State laws vary, and certain provisions may be required in your area.

    Besides addressing legal requirements, the proposal should specify price and all other terms and conditions of the purchase. For example, if the sellers said they’d help with $2,000 toward your closing costs, include that in your written offer and in the final contract, or you won’t have grounds for collecting it later.

    After the offer is drawn up and signed, it will usually be presented to the seller by your Realtor, by the seller’s Realtor if that’s a different agent, or often by the two together. In a few areas, sales contracts are typically drawn up by the parties’ lawyers.

    What to Include in a Home Offer
    Your purchase offer, if accepted as it stands, will become a binding sales contract, also known as a purchase agreement, an earnest money agreement or a deposit receipt. It’s important, therefore, that the offer contain every element needed to serve as a blueprint for the final sale. These purchase offer should include such things as:

    • Address and sometimes a legal description of the property
    • Sale price. Terms. For example, this is an all-cash transaction, or the deal is subject to you obtaining a mortgage for a given amount.
    • Seller’s promise to provide clear title (ownership).
    • Target date for closing (the actual sale).
    • Amount of earnest money deposit accompanying the offer; whether it’s a check, cash or a promissory note; and how the earnest money will be returned to you if the offer is rejected — or kept as damages if you back out of the deal for no good reason.
    • Method by which real estate taxes, rents, fuel, water bills and utilities are to be adjusted (prorated) between buyer and seller.
    • Provisions about who will pay for title insurance, survey, termite inspections and the like.
    • Type of deed that will be granted.
    • Other requirements specific to your state, which might include a chance for attorney review of the contract, disclosure of specific environmental hazards or other state-specific clauses.
    • A provision that the buyer may make a last-minute walk-through inspection of the property just before the closing.
    • A time limit (preferably short) after which the offer will expire.
    • Contingencies. These are extremely important matter and discussed in detail below.

    If your proposal says “This offer is contingent upon (or subject to) a certain event,” you’re saying that you will go through with the purchase only if that event occurs. The following are two common contingencies contained in a purchase offer:

    Financing. You the buyer must be able to get specific financing from a lending institution. If you can’t secure the loan, you will not be bound by the contract.
    Home inspection. The property must get a satisfactory report by a home inspector “within 10 days after acceptance of the offer” (for example). The seller must wait 10 days to see if the inspector submits a report that satisfies you. If not, the contract would become void. Again, make sure that all inspection conditions are detailed in the written contract.

    Negotiating the Price
    Is the listed price the right price? A Realtor can give you a Comparative Market Analysis (CMA) of the home’s value, or you can check local listings on realtor.com to see what similar properties sold for. Based on the home inspection, you might also ask for a lower price or repair contingencies if the home needs fixes.

    You’re in a strong bargaining position — meaning you look particularly welcome to a seller — if you:

    Are an all-cash buyer.
    Are pre-approved for a mortgage.
    Don’t have a house that must be sold before you can afford to buy.

    In those circumstances, you may be able to negotiate discounts from the listed price. On the other hand, in a hot seller’s market, if the perfect house comes on the market, you may want to offer the full list price (or more) to beat out other early offers.

    It’s very helpful to find out why the house is being sold and whether the seller is under pressure. Keep these considerations in mind:

    Every month a vacant house remains unsold represents considerable expense for the seller.
    If the sellers are divorcing, they may just want out quickly.
    Estate sales often yield a bargain in return for a prompt deal.

    Earnest Money
    Earnest money is a deposit that you put down with your offer on a house. A seller is understandably suspicious of a written offer that is not accompanied by a cash deposit to show good faith. A Realtor or an attorney usually holds the deposit. The amount varies from community to community, and it becomes part of your down payment.

    Buyers: The Seller’s Response to Your Offer
    You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance. If the offer is rejected, that’s that. The seller cannot change their mind later and hold you to the deal.

    If the seller likes everything except the sale price, or the proposed closing date, or the basement pool table you want left with the property, you may receive a written counteroffer with the seller’s preferred changes. You can accept or reject it or to even make your own counteroffer — for example, “We accept the counteroffer with the higher price, except that we still insist on having the pool table.”

    Each time either party makes any change in the terms, the other side is free to accept or reject the offer or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side’s proposal.

    Buyers: Withdrawing an Offer
    Can you take back an offer? In most cases the answer is yes, right up until the moment it is accepted, in some cases even if you haven’t yet been notified of acceptance. If you want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don’t want to lose your earnest money deposit or get sued for damages the seller may have suffered by relying on your actions.

    Sellers: Calculating Net Proceeds
    When an offer comes in, you can accept it exactly as it stands, refuse it (seldom a useful response), or make a counteroffer with the changes you want. In evaluating a purchase offer, you should estimate the amount of cash you’ll walk away with when the transaction is complete. For example, when you’re presented with two offers at once, you may discover you’re better off accepting the one with the lower sale price if the other asks you to pay points to the buyer’s lending institution. Once you have a specific proposal before you, calculating net proceeds becomes simple. From the proposed purchase price you subtract:

    Payoff amount on present mortgage
    Any other liens (equity loan, judgments)
    Broker’s commission
    Legal costs of selling (attorney, escrow agent)
    Transfer taxes
    Unpaid property taxes and water bills
    If required by the contract: cost of survey, termite inspection, buyer’s closing costs, repairs, etc.

    Your present mortgage lender may maintain an escrow account into which you deposit money to pay property tax bills and home owner’s insurance premiums. In that case, remember that you will receive a refund of money left in that account, which will add to your proceeds.

    Sellers: Counteroffers
    When you receive a purchase offer from a would-be buyer, remember that unless you accept it exactly as it stands, unconditionally, the buyer will be free to walk away. Any change you make in a counteroffer puts you at risk of losing that chance to sell. Who pays for what items is often determined by local custom. You can, however, arrive at any agreement you and the buyers want about who pays for the following:

    Termite inspection
    Buyer’s closing costs
    Points to the buyer’s lender
    Buyer’s broker
    Repairs required by the lender
    Home protection policy

    You may feel some of these costs are not your responsibility, but many buyers — particularly first-timers — are short of cash. Helping them may be the best way to get your home sold.

    Whether you’re buying or selling, make sure your Realtor and/or your attorney evaluates all terms in the offer and counteroffers. As soon as both parties accept the written offer, you have a legal contract. ***FROM Realtor.com

    To check out my profile, references and the references of the other agents, just click on my picture to go to my profiles and read what our clients say about us. Pick the broker that you think is right for you. Of course I hope it’s me, but if not then good luck.

    Search on MLS here:http://www.thepremiumproperties.idxco.com/idx/3935/advancedSearch.php

    Highest and best regards.

    Vincent Paige |REALTOR® | RE/MAX Showcase
    Certified Broker Price Opinion Registered Agent (BPOR)
    Florida Military Specialist (FMS)
    8934 Conroy Windermere Road | Orlando, FL 32835
    Direct: 407.256.8190 | Fax: 407.264.8073
    E-mail: vince@thepremiumproperties.com
    Search for homes here: http://luxurylivingorlando.com

    Fannie Mae’s Condo Financing requirements | Vincent Paige

    “Condo financing is very situational because it depends not only on the borrower, but also on the project itself,” says Matt Ostrander, CEO of Parkside Lending LLC in San Francisco. “The guidelines have tightened because lenders want to see a financially healthy condo development. They want to see a higher concentration of owner-occupants and they want to see that delinquency rates on condo fees are low.”

    Standards differ

    Lenders follow guidelines from the Federal Housing Administration, Fannie Mae and Freddie Mac for condo mortgages.

    Among Fannie Mae’s requirements:

    • More than half of the condo units must be owner-occupied.
    • No owner may own more than 10 percent of the units.
    • No more than 15 percent of owners can be delinquent on condo dues.
    • All amenities must be completed if the development is more than 12 months old.
    • Buyers who make a down payment of less than 25 percent will pay an additional 0.75 percent of the loan amount at the closing or a higher interest rate of about 0.25 percent.

    The FHA has much friendlier down payment requirements, but strict guidelines for condo associations.

    “It’s a misconception on the part of the public that you can’t buy a condo without a big down payment,” says Ed Wilburn, a mortgage banker with FEMBi Mortgage in Miami. “The rules are stricter now, but if you find a building that has already earned an FHA approval, you can get in with a down payment of 3.5 percent. FHA approval depends on the financial health of the condo, so the condo association needs to prove that they have adequate insurance, a budget with reserves, no pending lawsuits and no anticipated special assessments.”

    Where to begin

    Wilburn says condo buyers should start by checking to see if a building is approved for FHA loans. If not, they can ask the lender to see if the building meets Fannie Mae and Freddie Mac guidelines. Buyers can ask condominium managers if they have recently completed a homeowners’ association certification or questionnaire, which provides information on condo fee delinquencies, insurance and other factors that affect eligibility for loans.

    “Even if the condo meets the Fannie Mae guidelines, buyers may find that they must make a down payment of 20 percent or more because mortgage insurance companies are less willing to provide mortgage insurance on condo loans, since they are considered riskier,” Wilburn says. “In fact, most mortgage insurance companies won’t insure a Florida condo. It may be easier in other markets.”

    McClellan says a local lender will know which local complexes have FHA or Fannie Mae approvals. “Have a list of places you like and check the status of their approval” with the lender, he says.

    Options thin out

    Condos that are not approved for FHA or Fannie Mae financing are known as “nonwarrantable” and offer few options for buyers or refinancers.

    “Buyers can either pay cash or they can look for a local bank that is willing to lend, but they should be prepared with a hefty down payment of 50 percent or more, have excellent credit and still be prepared to pay a higher interest rate,” McClellan says. “They should expect to pay as much as 7.5 percent when rates are 4.5 percent for other loans.”

    Homeowners interested in refinancing will first need to face the potential problem of a lack of equity, since condo values have dropped in many areas.

    “Condo owners can ask their management company if their complex is FHA- or Fannie Mae-approved, and if not, they may want to contact a local lender to see if they start the process for obtaining an approval,” McClellan says. “It’s in the best interest of all the owners to do what they can to meet FHA guidelines, since that approval can increase the value of all the homes in the development.”

    Click here to check if your selection is approved.

    Read more: http://www.bankrate.com/finance/mortgages/how-to-jump-through-condo-loan-hoops.aspx#ixzz2ZS4sAtLs
    Follow us: @Bankrate on Twitter | Bankrate on Facebook

    Highest and best regards,

    Vincent Paige |REALTOR® | RE/MAX Showcase
    Certified Broker Price Opinion Registered Agent (BPOR)
    Florida Military Specialist (FMS)
    8934 Conroy Windermere Road | Orlando, FL 32835
    Direct: 407.256.8190 | Fax: 407.264.8073

    E-mail: vince@thepremiumproperties.com

    Live MLS!  www.ThePremiumProperties.com or call Vince Paige the Dr. Phillips Realtor.

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    May 2013 Housing Market


    *Orlando home sales (all home types combined) in May 2013 were up 15.63 percent when compared to May of 2012 and up 3.14 percent when compared to May 2013.

    *Single-family home sales in the Orlando area increased by 16.64 percent in May when compared to May of last year. Villa sales increased by 21.08 percent; condo sales increased 7.85 percent.

    *Of the 2,855 sales in May, 1,696 normal sales accounted for 59.40 percent of all sales, while 539 bank-owned and 620 short sales respectively made up 18.88 percent and 21.72 percent.

    *The number of normal sales in May increased by 44.96 percent compared to May 2012, while short-sales decreased 8.96 percent and foreclosures decreased by 12.78 percent.

    *The 8,631 pendings in May of this year is a decrease of 16.13 percent compared to the 10,291 pendings in May of last year (and a 1.75 percent decrease compared to the 8,785 pendings last month).

    *Short sales made up 57.31 percent of pendings in May. Normal properties accounted for 29.58 percent and bank-owned properties accounted for 13.12 percent.

    *Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were up by 8.32 percent when compared to May of 2012. Throughout the MSA, 3,464 homes were sold in May 2013 compared with 3,198 in May 2012.

    To date, sales throughout the MSA are 9.48 percent above this time last year. Each individual county’s monthly sales comparisons are as follows:

    Lake: 14.37 percent above May 2012 (565 homes sold in May 2013 compared to 494 in May 2012);
    Orange: 6.48 percent above May 2012 (1,709 homes sold in May 2013 compared to 1,605 in May 2012);
    Osceola: 5.87 percent above May 2012 (541 homes sold in May 2013 compared to 511 in May 2012); and
    Seminole: 10.37 percent above May 2012 (649 sold in May 2013 compared to 588 in May 2012).

    Median Price

    *The median price of all existing homes combined sold in May 2013 — $148,000 — is a 23.33 percent increase from the $120,000 median price recorded in May 2012.

    *The median price for “normal” existing homes sold in May is $180,000, an increase of 12.50 percent from the median price of “normal” existing homes in May 2012.

    *The year-to-year median price for short sales increased by 14.00 percent to $119,700 in May, while the median price for bank-owned sales increased by 18.07 percent to $98,000.


    *There are currently 7,272 homes available for purchase through the MLS. The May 2013 overall inventory level is 11.78 percent lower than it was in May 2012.

    *Single-family home inventory is down 14.93 percent; condo inventory is down 1.42 percent.

    *The current pace of sales translates into 2.55 months of inventory supply.


    *New contracts are down 4.24 percent compared to May of 2012. New listings are up 10.66 percent.

    *The Orlando affordability index decreased to 212.25 percent in May. First-time homebuyer affordability in May decreased to 150.93 percent.

    *Homes of all types spent an average of 68 days on the market before coming under contract in May 2013, and the average home sold for 96.70 percent of its listing price.

    Ultra-low mortgage rates….the end is near…

    This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91% and are up from 3.3% in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loan received an average rate of 3.03%, up from 2.56% — a record low.

    “It’s unlikely that rates will ever be that low again,” said Doug Duncan, Fannie Mae’s chief economist.

    Those who didn’t take advantage of record-low rates have missed the boat — at least for now. Here are three reasons why.

    The Fed is going to stop bolstering the housing market. The Fed has kept rates at rock-bottom levels by buying up to $85 billion a month of Treasury bonds and mortgage-backed securities. That has enabled lenders to sell mortgage loans at low interest rates and recoup their money immediately — plus profits.

    “Up until recently, expectations were that the Fed would begin to taper purchases of mortgage-backed securities (MBS) and Treasury bonds late in 2013, but that timeframe appears to have moved to September, possibly sooner,” said Keith Gumbinger, vice president of HSH.com, a mortgage information company.

    If the Fed stops purchasing the securities, private investors will have to pick up the slack. For investors to do that, the loans will have offer a better payoff. And that would mean raising rates for borrowers, said Duncan.

    The economy is no longer reeling. During the recession, the Fed lowered its short-term interest rate to near zero in order to stimulate the economy. But now conditions have improved considerably since the economy emerged from recession four years ago. As the economic revival gains traction, it is creating a tailwind for interest rate increases, according to Gumbinger.

    Low rates happen when the economy is in distress. But now, the market believes the economy is getting stronger, said Wendy Cutrefelli, a vice president in the Mortgage Banking Division of Bank of the West.

    Job gains have picked up lately, averaging about 202,000 a month over the past six months.

    That hiring is advancing rather than retreating is good news for the economy and any positive future reports are expected to push rates higher, according to Gumbinger. Even mediocre news might not cause any meaningful decline in rates.

    3.3% rates are unprecedented. “The 30-year [mortgage rate] hit a 37-year low in 2003 at 5.23%,” said Gumbinger. “That was the previous low-watermark prior to this financial crisis and it’s likely we will move closer to that mark as we grind forward.”

    Any return to normal conditions, therefore, will likely be accompanied by higher mortgage rates.

    Even if they go up a percentage point or two, however, mortgages will still be relatively low. Historically, 30-year loans are usually 5.5% or higher.

    For clues to the direction of mortgage rates, look at the daily movements in 10-year Treasury bond yields. Mortgage rates track Treasury yields with the difference between them holding fairly constant.

    These days, Treasury bonds have been on a jumpy uphill climb, with the 10-year hitting 2.21% on May 31, its highest closing since April 2012. On Thursday, the yield was about 2.10%. Since the interest rate on a 30-year is usually 1.7 to 2 percentage points higher, it indicates that mortgages should be at between 3.82% and 4.12% this week.


    Don’t wait, the boat is leaving….

    Vincent Paige |REALTOR® | RE/MAX Showcase
    Certified Broker Price Opinion Registered Agent (BPOR)
    Florida Military Specialist (FMS)
    8934 Conroy Windermere Road | Orlando, FL 32835
    Direct: 407.256.8190 | Fax: 407.264.8073

    E-mail: vince@thepremiumproperties.com

    Live MLS!  www.ThePremiumProperties.com or call Vince Paige the Dr. Phillips Realtor.

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    How Much Does an In-ground Pool Cost?


    There are many different variables that affect how much an in ground pool costs to build and to operate. The main variable is simply size. Obviously, the larger a pool is the more it’s going to cost. The second major variable is the type of pool. Pools that are lined with certain materials are more expensive than pools that are lined with others. The other major factor is the inclusion of non-essential items such as diving boards, heating, filtration systems, and other bells and whistles that are commonly added to pools.


    How Much Does an Average In ground Swimming Pool Cost?

            Most pools, especially properly-lined ones, cost upwards of $20,000 to build though in many parts of the country it will cost considerably more. Some pools cost much more, of course. Extremely large pools, those that are very deep, or ones that include lots of extras like heating or filtration can cost well upwards of more than $50,000. An average homeowner who is looking to put in a moderately deep, relatively nice in-ground pool can expect to pay between $20,000 and $30,000.

    What Can I Do to Get an In-ground Pool Cheaply?

           To begin with, it’s a good idea to shop around quite a bit before you pick a contractor to build your in-ground swimming pool to make sure that you get the best price. You can also consider doing some of the labor, especially the digging, if you’re capable of doing such work. Also, keep in mind that even small changes in size can signal large alterations in price. And, if you still don’t think that you can afford an in-ground pool, try looking at above-ground models. They’re much less expensive and can offer the same amenities as in-ground pools. 


    Be well,

    Vincent Warren Paige, Jr.
    REALTOR® | RE/MAX Showcase
    Luxury Property Specialist
    Certified Broker Price Opinion Registered Agent (BPOR)
    8934 Conroy Windermere Road  |  Orlando, FL  32835
    Direct: 407.256.8190 |  Fax: 407.264.8073
    E-mail: vpaige1@yahoo.com