Amy's Orlando Real Estate Blog

Extension of the $8000 Homebuyer Tax Credit
July 1st, 2010 3:26 PM
The U.S. Senate  passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. This bill was previoustly passed by the House, and still needs President Obama's signature to become law.  This should happen soon.  The contract deadline does not change - homebuyers must have had a contract signed by April 30, 2010 (although there is an exception for active duty military).  The previous closing deadline of June 30, 2010 has been extended until Sept. 30, 2010. The National Association of Realtors estimates that the approved bill will benefit more than 14,000 homebuyers in Florida.


Posted by Amy Hodges on July 1st, 2010 3:26 PMPost a Comment (0)

Just Listed! 711 London Road Winter Park, FL 32792
June 25th, 2010 11:56 AM
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Listings Photo
$199,500.00
711 London Road

Winter Park, FL 32792



Beds: 4 Rooms: 0
Full Baths: 3 Sq. Ft.: 1990
Garage: 2 Built: 1967
 

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.

Amy Hodges
RE/MAX 200 Realty
4076296330X308
www.amyhodgesrealtor.com



 
  Visit this listing here

Posted by Amy Hodges on June 25th, 2010 11:56 AMPost a Comment (0)

Tax Credit Helps May Sales
June 25th, 2010 11:52 AM
  • Here is a summary of our local real estate market, as reported by ORRA.

  • Orlando home sales in May 2010 were up 38.42 percent over May 2009.

  • Of the 2,605 sales in May, 921 “normal” sales accounted for 35.36 percent of all sales, while 1,091 bank-owned and 593 short sales made up 64.64 percent.

  • Pending sales are up 56.76 percent, with 10,351 pending homes in May of this year compared to 6,603 in May of last year.

  • Condo sales in the Orlando area increased by 56.61 percent in May when compared to May of last year. Duplex, town home, and villa sales increased 40.24 percent.

  • The median price of all existing homes combined sold in May 2010 increased 0.33 percent to $115,380 from the $115,000 recorded in April 2010. May 2010’s median price is a decrease of 11.25 percent compared to May 2009’s median of $130,000.

  • May’s $115,380 median price encompasses all types of sales situations and home types. The median price for “normal” sales is $160,000. The median price for bank-owned sales is $81,800 (up 12.52 percent from last month’s $72,700), and the median price for short sales is $110,000 (down 4.35 percent from last month’s $115,000).

  • The Orlando affordability index increased to 225.86 percent in May from 220.51 percent in April 2010.  First-time homebuyer affordability in May increased to 160.61 percent.

  • Homes of all types spent an average of 85 days on the market before coming under contract in May 2010, and the average home sold for 94.58 percent of its listing price.

  • There are currently 15,963 homes available for purchase through the MLS. The May 2010 inventory level is 16.52 percent lower than it was in May 2009 (19,123). The current pace of sales translates into 6.13 months of supply; May 2009 recorded 10.16 months of supply.


  • Posted by Amy Hodges on June 25th, 2010 11:52 AMPost a Comment (0)

    Just Listed! 538 Charleswood Avenue Orlando, FL 32825
    May 4th, 2010 2:43 PM
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    $189,900.00
    538 Charleswood Avenue

    Orlando, FL 32825



    Beds: 4 Rooms: 0
    Full Baths: 2 Sq. Ft.: 0
    Garage: 2 Built: 1983
     

    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.

    Amy Hodges
    RE/MAX 200 Realty
    4076296330X308
    www.amyhodgesrealtor.com



     
      Visit this listing here

    Posted by Amy Hodges on May 4th, 2010 2:43 PMPost a Comment (0)

    Just Listed! 3161 Erskine Drive Orlando, FL 32825
    April 26th, 2010 1:28 PM
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    Listings Photo
    $129,900.00
    3161 Erskine Drive

    Orlando, FL 32825



    Beds: 3 Rooms: 0
    Full Baths: 2 Sq. Ft.: 1562
    Garage: 2 Built: 1994
     

    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.

    Amy Hodges
    RE/MAX 200 Realty
    4076296330X308
    www.amyhodgesrealtor.com



     
      Visit this listing here

    Posted by Amy Hodges on April 26th, 2010 1:28 PMPost a Comment (0)

    Just Listed! 731 Waywood Avenue Orlando, FL 32825
    April 5th, 2010 2:05 PM
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    $219,900.00
    731 Waywood Avenue

    Orlando, FL 32825



    Beds: 3 Rooms: 0
    Full Baths: 3 Sq. Ft.: 2315
    Garage: 2 Built: 1988
     

    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.

    Amy Hodges
    RE/MAX 200 Realty
    4076296330X308
    www.amyhodgesrealtor.com



     
      Visit this listing here

    Posted by Amy Hodges on April 5th, 2010 2:05 PMPost a Comment (0)

    Tax Credit for Home Buyers
    March 15th, 2010 12:01 PM

    TAX CREDIT OVERVIEW


    Who Gets What?

    First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who
    have not owned a home within the last three years) may be eligible for the
    tax credit. The credit for FTHBs is 10% of the purchase price of the home,
    with a maximum available credit of $8,000.
    Single taxpayers and married couples filing a joint return may qualify for
    the full tax credit amount.

    Current Owners: The tax credit program now gives those who already own a
    residence some additional reasons to move to a new home. This incentive
    comes in the form of a tax credit of up to $6,500 for qualified purchasers
    who have owned and occupied a primary residence for a period of five
    consecutive years during the last eight years.
    Single taxpayers and married couples filing a joint return may qualify for
    the full tax credit amount.

    What are the New Deadlines?
    In order to qualify for the credit, all contracts need to be in effect no
    later than April 30, 2010 and close no later than June 30, 2010.

    Who is Eligible fort FTHB Tax Credit?
    Anyone who has not owned a primary residence in the previous 36 months,
    prior to closing and the transfer of title, is eligible.
    This applies both to single taxpayers and married couples. In the case where
    there is a married couple, if either spouse has owned a primary residence in
    the last 36 months, neither would qualify. In the case where an individual
    has owned property that has not been a primary residence, such as a second
    home or investment property, that individual would be eligible.
    As mentioned above, the tax credit has been expanded so that existing
    homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a
    tax credit of up to $6,500.

    How Much are Current Home Owners Eligible to Receive?
    The tax credit program includes a tax credit of up to $6,500 for qualified
    purchasers who have owned and occupied a primary residence for a period of
    five consecutive years during the last eight years.


    Please call Amy Hodges at 407-252-7049 if you have additional questions, or for information on any home for sale.


    Posted by Amy Hodges on March 15th, 2010 12:01 PMPost a Comment (0)

    New Deerwood Page on www.AmyHodges.com
    February 23rd, 2010 11:01 AM
    Deerwood is a popular neighborhood located about 15 minutes east of downtown Orlando.  Deerwood has over 400 homes, built from the mid 1970's through the late 1990's.  Various well-known local builders have custom built most homes in the subdivision.  A variety of styles and architectural features helps to contribute to the attractive uniqueness of Deerwood.  Yards are well maintained and display pride of ownership.  Homesites are typically about one quarter acre, yet some are up to one half acre.  All homes have a double or triple garage.  Deerwood does have a Homeowners Association which is primarily concerned with maintatining the attractiveness of the neighborhood, so as to sustain property values.  Annual HOA dues are very reasonable. 
     
    Deerwood is adjacent to Rio Pinar which offers a well-known golf course and country club.  Additionally, sidewalks through the rolling streets of Deerwood and several adjoining neighborhoods, offering a safe place for walkers and bike riders alike. 
     
    The convenient southeast Orlando location allows easy access to many major roads, including 408 and 417, and the airport, attractions,  and beaches.  Shopping and restaurants are all within a ten minute drive.  To the east, popular Waterford Village shopping area offers a huge variety of stores, specialty shops, discount clubs, and restaurants.  Fashion Square Mall is also about ten minutes to the west  of Deerwood.  The desirable "A-rated" Deerwood Elementary School is just outside the neithborhood.  Public and private middle and high schools are in the local area.  Deerwood is five minutes from Valencia Community College, and fifteen minutes from the University of Central Florida.  Please call Amy at 407-252-7049 for more information on the area and homes for sale in Deerwood. 
     

    Posted by Amy Hodges on February 23rd, 2010 11:01 AMPost a Comment (0)

    Just Listed! 918 SHOREVIEW DRIVE Orlando, FL 32807
    February 16th, 2010 3:25 PM
    Header
    Header_2
    Listings Photo
    $110,000.00
    918 SHOREVIEW DRIVE

    Orlando, FL 32807



    Beds: 3 Rooms: 0
    Full Baths: 1 Sq. Ft.: 1286
    Garage: 0 Built: 1925
     

    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.

    Amy Hodges
    RE/MAX 200 Realty
    4076296330
    www.amyhodgesrealtor.com



     
      Visit this listing here

    Posted by Amy Hodges on February 16th, 2010 3:25 PMPost a Comment (0)

    Down Payment for Orlando Real Estate
    January 28th, 2010 4:06 PM

    The Down Payment

    The amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 3.5 to 20 percent of the sales price for the property.

    Tips for Accumulating a Down Payment

    • Save
      Look for ways to reduce your monthly expenditures to save toward a down-payment. You could enroll for an automatic savings plan at your bank to have a portion of your payroll automatically transferred into savings. Most people save a couple of years for their down payment.

    • Borrow the down payment from your retirement plan
      Check the provisions of your retirement plan. You can borrow funds from a 401(k) plan for a down payment or make a withdrawal from an Individual Retirement Account. Be sure you understand the tax consequences, repayment terms and/or possible early withdrawal penalties.

    • Move
      You may be able to save additional funds if you can move into less expensive housing.

    • Reduce other higher interest rate debt
      Paying off credit cards will initially reduce your savings, but the money you will save from higher interest rates will pay-off in the long run.

    • Make a deal with the seller
      In some circumstances, it is appropriate to ask the seller to carry a second-mortgage to cover your down payment. Typically, you will pay a slightly higher rate for this second mortgage.

    • Sell some investments

    • Get a second job and save your earnings

    • Skip a year's vacation

    • Gift from Family
      Parents and other family members are often anxious to help children buy their first home and may have the means to give you a gift of money for a portion or all of your down payment.


    Alternative Sources

    • No-down and low-down Mortgages

      • FHA Loans
        The Federal Housing Authority (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), plays a significant role in helping low- to moderate-income families qualify for mortgages. FHA assists first-time buyers and others who would not qualify for a conventional loan, by providing mortgage insurance to private lenders. Interest rates for an FHA loan are usually the going market rate, while the down payment requirements for an FHA loan are lower than conventional loans. The required down payment can be as low as 3.5 percent and the closing costs can be included in the mortgage amount.
         

      • VA Loans
        VA Loans are guaranteed by the U.S. Department of Veterans Affairs. Service persons and veterans can qualify for a VA Loan, which usually offers a competitive fixed interest rate, no down payment and limited closing costs. While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loan.
         

      • Piggy-back Loans
        A second mortgage that closes with the first. Often the first mortgage is for 80% of the purchase price and the "piggyback" is for 10%. The home buyer covers the remaining 10% with their down payment. (Some lenders will write a second mortgage of 15% or even 20% of the purchase price.)
         

      • "Carry Back" Mortgage
        In the case of the seller "carrying back a second mortgage", the seller loans you part of his or her equity. In this scenario, you would finance the majority of the loan with a traditional mortgage lender and finance the remaining amount with the seller. Typically you will pay a slightly higher interest rate on the loan financed by the seller.


    • Housing Finance Agencies
      These agencies offer special loan programs to low- and moderate-income buyers, buyers interested in rehabilitating a home in a targeted area, and other groups as defined by the agency. Working through a housing finance agency, you can receive a below market interest rate, down payment assistance and other incentives.

      • The primary mission of Housing Finance Agencies is to boost home ownership in targeted areas, among first-time buyers and those with little money for down payments. Most of these non-profit agencies were funded with state government seed money and now operate independently.

        Click here for a list of Housing Finance Agencies.


    • Documenting Your Down Payment

      Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.

      Take extra care to document the sources for any monies to be used for the down payment or closing costs.

      Acceptable Down Payment & Closing Costs Sources

      • Cash in a bank account
      • Mutual funds / stocks / IRA / 401K
      • Proceeds from the sale of another property
      • Gift from an immediate relative
         

      Click here to learn more about verifying your down payment, closing costs, income and debt.

    Amy Hodges


    Posted by Amy Hodges on January 28th, 2010 4:06 PMPost a Comment (0)

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