Renting vs Buying a Home

Looking to Rent or Buy in Oviedo?

If you live in the Oviedo or Winter Springs area and are thinking of buying a home, you may have some doubts as to whether buying is a good move.

It is not unusual to become comfortable with renting a home especially because you don’t have to worry about saving up a down payment or being committed to a home.

On the other side purchasing a home can be a big milestone for some and provide a sense of stability.

Renting Pro’s

  1. One payment: Renters usually do not have to worry about paying taxes or home owners insurance. Some locations even combine utilities and Internet into one easy monthly bill.
  2. Less maintenance: It’s much easier to call the landlord when something breaks. While you have to maintain your personal items as well as basic upkeep, you don’t have to sweat the big stuff.
  3. Easier Process: The renting process is usually much easier because it usually just involves and application and credit check.
  4. Less financial burden: Although first, last and deposit can be significant, it’s much less than a down payment for a new home.
  5. No risk: After you are done with you lease term you are under no obligation to stay and are free to explore your options.
  6. Renovations: No need to worry about making upgrades or renovations to keep the property updated.
  7. Mobility: For those wanderers that don’t like to plant roots in an area, renting is a great opportunity to feel out an area and see if that’s a place you’d like to settle. If not, once your lease ends, you can move wherever you’d like without having to deal with selling.
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Home Buying Pro’s

  1. Building Equity: When you become a homeowner, you start to build equity in your home. As you pay down your mortgage and a the value of your home appreciates, your home becomes and asset. Imagine paying $200,000 for a home and within a couple of years, the value of your home is $250,000. If the market is strong you also build equity through the appreciation of the homes value.
  2. Affordability: In this market, it is more affordable to own than rent. With a good credit score and a small down payment, you can be in a new home and paying a lower monthly payment than you would in a rental.
  3. Mortgage Interest: Currently, if you own your own home, you have the tax advantage of being able to deduct mortgage interest which lowers your income taxes.
  4. Customize: The fact that you own your home means that you can paint your living room a wild shade of pink if you choose. No more stark white walls, and pet restrictions. As long as you own it, you choose who lives with you, how you want to landscape the lawn, and more. (Check with your HOA for any external home decor limitations)
  5. Equity Line: When your home increases in value beyond the purchase price, that is money that you can use for other purposes such as adding room or paying college tuition. If you don’t take the equity out and it continues to grow, your home becomes a way to build wealth.
  6. You own your home: At the end of your 30 year mortgage you will own your home outright but until then it is still an asset.
  7. Payment: No one will be increasing your rent in a year. You’ll have a steady monthly payment and as you go through your mortgage, it will actually decrease as you pay down principal and interest.
  8. Pride in ownership: This is your home and research has shown that home ownership you have the opportunity to build ties within the community and be a proud homeowner.
  9. Save: Buying a home forces you to save for a down payment and closing costs.


If this isn’t enough and you need more to substantiate this, check out this article on 23 scientific reasons why home ownership is better than renting.

While buying a home is a big step, once home buyers make that leap, they realize that it’s more cost effective to buy instead of rent and they’ll have that equity and investment for their future.

These are just a few items to consider if you are thinking about renting or buying a home. Whether you are considering buying or selling, when you meet with us at Waypointe Realty, we take the time to go through the entire real estate process, the benefits of home ownership, and what the steps are to qualify for a loan. We value our clients and educating them is of utmost importance to make sure that our buyers feel comfortable and can take an objective look at your situation before you make a decision.

Ready to setup your COMPLIMENTARY BUYER’S CONSULTATION? Contact us today to schedule it.

3 Tips to Help Sellers Sell Their Home

Here at Waypointe Realty, we want to provide tips for sellers ready to sell their properties. As a result of having more buyers than inventory, we are in a seller’s market. What we typically see when a seller tries to sell their home without a real estate agent, is that they overprice their home.

When you overprice your home it can become stagnant in the market and we see a huge decline in visibility of the property and offers.

We’ve encountered sellers that have chosen to sell their home For Sale By Owner and see that something is just not working. Typically, it’s the price.

(more…)

March 2019 Newsletter!

Your Local Experts


5 COMMON HOMEBUYING MISTAKES

If you’re ready to buy, don’t make these common mistakes…

When you’re ready to buy a home, there are a few mistakes that can be avoided to make sure you get the home you want, when you want it and at the right price. We’ve compiled the top 5 most common homebuying mistakes that can cost you your home.


LOCAL MARCH EVENTS

ONE MONTH TO GO! REGISTER TODAY!

Know anyone looking to buy a home anytime this year? We’re hosting our annual FREE Buyer’s Seminar to give information on the home buying process and the current market trends.  

 

Seats are limited!

Sponsored by Mid Florida Mortgage & Brightway Insurance

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MARKET NEWS

Average home in Seminole County is selling at $264,646  

Average home in Oviedo is selling at $312,633

Average days on the market from list to close IN OVIEDO

is 62 days 

6 Reasons Your Home Won’t Sell

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FLORIDA MORTGAGE RATE TRENDS 

30-Year Fixed = 4.43%

15-Year Fixed = 3.85%

5/1 ARM = 3.99%


TIP OF THE MONTH

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YOUR REFERRALS HELP THE COMMUNITY!

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We are on a mission to help prevent and reduce homelessness in Central Florida with Hope Helps. We do this by donating a portion of our income for every referral we receive that closes with us, as well as sponsoring several of Hope Helps’ drives and events.

 

This organization does great work in work in equipping individuals 

and families to become self-sufficient through Housing, Outreach, 

Prevention and Education.

 

Who do you know considering buying or selling a home you could refer to my real estate sales team?

 

Not only will they benefit from our highly rated service, but we donate a substantial portion of our income on every home sale we receive a referral from to this incredible organization. 

ON THE MARKET FOR 83 DAYS with another company & then EXPIRED.

WE LISTED IT AND SOLD IT IN A WEEK!

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SOLD in 1 DAY!

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FREE 2019 CALENDAR!

Want a free 2019 Calendar? Fill out this form and we’ll send it out to you!

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February 2019 Newsletter!

Your Local Experts


MARKET TRENDS FOR 2019!

What is going on in real estate this year?

There have been several forecasts about the real estate market and the economy for 2019, but let’s discuss what is happening now and what experts are expecting for the third and fourth quarters of the year.


UPCOMING EVENTS

Know anyone looking to buy a home anytime this year? We’re hosting our annual FREE Buyer’s Seminar to give information on the home buying process and the current market trends.  

 

Seats are limited!

Sponsored by Mid Florida Mortgage & Brightway Insurance

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MARKET NEWS

Average home in Seminole County is selling at $259,900  

Average home in Oviedo is selling at $282,000

Average days on the market from list to close is 29 days 

2019 Can Cost You Ten’s of Thousands!

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FLORIDA MORTGAGE RATE TRENDS 

30-Year Fixed = 4.58%

15-Year Fixed = 3.96%

5/1 ARM = 4.12%


TIP OF THE MONTH

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YOUR REFERRALS HELP THE COMMUNITY!

{{ brizy_dc_image_alt uid='wp-0b8e8302a41ebc318384f605f6ffe5b8' }}

We are on a mission to help prevent and reduce homelessness in Central Florida with Hope Helps. We do this by donating a portion of our income for every referral we receive that closes with us, as well as sponsoring several of Hope Helps’ drives and events.

 

This organization does great work in work in equipping individuals 

and families to become self-sufficient through Housing, Outreach, 

Prevention and Education.

 

Who do you know considering buying or selling a home you could refer to my real estate sales team?

 

Not only will they benefit from our highly rated service, but we donate a substantial portion of our income on every home sale we receive a referral from to this incredible organization. 

UNDER CONTRACT in 1 DAY!

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UNDER CONTRACT in 5 DAYS!

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FREE 2019 CALENDAR!

Want a free 2019 Calendar? Fill out this form and we’ll send it out to you!

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January 2019 Newsletter!

Your Local Experts


OUR LOCAL SPOTLIGHT!

Top Gyms in Oviedo/Winter Springs

Ready to hit your fitness goals? We visited gyms around Oviedo/ Winter Springs and brought you the top gyms and rated them based on cleanliness, class offerings, hours open, customer service, caloric burn and amenities. 


UPCOMING EVENT

Know anyone looking to buy a home anytime this year? We’re hosting our annual FREE Buyer’s Seminar to give information on the home buying process and the current market trends.  

 

Seats are limited! 

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MARKET NEWS

Average home in Seminole County is selling at $260,000 


Average home in Oviedo is selling at $309,328 


Average days on the market from list to close is 44 days 


New Listing!

2 bedroom/ 2.5 bathroom with water view

Near Hunter’s Creek, Orlando Airport, Disney World, major highways, Lake Nona’s Medical City 


FLORIDA MORTGAGE RATE TRENDS 

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TIP OF THE MONTH

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YOUR REFERRALS HELP THE COMMUNITY!

{{ brizy_dc_image_alt uid='wp-0b8e8302a41ebc318384f605f6ffe5b8' }}

We are on a mission to help prevent and reduce homelessness in Central Florida with Hope Helps. We do this by donating a portion of our income for every referral we receive that closes with us, as well as sponsoring several of Hope Helps’ drives and events.

 

This organization does great work in work in equipping individuals 

and families to become self-sufficient through Housing, Outreach, 

Prevention and Education.

 

Who do you know considering buying or selling a home you could refer to my real estate sales team?

 

Not only will they benefit from our highly rated service, but we donate a substantial portion of our income on every home sale we receive a referral from to this incredible organization. 

CONGRATULATIONS 

to our buyers and sellers in 2018! 

Happy Home Anniversary… 

TERI ROBERTSON & MICHAEL LINDSEY

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FREE 2019 CALENDAR!

Want a free 2019 Calendar? Fill out this form and we’ll send it out to you!

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Orlando Housing Market Snapshot- October 2018

Orlando home prices, sales rise as inventory continues to slip in September

One year after Hurricane Irma threw a wrench into the Orlando housing market, data from the Orlando Regional REALTOR Association shows positive September-to-September comparisons for both sales and median price. Inventory, however, stayed on its year-over-year downward slide.
The good news, points out ORRA President Lou Nimkoff, is that in September the actual number of homes available for purchase reached its highest point this year. The month-to-month increase in inventory, combined with the traditional autumn lull in sales, is an opportunity for those buyers who struggled with competition during the summer. In addition, fall home shoppers can also enjoy a bit more attention from REALTORS, lenders, and other service providers who typically do not have quite as many clients to attend.

Median Price

The overall median price of Orlando homes (all types combined) sold in September is $233,000, which is 3.6 percent above the September 2017 median price of $225,000 and 1.3 percent above the August 2018 median price of $230,000. The median price for single-family homes that changed hands in September increased 3.8 percent over September 2017 and is now $254,250. The median price for condos increased 6.4 percent to $125,500.

Sales and Inventory

Sales of single-family homes (2,096) in September 2018 increased by 7.6 percent compared to September 2017, while condo sales (390) increased 23.4 percent year over year. Sales of distressed homes (foreclosures and short sales) reached 124 in September and are 3.1 percent less than the 128 distressed sales in September 2017. Distressed sales made up just 4.5 percent of all Orlando-area transactions last month. The overall inventory of homes that were available for purchase in September (8,092) represents a decrease of 6.4 percent when compared to September 2017, and a 3.6 percent increase compared to last month. There were 5.6 percent fewer single-family homes and 2.6 more condos, year over year. Current inventory combined with the current pace of sales created a 2.9-month supply of homes in Orlando for September. There was a 2.3-month supply in August 2018 and a 3.4-month supply in September 2017. The average interest rate paid by Orlando homebuyers in September was 4.66, up from 4.57 percent the month prior. Homes that closed in September took an average of 48 days to move from listing to pending and took an average of 84 days from listing to closing.

Buyers

This is a great time where we see buyers coming out of hiding because inventory and pricing has stabilized. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory and pricing has stabilized. If you’re looking to sell, we can help you get the MOST money from the sale of your home. Looking to relocate, move up to a larger home, purchase your first home or sell your rental? We can help. Contact us today!

Orlando Housing Market Snapshot- September 2018

Orlando housing market september

Orlando median home price continues to gain amid sales slowdown

The year-over-year median price for Orlando homes sold during the month of August continued on its years-long upward trajectory, albeit at a slower pace as dwindling inventory takes its toll on sales.

“Like across much of the country, sales are sliding in Orlando as would-be buyers are either priced out of the market or are deciding to postpone their search until more homes come on the market,” explains ORRA President Lou Nimkoff.

“Fortunately for us, our housing market is bolstered by a healthy economy, prices that compare favorably to other major cities, and a quality of life that attracts an influx of new residents by the thousands each year. In addition, our market benefits from international homebuyers who look to Orlando for investment and vacation properties.”

The overall median price of Orlando homes (all types combined) sold in August is $231,000, which is 2.7 percent above the August 2017 median price of $225,000 and 1.7 percent below the July 2018 median price of $235,000.

Year-over-year increases in median price have been recorded for the past 86 consecutive months; as of August 2018, the overall median price is 100.0 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in August increased 4.9 percent over August 2017 and is now $255,000. The median price for condos increased 12.0 percent to $125,975.

Sales and Inventory

Sales of single-family homes (2,583) in August 2018 decreased by 6.7 percent compared to August 2017, while condo sales (440) increased 3.3 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 121 in August and are 40.7 percent less than the 204 distressed sales in August 2017. Distressed sales made up just 3.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in August (7,808) represents a decrease of 11.6 percent when compared to August 2017, and a 3.8 percent increase compared to last month. There were 10.2 percent fewer single-family homes and 8.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for August. There was a 2.2-month supply in July 2018 and a 2.5-month supply in August 2017.

The average interest rate paid by Orlando homebuyers in August was 4.57, down from 4.59 percent the month prior.

Homes that closed in August took an average of 49 days to move from listing to pending, and took an average of 85 days from listing to closing.

Pending sales in August are down 21.4 percent compared to August of last year and are down 6.1 percent compared to last month.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the home buying process? We can help! Contact us today.

Sellers

Inventory continues to drop and prices are steady, it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

Orlando Housing Market Snapshot- July 2018

Orlando’s meager inventory continues to stifle sales, drive up prices

The inventory of homes available for purchase in the Orlando area displayed its greatest percentage of decrease yet in 2018, contributing to a second consecutive month of slower sales. However, buyer demand is continuing to boost the area’s median price.

The overall median price of Orlando homes (all types combined) sold June is $239,180, which is 6.8 percent above the June 2017 median price of $223,950 and 2.7 percent above the May 2018 median price of $233,000.

The median price for single-family homes that changed hands in June increased 6.8 percent over June 2017 and is now $260,000. The median price for condos increased 13.6 percent to $125,000.

The first-time homebuyers affordability index decreased to 88.37 percent, from 90.31 percent last month.

Sales and Inventory

Summertime is when we traditionally see sales expand as families seek to secure new homes before the start of the new school year, explains ORRA President Lou Nimkoff. Incredibly low supply continues to be the primary impediment to sales in Orlando, but the combination of higher prices and mortgage rates contribute by pinching the budgets of some prospective buyers — particularly first-timers and thwarting their efforts to buy.

Sales of single-family homes (2,672) in June 2018 decreased by 11.8 percent compared to June 2017, while condo sales (408) decreased 11.1 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 132 in June and are 50.2 percent less than the 266 distressed sales in June 2017. Distressed sales made up just 3.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in June (7,558) represents a decrease of 17.3 percent when compared to June 2017, and a 1.0 percent increase compared to last month. There were 16.1 percent fewer single-family homes and 22.6 percent fewer condos.

The average interest rate paid by Orlando homebuyers in June was 4.61, down from 4.64 percent the month prior.

Pending sales in June are down 11.6 percent compared to June of last year and are down 9.9 percent compared to last month.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory continues to drop and prices are steady, it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

Buyer’s Market vs Seller’s Market

 

Oviedo buyer or seller market

Oviedo’s Real Estate Market

The real estate market in Oviedo and elsewhere regularly fluctuates. Sometimes, it is the ideal time to buy a home. At other times, it is more to the seller’s advantage to put their house on the market. How can the average person know when they should buy or sell a home?

The best answer is to ask an experienced, local Realtor. It is part of the Realtor’s job to have an intimate understanding of the market. Whether you are buying or selling, they provide expert guidance regarding how to successfully navigate the market. That said, it’s also helpful to understand more about common terms in real estate, like “buyer’s market” and “seller’s market.”

Buyer’s Market

In this type of market, there is an overstock of homes for sale. That means there are fewer buyers, so home sellers can become particularly anxious to sell if their property has been on the market for a while. Although a buyer’s market can occur in any season, it is most likely to happen in the summer when many families are looking to relocate prior to the start of a new school year.

Realtors use a Sales-to-Listing ratio to determine whether or not a buyer’s market exists. If there is an average of 35 home sales for every 100 listings, then a buyer’s market is prevailing. This is good news for prospective home buyers who will have plenty of options from which to choose. Moreover, they will likely pay less for the property because the previous owner may be desperate to sell. Another advantage of buying in a buyer’s market is that there is less competition. You are far less likely to have to enter a bidding war to get the property you want.

Seller’s Market

The seller’s market is just the opposite. In this scenario, the Sales-to-Listing ratio is closer to 55 homes sold per 100 listings. This means that the market is extremely competitive, with fewer homes being available to a larger pool of buyers.

Home sellers have all of the advantage in this market. They have the commodity that everyone wants, and buyers may be willing to pay top dollar. Bidding wars are frequent, with many home sales coming in at well above the original asking price.

Buyers may be tempted to overspend in a seller’s market, but if they are guided by an experienced and knowledgeable Realtor, they can stay within their spending guidelines while also making competitive offers to sellers.

A Seller’s Market in Oviedo

Right now is the ideal time to sell a home in Oviedo. If you’ve been considering selling your home, talk to a Realtor about getting it on the market. Inventory is low, and with the city’s economy booming, demand for good housing is on the rise.

If you need to buy a home in a seller’s market, there’s no need to worry. Let an experienced Realtor guide you through the process. Their expertise enables you to stay within your budget while also being able to make competitive offers on the property you really want. Remember, you don’t necessarily have to have the highest bid to win. If your move-in date better coincides with the seller’s vacancy date, you could easily prevail over someone making a higher bid. Numerous other factors also may influence a seller to choose your bid over someone else’s.

Why Use Us?

The local real estate market is competitive and moves with surprising speed. In this seller’s market, buyers can’t afford to be without expert guidance that will help them get into the home of their dreams. Similarly, a Realtor can guide sellers in sifting?through myriad offers to find the absolute best deal.

If you want to make your dreams of home ownership come true, turn to a knowledgeable local Realtor. At Waypointe Realty, all of our employees are trusted, experienced Realtors. Working with us ensures that you remain competitive whether you are buying or selling, regardless of what the market is doing. Look to the Realtors at Waypointe Realty to guide you toward your next home.

Why Choose a Realtor?

Here at Waypointe Realty we focus on helping buyers and sellers navigate through the complexities of real estate to secure value on their next real estate transaction. But many people wonder why on earth should I use a real estate company to help me buy or sell my home?

Continue reading “Why Choose a Realtor?”