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ORLANDO/LAKE NONA, FL – December 12, 2017 – JUST LISTED IN LAKE NONA!

Tucked behind the gates of Nona Crest is this three-bedroom, two-bath, plus study, pool home situated on a cul-de-sac lot and conveniently located to Medical City, shopping, major highways, and the international airport.

The owner has made many upgrades to the property, such as adding a heated pool with rock waterfall and heated spa, and the oversized paver patio and pool decking along with the mature landscaping provides privacy for the backyard and pool area, creating the ultimate in outdoor living enjoyment! Entertaining is easy with the open concept kitchen and great room with fireplace and French doors to the covered lanai. Additional upgrades made within the past several years include Kempas wood flooring throughout the main living areas and bedrooms, granite counters in the kitchen and both baths, stainless steel appliances including range, microwave, dishwasher, and fridge in the kitchen, and updated fixtures in the baths. Not only will you find the upgrades gratifying, you will also enjoy the privacy of the split bedroom plan with a generously proportioned master suite and large bath offering a soaking tub, separate shower, and his-and-her vanities with vessel sinks. Don’t miss your chance to own this jewel in Lake Nona!

**Property Tax Amount inlcudes Narcoossee CDD Assessment and Orlando Stormwater Assessment. **

Click here to see more information on this property. Call Julie at 407-909-5900 to schedule a private tour or click here to email now and set up a showing.

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ORLANDO, FL – December 12, 2017 – COLLEGE PARK HOME HITS THE MARKET! Amazing, lakefront home in the highly desirable College Park neighborhood, just listed by Irhelma Pieterse of Stockworth Realty Group.

Welcome to Spring Lake Terrace, one of the most sought-after addresses in Orlando. With commanding views of the fairways and bunkers of Country Club of Orlando and nestled on the shores of Spring Lake, this home offers elegant living minutes from the hustle and bustle of Downtown Orlando, and to Winter Park shopping and dining. Renovated down to the studs in 2017, no detail was overlooked in remodeling this beautiful home. Every bell and whistle you can imagine was added to make this home a show stopper. The circular driveway welcomes you home to large double front doors. The wrought iron staircase is a perfect centerpiece and forms the heart of this home that is flooded with natural sunlight. The kitchen is a delight with a large center island and french doors leading out to the terrace and pool beyond. The main living area is downstairs featuring a private office, and informal living spaces, all with exquisite lake views. Wood and tile floors complement the designer details found everywhere. Upstairs you will find 4 large bedrooms, with en-suite bathrooms and walk-in closets. A four-car garage with a half bath ensures that you have plenty of room for all the “toys”. The large private lot leads out to your own covered dock where you can sit and relax at the end of a busy day.

Click here to see all photos: 1317 Spring Lake Drive, Orlando, FL 32804

Call Irhelma at 407-909-5900 to set up a private tour while this home is still available!

PropertyManagement

ORLANDO, FL – December 5, 2017 – Property management companies have efficient systems in place to effectively collect rent and maintain on-time payments, and help remove the stress from homeownership.  A good property management company will manage all aspects of the tenant-landlord relationship. There are many property management companies in Orlando. At Stockworth, we have a concierge approach to property management.

Zillow says, “Are you a hands-on landlord, or would you prefer to avoid weekend maintenance calls or monthly rental income and expense management? If you’d rather have someone else handle the details, hiring a property management company to manage your real estate investment might be the right choice for you. Yes, they’ll take a cut of your rental revenue, but they can also help streamline your business and free up your time.”

And at the end of the day, time is money.

Stockworth Management is pleased to offer concierge property management services. Our clients trust us to find and screen only the best tenants, supervise the proper caring and management for their homes and serve as their ongoing tenant liaison. In essence, you place your home in our hands and we will care for it like it is our own. And, when you are ready to sell, you will have access to our world-class team of agents. Mark Hayes, Stockworth’s President and Broker, has been selling, managing and renting properties since 1985. Under his leadership, Stockworth Realty has the experience, the team and the systems in place to care for your property the way you would. Now you can hand over all the stressful and time-consuming responsibilities that come with being a landlord. We will handle everything while your property generates income. Most importantly, you can be confident that your property is in good hands. We look forward to serving you.

Karen Thigpen leads Stockworth’s Property Management division with more than 20 years experience in sales, marketing and management. Known for her energetic, relatable and focused work-style, Karen is passionate about helping her clients monetize and protect their real estate investments. Her career has spanned multiple industries, from earning a Pink Cadillac as one of Mary Kay Cosmetics’ top producers to working on Wall Street for JP Morgan. A resident of Central Florida for more than 17 years, Karen is a graduate of the University of Michigan and lives in Winter Park with her husband and their four children.

For more information on this Orlando Property Management company, please visit: www.stockworthpropertymanagement.com.

Homes for Sale by Owner: 5 Reasons Why FSBO Sales Fail

ORLANDO, FL – November 27, 2017 – According to Realtor.com, “homes for sale by owner, or FSBO, transactions are commonly seen in seller’s markets or whenever homeowners want to maximize their profits by not having to pay commission.” Sellers believe they are saving money, when in fact, they are losing money.

 

Statistics show that selling your home with the assistance of a professional real estate agent will garner you a higher profit, enough to cover the commission, as well as put more money in your pocket. According to the National Association of Realtor®’s 2016 Profile of Home Buyers and Sellers, the average FSBO sales price was $185,000, while the average price for a home represented by an agent was $245,000. That’s a difference of $60,000 and, over 30% higher!  When you do the math, a real estate agent is only 6% and saves you time, money on marketing that you would spend on your own and negotiation skills.

There are many other reasons why someone should hire a real estate professional.

“If the seller does not use an agent and doesn’t know every law and required paperwork specific to their community, they open themselves up to lawsuits,” sourced from Realtor.com

Home-selling-tips-and-tricks

ORLANDO, FL – October 27, 2017 – Tips on getting your home ready to sell. If you are thinking of selling your home, here are some quick tips to keep in mind:

  • First impressions are important
  • De-clutter and remove personal items
  • Don’t over-upgrade
  • Always have your home “show ready”
  • Lighting & details matter

Maximize your digital presence – the home exterior is the first photo that potential buyers will see. You must be ready for people to pop in at a moment’s notice. Professional photography is key to grabbing their attention online, as well as a property video to fully maximize the digital presence of your home on the internet.

Inside your home, create inviting sitting areas and intimate spaces. Make sure the bed is made every day. $20 for fresh flowers makes a huge difference. Remove personal items/photos so people focus on your home, not your pictures. Themed bedrooms are not a good selling point. The kitchen comes first – they can make or break a sale.

And finally, pack before you list your home – decluttering is very important so that potential buyers can envision their own personal items in the home without any distraction. They can visually “move” themselves in!

Our expert real estate team would be happy to help you with any real estate advice on your Orlando home! Call us at 407-909-5900 and we can provide a free consultation on your home.

Sources: Today, HGTV, Forbes, Realtor.com

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ORLANDO, FL – October 26, 2017 – By hiring a Realtor, you get more money in your pocket. Do you know the stats? If you are thinking of buying or selling your home in Orlando, you should do the numbers first.

Hiring a Realtor to help represent you in the sale of your home is actually profitable so it is worth the money, time and effort. Typically, For-Sale-By-Owner homes sold for $185,000 compared to $240,000 for agent-assisted home sales. When you do the math, that brings you more money than you could be saving on agent commission. Plus, you save your time.

88% of buyers purchased their home through a real estate agent. At Stockworth, we have many exclusive relationships and corporate relocation companies we work with to bring buyer leads directly to your home.

In addition, real estate companies connect your home to many outlets for maximum exposure including: MLS, memberships, relationships (mortgage brokers, vendors, real estate attorneys, home inspectors and stagers) just to name a few.

With a Realtor, agreements are handled responsibly and allow time for inspections, contingencies, etc. Negotiations can get heated and cutthroat tactics are needed. Real estate agents are experts at this and do this daily for a living.

  1. Nationally, Realtors bring you between 10% to 30% more money
  2. Just 5% on a $400,000 house = $20,000
  3. 95% of all homes are with Realtors – It’s the market!
  4. You assume all liability on your own without a real estate agent 
  5. Too important of a transaction to have a part-time, inexperienced person handling this for you

Stockworth offers free valuations on your home to help you understand the real estate market in Orlando and the true value of your home. Call us today for a free home valuation: 407-909-5900

ORLANDO, FL – October 25, 2017 – Recognition rewards efforts to raise awareness of international real estate for REALTORS.

2017 Platinum Award logo

 

According to the Orlando Regional Realtor Association latest real estate news, the Global Real Estate Council of Orlando has been named a Platinum Council through the NAR Global Business Council Achievement program. This is the fifth consecutive year they have earned the platinum status. Platinum level is awarded to only a few among the 100 councils operating nationwide.

The achievement recognizes efforts by the Global Real Estate Council of Orlando to raise members’ awareness of international business in the Orlando housing market, and its commitment to helping members capture a share of global real estate opportunities.

To follow the latest news of global, national or local and Orlando real estate market news, follow the Orlando Regional Realtor Association website.

ORLANDO, FL – October 24, 2017 – The REALTORS® Confidence Index (RCI) survey[1]  gathers monthly information from REALTORS® about local real estate market conditions, characteristics of buyers and sellers, and issues affecting homeownership and real estate transactions.[2] This report presents key results about market transactions from September 2017. View and download the full report here.

Market Conditions and Expectations

• The REALTORS® Buyer Traffic Index registered at 61 (59 in September 2016).[3]

• The REALTORS® Seller Traffic Index registered at 45 (44 in September 2016).

• The REALTORS® Confidence Index—Six-Month Outlook Current Conditions registered at 65 for detached single-family, 55 for townhome, and 52 for condominium properties. An index above 50 indicates market conditions are expected to improve.

• Properties were typically on the market for 34 days (38 days in September 2016).

• Eighty-five percent of respondents reported that home prices remained constant or rose in September 2017 compared to levels one year ago (84 percent in September 2016).

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Characteristics of Buyers and Sellers

• First-time buyers accounted for 29 percent of sales (34 percent in September 2016).

• Vacation and investment buyers comprised 15 percent of sales (15 percent in September 2016).

• Sales of distressed properties (foreclosed or sold as a short sale) accounted for four percent of sales (four percent in September 2016).

• Cash sales made up 20 percent of sales (21 percent in September 2016).

• Twenty percent of sellers offered incentives such as paying for closing costs (eight percent), providing a warranty (eight percent), undertaking remodeling (two percent), and providing appliances (one percent).

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Issues Affecting Buyers and Sellers

• From July–September 2017, 73 percent of contracts settled on time (63 percent in September 2016).

• Among sales that closed in September 2017, 87 percent had contract contingencies. The most common contingencies pertained to home inspection (27 percent), obtaining financing (22 percent) and getting an acceptable appraisal (20 percent)[4].

• REALTORS® reported “low inventory” as the major issue affecting transactions in September 2017. REALTORS® also reported concerns regarding the hurricanes’ impact in Texas and Florida.

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About the RCI Survey

• The RCI Survey gathers information from REALTORS® about local market conditions based on their client interactions and the characteristics of their most recent sales for the month.

• The September 2017 survey was sent to 75,000 REALTORS® who were selected from NAR’s nearly 1.2 million members through simple random sampling and to 5,543 respondents in the previous three surveys who provided their email addresses.

• There were 2,370 respondents to the online survey which ran from October 2‒12, 2017. The survey’s overall margin of error at the 95 percent confidence level is two percent. The margins of error for subgroups and sample proportions of below or above 50 percent are larger.

• NAR weighs the responses by a factor that aligns the sample distribution of responses to the distribution of NAR membership.

The REALTORS® Confidence Index is provided by NAR solely for use as a reference. Resale of any part of this data is prohibited without NAR’s prior written consent. For questions on this report or to purchase the RCI series, please email: Data@realtors.org.

ORLANDO, FL – October 16, 2017 – Amid improving macroeconomic conditions, residential lending continued to increase in 2016, based on the recently released 2016 Home Mortgage Disclosure Act (HMDA) data. [1] [2] The number of first-lien loan originations for the purchase of one-to-four unit properties intended for owner occupancy rose to 3.46 million in 2016, a 10 percent increase from 3.12 million in 2015. Although residential lending has been growing at double-digit rates since 2012, loan originations in 2016 were only at three-fourths of the peak level of 4.83 million in 2005. Lending has not fully recovered due to the interplay of factors relating to the borrower’s capacity to obtain a mortgage, tighter lending standards, and the faster appreciation of housing prices relative to income growth amid a lack of housing supply. An increasing share of originations has gone to high-income earners.[3]

loan originations

By type of loan, conventional loans accounted for 61 percent, well below their 90 percent share in 2005-2006, when loan originations rose to a peak of 4.42 million. FHA-insured loans accounted for 25 percent, up from 5.5 percent in 2005, but the level is well below the 40 percent share in 2009-2010 when FHA increased lending as conventional lending collapsed. FHA’s share to loan originations has declined in part because of the increase in upfront and annual mortgage insurance premiums and the change in duration of payment of premiums to the full term of the loan for loans that have more than 90 percent loan-to-value ratios.[4] Meanwhile, VA-guaranteed and RHS/FSA-guaranteed loan originations have generally continued to increase since 2004, except in 2005-2007 when the number of loans decreased slightly. VA-guaranteed loans accounted for 10 percent of originations, while RHS/FSA accounted for three percent.

Low-to-Middle Income Borrowers Were More Likely Obtain FHA and FSA/RHS-Insured Loans, While High-Income Borrowers Were More Likely to Obtain Conventional and VA-Guaranteed Loans

Residential lending has not fully recovered to pre-crash levels due to the interplay of demand (borrower) and supply (lender) factors. On the borrower side, the fast pace of house prices relative to income growth may be one factor. As of July 2017, the median sales price of existing homes sold has increased by 68 percent since 2012 compared to 15 percent growth in median family income. On the lender side, tighter lending standards (loan-to-value, debt-to-income, credit scores) have also made obtaining a mortgage more difficult or costly, especially for low to middle-income households/earners. The chart below shows that shows that applicants whose gross annual incomes are “high” (relative to the U.S. median household income of $59,039 in 2016[5]) were likely to obtain a conventional loan: the median applicant income on approved conventional loans in 2016 was $90,783 and the median applicant income on approved VA-guaranteed loans was $74,863. Applicants with incomes that were in the range of the U.S. household median income were more likely to obtain an FHA-insured and FSA/RHS loans: the median applicant income on FHA-insured loans was $60,007 and the median applicant income on approved FSA/RHS loans was $47,211.

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Although applicants with lower incomes were more likely to obtain an FHA-insured loan, the median loan amount was also small, at $179,172. Conventional and VA-guaranteed originated loan amounts were typically larger, but borrowers typically had higher incomes and were more likely to put in larger downpayment, as suggested by the lower loan-to-income ratios on conventional loans.

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The share of loan originations going to “high” income applicants (applicant income is 80% to 120% of the median metropolitan area income where the census tract of the property is located) has been steadily rising. As of 2016, 46 percent of loan originations went to applicants whose incomes were above 120 percent of the metropolitan area median income, up from 35 percent in 2009.

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Amid rising home prices, jumbo loans —loans that exceed the loan limits that the government sponsored enterprises (Fannie Mae and Freddie Mac)— rose to nine percent of originations[6], higher than the 4.3 percent share in 2004.

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Not Meeting Debt to Income Limit is Major Reason for Denial

HMDA does not collect data on credit scores, loan-to-value, and debt-to-income on individual applicants, so an evaluation of why applicants with incomes higher than the household income were denied is difficult to assess. However, HMDA allows the lender to provide up to three reasons for the denial (in no order of preference). Based on the first reason listed (which may be deemed to be a random sample of the denial reasons), not meeting the debt-to-income (DTI) ratio was the major reason provided by lenders why applicants were denied (29 percent), followed by credit history (22 percent) and insufficient collateral or downpayment (15 percent). Not meeting the debt-to-income ratio was the major reason applications were denied across all loan types. (In this regard, Fannie Mae’s decision in July 2017 to increase its back-end DTI ratio limit from 45 percent to 50 percent is a positive move to ease the constraints for mortgage borrowers with 50 percent DTI whose risk profile is not significantly different from the risk profile of borrowers with 45 percent DTI.)

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Rising House Prices, Lack of Downpayment, and Weak Credit Profiles Made Homes Less Affordable

For middle-income borrowers, an FHA loan is the best option (i.e., the borrower is more likely to get approved), but the faster appreciation of home prices relative to income growth has increasingly made a home purchase less affordable. Since 2012, house prices have increased by 68 percent, while incomes have increased by 15 percent.

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Low downpayment conventional loans are available, but middle-income earners may be hard pressed to meet the downpayment on a bigger loan. Moreover, borrowers with less than sterling credit profiles and with little downpament bear additional costs associated with a higher mortgage rate that government-sponsored enterprises (Fannie Mae and Freddie Mac) charge to reflect the higher borrower risk (called loan level price adjustments, which reduce lender’s fees). [7] For example, Fannie Mae assess an LLPA of 1.5 percent of the loan ($1,500 on a $100,000 loan) on a loan it will purchase from a lender where the a borrower has a 680 FICO score and a loan with a 95 loan-to-value ratio (or 5 percent downpayment), The LLPA rises to 3.5 percent ($3,750) for borrowers with less than 620 FICO score. LLPAs increase the mortgage rate charged to borrowers because lenders make up for the reduction in fees arising from the LLPA by increasing the mortgage rate charged to the borrower.

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In summary, the latest 2016 Home Mortgage Disclosure Act data indicates that residential lending has been growing at double-digit rates since 2012. However, loan originations remain below 2005 levels for reasons related to the interplay of borrower’s income and credit profiles, tighter lending standards, and rising home prices due to inadequate supply. For these reasons, an increasing share of originations[8] has gone to high income earners.


[1] The author thanks Hua Zhong, Data Scientist, for writing the code that greatly facilitated the tabulation of the HMDA data.

[2] The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in 1975 and was implemented by the Federal Reserve Board’s Regulation C. On July 21, 2011, the rule-writing authority of Regulation C was transferred to the Consumer Financial Protection Bureau (CFPB). Regulation C requires lending institutions to report public loan data. Federally-insured banks, savings institutions, credit unions, and non-depository mortgage financial institutions that meet Regulation C requirements for asset size, presence in a metropolitan area, number of originations, and whose loans are intended for sale to the GSEs, are required to report their lending transactions. In 2016, there were 16.3 million HMDA records from 6,762 financial institutions. According to FDIC, there were 9,498 FDIC-insured and FIDC-supervised institutions as of June 2017. See https://www.ffiec.gov/hmda/https://www.ffiec.gov/hmda/pdf/2013guide.pdf, https://www.fdic.gov/bank/statistical/stats/

[3] First-lien, one-to-four family, owner occupied, home purchase originated

[4] The annual mortgage insurance premium increased from 0.55 percent of the loan amount to 1.35 percent of the loan amount from 2010 to 2013 and it was reduced to 0.85 percent for most borrowers in 2015 (loans less than or equal to $625,500 and greater than 95% LTV). The upfront mortgage insurance premium was increased from 1.75 percent, to 2.25 percent, then 1.0 percent in 2010 and then raised to 1.75 percent in 2012. Starting with cases in June 3, 2013, loans with more than 90% LTV are charged the annual MIP for the term of the loan. See https://www.fha.com/fha_requirements_mortgage_insurance

[5] U.S. Census Bureau, 2016 Annual Social and Economic Supplement of the Current Population Survey.

[6] Again, first-lien, one-to-four family, home purchase, owner occupied.

[7]LLPAs as not added directly to the mortgage rate. Rather, the LLPAs are deducted from the lender’s fees (e.g., fees for underwriting, appraisal, recording)) when they sell the loan to the GSEs. Lenders recover the reduction in fees by charging the borrower a higher mortgage rate.

SOURCE: NATIONAL ASSOCIATION OF REALTORS
Just Listed Home For Sale by Julie Bettosini, Top Real Estate Agent in Windermere

ORLANDO, FL – October 16, 2017 – JUST LISTED! Privately gated compound on Spring Lake, with 25 feet of water frontage. Offered at $1,549,000 listed by lakefront specialist, Julie Bettosini.

How you live is a form of art, and your home is an expression of you. This lakefront, privately gated compound is a creative articulation of open spaces yet total privacy, vivid colors complemented by tranquil gardens, and an abundance of space yet cozy and comfortable. Looking for enough room to store your toys, car collection or enjoy your hobbies while at home, and still be in the center of the city, without restrictions and limitations of an HOA? Look no further! This custom-built home was completely renovated and reconfigured in 2003 with commercial grade materials and features solid concrete construction, double membrane silicone roof, spray foam insulation, and back-up generator. Featuring a 10+ car garage with 14-foot doors and 45-foot deep, you will find plenty of room for an RV or Boat or car lift with existing guest quarters, recording studio, home office, or man cave that is pre-plumbed, wired, and framed to be finished to the new owner’s liking. Best of all, escape from the business and hectic world in the peaceful gardens that feature 100’s of plants and trees, all meticulously maintained and cared for, or take a walk down to the sparkling shores of Spring Lake with western exposure to enjoy a peaceful sunset paddleboard cruise. Call today to schedule your private tour of this one-of-a-kind property that won’t last long!

Click here to see more information on this property. Call Julie at 407-909-5900 to schedule a private tour.

 

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