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
Tag: Homes for Sale
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:
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
Data from Orlando Regional Realtor® Association’s April Market Report shows Orlando-area home values up 7.9% for March 2020
Orlando Regional Realtor Association® reports Central Florida median home value up 7.9% year-over-year in its April 2020 Market Report. Median value now at $253,500 with ADOM holding at only 54 days. Inventory is down a substantial 9.6% year-over-year with a current pace of only 2.3 months supply! Experts consider 6 months supply as a balanced market. Year-over-year sales increased by 27.1% from March 2019. Pending sales down by 14.9% year-over-year. Data is indicative a “Seller’s Market” with an extremely robust demand for housing with declining supply available for purchase. Only 80 distress sales closed across the Orlando Metropolitan Area during the entire month of March 2020. Distressed properties are only comprising less than 3% of all sales. Sales numbers are strong & home values continuing to increase on a monthly basis. The initial impact of the Covid-19 crisis on Central Florida real estate will be available within the next 30 days. The full report is available here: April 2020 Market Pulse Report for data from March 2020
14615 Indian Ridge Trail, Clermont, FL 34711 — Listed For Sale
Amazing opportunity for this contemporary, spacious Clermont 3/2 single-family home featuring a number of renovations & upgrades. Interior features vaulted ceilings, ceiling fans, window treatments, laundry room, 2 car garage, tile in main living/wet areas & carpet in bedrooms & walk-in-closet. Kitchen includes stainless steel appliances, microwave hood, double sink, & plenty of cabinet space. Garden tub in master bath & dual sinks. There’s a convenient bonus room equipped with opaque french doors that could be used as an office, guest room, extra storage, library or myriad of other options. Superb entertaining space in the rear with fenced yard & covered patio. Utility Shed for storage. Greater Hills is located only 15 minutes from downtown Clermont. S Lake Trl/West Orange Trl only 1 block away. Other area attractions including Waterfront Park, Sanctuary Ridge Golf Club, Legions Way Ballfields, Johns Lake Boat Ramp, Orlando Health South Lake Facility, Florida Scenic Highway, Bella Collina, & so much more. Disney World & Universal Orlando within 30-45 min by car. Sold as-is, where-is. No Seller’s disclosures. Seller is making no warranties or representations of property condition. Room dimensions are approximate & should be independently verified. Proof of funds/pre-approval letter required with all offers. Buying party is responsible for verifying whether or not property condition will qualify for buyer’s specific loan program. HOA dues are subject to change & special assessments & must be verified by buyer. MLS information deemed reliable, but not guaranteed. Parties are advised to verify. The seller requires a 10 DOM holding period prior to entertaining any offers. Employees or directors of JPMorgan Chase & Co. and its direct and indirect subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned or serviced by or on behalf of JPMorgan Chase & Co. or its direct and indirect subsidiaries.
- Single-Family Home
- One floor
- 1511 Sqft.
- Built 1999
- 3 Bedrooms/2 Bathrooms
- 0.23 Acres Lot
- Mandatory HOA with a required assessment of $442.85 per year.
- Broker’s Protected 3% Commission minus $150 (Seller does not pay commissions on concessions or seller paid buyer’s closing costs)
- Buyer’s Agent is charged a mandatory $150 Technology Platform Fee deducted from Commission
- Just Listed for only $212,800
- MLS ID: o5854172
- Bank-owned/REO Status & Subject to Special Bank Addendum
- Listing Courtesy of Jason Crane Real Estate, LLC
- Video walk-through/Virtual Tour available
- More information, about 30 photos & property details are available on JasonCraneOnline.com
Data from Orlando Regional Realtor® Association’s March Market Report indicates extremely strong real estate market ahead of Covid-19 outbreak
Orlando Regional Realtor Association® reports Central Florida median home value up 6.4% year-over-year in its March 2020 Market Report. Median value now at $250,000 with ADOM holding at only 58 days. Inventory is down a whopping 16.7% year-over-year with a current pace of only 2.7 months supply! Experts consider 6 months supply as a balanced market. Year-over-year sales increased by 4.4% & up 11% from last month (January 2020). Pending sales up by 10.9% year-over-year. Distressed properties are only comprising less than 4.4% of all sales. Data is indicative a “Seller’s Market” with an extremely robust demand for housing with dwindling supply available for purchase. Sales numbers are strong & home values continuing to increase on a monthly basis. The full report is available here: March 2020 Market Pulse Report for data from February 2020.
Orlando Regional Realtor® Association reports Home Values up 7.9% for month of January 2020
Orlando Regional Realtor Association® reports Central Florida median home value up 7.9% year-over-year in its February 2020 Market Report. Median value now at $245,000 with ADOM holding at only 60 days. Inventory is down 14.7% year-over-year with only 3.1 months supply. Experts consider 6 months supply as a balanced market. Year-over-year sales increased by 16% & pending sales up by 8% year-over-year. Distressed properties are only comprising less than 4.8% of all sales. Data is indicative of a very strong seller’s market with housing supply shortage and robust demand for housing. The full report is available here: ORRA Market Pulse Report February 2020
2032 Crosshair Circle, Orlando, FL 32837 — Listed For Sale
Amazing opportunity for this spacious Deerfield home near Hunter’s Creek! Home features soaring vaulted ceilings, upstairs loft, master suite on the first floor, formal living & dining, rear patio, fenced yard, 2 car garage & more! Neighborhood is ideally located within 20 minutes of Sea World & Aquatica, Gatorland, The Loop, Hunter’s Creek Golf Club, OIA & so much more! Sold as-is, where-is. No Seller’s disclosures. Seller is making no warranties or representations of property condition. Room dimensions are approximate & should be independently verified. Proof of funds/pre-approval letter required with all offers. Buying party is responsible for verifying whether or not property condition will qualify for buyer’s specific loan program. HOA dues are subject to change & special assessments & must be verified by buyer. MLS information deemed reliable, but not guaranteed. Parties are advised to verify. The seller requires a 10 DOM holding period prior to entertaining any offers. Seller will not entertain sight-unseen offers. Please factor repair estimates into the offer.* Employees or directors of JPMorgan Chase & Co. and its direct and indirect subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned or serviced by or on behalf of JPMorgan Chase & Co. or its direct and indirect subsidiaries.
- Single-Family Home
- Two Stories
- 1864 Sqft.
- Built 1990
- 3 Bedrooms/2.5 Bathrooms
- 0.12 Acres Lot
- Features Vaulted Ceilings, Master Suite on 1st Floor, Upstairs Loft, Garden Bath, 2 Car Garage, Covered Patio & Fenced Yard
- Mandatory HOA with a required assessment of $315 per year. Subject to change in 2020.
- Broker’s Protected 3% Commission minus $150 (Seller does not pay commissions on concessions or seller paid buyer’s closing costs)
- Buyer’s Agent is charged a mandatory $150 Technology Platform Fee deducted from Commission
- Just Listed for only $244,200
- MLS ID: o5830049
- Bank-owned/REO Status & Subject to Special Bank Addendum
- Listing Courtesy of Jason Crane Real Estate, LLC
- Video walk-through/Virtual Tour available
- More information, about 30 photos & property details are available on JasonCraneOnline.com
4422 Beagle St, Orlando, FL 32818 — Listed For Sale
Amazing opportunity for this one story suburban Country Run home! Features 2 car garage, vaulted ceilings, inside utility, split floor plan, in-ground pool, screened enclosure & so much more! Open layout with dining & living rooms, spacious master suite, garden bath, & double sinks. Country Run is located only minutes from West Oaks Mall, West Oaks Library, Prairie Lake Park, & W Colonial Dr thoroughfare with an abundance of dining options, banking, supermarkets, retail shops & big box stores. Centrally located with convenient access to 408 expressway, 429, Hwy 441 & Florida Turnpike. Sold as-is, where-is. No Seller’s disclosures. Seller is making no warranties or representations of property condition. Room dimensions are approximate & should be independently verified. POF/pre-approval letter required with all offers. Buying party is responsible for verifying whether or not property condition will qualify for buyer’s specific loan prog. HOA dues are subject to change & special assessments & must be verified by buyer. Info. deemed reliable, but not guaranteed. Parties are advised to verify. The seller may require a 10 DOM holding period prior to entertaining any offers. If applicable, please factor repair estimates into the offer price.* There’s a short video walk-through available.
- Single-Family Home
- One Story
- 2067 Sqft.
- Built 1998
- 4 Bedrooms/2 Bathrooms
- 0.20 Acres Lot
- Features Vaulted Ceilings, Split Floor Plan, Garden Bath, Double Sinks, Inside Utility, In-ground Pool, & Screened Enclosure
- Mandatory HOA with a required assessment of $202 per year. Subject to change in 2020.
- Broker’s Protected 3% Commission minus $150 (Seller does not pay commissions on concessions or seller paid buyer’s closing costs)
- Buyer’s Agent is charged a mandatory $150 Technology Platform Fee deducted from Commission
- Just Listed for only $196,600
- MLS ID: o5818630
- Bank-owned/REO Status & Subject to Special Bank Addendum
- Listing Courtesy of Jason Crane Real Estate, LLC
- Video walk-through/Virtual Tour available
- More information, about 30 photos & property details are available on JasonCraneOnline.com
