October 2017

CENTRAL FLORIDA REAL ESTATE NEWS…

Get the Edge by

reviewing this update!

OCTOBER FEATURED NEW CONSTRUCTION HOME COMMUNITY

CONTACT BOB OR JERI ANARUMO FOR FULL DETAILS! 863-420-4377 OR simply reply to this email!

WHY SHOULD I BUY NOW?

Interest Rates are still very low

Interest rates are currently hovering slightly below 4.00% for a 30-year fixed-rate mortgage. Interest rates are not expected to stay at historic lows anytime in the near future, so buying a home sooner rather than later may mean that you may be able

to save a few thousand dollars each year, depending on the amount of the mortgage you plan on taking out.

ADVANTAGES OF NEW CONSTRUCTION

All New, Under Warranty: A used home likely has tired products that may soon need replacing. Your new home — and the products that comprise it — are brand-new and under warranty.

Energy and Cost Savings: Today's new homes are far more energy efficient than homes built just five years ago. Ver-sus homes built ten or 20 years ago, it's game over, advantage new.

Comfort and Indoor Air Quality: Today's new homes meet stringent energy standards and codes not in place in the

past. They combine high-performance energy efficiency with state-of-the-art ventilation and air filtration.

In addition to the above advantages, The New Construction Resort Communities have amenities that are Next Generation, such as larger clubhouses, larger and multiple pools, concierge services such as salons, personal chefs, food delivery to

your home, some have golf courses and tennis, etc.

The rentals are in High demand in these communities and are eroding the occupancy rates of the homes in the older resort communities thus making it more difficult for owners to cover their costs and are now selling or contemplating selling. Also the new construction resort communities have amenities that are Next Generation such as larger club houses, larger and multiple pools, concierge services such as salons, personal chefs, food delivery to your home, some have golf courses and tennis, etc. The rentals are more in demand in these communities and are eroding the occupancy rates of the homes in the older resort communities thus making it more difficult for owners to cover their costs and are now selling or contemplat-

ing selling.

September 2017 Market Recap

Hurricane Irma helped drive Orlando’s home sales down by nearly 20 percent in September compared to September of last year, reports the Orlando Regional REALTOR® Association. In addition, sales decreased by almost 30 percent when compared to last month.

“Based on our previous experience with hurricanes, REALTORS® expected September sales to post a decline,” says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. “Hurricanes delay closings due to circumstances such as title companies without power and home damage that requires repair and another inspection. Hurricanes also typi-cally cause a decline in inventory as properties are taken off the market for repair, or as owners stall plans to list their homes while they deal with hurricane aftermath. It’s no surprise that new listings for the month of September dropped by 31 percent compared to September of 2016.”

Median Price

Despite the impact of Hurricane Irma, the median price of Orlando homes sold during the month of September continued its upward trend. The overall median home price (all home types combined) is $225,000, which is 9.8 percent above the Septem-ber 2016 median price of $205,000. The median price remains unchanged from last month. Year-over-year increases in median price have been recorded for the past 74 consecutive months; as of September 2017, the over-all median price is 94.8 percent higher than it was back in July 2011. The median price for single-family homes that changed hands in September increased 8.9 percent over September 2016 and is now $245,000. The median price for condos increased 26.9 percent to $118,000. The overall overage home price for September 2017 is $267,578, an increase of 8.4 percent over the average home price in September 2016. The average home listed for $276,276 in September and sold for 96.9 percent of its listing price (97.1 percent in September 2016).

Sales

Members of ORRA participated in 2,526 sales of all home types combined in September, which is 18.8 percent less than the 3,110 sales in September 2016 and 29.5 percent less than the 3,580 sales in August 2017. Sales of single-family homes (1,926) in September 2017 decreased by 20.8 percent compared to September 2016, while condo sales (316) decreased 12.0 percent. Sales of distressed homes (foreclosures and short sales) reached only 127 in September and is 60.0 percent less than the 325 distressed sales in Septem-ber 2016. Distressed sales made up 5.0 percent of all Orlando-area transactions last month. The average interest rate paid by Orlando homebuyers in September was 3.84 percent, down from 3.92 percent the month prior.

The overall inventory of homes that were available for purchase in September (8,643) represents a decrease of 16.6 percent when compared to September 2016, and a 2.2 percent decrease compared to last month. There were 14.3 percent fewer single-family homes and 27.9 percent fewer condos. Current inventory combined with the current pace of sales created a 3.4-month supply of homes in Orlando for September. There was a 3.3-month supply in September 2016 and a 2.5-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole coun-ties) in September were down by 19.3 percent when compared to September of 2016. Year to date, MSA sales are up by 2.3 percent.

Each individual county’s monthly sales comparisons are as follows:

Lake: 20.5 percent below September 2016 Orange: 18.7 percent below September 2016 Osceola: 15.1 percent below September 2016 Seminole: 23.1 percent below September 2016

Polk: 22.8 percent below September 2016

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date

SPECIAL NOTES:

If you Contract to purchase a NEW CONSTRUCTION RESORT home zoned for Short Term Rental through

Florida Realty Marketplace before December 31, 2017 we will give the BUYER up to a $5,000 REBATE at closing.

Contact us for Full Details regarding this Rebate. This Rebate is over and above all incentives and

discounts we can negotiate with the Builder on your Behalf

IF YOU ARE THINKING OF SELLING YOUR PROPERTY CONTACT US FOR A FREE-NO OBLIGATION

COMPARATIVE MARKET ANALYSIS FOR YOUR PROPERTY.

We will complete it within 48 hours of request.

info@anarumogroup.com or Call: 863-557-4543

Jeri and Bob Anarumo are looking forward to assisting you with the sale of your home or your next purchase of a home!!

Next Time you are in the Disney Area - Stop in to see us at our New Office

We are located Just South of the Intersection of I-4 and Hwy 27 Near Posner Park

IF YOU ARE THINKING OF BUYING A PROPERTY IN THE DISNEY AREA: Our Agents are very experienced and will provide you an Overview of the Buying Process, the Local area, will Negotiate on Your Behalf, Show you the properties you are interested in and Guide You throughout the

Entire Sales Process

There is NO COST and NO OBLIGATION for our Buyer Services