The Core Group Blog
The federal government is setting guidelines for short sales of homes, giving lenders a 10-day limit to respond to offers, freeing borrowers from debt and providing financial incentives to lenders.
The new rules seek to address the many criticisms of short sales and figure to play a significant role in South Florida, where distressed properties dominate the market as the housing slump meanders into a fifth year.
Starting the first quarter of 2010 we have had an incredible push forward to continue the strength of the housing market from the fourth quarter 2009. Prices, in Orlando area, have continued to slowly rebound and stabilize, and the average days on the market has continued to fall. Buyers are becoming wisely competitive and sellers, in many cases, have resolved to a stark understanding of pricing. In Seminole County we are seeing a supply of home around 7.7 months of inventory. For comparison purposes, in “Boom” times the Orlando Regional Realtors Board (ORRA) reports a low of 1.15 months in April of 2005, and a high of 31.64 months in January of 2008. Undoubtedly, we are heading in the right direction.
Now the sobering subject of availability of funds. The funds have been readily available for the last year for credit worthy borrowers. This packaged with the homebuyers tax credit and low rates have been a now brainer for many borrowers. With this availability accompanied with consumer confidence continuing to rise, as well as prices still falling slightly, borrowed funds are forced to rise. It goes back to the basic laws of supply and demand.
The first place we stumbled upon was “Big John’s.” When my youngest brother was born my dad made it a new year’s resolution to take my brother and I to Big John’s every Friday for breakfast to spend a little more quality time with us. This started almost 13 years ago, and it has been a rare event that any of us have missed. Big John’s offers a full breakfast special including eggs, pancakes, and bacon for about $3. This isn’t all they offer but it’s pretty much the only thing I’ve ever ordered.
On the Florida ballot in 2010 is Amendment 4 to the Florida constitution requiring voters to approve all local comprehensive land use plan changes. The “vote on everything” amendment has been written by some of the states most extreme special interest groups. The group has tried and failed three times to place their amendment on the ballot and have finally found enough signatures to qualify.
There have been three key words that have surrounded the world of real estate since its beginning. They have defined good investment decisions, home buying decisions, and become a rule of thumb for everyone from first time homebuyers to billionaire tycoons. Location, Location, Location has been the keystone for every real estate purchase. Now, with […]