According to Forbes.com, real estate statistics for the first quarter of this year show that an increasing number of median-earning households have been able to afford metro homes in several markets.  This is a sign that buyers have started to respond to the shift in market affordability.  Cities topping the list of greater affordability were: Boston, Orlando, Washington DC and Phoenix.

The data used to calculate the affordability factor was from the National Association of Home Builders.  The fifty largest cities were compared to see which metro areas were changing the fastest.  Cities seeing increasing affordability in combination with a solid local economy or an influx of first-time home buyers made the list.

Technically, this is good news for the Orlando real estate market.  Although homes have gone through a massive price correction, more buyers can now afford to purchase homes.  This activity is key to strengthening the economy and getting us through the credit crunch.  In the previous market (from 01 to 06), price growth outpaced income growth which meant the majority of homeowners had to pay more than half their income to afford home ownership.

For more information about Orlando real estate, please contact the British Homes Group.

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Real estate sales for homes and condos within a two mile radius of downtown Orlando increased 37% from March to April and 15% from April to May.  Overall the market was up 9.9% and 3.7% respectively.  Earlier this year, the urban segment lagged behind the overall growth trends.  Experts believe the switch is likely due to the increase in gas prices in combination with an attractive urban lifestyle. 

Commuters are looking to save on daily gas costs by walking, car-pooling, scootering or cycling to work.  The average Orlando area commute is 23.4 minutes - which equates to approximately $500/month in gas.   

Price reductions in the downtown center are helping to fuel interest.  Properties once priced at over $1 million are now selling for much less.

Contact British Homes Group today for information about multi-currency mortgages or for more information about Orlando Real Estate.

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Recent numbers in the industrial segment bode well for Orlando real estate.  Preliminary studies show the amount of available commercial space decreased by 600,000 square feet during the second quarter.  This is the first evidence since late last year that vacancies may be stabilizing. 

After two consecutive quarters of slow activity, quarter two numbers are a welcome change.  According to commercial Orlando real estate agents, lower prices are driving sales and despite tough times for residential lending, financing is readily available for industrial loans.  According to one study tracking industrial buildings larger than 10,000 square feet, first quarter numbers in Orange and Seminole Counties are down 29% from last year.  The average commercial sales price per square foot also shows a 16% decrease.  However, the preliminary numbers from Q2 should show an improvement.  Many believe the market is cyclical and will make a turn around in less than two years.

Contact British Homes Group today for information about multi-currency mortgages or for more information about Orlando Real Estate.

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For three months in a row, Orlando home and condo sales have gradually increased.  The number of pending contracts has also increased and the inventory declined a bit.  Could the Orlando housing market be on the way back up after bottoming out?  The Orlando Regional Realtor Association believes a slow shift is beginning toward more balance between buyers and sellers.  The following numbers provide a glimpse into the recently Orlando real estate market:

$214,000 - The median sales price of a home in the core Orlando area as of May

25,015 - The number of houses and condos available through the Orlando MLS.  This number marks the third biggest monthly decline since December 2006.

3,225 - Orlando homes under contract

2,010 - Orlando homes newly under contract.  Up 20% from three months ago.

5.94% - The average mortgage-interest rate in May.

121 days - The average days on market for an Orlando area home.  This is about 27 days slower than a year ago. 

Long story short, the market does seem to be experiencing the beginning of a slow rebound.  Will it last?  Only time can tell.  Europeans are helping to fuel the rekindling in recent months with the strength of the euro.  Many buyers are paying for their Orlando dream homes in cash.

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According to one of the Nation’s top Commercial Real Estate analysts, Robert Bach, the economy is still growing and Central Florida continues to make progress.  Bach believes the picture is stronger than even a few months prior.  To date there has not been a negative quarter for Gross Domestic Product Growth and the credit crisis is easing a bit.  The US Commerce Department estimates first quarter economic growth at 0.9 percent which is slightly higher than their first prediction.

Most seem to believe that turbulence will continue toward the end of 2009 with relief beginning in early 2010.  Rising oil prices could be a change factor in this equation however.  Overall nationally, certain markets are continuing to thrive.  Farm belt states are benefiting from increased crop prices while oil and gas states are thriving off the energy boom.  Recently, job loss has been tamed by growth in education and health-care hiring.  Federal tax rebates are likely to cause a short term economic stimulus as well. 

Orlando’s commercial real estate sectors, including retail, office and industrial, are holding steady.  Vacancy rates currently rank on par or better than national averages. 

Looking for your Orlando Dream Home?  Now may be the best time to invest.  Contact British Homes Group for information about multi-currency mortgages or buy to let villas in the Orlando Area.

The supply of villas for sale in and around the Orlando Real Estate market continues to grow.  While many analysts predict the market has hit bottom and will rebound into 2009, others believe we’re still at least a year out.  These are new challenges for home sellers, if you must sell now what can you do?  When the competition is tough - strategy is in order.  Following are a few proven strategies to help get your home sold in a buyer’s market:

Price:  One of the largest keys to your success is pricing your Florida home right.  In a buyer’s market the only thing that matters is what the buyer is willing to pay.  Don’t price your house at what you think it is worth, price it right for the market.  An over-priced listing will be ignored and may lose freshness and appeal over time.  Some seller’s fear pricing too low and leaving money on the table - if your house is under priced it’s possible you’ll receive multiple offers that would drive it back up to fair market value.

Market Research:  Get a comparable market analysis for your Orlando villa.  You need to know about your competition and where the market has these products priced.  Look at the most recent six month window of data, make adjustments for locations, age, sizes, upgrades, etc and come up with a range of values that makes sense based on this data.  Also see if you can get a list of the most recent sales in your neighborhood in comparison to their original listing prices. 

Internet Strategy:  Most buyers search the Internet to research buying a home.  Work with your Realtor to utilize Internet tools to your advantage. 

First Impressions:  Curb appeal is more important than you might think.  Often times buyers don’t have the ability to visualize their new home through the clutter of yours.  First impressions are key, if a buyer makes a connection on the first showing a home will often sell.  So get your home into selling shape!

Pre-Sale Inspection:  If your Orlando villa is older or in need of a few repairs you might want to consider having a pre-inspection done.  Get proactive - have those repairs taken care of before you put your home on the market so you can say you have a clean inspection report.  This can be a significant selling advantage, inspection items are often no fun for a buyer to deal with.

Flexibility:  Be prepared to deal with anything.  In this market buyers will probably expect to pay less than the asking price.  They will show up armed with market data and their own comparable market analyses.  Try to leave your emotion out of the picture, if a buyer is serious there may be a price they are willing to pay and you are willing to take.  Don’t reject a first offer flat out, present a reasonable counter offer and let them know you are willing to work with them to close the gap.  If the offer is way off base then ask your prospective buyer what data they used to determine their offer.  Often times you can use this knowledge to explain why you feel the house is worth more (for example upgrades and finishes that their comps did not take into account).

British Homes Group can help!  Contact us today for a comparable market analysis of your Orlando Villa.

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Several home builders believe that baby boomers are looking for environmentally sensitive communities.  Boomers are hitting retirement age and many are looking for "active lifestyle" or specialized retirement communities.  Some builders are capitalizing on this trend and offering eco-friendly and energy-wise homes.  Below are some features you might expect to find in an eco-friendly home:

• green-fiber recycled insulation
• motion sensor triggered lighting
• energy efficient windows and appliances
• electric vehicle charging stations
• solar powered fans
• Solar hot water systems

Shea Homes, one of the nation’s largest home builders, is debuting in the Florida retirement market with Victoria Gardens in DeLand.  They are building similar homes in California, Arizona and Washington.

An AARP survey found that nearly half of all boomers consider themselves environmentally aware.  Fortunately going green doesn’t necessarily mean boomers will have to give up any luxuries.  In fact they are looking for luxury living in combination with energy efficiency.  Many may even be willing to pay a premium for such luxuries combined with environmental awareness.  Although boomer buying patterns haven’t yet substantiated this sensitivity - it seems to be the next "trend" in retirement living.  Will other Florida real estate communities follow in the footsteps of Victoria Gardens?  This remains to be seen, but with average energy reductions from 40-75% it seems likely. 

Please contact the British Homes Group for Orlando real estate or home loan information.

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Thanks to what some are calling "the credit crunch", the Florida real estate market may be flat but it could be just the right time for investors to step in and seize the opportunity.  The Orlando real estate market has only one place to go - up!  The UK buyer is in an especially unique position right now with such a weak dollar.  While the news is often negative, gas prices are sky high and the dollar is at an all time low, there are Florida real estate deals to be had for the savvy UK buyer.  Although the overall picture is portrayed as dismal, Orlando continues to gain popularity as a retirement destination and all indicators suggest the market will bounce back.

Considering the more restricted US mortgage industry, What do you need to do to obtain your Florida dream home?  Get smart.  Talk to your Realtor or Mortgage Lender about your options.  Often times you’ll find there are new requirements that are not insurmountable, but require thought and preparation.  Lee Weaver, Director of Operations for the British Homes Group suggests:

"Stated income mortgages - which don’t need proof of your declared income - are still available but at higher deposit levels.  US dollar fixed or adjustable products are common but by far the most popular is the multi-currency product because of its flexibility to switch to dollars at a later date." 

Cash buyers are in the strongest position with increased bargaining power, but cash buying also comes with a loss in tax advantages so you really need to weigh the options.  Lee suggests getting a "Good Faith Estimate" from your lender so that you have the information needed to make the right decision. 

There are also a few things to check for if you’re considering Florida Property:

• Research "developer incentives" - make sure they are legitimate and be wary of those asking for large sums of cash upfront.
• If you’re counting on rental income make sure you buy a property in a county with no letting restrictions.

For those of you waiting for devalued properties to return to health - weather the storm, baby boomers are retiring in droves and the Florida market will bounce back.

Read this great article, A Time to Buy, from the Show Issue of the recent London Exhibition, A Place in the Sun.  Please also feel free to use our complimentary online Florida MLS Search.