Home > Blogs > Imran Mohamed's Blog
1,363 views

Imran Mohamed's Blog

By Imran Mohamed, P.A. | Agent in Kissimmee, FL
  • Builders Raising Prices, Limiting Supply

    Posted Under: Market Conditions in Orlando, Home Buying in Orlando, Moving in Orlando  |  August 27, 2013 2:49 PM  |  375 views  |  No comments

    Daily Real Estate News | Monday, April 29, 2013

    Those looking to buy new homes will likely start to see price hikes, and possibly a smaller selection. Many of the nation’s builders say they’ve had to increase prices due to the rising costs of land, labor, and materials. 

    For example, Pulte’s sale price, on average, has increased 10 percent to $287,000 in the first quarter of this year. Meanwhile, the average existing home price was $233,200 in March, according to the National Association of REALTORS®.

    “Builders are feeling pinched by rising costs of key building components which is causing home construction costs to rise at a faster pace than appraised values,” says David Crowe, chief economist of the National Association Home Builders. Some builders are limiting sales in order to keep prices higher.

    “We are pricing our homes and limiting the number of lots we’re releasing for sale in some communities to better manage our order volumes relative to our production capacity, and to maximize our profit from those communities,” Meritage CEO Steven J. Hilton wrote in the company’s quarterly earnings report recently.

    If you are thinking about buying a new home NEVER...NEVER go to the new home builder without having an Agent represent you. Think about it for a minute, the person you meet when you walk in the new home Model si working for the Builder. They have fiduciary duties to the builder not you the person looking to buy so why do you think they will give you the best deals.

    If you are looking for a new home in the Central Florida - Orlando area then contact me. I am a certified Accredited Buyer's Representative - ABR® and I am specially trained with the knowledge and experience to get you the best deal from the builders. Never Step foot in the door of the Model home without having representation. Call me 407-744-1827 or visit www.FLhomeinone.com

  • The Changing Face Of The Short Sale Market

    Posted Under: Market Conditions in Orlando, Home Buying in Orlando, Home Selling in Orlando  |  August 27, 2013 5:22 AM  |  439 views  |  No comments

    Based on the criteria below this search done 08/27/13 shows that there are 187 Properties for sale within a 20 Miles radius of The Orlando International Airport. Of these listings there are some that are not priced correctly and may have other mitigating factors such as HOA liens, etc I have also attached a map of the area covered by this 20 miles radius. If any properties is in your price range and the location you wish to be please let me know and I will review further.
     
    Just a note, the short sale market is changing dramatically and after waiting for months with an executed offer clients are finding out that the banks are re-evaluating the property close to approval and banks are asking for the present market value. This is nothing strange as from the beginning the short sale is to be at "Current Market Value" the dramatic price increases is what is now causing the banks to take this hard look so they can recapture more of their money.
     
    This trend is catching on more and more and In addition with the recent law passed by the Florida Senate - House Bill 87, it is becoming much easier for the banks to foreclose and it is in their best interest now given the provisions in the law to do the foreclosure instead of the short sales. So expect short sales to be harder to get and if approved expect prices to be higher.
     
    With the increased pace of the foreclosure banks will release more inventory but will be careful not to flood the market and prices will also move up. There are a number of other things taking place independently in the market place such as the purchase of the Short Sale processing system - EQUATOR by Altisource , some states now trying to stop agents form negotiating the short sale, etc that when combined and tied together gives the picture of the changing face of the short sale market.
     
    My advise to you is to get ahead of the curve... Below are the links to the 187 Homes. Please review and call me at 407-744-1827 or email me at imrobin@earthlink.net or visit www.FLhomeinone.com


    17-RES Customer Brief Report
    XPROP - Grid View
     
     
    Status ACT
    List Price between 100,000 - 200,000
    Property Style Single Family Home
    Year Built  2000 and After-
    Beds Minimum 3
    Full Baths Minimum 2
    Sq Ft HeatedMinimum 1,500
  • FHA Trims Waiting Period for Borrowers That Had Short Sale / Foreclosure

    Posted Under: Market Conditions in Orlando, Home Buying in Orlando, Investment Properties in Orlando  |  August 21, 2013 5:16 AM  |  530 views  |  1 comment

    As reported in dsnews.com  – Aug 19th 2013-

    The Federal Housing Administration (FHA) is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday.

    Borrowers who experienced a foreclosure must wait at least three years before getting a chance to get approved for an FHA loan, but with the new guideline, certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.

    For borrowers who went through a recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

    In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond the borrower’s control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

    Additionally, borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling......

    I spoke to this very early on during the housing crisis both at my seminars and to individual investors and felt very strongly that once the recovery got on the way banks and other institutions will begin to relax the rules to make it easier for those who underwent the Short Sale & Foreclosure to get back into the market quickly.

    We must also remember that large investors and hedge fund group like Blackstone Group, Warren Buffet, etc. bought up a whole lot of properties which they rented with the intention of selling back to the renter. These players also have strong influence and so they can guide policy makers to meet their business models.

    Now when relaxed rules make it easier for renters to borrow again they will certainly be looking to purchase instead of rent.  So if your strategy is to buy, rent and hold property for a period of time I continue to advise to buy properties in areas that will remain attractive. Areas that will continue to support the demand for rental traffic such as areas with good employment, areas that have good economic growth, areas where the rent to income ratio will be low.

  • FHA Trims Waiting Period for Borrowers Who Experienced Foreclosure

    Posted Under: Market Conditions in Orlando, Home Buying in Orlando, Rentals in Orlando  |  August 20, 2013 5:38 AM  |  525 views  |  No comments
    As reported by Ester Cho from DSNews.com

    The Federal Housing Administration (FHA) is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday. Borrowers who experienced a foreclosure must wait at least three years before getting a chance to get approved for an FHA loan, but with the new guideline, certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.

    For borrowers who went through recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

    In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond their control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

    Additionally, borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling.

    According to the letter, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.

    The new guidance is for case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016.

    If you completed a shortsale you may soon be eligable to purchase a home again. If you live in Central Florida please contact me to see if you can qualify and let work on a plan to getting you another home before prices goes beyond your reach. Tel # 407-744-1827 or visit www.FLhomeinone.com
  • Housing Inventory on the Rise ... But at what Price?

    Posted Under: Market Conditions in Orlando, Home Buying in Orlando, Home Selling in Orlando  |  August 19, 2013 8:42 AM  |  542 views  |  1 comment

    NEWS YOU CAN USE –HOUSING INVENTORY ON THE RISE..BUT!!!

    www.FLhomeinOne.com …… Tel # 407-744-1827

    The Inventory Crunch May Be Over and More Homes Could Be For Sale … But At What Price?

    The Wall Street Journal (Aug. 13, 2013)- Daily Real Estate News | Wednesday, August 14, 2013

    Inventory levels are on the rise nationwide, which could soon mean the severe inventory shortages plaguing many markets the last few months may soon be nearing an end, according to the latest report from realtor.com®. As home prices rise, more sellers may be testing the market, helping to increase the options for home buyers.  

    Realtor.com® reported that 1.96 million homes were listed for sale in June -- the highest number since last September. 

    The markets that posted the largest rises in the number of homes for sale compared to one year earlier were: 

    • Atlanta: inventories rose 17.9% year-over-year
    • Sacramento, Calif.: +16.7%
    • Los Angeles: +6.8%
    • Orlando: +2.8%

    All four markets have also posted strong gains in home prices the past year, realtor.com® reports.

    “At the current pace of sales, the supply of homes for sale is still very low, suggesting price gains are likely to continue,” The Wall Street Journal reports. “But the months supply is up slightly in a growing number of markets. This could actually boost sales — a major complaint of home shoppers and their real estate agents is that there’s a shortage of attractive homes being offered for sale.” 

    Meanwhile, inventories of homes for-sale has fallen year-over-year levels in 26 of the markets realtor.com® monitors. Inventory levels fell the most in Detroit (by –30.2%); Boston (–28.9%), Denver (–25.1%), and San Francisco (–19.4%). 

    So while there may be a relief on the inventory side of things sellers are also going to be listing their homes at the higher prices because they see the market rising… the sooner you get in the better. If you are looking for a home or investment property in Central Florida contact me at 407-744-1827 or visit www.FLhomeinone.com before prices rise beyond you means. Looking to Sell then contact me also!

 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer