April 14, 2019 Real Estate Update
Friends of the Central Florida community get excited because we are currently in #OrlandosHomebuyingSeason!
According to Orlando Regional Realtor Association President Jeffrey M. Fagan, “March and April typically herald the beginning of our most active period, when a great many prospective buyers begin getting serious about being settled into a home before the new school year. Despite a decrease in year-over-year sales, greater inventory combined with moderated prices and interest rates that are at historic lows is expected to produce our traditional uptick in springtime homebuying."
In case you were wondering what President Fagan was talking about regarding that last sentence, click here for a snapshot (courtesy of orlandorealtors.org) of the Orlando Housing Market in February 2018 vs. February 2019:
Here are a few tips to think about if you are looking for buying a home this year!
1) If you have kids, think of school locations According to totalorlando.com, “For families with kids under 18, schools in Orlando are the key to every family’s settling point. Whatever happens, avoid falling for a random community that is appealing. If the neighboring schools are not what you are looking for, you are in the wrong location! Research on schools is vital, and your realtor will guide you well.”
Fun fact: I have access to tools where I can share the best perks about the area you might be interested in for schools, parks, restaurants, entertainment and more.
2) Mortgage Pre-approval According to investmentsinflorida.com, “A key step in buying a home is having financing in place if you need it. Before you start your property hunt in earnest it’s a really good idea to get pre-approved for a mortgage. Without pre-approval you’ll likely not be the seller’s first choice should there be several offers and you won’t really know for sure that you can even afford the property, or even technically get a mortgage.
*IMPORTANT NOTE: pre-qualified is not the same thing as pre-approved. Pre-qualified means you’ve given a lender your income details and financial commitments and they’ve estimated what you can afford. Pre-approved means they’ve actually checked your credit report, and your debt to income ratio, and properly analyzed your financial situation. Once they’ve done this you’re given a pre-approval letter. This can certainly help in sealing the deal when in negotiations with a seller and indicates there’s a really good chance you will get a mortgage and the sale will go through.”
3) If you think you’ve found “the one” visit the home at different times of the day. According to orlandorealtyconsultants.com, “Neighborhoods can have different looks depending on what time of day it is. If you visit during morning hours most people will be at work and kids will be at school making it appear to be a quiet and peaceful neighborhood. By driving by again in the evening, you’ll get an idea of how peaceful or noisy it really is when all the other residents are home doing their thing. Is there a school nearby? Nearby schools can cause major traffic issues at certain times of the day. Trust me, you don’t want these things taking you by surprise after you move in.”
It's important to note that, your REALTOR should be helping you with all of this info. Let me help you have the best experience possible!
Cheers to you, friend, and your future home endeavors.
Melissa Bromley, REALTOR®