Orlando Housing Market remains “Hot for the Holidays” as reported in ORRA’s December 2020 Market Report

Orlando Regional Realtor Association® reports the Central Florida median home value at $275,000, up 14.6% year-over-year in its December 2020 Market Report (for data from November 2020). ADOM of 44 days is the lowest in 3 years. Total number of sales is a spiking upwards 25% year-over-year with inventory steadily declining, thus creating an extremely limited 1.72 months’ supply available. If all the homes on the market were to sell, the timeline would take approx. 6 weeks. Economists generally consider a 6 month supply of inventory has a healthy market between buyers & sellers. Avg. mortgage rate of 2.7% is an all-time low as the Federal Reserve is maintaining historically low interest rates to aid in the Covid-19 economic recovery process. Distressed sales, which include REO & short sales, are 1% of all sales. The full report is available here: ORRA Market Pulse Report December 2020

Jason Crane achieves ePro® Certification, the official technology certification of the National Association of Realtors®

Orlando Real Estate Broker, Jason Crane Earns e-PRO^® Certification

December 2, 2020– Jason Crane of Jason Crane Real Estate, LLC has successfully completed NAR’s e-PRO^® Certification Program and has been awarded the e-PRO® certification, the official technology certification program offered by the National Association of REALTORS®.

Jason Crane joins nearly 40,000 real estate professionals who have earned NAR’s e-PRO^® certification and dedicated their time and effort towards learning how to use the latest social media technologies to create an online presence and reach today’s hyper-connected consumers.

NAR redesigned the e-PRO® curriculum to better meet the challenges of today’s real estate market. The new e-PRO® program has been expanded to include data security and strategies for safeguarding clients’ private information.

Social media is evolving every day so it is vital that REALTORS® embrace the new technology and online resources that have become an integral part of the home buying and selling process. Agents who earn the e-PRO® certification are dedicated to making the most of today’s social media and technology to help consumers with their real estate needs, whatever they may be.

For more information about NAR’s e-PRO® certification, visit epro.realtor or JasonCraneRE.com

Orlando Regional Realtor® Assoc. sees “No slowdown going into holiday season” in its November 2020 Market Report

Orlando Regional Realtor Association® reports the Central Florida median home value at $269,950, up 11.6% year-over-year in its November 2020 Market Report (for data from October). ADOM is steady at 48 days. Total number of sales is a spiking upwards 25% year-over-year with inventory is down 37% during the same timeframe, thus creating an extremely limited 1.6 months’ supply available. If all the homes on the market were to sell, the timeline would take approx. 6 weeks. Avg. mortgage rate of 2.72% is an all-time low as the Federal Reserve is maintaining historically low interest rates to aid in the Covid-19 economic recovery process. Distressed sales, which include REO & short sales, are less than 2% of all sales. The full report is available here: ORRA Market Pulse Report November 2020

Orlando Regional Realtor® Assoc. reports “Homes flying off the market” for September 2020

Orlando Regional Realtor Association® reports Central Florida median home value up 10.2% year-over-year in its October 2020 Market Report (for data from Sept.) ADOM is down to only 48 days. Total number of sales is up a whopping 16.3% year-over-year with inventory is down 23.3% during the same timeframe, thus creating an extremely limited 2 months’ supply available. No evidence of a slow down in overall market activity. Avg. mortgage rate of 2.74% is an all-time low as the Federal Reserve is maintaining historically low interest rates to aid in the Covid-19 economic recovery process. The full report is available here: https://www.orlandorealtors.org/housingmarketnarrative?_cldee=amFzb25AamFzb25jcmFuZW9ubGluZS5jb20%3d&recipientid=contact-0778ce58553446e88f0fbfad30d2a416-cbcc6ff665ce401f800394a6e9fc7715&esid=f3148610-e80e-eb11-9c3d-00155d0079cb

Orlando Regional Realtor® Association reports 10% increase in home values for August 2020

Orlando Regional Realtor Association® reports Central Florida median home value up 10% year-over-year in its September 2020 Market Report (for data from August.) Median value now at $275,000 with ADOM holding at only 51 days. Number of home sales rose 3.8% from July to August after stalling from Covid-19 lock-downs. Inventory is down 22.1% year-over-year with an extremely limited 2 months’ supply available. Experts consider 6 months’ supply as a balanced market. Data is indicative a “Seller’s Market” with a very robust demand for housing and declining supply available for purchase. The story is “lack of inventory, not lack of buyer activity.” Distressed property sales, which include short sale & REO homes, has nearly been completely depleted and comprising only 2% of all sales. The average mortgage rate of 2.85% is among the lowest on record. The full report is available here: ORRA Market Pulse Report September 2020

Jason Crane is now a NAR Certified Pricing Strategy Advisor (PSA)

Jason Crane is now a National Association of Realtors® Certified Pricing Strategy Advisor, a distinction recognizing real estate professionals who are highly skilled at property valuations including BPOs & CMAs. Visit JasonCraneRE.com for more information. Jason has 15 years experience in the real estate business with over 750 real estate closings, $82M in volume & an estimated 5,000 BPOs completed.

Orlando Regional Realtor® Assoc. reports another rise in home values for July 2020 with dwindling inventory

Orlando Regional Realtor Association® reports Central Florida median home value up 9.2% year-over-year in its July 2020 Market Report. Median value now at $270,000 with ADOM holding at only 54 days. Number of home sales rose 18.6% from June after stalling from Covid-19 lock-downs. Inventory is down 22.2% year-over-year with an extremely limited 2 months’ supply available. Experts consider 6 months’ supply as a balanced market. Data is indicative a “Seller’s Market” with a very robust demand for housing and declining supply available for purchase. Distressed property sales, which include short sale & REO homes, has nearly been completely depleted and comprising only 2% of all sales. The average mortgage rate of 2.97% is among the lowest on record. The full report is available here: Orlando-area Housing Market Activity July 2020

Pandemic’s Impact on Real Estate July 2020

Pandemic’s Impact on Real Estate July 2020

 

Real estate markets nationwide surge in demand & greater Orlando achieves major milestone for the first time in 13 years.

Based on data reported by Orlando Regional Realtor ® Association, central Florida’s median home value of $265,000 finally surpasses July 2007 peak level of $264,436. Home values now at all-time record highs as average mortgage interest rates inversely plummet to record lows in the 3% range. Lower credit risk loans, such as 15 fixed-mortgages, being reported with interest rates as low as 2.75%.

 

Since the market bottom of January 2011, Central Florida home values are up 179%. 

Inventory of all homes available is down a whopping 18% year-over-year & distressed properties (REO/SS) becoming depleted to less than 3% of all sales. Scarce supply & multiple offer scenarios becoming the norm — the ultimate seller’s market conditions – strong demand, dwindling supply & lowest average mortgage rates on-record.

 

Demand skyrocketing for single-family homes with pools, amenities, yard/acreage, bonus rooms, spare bedrooms, garages, & outbuildings including in-law suites or other convertible home office space.

 

A report by Redfin tracked online home searches & reported a 100% increase in the searches for smaller cities & non-urban areas under 50,000 in population. The national telecommuting revolution is providing workers with more options – freedom, flexibility, & mobility; without any indication work-from-home will be declining in the future. The advent of new paradigm shift in how we conduct business.

 

FHFA & FHA have extended all eviction & foreclosure moratoriums on GSE backed loans (on SFH’s only) through August 31, 2020. All new & existing foreclosure actions suspended, however “legally vacant” properties are excluded. In Florida, all counties have suspended & postponed foreclosure sales.

 

As part of the CARES Act, borrowers with FHA mortgages have a year of delayed mortgage payment forbearance & no balloon payment at conclusion of forbearance period. Deferred payments can be placed into a junior lien payable upon sale, refi or if mortgage is extinguished.

 

The Mortgage Bankers Association is reporting approx. 8% of all loans are currently in forbearance, which computes to 1 out of 12 loans.

 

However, no agencies reporting any forgiveness on deferred loan or rental payments. Rental policies will be mostly determined by state authorities, at least in Florida. Governor DeSantis issued an executive order banning evictions through August 1, 2020. The governor has twice extended the original eviction moratorium from April 1st & a third extension may be announced any moment. Landlords may still issue eviction notices, but court hearings & orders are suspended. The systemic risk, or chain reaction, of landlords’ inability to repay financing is potentially a serious concern for credit markets, but no data currently available on the percentage of residential and/or commercial tenants in default on leases.

 

Commercial real estate is certainly in an extremely vulnerable position from the devastating situation with small businesses, limited capacity/occupancy, mandated closures (gyms/bars), virtual office trend, re-direct to online shopping & overall lack of necessity for office space. It wouldn’t be surprising to see mass re-zoning & re-purposing of redundant commercial space.

 

Residential real estate market & credit data not currently indicating any type of “crash” metrics. Although, overall market performance will ultimately be correlated with macroeconomics, further government stimulus programs, & how long consequences of the Covid-19 depress certain economic sectors – energy, financials, & consumer discretionary – travel, tourism, apparel, gyms, automotive, and restaurants. Any shock to the volume of loan default rates will be a key indicator.

 

Meanwhile, information technology sector is booming with the NASDAQ index approaching 11,000 points, all-time record highs, as well as upward spikes in consumer staple, telecommunication, home improvement, pharmaceutical sectors; also gold commodity. Technology winners have emerged — Facebook, Apple, Amazon, Netflix, Google, Microsoft & Zoom Video Communications.

 

U.S. Q1 GDP, as reported by BEA, down 5% & Q2 results will be released tomorrow, July 30th. Two consecutive quarters with declining GDP will satisfy the definition of a recession.

BLS reporting national unemployment rate of only 11.1% likely with PPP being used as a flotation device from the $3 Trillion CARES Act, combined with the government stimulus payments “lifeline” extended to most Americans in March/April.

 

The Fed will be forced to maintain low interests to prevent total economic meltdown & the prospect of inflation will be an inevitability down the road. The current fed funds target rate is 0-0.25%. Prior to 2020, the Fed had been raising the federal funds rate from 0.25% to 2.5% from 2016-2019.

 

November elections are looming & potential regime changes at the executive & legislative branches could have long-term consequences on policy changes, consumer sentiment, diplomacy & other market-affecting factors. The top questions on everybody’s minds are how long is the global pandemic going to linger & when will a vaccine be available?

 

Jason Crane

Jason Crane Real Estate, LLC

Orlando, Florida

July 28, 2020

 

Sources below:

https://www.fhfa.gov/

www.HUD.gov

www.MBA.org

www.sectorspdr.com

www.orlandorealtors.org

www.redfin.com

www.cnbc.com

www.jasoncraneonline.com

www.bea.gov

www.bls.gov

www.orlandosentinel.com

www.macrotrends.net

 

Economies & markets are complex structures of interrelated factors both tangible & intangible & data is a lagging indicator of performance & subject to unpredictable events & unforeseen volatility.

Greater Orlando home values finally edge peak of July 2007 in Orlando Regional Realtor® Association’s July Market Report

Orlando Regional Realtor Association® reports Central Florida median home of $265,000 in June 2020, which slight edges the peak median home value of $264,436 reported in July 2007. Orlando’s real estate market took exactly 13 years to rebound to peak levels of the 2000’s boom. Home sales skyrocket by 46% in the wake of the Covid-19 lock down from May to June 2020. Inventory is down a massive 18.6% year-over-year with a brief 3.4 months’ supply available. Experts consider 6 months’ supply as a balanced market. Data is indicative a “Seller’s Market” with a very robust demand for housing and declining supply available for purchase. Use of technology, virtual tours & “online shopping” assist buyers on home searches while conducting business safely. Distressed property sales, which include short sale & REO homes, has nearly been completely depleted and comprising less than 3% of all sales. Central Florida home values are up 179% since the market bottom of January 2011. The full report is available here: ORRA Market Pulse Report July 2020

151 E Washington St Unit 627, Orlando, FL 32801 — Listed For Sale

Incredible opportunity for this Lake Eola frontage mid-rise condo with views of Lake Eola & Lake Eola Park from the bedroom & living room! BEST DEAL IN DOWNTOWN ORLANDO! Top (6th) condo renovated in 2019 with all new paint, porcelain tile flooring, baseboards, crown molding, refurbished bathroom, & window treatments. Condo shows magnificently! Interior features thick double pane windows, washer/dryer, partial granite counter top in kitchen, double sink in kitchen, dual A/C climate control, & all stainless kitchen appliances — microwave, refrigerator, dishwasher, disposal & flat-top oven/range. Building is located in the heart of downtown only blocks from Walt Disney Amphitheater, Wall Street Plaza, Orange Ave, Church Street, Thornton Park, Dr. Phillips Center for the Performing Arts, Amway Center, Exploria Stadium, Famu School of Law, SunRail & so much more! You are walking distance to 50+ bars, restaurants & nightlife! Community features fitness center, pool, outdoor grill, gated entrances, 3 elevators, 24-hour security, 2 parking garages, on-site property management & recreational facilities. Each floor has a community trash closet for convenient disposal. Community is currently undergoing a major refurbishment project with new lobby & new corridors. The 6th floor in the North Building is currently undergoing upgrades/renovations scheduled to be completed in August 2020. There is 1 deeded, assigned parking space in the North Garage, #158. Both A/C handlers were inspected & serviced in June/July. Kitchen/bathroom are partially staged & accessories don’t convey. Appliances & window treatments are incl. w/ sale. Also, included with the sale are unit card, gate transponder & building entry card. Condo is being sold as-is. Please note, there is NO balcony at this unit & the windows do not open. Hurry up & grab this deal! Downtown Orlando living at the most affordable price with stunning views of Lake Eola Park & the fountain.

• Condo
• 1 Bedroom/1 Bathroom
• 645 sqft.
• Build 1963
• 1 Parking Space Reserved in on-site parking garage — Space 158
• Features Porcelain Tile Flooring, Stainless Steel Appliances, Washer/Dryer, Window Treatments, Double Pane Windows & Dual A/C Climate Control
• Mandatory HOA with Monthly Assessments of $355
• Community Amenities include Community Pool, Outdoor Bar & Grill, Recreational Facilities, 3 Elevators, Garage Parking, Gated Entrances, Building Security & On-site Property Manager
• Broker’s Protected 3% Commission (Seller does not pay commissions on concessions or seller paid buyer’s closing costs)
• Just Listed for only $134,900
• MLS ID: o5877113
• Listing Courtesy of Jason Crane Real Estate, LLC
• Video walk-through/Virtual Tour available
• More information, about 25 photos & property details are available on www.JasonCraneOnline.com