Orlando Real Estate
Such a diversifying economy has generated excellent employment opportunities leading to an explosive growth that has ultimately resulted in skyrocketing real estate prices. According to figures released by the Orlando Regional Realtor Association, housing prices in Greater Orlando shot up 34% in one year, from an average of $182,000 in August 2004 to $245,000 in August 2005. The city of Orlando is divided into 115 neighborhoods some of which are Azalea Park, Belle Isle, College Park, Downtown Orlando, Lake Fairview, Metro North, Richmond Heights, Spring Lake, Ventura and West Colonial. Orlando residential neighborhoods will offer you several housing options including single family homes, town homes, and condominiums. The real estate market there is booming at present with fierce competition going on for a share of the pie.
Step by step
You should proceed step by step while purchasing real estate in Orlando. Remember, it is going to be a very important decision in your life. If you falter on your way, all your dreams might be shattered.
To begin with, decide how much money you can afford to spend for purchasing your new home. The amount will depend on your monthly payments and also how much you will have to part with as down payment. Once you have arrived at a well thought out and final decision on that score, it will be easier for you to shift your attention to the remaining aspects of home-buying.
Your next step consists of choosing a lender. You will come across several lenders in Orlando who, in return for an “up-front” charge, will send out all required verification and pre-approve you for a mortgage. After you get the pre-approval, you will be in a position to negotiate with the seller as a cash purchaser. It needs no mention that any seller will always prefer a buyer who has his/her money in place. If you are not pre-approved, you run the risk of finding homes and condos that you think will suit you, but are way beyond your affordable price range.
Having chosen a lender, you now need to choose the location you want to live in. It is wise to choose a neighborhood which is not only affordable, but which also assures you of a better return if you decide to sell the house in future. Once the selection of location is final, you can then focus your attention on other things like number and sizes of bedrooms and bathrooms, availability of garage or swimming pool etc.
Price negotiation
Next follows the negotiation of price with the seller. Before starting the negotiation process, you should have a clear idea about what should be an acceptable price for the property you are willing to buy. Collect information about the selling prices of similar homes in the same neighborhood during the last one year or so. Ascertain whether your investment will pay dividends in the long run. Plan your strategy accordingly if you want to purchase one particular house only and are not interested in any other property. As both you and the seller should be keen on signing a deal, it is always better to offer an amount that won’t seriously hurt either of you. It won’t exactly make sense to lose your dream home for a thousand of dollars or so. And if you generously offer the seller more than what he sought as earnest deposit, your gesture might impress him and he might reduce the price of the house as a reciprocal gesture.
Inspection
After the deal is inked, you should see to it that all the major systems in the house are thoroughly checked. It is always better to seek the help of an experienced real estate inspector for this purpose, as it is difficult for a normal buyer to detect the defects, if there are any. Following normal practice, the lender will also send an appraiser to check if you are paying more than what should be a fair market price for your home.
Why a Realtor?
In order to reduce what they consider to be additional expenditure, buyers sometimes tend to avoid using the services of a Realtor. They may even be under the impression that they are smart enough to negotiate a better deal directly with the seller or seller’s agent. On most occasions, however, this can turn out to be a costly misjudgment. On the contrary, if you seek the help of a real estate agent, your purchase will run much more smoothly. Real estate agents possess thorough knowledge of homes and condos in Orlando; they can find a suitable neighborhood and property for you; they are experienced in price negotiation and closing details; and they are skilled in real estate closing procedures. An initial investment on hiring a real estate agent can in the long run save you a lot of money, time and trouble. An experienced real estate agent can certainly make your journey to your new Orlando home a much more relaxed and enjoyable one.
How to choose a Realtor
You should be careful while appointing a Realtor. It works well if you can trust the real estate professional and can communicate with him/her freely. Mutual respect for each other can benefit both of you. In order to gauge an agent’s skills and level of knowledge, you may inquire about his/her experience, area of specialization, client references etc. In the final stages, you need to transfer medical records, register for schools, etc. Now is the time to sign the final loan documents and take in a cashier’s check to pay the rest of the down payment and closing costs. You become the proud owner of the keys to your new home in Orlando as soon as the title is transferred from the seller’s name to yours.
Some useful sites
www.orlandorealestate.com
orlando.americanhomeguides.com
www.realtor.com
www.risa.net
www.orlandohomemarketplace.com
www.buyerbrokerorlando.com
www.homegain.com
orlando.newhomes.com
