Thirdhand Smoke and Its Effects on Buyers and Sellers

We all know what secondhand smoke is. But thirdhand? It is the newest emerging concern in the ever-distressing discovery of the ills of smoking. Thirdhand smoke refers to the carcinogenic chemicals that linger in the walls, flooring, railings and dust in a home well after the smokers have moved out. The harmful residue can be ingested by new occupants, particularly children and pets, and lead to health problems.

Before you rent or buy a home, try to find out if the previous occupants smoked. Owners are not required to disclose this information, but not knowing could be very bad for your health. And if the owner won't tell you, rely on your senses. Does the house smell of smoke? That smell means that you are breathing in carcinogens. Is there yellowing on the walls or ceilings? New paint, new carpets or flooring and a serious cleaning will help, but your best bet is to wait as long as possible before moving in so that the deadly chemicals have time to dissipate.

And for the smokers out there? My advice to you is to stop smoking in your home. As this information becomes commonly known, potential buyers will offer less for your house because of the health risks they face from your smoking and they will expect remediation at your cost. Plainly put, your smoking is decreasing the value of your home.

For more information on thirdhand smoke, click on the link.

http://www.signonsandiego.com/news/2010/dec/16/smokers-move-out-tobacco-related-carcinogens-remai/

What's Going on in Park Lake/Highland?

The Park Lake/Highland neighborhood is a gorgeous neighborhood right on Lake Highland. Since June 1, 2010, there have been eight homes sold in the neighborhood, with an average sales price of $267,875 and 143 average days on the market (note that Coldwell Banker's average days on market is lower at 130!). There are currently 14 single-family homes for sale, ranging from $112,000-$1,390,000. 894 Kenilworth Terrace has been on the market for 592 days. Priced at $1,385,000, it is not yet completed.

Has the Recession Changed the American Dream?

The recession has powerfully impacted consumers' decisions and behavior, but only in the short term. The American Dream still includes home ownership for most Americans. Currently 89% of homeowners believe that they are better off owning their homes. So 'home sweet home' still means home sweet homeownership.

Mortgage Rates Increasing

If you were waiting for the perfect moment when housing prices and mortgage rates were at their absolute lowest, you may have missed your chance. Rates have begun to increase from their lows close to 4 percent. Freddie Mac noted that average rates on 15- and 30-year fixed loans increased sharply from two weeks ago. It was the fourth straight weekly rise. Fixed rates had been the lowest in decades.

So if you are looking to strike while the iron is hot, you should know that the iron has cooled a bit. Time to get busy buying your dream home.

Sold Homes in Colonialtown

The following homes sold in Colonialtown between Oct. 1, 2010 and Dec. 2, 2010.

1313 Belgrade Ave. 2 bedrooms, 1 bathroom. $76,000.
1600 Oregon St. 2 bedrooms, 1 bathroom. $131,000.
1910 Illinois St. 3 bedrooms, 1 bathroom. $110,000.
1812 Garvin St. 2 bedrooms, 2 bathrooms. $150,000.
1208 Portland Ave. 3 bedrooms, 2 bathrooms. $217,000.
1915 E. Livingston St. 4 bedrooms, 3 bathroom. $215,000.
1720 Virginia Dr. 3 bedrooms, 3 bathrooms. $254,500.

Price Reduction

Price Reduction:
1801 Woodward St. 3 bedrooms, 2.5 bathrooms. $177,900 (previously $185,900).

Testing, Testing, Testing

Orlando, San Diego and Detroit are the lucky cities that get to test Fannie Mae's new pilot program for submitting offers on foreclosed properties. In an effort to increase transparency and efficiency, HomePath Online Offers requires all offers to be submitted through Homepath.com by licensed real estate agents. The buyers' agents will be able to track the progress of their offers, see offer confirmations and see all other offers on the properties.

Dare we say that the foreclosure process is about to get easier?

Homes Sales Up in October

A whopping 143,398 single-family homes were sold from October 2009-October 2010, a year-to-date seven percent gain for single-family home sales. Condominium sales were up an impressive 33%, with 59,966 units sold.

Orlando by the Numbers

Orlando's median single-family home price for the third quarter 2010 was $140,500. The state average was $136,600. The U.S. national average was $170,100. Prices are down in Orlando 11% since the third quarter 2009. Employment rates have remained steady and are beginning to increase. Orlando has also had a decline in the 60-day and 90-day delinquency rates from February 2010 - August 2010, suggesting that foreclosure rates will begin to drop.

If you are looking to buy a foreclosed home, you should think about doing it now. The market is flush with the homes from Fannie and Freddie and the rate that newly foreclosed upon homes will enter the market is going to decline. In plain terms? You better get while the getting's good.

New Lending Guidelines from Fannie Mae

Fannie is in the news a lot these days! Thankfully it is all good news. Fannie has revised its lending guidelines, effective Dec. 13. The change will allow buyers to use gifts and grants from non-profit organizations to meet their minimum five percent down payment. Previously that money had to come from the buyers' own funds. Confused about which non-profit groups are handing out money? They are more commonly known as mom and dad.

Here is the small print: the loan balance must not exceed $729,000 in high-cost areas like NYC. But here in affordable Orlando, (relatively speaking, of course), our limit is $417,000. The debt-to-income ratio is dropping from 55% to 45%. If you have a spotty history on debt repayment, expect five percent of the total loan balance to be added to your debt-to-income ratio. And if you have had a foreclosure within the last seven years, don't bother applying after Dec. 13. The old rules only looked at foreclosures within the last four years.

What does this all mean? Loans are easier to get for people just starting out, but the loan balances will be more in proportion with what people can actually afford. Too bad they didn't think of this years ago.

Fannie Mae and Freddie Mac Resume Foreclosures

Our good friends Fannie and Freddie are getting back into the foreclosure market. Stalled since September due to concerns over the integrity of the foreclosure process, the two mortgage giants have decided to resume foreclosure sales. Real state agents can start marketing these properties as 'for sale' once again and properties that were under contract can now close. Fannie and Freddie are still not continuing with evictions and with locking people out of their homes.

This is great news for prospective buyers, particularly those buyers who walked away from contracts on homes due to the freeze. Fannie and Freddie own or guarantee approximately 50% of all U.S. mortgages- that translates to 31 million homes worth five trillion dollars.

Before Buying a House, Should You Test for Meth?

Below is a link to a story about a couple who bought a home that had previously been a meth lab. Unfortunately, the presence of the chemicals has sickened them and they have been forced to move out. And the bill to clean up the house? $61,000. There are no laws in Pennsylvania that require disclosing whether a home has been found by the government to have been a drug house.

Before you buy a house, you should consider having it tested for methamphetamines. You should also check to see if the home is registered on the U.S. Drug Enforcement Administration's National Clandestine Laboratory Registry. http://www.justice.gov/dea/seizures/index.html

http://www.cnn.com/2010/US/11/29/couple.buys.meth.house/index.html?hpt=C1

Orlando is Fourth Most Affordable City in Florida

According to Coldwell Banker's most recent Home Listing Report, Orlando's average home price is $202,238, making us the fourth most affordable city for housing. We rank behind Jacksonville, Port Charlotte, and Pensacola, respectively. Another 13 cities rank behind us, with Key West pulling up the rear at a whopping $643,333!

Interested in checking out the list? Here's the link: http://hlr.coldwellbanker.com/FullData.aspx

Consumer Confidence Index Up

The Consumer Confidence Index increased to 50.2 in October 2010, up from 48.6 in October.

Condominium Sales Up in September

Existing condominium sales increased 10% in September 2010 from September 2009. Happily, 5675 units sold, versus 5140 a year prior. The September 2010 median sales price was $83,400, down from $102,300 a year before.

Mortage Rates at New Average Low!

Mortgage rates have hit a record low of 4.27%!

Stalled Foreclosure Market Creates Selling Opportunity

With Bank of America, GMAC and JPMorgan Chase halting foreclosure proceedings as they reassess their compliance with state and federal laws, an opportunity has arisen for sellers of non-distressed properties. The banks have currently taken many of their foreclosed properties off the market, thus lowering the supply of available houses. With fewer distressed properties for sale, other properties have a window of opportunity. Not only are there fewer homes for sale, but there are fewer homes at below-market price. Suddenly the competition isn't so fierce.

So if you need to sell your home, now is your chance. All sellers should take advantage of the halt in foreclosures to get their homes sold. This break in foreclosures won't last long and it will be harder to sell a non-distressed property as soon as all of the foreclosures are once again released into the market.

Is Grandma Moving In?

The 2010 Census has told another story about how we are coping with the recession: Grandma is moving in! Or, if not her, some other extended family members have decided to bunk up together. Households added 3.8 million extended family members from 2005-2009, meaning that they now account for 8.2% of family households, an increase of 1.3% from 2005.

If you need to split the rent but living with Grandma isn't your style, you're not alone. Households whose members are not related grew 4.4% during the same period. Maybe friends are the family you choose for yourself. But either way, don't get too comfy all stretched out on the sofa, chances are you're going to have to make some room for someone else.

Foreclosures Halted as Investigations Begin

JPMorgan Chase halted forclosure proceedings on 50,000 properties amid allegations that the company has not been complying with state laws governing the foreclosure process. Bank of America and GMAC Mortgage LLC have also stoppped foreclosures and evictions in 23 states. The allegations are that employees at these companies have been signing-off on foreclosure proceedings without reviewing the documentation to support such action.

In certain states lenders can foreclose on properties fairly easily. But in Florida a lengthy preocess is required and some of the banks have allegedly not been observing the laws requiring them to verify loan information, inlcuding who owns the loan.

Ultimately this will simply slow down the already sluggish foreclose process. It does not mean that foreclosures that were legal are no longer going to take place, it means that the banks will have to start doing their homework and obeying the laws before they can foreclose. So if a property onwer has stopped paying their mortgage, the foreclosure will happen, it will simply take longer.

Foreclosure Sales in Florida

In Florida in the second quarter 2010 foreclosed properties accounted for 34% of all sales. Nationally they were 24% of all sales. The influnce of all these foreclosures on the market has been to push prices down even further, since foreclosed properties sell at a discount.

Sold Homes in Colonialtown

The following homes sold in Colonialtown between August 1, 2010 and September 30, 2010:

1426 Montana St. 3 bedrooms, 2 bathrooms. Sold for $120,000.
528 Meridale Ave. 3 bedrooms, 1.5 bathrooms. Sold for $138,000.
1324 and 1326 N. Ferncreek Ave. 4 bedrooms, 2 bathrooms. Sold for $140,000.
336 Altaloma Ave. 3 bedrooms, 2 bathrooms. Sold for $145,000.
2300 Virginia Dr. 3 bedrooms, 1 bathroom. Sold for $155,000.
2309 Weber St. 3 bedrooms, 2.5 bathrooms. Sold for $230,000.

How Much Does Buying A Distressed Property Save You?

According to a recent Business Week article, distressed properties (meaning properties that sell as a foreclosure or a short sale) sold at an average 26% discount in the second quarter 2010. Bank-owned properties sold at an average 35% discount and accounted for 15% of total sales. Nationally almost 25% of transactions- or 248,534 homes- involved properties that were in trouble with their mortgage, representing a 5% increase over the first quarter. However, that number was down 20% from the seconde quarter 2009.

The discount rate is arrived at by comparing the average sales price of distressed properties to non-distressed properties. The average sales price of a distressed property was $174,198. The average price for a bank-owned property was $154,147, versus $204,932 for homes in default or scheduled for auction.

The pressure from distressed properties upon the market is not expected to abate in the near future. In August there were 95,000 home repossessions, reaching a new record for the third time in five months. Sales of distressed properties will likely account for 25%-33% of all transactions through 2011. But the most sobering statistic might be that before the housing crisis distressed properties represented a scant 1%-3% of total sales.

Home Prices Increase

Nationally home prices have increased for five consecutive months, from March-July. Prices increased 0.6% from June to July and prices rose 3.2% from July 2009 to July 2010.

For those of you interested in buying, now is the time! Interest rates are at historic lows and prices are beginning to rise. Furthermore, Fannie Mae is currently offering 3.5% towards buyer's closing costs! Smart buyers are taking advantage of this confluence of opportunities.

Aren't You Glad You Live in Orlando?

Coldwell Banker's newest report lists the ten cities below as the ten most expensive cities in the U.S. in which to buy a home. The numbers below represent the average list price for four-bedroom, two-bathroom properties. Now aren't you glad that you live in Orlando?

1. Newport Beach, Calif., $1.83 million

2. Palo Alto, Calif., $1.48 million

3. Rye, N.Y., $1.33 million

4. San Francisco, $1.33 million

5. La Jolla, Calif., $1.21 million

6. Greenwich, Conn., $1.20 million

7. Wellesley, Mass., $1.08 million

8. Pasadena, Calif., $1.04 million

9. Honolulu, $1.03 million

10. Santa Barbara, Calif., $1.02 million

Where is the Huge Wave of Foreclosed Properties?

We've all heard threats (or promises, depending on your viewpoint) of a massive inventory of foreclosed properties that was supposed to hit the market. But it hasn't shown up, leading many to wonder: Where is our foreclosure tsunami?

Ladies and gentleman, the good (bad?) news is that it is probably not going to come. And there are a couple of reasons why note. First, many homeowners have taken advantage of loan modification programs, thus saving their homes from foreclosure. Secondly, banks, with the help of programs like Coldwell Banker's short sale program, are getting a little bit better about making short sales happen. Finally, many investors are taking advantage of the market and are buying up distressed properties in bulk.

So if you've been waiting for the right time to take advantage of the glut of foreclosures, that time has come.

Foreclosures in Florida

Despite foreclosure rates dropping for five consecutive months, 56,877 homes- that's one in every 155 homes- in Florida received foreclosures warnings in August. That is over twice the national average. Florida has the second highest foreclosure rate nationally, ranking ahead of only Nevada.

This is great news for buyers. The availability of attractive properties that are selling at a discount is greater than in 48 other states! If you are thinking about buying, now is a great time to buy a home. In fact, many homeowners can now afford their dream home that just a few years ago was totally out of their price range.

Percentage of Homeowners Underwater

Nationally 23% of homeowners are underwater. For those homeowners who can no longer afford their mortgage, a short sale is often the best solution because it may have less of a negative impact upon their credit scores. Among the obvious benefits of having a higher credit score is that the homeowners would be able to qualify for another mortgage (hopefully one they can afford!) sooner.

Short sales are often a better deal for the banks as well because a bank becomes fully responsible for maintaining and selling a foreclosed property- and banks are not in the real estate business. As banks work to clear the backlog of foreclosed properties from their books, the properties sit unoccupied and slowly decay.

Unfortunately, despite the obvious benefits of short sales for both consumers and the banks, it is very difficult to get a short sale closed. The ease of the transaction depends most heavily on the lender's motivation and competence. For the buyers and the sellers of a short sale, getting the deal done can be such an impossibility that the buyers often walk away after months of trying and the sellers' homes ends up in foreclosure. And the kicker is that the property sells for far less in foreclosure than it would have as a short sale. In these instances the sellers, buyers and the banks have all lost out, not to mention the neighbors who now have an abandoned property in their neighborhood and will have their home values negatively impacted by the depressed sales prices.

Fortunately for buyers and sellers of short sales, Coldwell Banker has a fantastic short sale program. For $600, paid by the bank, not the buyer or seller, Coldwell Banker's team of short sale experts will expedite the process for you, often saving the property from falling into foreclosure. Within Coldwell Banker, 80% of short sale deals that used the program closed. Only 58% of short sale deals that did not use the program closed.

The moral of the story is that short sales are extremely tricky and sellers need an expert to handle the process for them. If you need to sell your home, let me guide you through the process.

Mortgage Rates Rise

Mortgage rates have risen to 4.35% due to improving confidence among investors. If you are looking to buy you should take advantage of the mortgage rates while they are still low. Combined with the low housing prices, you'll get an incredible deal.

Home Sales Are Up!

As of September 2010, Orlando-area home sales are up 36.12% over September 2009! That is great news!

Tenant in a Foreclosed Property?

Here is a great article for anyone living in a rental property that is being foreclosed upon.

Tenants of foreclosed homes often unsure of options

WALNUT CREEK, Calif. – Aug. 24, 2010 – Erin Kennedy-Florez was 10 months into a one-year lease on a home in Richmond, Calif., when she found a notice on her door saying the home was being foreclosed.

She said she called her landlord, who told her that he was trying to refinance the house and to keep paying him rent.

“I was paying the rent, but he was not paying the mortgage,” Kennedy-Florez said.

Soon after, the house went into foreclosure, and Kennedy-Florez immediately heard from a law firm representing Freddie Mac, the federal real estate lending agency that held the note on the home.

“I had to decide whether I still wanted to be living there while they were showing it (to potential buyers),” she said.

Kennedy-Florez’s situation reflects a problem that tenants rights’ groups say has been flying under the radar since the home foreclosure crisis began in 2008. They say thousands of renters have lost security deposits, paid rent to former landlords who no longer owned the house, and agreed to move on short notice because they didn’t know their rights.

Kennedy-Florez accepted a cash settlement to move three weeks after the foreclosure in November 2009. She received the check the day she moved out but struggled to come up with the security deposit for a new rental in El Cerrito, Calif.

The landlord still owed her a $3,200 security deposit and has been paying it back in $100 and $200 installments, she said.

“I jumped at the first place I could find,” she said. “I’m hoping this place isn’t shaky, too.”

Kennedy-Florez’s former landlord said the home had been foreclosed but that he had paid back the security deposit in full. He did not want to be named because of privacy concerns.

Some of foreclosure situations probably have been resolved to the satisfaction of landlords and renters alike, said Gabe Treves, program coordinator with rights group Tenants Together, which is based in San Francisco.

But Treves said his agency has helped 3,000 renters squeezed between landlords who are behind on their mortgage payments and lenders trying to recover their investments.

“The vast majority of the tenants we talk to are having their rights violated,” Treves said. “Banks are being very aggressive in trying to get the tenants out, because they are stuck on the idea that if tenants vacate the home that they can sell it.”

Wells Fargo Bank is committed to following all rules that protect tenants who are living in foreclosures, spokesman Jason Menke said. At the same time, Wells Fargo is in the business of lending money for home purchases, not in managing rentals, he said.

“Generally, it’s our object to get a new owner into the house as quickly as possible,” Menke said. “It’s in our best interest and that of the community to return properties to the market.”

California Attorney General Jerry Brown launched an investigation into the issue last month, partly in response to the Tenants Together report. Brown sent a letter in June to California banks, lenders, investors and law firms asking them to explain their procedures for dealing with tenants in foreclosed properties in an effort to find out whether laws are being broken.

Tenants are protected by a 2009 federal law that allows them to stay in their units for 90 days after a foreclosure notice is posted, but they have other rights as well:

• Renters can insist on staying in their units until the end of their leases, except when the new owner of a single-family home wants to move in.

• They can require banks and their agents to put all communication in writing.

• They are not required to take cash incentives to move out before the law requires.

• Harassment, such as changing locks without a court order, entering the home without permission or shutting off utilities, is illegal.

Wells Fargo sends tenants a letter outlining their legal options if it forecloses on the house where they live, Menke said. The bank often offers cash incentives for tenants to move out before the three-month period has passed. The bank also honors lease agreements as long as the tenant has a copy of the lease. But if the bank sells the house, tenants have 90 days from the sale to move, said Wells Fargo spokeswoman Mary Berg.

“If the new owner wants to move in, then the tenant is no longer protected unless the new buyer decides to keep the renters there,” Berg said.

Copyright © 2010 Los Angeles Times

How to Make Your Home More Sellable

Here are eight projects that are not every expensive but will add a lot of value to your home. Remember, these days when you make improvements to your home you might not get the money back in the sale price, but you will make your home more attractive to buyers and it will sit on the market for fewer days, thus decreasing your carrying costs and getting you into your new home faster.

1. Replace the kitchen sink and faucet.
2. Add a backsplash to your kitchen.
3. Replace vanities, cabinets and toilets.
4. Paint.
5. Add crown moldings.
6. Add cabinets and shelving to your closets and garage for added storage space.
7. Replace the front door.
8. Landscape.

And most importantly: keep your house and yard clean! I went to a house yesterday that was such a mess from the outside that I was certain it was abandoned- then I realized people lived there! When potential buyers drive up and see a mess, they automatically lower their offer price. A pristine property is a valuable property.

What's the Bottom Line Difference Between a 20-Year and 30-Year Mortgage?

Most mortgages are 30-year terms. But have you ever wondered what you are actually going to pay for your home over those 30 years? What about if you had a 20-year term? I think the difference will surprise you once you look at the math!

A $200,000 mortgage with a 4.75% interest rate and 30-year term would have a monthly payment of $1,043. At that rate the total interest you would pay over the 30 years would be $175,600! Zoinks! You're paying almost as much in interest as you did for the home. Suddenly 4.75% doesn't seem like such a low rate, does it?

However, if you had a $200,000 mortgage with a 4.5% interest rate on a 20-year term, your monthly payment would be $1,265. Total interest paid over the 20 years: $103,670!

You would spend an extra $222 per month for the 20-year term, but you would save $71,930 in interest payments and own your home free and clear a cool ten years earlier.

Good News For Colonitaltown: McMansions are Out!

Great news for us Colonialtown residents: Americans' tastes are shifting away from McMansions and towards smaller homes! As a proud McMansion-free neighborhood, we have kept our homes charming and reasonably sized and the rest of the country is realizing what we already knew. So to those of you with quaint and unique homes for sale, rejoice! You're lucky that you are not trying to sell an over-sized, over-done McMansion.

According to Trulia, 28% of Americans want a home that is between 1,400-2,000 sf. Another 27% want a home between 2,000-2,600 sf. A smaller 13% claim 2,600-3,200 sf is their ideal size. For homes 2,600-3,200 sf, 9% would gladly call them home. And another 9% think that 3,200+ sf is ideal. That means that 91% of us want a home that is under 3,200 sf and we've got plenty of those is Colonialtown.

http://finance.yahoo.com/news/Death-of-the-McMansion-Era-of-cnbc-1051033821.html?x=0

Habitat for Humanity Rehabbing Foreclosed Homes in Florida

What a fantastic program! Foreclosed homes that have been neglected and become eyesores that devalue surrounding property are now being bought by Habitat for Humanity, fixed up and given to needy families. Even better, they are also offering to help with exterior repairs on surrounding homes. We should get this program going in Colonialtown!

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=245139

Buy Owner Files for Liquidation

The real estate company Buy Owner has filed for liquidation. Also, Re/Max Partners is ceasing operations.

On a happy note, Coldwell Banker continues to dominate the Orlando market and is as strong as ever. We'll be here for you for years to come!

Are You in Danger of Losing Your Home to Foreclosure?

For the eighth month in a row banks are forclosing upon homes at an ever-increasing rate in order to clear the glut of bad loans from their books. Lenders repossessd 92,858 homes last month, a 9% increase from June and a 6% increase from July 2009.

Foreclosure warnings were sent to 325,229 homes in July, an increase of 4% over June, meaning 1 in every 397 homes received one. If that number includes you or someone you know, I can help!

Coldwell Banker sells 1 in 3 homes in 30 days and we sell more homes than any of our competitors. Additionally, we have a superb short sale program that is paid for by the bank at closing. I can make your short sale happens so that you do not lose your home to foreclosure. Help is here, all you need to do is contact me and I'll take care of the rest.

Mortgage Rates Hit Another New Low!

For the seventh time in eight weeks, mortage rates reached a new low of 4.44%, the lowest rate in decades! Now is an incredible time to buy a home.

Homes Sold in Orange County

In July 2010, 1514 homes were sold in Orange County. That was a drop from the previous four months: June-2031; May-1843; April-1785; March-1796; February-1258; January-1206.

Although there has been some discussion about whether the recovery has slowed, interest rates are at a historical low, clearing the way for an uptick in home sales. Are any of you interested in taking advantage of the unbelievably low interest rates? Combining the low interest rates with a home that is selling at a discount would be the deal of a lifetime!

Orange and Seminole Counties Statistics

Comparing July 2010 to July 2009, homes sold in Orange and Seminole Counties increased 30% but the average price per square foot (psf) was down 6% to $88.


Home Prices / % Change in Sold Homes / % Change in PSF


$0-$150,000 / +50% / +1% to $75

$150,001-$300,000 / + 4% / -6% to $89

$300,001-$500,000 / + 3% / No change at $123

$500,001-$800,000 / +58% / -3% to $160

$800,001-$1,250,000 / +29% / -6% to $200

$1,250,001+ / +71% / + 5% to $277

Colonialtown Homes Sold In July

The following homes were sold in Colonialtown in July 2010:

1326 Georgia Blvd. 2 bedrooms, 1 bathroom. Sold for $62,500 (original list price $105,000). Days on market: 217
1700 N. Bumby Ave. 2 bedrooms, 1 bathroom. Sold for $133,000 (original list price $147,500). Days on market: 50.
1001 N. Forest Ave. 3 bedrooms, 2 bathrooms. Sold for $170,000 (original list price $199,000). Days on market: 149.

Since this is a Colonialtown real estate blog, I've only included sold homes within Colonialtown. But if you are interested in finding out information on a home outside of Colonialtown, I can do that for you! E-mail me at regis.ahern@floridamoves.com and I will get you the information you want. I can also get your home sold or help you buy a home.

Coldwell Banker Dominates Orange and Seminole Counties

Over the last 12 months Coldwell Banker has been the #1 real estate company for closed sales in Orange and Seminole Counties with 4475 closed sales! Our nearest competitor had only 1787 closed sales. Even better, Coldwell Banker sells 1 in 3 listings within 30 days.

If you need to sell your house, the choice is clear. Our competitors are able to list your home for sale, but with Coldwell Banker, I am able to get it sold. Don't waste your time or money, call me today.

Considering a Short Sale?

Are you trying to sell your home as a short sale or are you considering making an offer on one? Coldwell Banker has a new short sale program that takes care of all of the details for you- calling the banks, dealing with the real estate agents. Even better, this $600 program is included in the closing costs that are paid by the bank! All of the extra help is free for you. You could navigate the very uncertain short sale world on your own, or you could call in the professionals for free. Interested? E-mail me at regis.ahern@floridamoves.com

Mortage Rates at New Average Low!

Calling all buyers! This past Thursday Freddie Mac reported an average mortgage rate of 4.54%, the lowest rate for a 30-year fixed loan since Freddie Mac began tracking rates in 1971. It is the fifth time in six weeks that Freddie Mac has reported hitting a new low. The last time rates were this low was in the 1950s when most mortgages lasted 20-25 years.

For buyers with secure jobs and excellent credit scores or those who are able to put more than 20% down, it is possible to get an even lower rate! And remember to shop around for the best rates- sometimes bigger banks have the best deals, while other times community banks and credit unions do. Coldwell Banker works with Sunbelt Lending, which has excellent rates right now.

Here's a tip on understanding mortgage rates: quoted rates do not usually include additional fees known as points. One point is equal to one percent of the loan amount.

Florida's Economy

According to a recent study by the University of Central Florida, Florida's economy is expected to grow 2.9% this year. However, real estate values will continue to remain depressed. What does that mean for any buyers out there? That there are still deals to be had, but buyers should take advantage of them now before prices begin to trend upward. With the economy improving, an increase is real estate prices is coming, though it will lag behind an economic recovery.

Although prices statewide are not expected to rise this year, there have been recent reports that homes in Baldwin Park have begun to appreciate. So if you are thinking of buying, there are some excellent deals that will likely begin to appreciate next year!

Housing Prices

The average asking price for homes for sale in Colonialtown in June 2010 was $284,000. The average price for homes that sold was $189,000! There was an average price per square foot of $122.

We are faring better in our neighborhood compared to Central and Southern Orlando (zip codes 32801-32809, 32812, 32827, 32839). For that larger area the average asking price in June 2010 was $287,000, the average sold price was $151,000 and the average price per square foot was $98.

Are any of you considering putting your house up for sale? If so, I can provide you with the necessary information to price it properly!

Blue Bird Bake Shop

We've got a sweet new neighbor! Blue Bird Bake Shop has opened at 3122 Corrinne Dr. Their grand opening is not until this Saturday, but they are having super secret soft openings this week. They've got some delicious cupcakes, brownies, cookies, scones and more. Happy snacking!

Homes for Sale, Pending, Sold

In Colonialtown (32803) in June 2010, there were 260 homes for sale, 46 homes pending and 24 homes sold. In June 2009, there were 247 homes for sale, 25 homes pending and 18 homes sold. As you can see, pending sales and homes sold increased slightly. But there is still a significant inventory of homes for sale. If no more homes were to enter the market, it would take 11 months for the current inventory to be sold off.

At Coldwell Banker, we sell 1 in 3 home in 30 days! If you are looking to sell quickly, I can make that happen for you. All of our listings are listed on over 350 Web sites and are viewed by over 12 million people everyday!

Pleased to Meet You!

Welcome to the Colonialtown Real Estate blog! I live in Colonialtown and I am a licensed Realtor with Coldwell Banker in Winter Park. I started this blog as a service to those who live here, those who want to live here and those who are curious about our neighborhood. Colonialtown is a fantastic place to call home!

This blog will focus on market statistics and analysis, new listings, price changes, sold listings, local businesses and relevant neighborhood information.

As a Realtor, I am able to help you sell or buy your home. If you want to make your home available for rent, I can make that happen as well. In fact, I can place your home for sale and for rent at the same time! Although my blog is centered on Colonialtown, I can help you sell or buy a home anywhere in Orlando, Winter Park or Maitland. And if you are moving farther away I can find you an experienced and trustworthy agent to help you. If you have tried to sell your home with another Realtor and it did not work, I would love the chance to present you with a new marketing plan to get your property sold. For those who are trying to sell their homes themselves, I'd like to show you a faster, more profitable way to sell your home.

If you have any real estate questions, please e-mail me! I am happy to get you the answers. My e-mail address is: regis.ahern@floridamoves.com.

Happy Hunting!

Regis