Much anticipated numbers were reported for available homes for sale in Central Florida this month. After having seen the supply of homes trend downward the past few years from an all time high in 2007 of 26,000, Central Florida finally hit below 10,000 properties for sale.  Southwest Orange County real estate has benefited greatly by not only having less homes for sale but also a reduction in distressed properties as well.

Real estate is still about supply and demand, how many homes for sale compared to how many buyers that are ready, willing and able to purchase.  Let's start with the supply side and see how this greatly affects real estate markets.

Especially in sought after markets like Southwest Orange County that feature some of Central Florida's prime real estate like Dr Phillips, Windermere and Winter Garden, declining inventory levels create a real time incentive among buyers to purchase now before it's to late.  It dosen't take buyers long after missing out on offers submitted in these sought after markets to understand you don't have to be a desperate buyer but you do have to be an aggressive one. 

With only 27 bank owned single family homes for sale in Dr Phillips, Windermere and Winter Garden combined, it's no surprise buyers are purchasing these properties the fisrt few weeks on the market. Looking at the past 90 days in these communities there have been 53 bank owned homes sold at an astounding average purchaee price of 97 percent of list price.

And how about those ready, willing and able buyers?  For willing buyers, with five years of declining home prices buyers are seeing value.  Basic economics is gradual decreases in price until value returns and that's exactly what has happened.  Willing? you bet they are willing to purchase, if there is one absolut about real estate, it always changes. 

How about ready buyers?  Consumers move every 5 to 7 years and the past 5 years have been the slowest movement in recent history.  Consumers are ready but it brings us to the last equation, able buyers.

Make no mistake the worst of the worst is over, in first quarter of 2009 banks just were not lending.  Everyone was holding on to cash and it didn't matter what list price you had on a property, no one was buying.  Today banks have loosened their strings, don't get me wrong not to where we were in 2005 but headed toward a normal market and normal lending practices.  A stronger economy and getting unemployment numbers under 7 percent will only help get more "able" buyers into the market place which will drive inventory levels down even further.

If you are a ready, willing and able buyer don't let this opportunity in a life time pass you up.   Search the latest homes for sale in these sought after communities, updated daily!

• Dr Phillips Real Estate Orlando, Florida
• Windermere real estate and lake front homes
• Winter Garden real estate

Last week I talked about distressed Dr Phillips homes for sale and the great opportunities that are available.  Dr Phillips home values have bottomed, it's no secret but I will show you how to dominate your competition and be an expert finding great deals in this sought after market of Orlando, Florida.

This is all about the Dr Phillips community and how to find under valued homes for sale before they are gone. There are buyers purchasing these homes the first few days on the market, maybe you know someone that recently purchased.  The question is why isn’t it you? Why aren’t you finding these deals or why are you a day late dollar short calling on homes already under contract?  Why aren’t you purchasing one of these homes in a great nitch market of Orlando that was in high demand at the peak, and of course would be one of the first communities to rebound.
 
The short answer is, likely, because no one ever showed you how. That's not your fault you're not in the real estate business. There isn’t a “for Dummies” book on finding distressed Dr Phillips homes and investors that already have the answer are not in a position to let you in on the secret. It just isn’t going to happen.

What can happen, and WILL happen, is I will reveal to you the latest homes to come on the market but then how to make an offer through terms of a contract to make it possible.
  
There is never a charge for the education you are about to get, but if you fail to take advantage you may lose out on a perfect real estate market that we will not see again for years to come.

From short sales to bank owned Dr Phillips properties to motivated sellers that MUST sell, the time is now. It really is that simple and the choice is totally up to you.

Sign up today and I'm confident I can find you the perfect home at a great price while they are still available.  What I can't promise you is these deals will be around for long.  

I will teach you how to seperate fact from fiction and how best to get the third party short sale approval. How best to write an offer that banks will accept, going after price by writing attractivly looking offers using terms of a contract banks are looking for.

Register today and get started finding a Dr Phillips home at a great price, I have your back!

Dr Phillips real estate has a number of attractions buyers look for in a community but the main feature is its location.  With access to I-4 from Sand Lake Road and also Apopka-Vineland homeowners can be down town Orlando and all Disney has to offers within 10 minutes.  Especially sought after communities like Vizcaya located off the beaten track of Restaurant Row, residents are within walking distance to eateries, shopping and entertainment.

That brings us to a NEW Listing in guard gated Vizcaya.  This stunning Executive Home features all the upgrades buyers love. 

• Tile Roof
• Brick Paver Drive
• Pool
• 3 Car Garage
• Custom Built-ins
• Granite Countertops
• 2-Story Formal Living and Dining rooms
• First Floor Master Bedroom with Sitting area
• First Floor Office with Built-ins
• 16" Ceramic Title and Wood Floors
• Crown Molding
• Grand Columns
• Screened Brick Paver Patio and Pool

Community Features Fitness Center, Communtiy Pool, Park and Play Ground, Security, all lakefront to Sand Lake. 

Dr Phillips is known for their ever popular "Restaurant Row" and vast variety of cuisine so this past weekend I ventured outside my norm and tried something a little different. I dinned at Dr Phillips' Saffron Indian Cusisine located in the heart of Dr Phillips and in the up-tempo Dr. Phillips Plaza.

The atmosphere was very relaxing with lights dimmed and aimed towards stone walls and eye pleasing decor, which was great after a long week. 

For starters we had the Palak Bhajia, made with spinach leaves and a batter of chick peas which was delicious and priced very reasonable at $6.00. For dinner the Tandoori Shrimp was tender cubes of shrimp marinated in ginger and a light spicy sauce which I shared with a friend and her plate of Eggplant stuffed with roasted spices and coconut sauce. Both dishes were excellent and didn't add up to more than $35.00.

Over all the food was delicious served on time and hot by a friendly helpful waitstaff, best of all a three course meal could be had under $50.00, I will return.

It wasn't that long ago that Golf gated Stoneybrook West had an inventory of homes in the 90's.  Today Stoneybrook West in Winter Garden only has 16 homes for sale, two bank owned, four short sales and look at that, ten regular sellers. 

Real estate markets in Central Florida have been hitting the bottom this past 8 months in sought after communities like Dr Phillips, Windermere, Winter Park and Lake Mary.  These communities were highly sought out at the peak of the market so it should be of no surprise they are coming back first.

Winter Garden real estate and especially gated Stoneybrook West homes for sale are the second tier of markets hitting bottom and stabilizing.  This doesn't not mean we are going back to the hey days of 2005 but rather stopping the decline in home values and starting a journey of slow gradual increases in appreciation, back to a normal real estate market that Florida has not seen in years.

For buyers searching for great deals, guard gated community, Golf, swimming, club house, fitness and the newer Fullers Mall only minutes away, Stoneybrook West real estate should be on your tour of homes.  There is still time but don't wait to long!

Stoneybrook West Homes For Sale:

A few years ago the market was so hot homes were flying off the market.  Dr Phillips real estate was in hot demand.  Sellers could make improvements to increase the value of their home, but minor improvements didn't get the home sold. That was then, this is now!

Inventory of homes is declinning but still high and there are plenty of homes at every price range. Sellers are under more pressure to make their home stand out against their neighbors. That means new mulch in the front yard, clean and declutter from top to bottom. No purple room, no laundary on the floor, no cracked walls or floors. These are a few of the items sellers need to take care of before putting their home on the market. We all have been in a builder model home, get as close to that as possible.

A lot of sellers don't want to spend money to fix up their home just to turn around and sell it and I agree.  But there are so many other things that may cost a little time but well worth it. Spending under $500 to fix up your home isn't it worth it if yoiu could save one to two months of mortgage payments, by selling one or two months quicker or possibly net you $3000 to $8000 more at the closing table.

So what are some of the cost saving repairs you can do yourself? 

1. Doors that stick or squeek
2. Dirty Windows (take window screens out that obstruct beautiful views)
3. Open and inviting floor plans.  You may need to take out cluttered furniture to show larger rooms
4. Closets neat and orginaized, show prospective buyers they will have plenty of room.
5. Depersonalize, we don't know what taste a buyer will have so stay neutral.
6. Paint, cheap and quickest way to spruce up a home
7. Flooring, no don't change it just clean it.  Clean grout, carpeting and shine hardwood, show those nice flooring by picking up rugs.  now is the time to get your money for those beautiful floors not hid them.
8. Laundry rooms should be clean, no dirty close just a coulpe of fresh folded towels on the dryer.
9. Bathroom counter tops free from clutter, grout in tub and fresh towels
10. Clean sparkling kitchen
11. Outside curb appeal, sod dry patches, fresh multch (buy large chips) plant a few fresh flowers at the entrance.
12. Sparkling clean pool and deck, power wash walk, drive way and home where needed.

CLEAN, CLEAN, CLEAN!

Today's market is very competitive, so know your competition and stay a step a head. Look at your home from a buyers perspective and get your home "Show Ready" it will make all the difference in the world.  We live one way and sell another, make that first impression your home's best!

Looking back the first quarter of 2009 was probably the best time to land a Dr Phillips home at a great deal.  In 2009 it didn't matter what price you had on a home, there were only a handful of buyers that could purchase and banks were very tight lending money.

Today more and more buyers are entering the market but with fewer homes to choose from.  Central Florida inventory of homes for sale are at their lowest in years, 10,000 and 33% lower then the same time May 2010.

So how does a buyer purchase a bank owned property at a great deal with the increase in competition for Dr Phillips homes and the decrease in homes available?  By following these 5 steps you will find yourself a proud owner of Dr Phillips home and also a great investment for the future. 

1.   Stop calling every number on a for sale sign- Seriously, get a professional to help you find homes the first day they come on the market instead of looking through stale old listings, there's a reason they are still on the market.  Just this past 30 days Median priced homes were on the market 18 days before going under contract.  Find a local Realtor with experience in bank owned properties and talk to them about what you are looking for and how you will be using the property.  There are different types of homes for different investments.  Call and interview a few Realtors but work with ONE, the time spent working one on one with a professional99+ will benefit you by having a trusted adviser that has spent the time getting on the same page as you and your needs.  Much better then working with a number of Realtors filling your in-box full of homes hoping you pick one, any one. 

2.  Banks are smart about listing homes - Many banks use the list price as a marketing tool to generate interest in their properties and sell them at or even higher then the offered price, remember list price is not value.  in today's real estate market the best strategy is to list a home at or very close to value and let the market and 10,000 Realtors and the exposure of the MLS to get the highest and best offer.  Banks will wait 30 to 45 days and if there are no attractive offers reduce the price 3 to 5% and wait.  What they will not do is accept low ball offers that do not reflect today's market values.  Your Realtor should be doing a home evaluation based on comparable sales the past 90 days to give you a very good idea of where the value.

3.  Make an attractive offer - With so many buyers looking to purchase these distressed Dr Phillips homes don't over look some of these smallest details can be the difference in the bank accepting your offer over another buyer. 

• Write offer on "As Is" with right to inspect.
• Inspection period no more then 5 days
• Closing date 30 to 45 days (less is best)
• If purchasing as a Corporation or LLC include Articles of incorporation
• If the value is right at list price adding another $100 can be the difference
• Cash offers include proof of funds in US dollars dated no more then 30 days old
• Contingent on financing include preapproval dated no more then 30 days
• If the property is hot and you feel comfortable you can also state a non refundable escrow

4.  Read the Bank addendum carefully- After an accepted offer banks will have addendums for a buyer to sign.  Read them over carefully, you can expect as a buyer to pay for utilities to be turned on for all inspections and or pay state documentation stamps or re keying.  Know all your cost before signing.

5  Hope for the Best and prepare for the Worst - Remember most bank owned properties are sold "as is".  Many home owners leading up to the foreclosure have neglected maintenance and don't be surprised if you see stripped appliances.  Include all of the cost to bring the home up to date and add this onto the market value of the home, not the list price to deterime if it's a good deal.  Expect some delays.  Many banks in this market have departments that work exclusively with REO's (Real Estate Owned) homes and are sometimes back-upped for days or weeks. 

Bank owned properties are not for everyone but if you are looking for a great deal they can be some of the best valued propertis availabe. 

Dr Phillips Lakefront Home in sought after Sand Lake Point is awaiting final touches to be made before its coming out party March 28th.  You will be hard pressed to find a private backyard in Dr Phillips with these gorgeous views of Big Sand Lake from your screened enclosed Patio and Pool.  The builder also made sure the homeowner could enjoy the spectacular lake views from inside as well.  The views from the open family room featuring a wall to ceiling brick fire place and bedrooms are a sight to see.

Formal Dining and Living rooms, Four large size rooms, and a kitchen layout great for entertaining guest.  The Side entrance Driveway helps show the front curb appeal of this single story home in one of Dr Phillips most established neighborhoods, Sand Lake Point. 

Freshly painted with new carpeting this home is ready to hit the market but you don't have to wait for details, Call TeamConnect Realty at 407-516-1000 to set up a private showing. Don't let this Dr Phillips Lake Front home slip by!

What a game, Super Bowl XLV between the Greenbay Packers and Pittsburg Steelers had 111 million viewers setting a new record for the most watched program ever.  But what does this have to do with home buyers?  Every year days following a Super Bowl buyers start shopping for homes, and this year is no different.

After four and a half years of declining prices buyers see green and gold in sought after Orlando, Florida homes.  Dr Phillips real estate is one of these communities showing value and seeing buyers dive into like going after a Rashard Mendenhall fumble in a really important game. 

So have some of Orlando's most sought after real estate finally seeing the bottom?  You can bet on this one.  It wasn't to long ago, 2008 through 2009 that a buyer could find homes in gated Phillips landing in the mid 300's, today they are selling in the mid 400's.  Don't get me wrong I'm not saying homes have gone up that much but what this means as a listing agent in Dr Phillips I don't have to list a home in the 300's to sell.  Basic supply and demand and the demand is definitely picking up.

For those buyers that are wondering if the time is right I can only say have a good Realtor at your side and go after those great deals like it's the last game of the season.

The first thing in finding a great deal in Dr Phillips is being able to determine what a bargain looks like in a sought after community like Dr Phillips in today's real estate market,  A bargain in Dr Phillips is different then a bargain in Kissimmee and even Winter Garden a little closer.  Some consumers are surprised when making offers on distressed properties that they are in multiple offer situations, or if lucky enough to be the only offer finding out it's rejected! 

Navigating through the Dr Phillips real estate market buyers find themselves overwhelmed treading through all the active listings trying to figure out home prices and what banks will accept on shorts sales and bank-owned properties.  What you shouldn't do as a buyer is have tunnel vision on the list price and start negotiation off of it.  Being so focused on ths list price you might find yourself overpaying in a strong buyers market.

Bank owned properties are very attractive and many times go over list price, especially within the first 30 days on the market.  This chart above are the 111 distressed properties that sold from August 1st to October 10th 2010 just in Dr Phillips.  Looking at this you would think the list price to sold price is pretty close and you would be correct but you would also have to take into consideration how many times they reduced the list price.  That's why the distressed properties that first come on the market are the properties that you should concentrate on the most.  Believe me there are buyers and Realtors that look at bank owned and short sales when they are first listed to see if the home compared to the list price is attractive. 

This can be very frustrating to many buyers that don't have the time to keep an eye on new listings, which you should be doing daily if you are a serious buyer, your competition and even more difficult for buyers is keeping up with home values. 

Buyers should make sure their Realtor is doing a Market Analysis of every home they are thinking of making an offer on.  This will show you the trends and price range a home should sell at in TODAY'S real estate market and let you know if you are getting a good deal or over paying.  I see homes that sold even in today's market that I feel the buyer over paid for.  I get sales associates that tell me, well it's not 2005, no it's not, but you can still find value taking into consideration past history (last 90 days) and market conditions (which just changed again going from Summer into October) and of course taking into account the real estate market as a whole and the leverage buyers have today.  

I showed a home recently and looking at the history of the property they stared listing it at 1.4 million dropped to 1.3 within 30 days then to 1.2, then one million and showed it in the 800's.  So what number should we look at?  None of them! 

That last price in the 800's could be a short sale where the seller is just looking for an offer to submit to the bank, anything to get the process rolling.  This is why many short sale offers are the second or third offers that are finally accepted.  The first offer many times is giving the seller something so that they can start the process submitting the documents and working with their bank for approval.

The first step in finding a home in Dr Phillips at a great price is having distressed properties at your finger tips when they first come on the market.  Who wants to be digging through old listings, there's a reason they're still on the market.  Search Dr Phillips Distressed Properties which include bank-owned and short sales.  This link is updated through out the day so save this as a favorite, it's a live link.

The second most important part of getting the best deal is being able to have a Market Analysis done on ANY property that you are thinking of making an offer on  Remember don't start negotiations off the list price, that's what the seller wants you to do.  The list price could be a very attractive "short sale" property where you are the proud owner of a contract on a home that was listed unrealistically low, or it could be way over priced in today's market.

All cash offers are attractive but understand at the end of the day the seller gets cash, even if it's mortgaged.  The value for a cash offer for a seller is being able to waive the mortgage contingency.  Is there a dollar amount for this sure there is, but in sought after communities like Dr Phillips don't expect this to be 20 to 30 percent off the value of the home.  A rule of thumb would be 1% to 1.5% of the purchase price.  There is a range because people look at it different ways.  A cash offer could be in a multiple offer situation with an offer that has a financing contingency with a strong pre approval.