Coming soon- New Retirement Community to Central Florida
On January 5, 2022 the Polk County Planning Commission unanimously approved a binding site plan for 232 apartment units on 11.6 acres off Lake Hatchineha Road.
The project is located “on the north side of Bayberry Street, west of Marigold Avenue, east of Allegheny Road, north of Hatchineha Road, east of the city of Dundee.” The land is owned by Gordon Land LLC.
This proposal is part of the larger Poinciana Planned Unit Development — addressing the remaining portion of Neighborhood 3 within Village 7. The area was rezoned to multifamily in 2005 but was in need of a binding site plan. As a result, commissioners were evaluating the design of the proposed project, rather than the compatibility of the proposal’s high density.
The project is proposed as a 55+, retirement community, but Florida law prevents the county from enforcing age restrictions on development requests, according to county documents.
The planned buildings will be four stories and courtyard style. Access to the development will be via an extension of Allegheny Road.
The RE/MAX Heritage team is trying to obtain all details and we’ll be sharing shortly.
Ready to make a Move?
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
Mortgage Rates Are Rising … But That Doesn’t Mean It’s a Bad Time to Buy Homes
Will 2022 be the year you buy a house?
If you’re hoping to buy a house in 2022, you’re probably watching the market closely.
Interest rates are on the rise. And home prices have climbed at a record pace in 2021.
Does that mean it’s a bad time to buy a house?
Not according toJon Meyer, The Mortgage Reports loan expert and licensed MLO.
“While it’s always nice to get a better rate and have a smaller total monthly payment, if you can afford the home it’s never a bad time to buy,” Meyer says. Here’s why.
Is now a good time to buy? Key takeaways
As always, buying a home is subjective. It’s more about your personal finances than it is about the market.
Here are some key housing trends in 2022 to keep in mind:
With home prices still rising it makes sense to buy sooner rather than later if you can afford to do so
Home price gains should slow down in 2022, but not reverse. So it’s not worth waiting on lower home prices
Mortgage rates are climbing. But don’t let that put you off. Even if they reach 4%, that’s still less than half the historic average
Higher mortgage rates likely on the way
After watching interest rates tumble to all-time lows in 2020 and 2021, it’s tempting to play the waiting game and see if they can fall further.
However, theFreddie Mac monthly averagefor 30-year fixed rates has been on the upswing over the last quarter.
“My mentor used to always tell me, ‘The person who says they know where rates will be in the future knows less than the person who knows nothing,’” Meyer said.
“He didn’t mean we can’t gauge the market or have a decent idea where rates are trending. His underlying message was you can’t chase rates.”
Do rising mortgage rates mean it’s a bad time to buy a house?
The Federal Reserveannounced on Dec. 15that American consumers should expect a series of rate hikes throughout the year.
Givenwhat we know now, locking in a mortgage rate sooner will likely be better than later in 2022. Plus, the longer you own a home, themore equity you build.
“Even if rates jump up 1 percentage point from where they are today, they still wouldn’t be considered high interest rates historically.”
But that doesn’t mean prospective buyers should be put off by rising rates.
Historically speaking, today’s mortgage loans are still ultra-affordable. And they should stay that way throughout 2022.
“Even if rates jump up 1 percentage point from where they are today, they still wouldn’t be considered high interest rates historically. When my father bought his first house, he got a loan with an 11.5% interest rate,” Meyer added.
Home prices will keep making gains
With low mortgage rates and a squeezed inventory stoking buyer demand, housing appreciation hit never-seen-before heights in 2021.
The median U.S. sales price shot up 14.6% annually in the four-week period ending Dec. 26 and climbed to a new all-time high of $361,171, according to Redfin.
However, slowing price growth shouldn’t be misconceived as falling prices. All indicators point to rising housing values in 2022, just at a lesser pace.
“At least buyers have the benefit of low mortgage rates. But by next year, inflation may spread to more consumer goods,” said Redfin Chief Economist Daryl Fairweather.
“Even though our new year’s forecast includes more listings and slower home-price growth, buyers may feel so pinched by other expenses that they have to reduce their housing budgets.”
Is renting the answer?
Renting has its advantages, like not having to pay property taxes or homeowners insurance, especially if you’re not yet committed to where you want to live long-term.
But it’s similar to leasing a car, according to Meyer. “You pay every month to own nothing at the end of the day.”
With the supply of available for-sale listings so low and purchase prices continuing to climb, rent prices are also surging.
Now, the average renter faces even larger monthly costs and a higher rate of appreciation than homeowners.
Redfin found the average monthly rent grew to $1,985 in November, up 6.8% monthly and 20.5% annually. Comparatively, borrowers who put 5% down had a median payment of $1,551, which grew 1.1% from October and 19.9% from the year prior.
Rental market summary
November 2021
Month-over-month growth
Year-over-year growth
Average monthly rent
$1,985
6.8%
20.5%
Median monthly mortgage payment for home buyers w/ a 5% down payment
$1,551
1.1%
19.9%
Source: Redfin
With housing costs growing at such a rapid rate, inflation reached 6.8% in November and hit its highest level since 1982.
Many consumers were priced out of the for-sale marketplace and then turned to the rental market. That heightened demand and the anticipated elevated inflation rate will push up rent prices and could make it more financially challenging than buying.
“First inflation came for the for-sale housing market, and now it is coming for the rental market,” said Fairweather.
“Anyone who bought a home before this year can pat themselves on the back because their mortgage payments are fixed, meaning their biggest recurring expense is immune to inflation.”
Gambling on interest rates and home prices
Some buyers might be tempted to wait on lower interest rates — or slower home price growth — before they enter the market.
But if you as a home buyer wait for mortgage rates to drop to a certain range, you run the risk of:
Losing out on the house you wanted
Being priced out of listings you could’ve previously afforded
Waiting on lower rates that might never materialize
Meyer provides an in-depth hypothetical on how holding out for lower mortgage rates or property prices can potentially hurt you:
“When you wait for the right interest rate, you are gambling,” he says.
Home buying example
“Let’s assume you’re a borrower qualified up to a total monthly payment of $2,500.” If today’s interest rate is 3.25%, here’s how your home buying budget might look:
Home price: $500,000
Down payment: 20% ($100,000)
Monthly principal and interest payment: $1,740
Total monthly mortgage payment: $2,360
“You are qualified and can afford the home,” Meyer says, “but you decide you’re going to wait for rates to retreat back under 3%.”
“Now, six months have passed and rates are still at 3.25% and the original home you wanted is no longer available. An identical property in the same neighborhood is listed, but the market kept its pace and that home is listed at $530,000.”
Thanks to the higher price tag on that home, your monthly payments have risen and you’re almost maxing out your budget. Your down payment amount has risen, too.
Home price: $530,000
Down payment: 20% ($106,000)
Monthly principal and interest payment: $1,845
Total monthly mortgage payment: $2,497
And this is assuming you haven’t taken on any additional debt in the meantime, adds Meyer. “If you have an additional $1,000 balance on your credit card and can’t pay it off, you no longer qualify for the home.”
Risks of waiting to buy
“In terms of the price of the house, I have personally seen clients price themselves out of the market they were targeting just hoping housing prices were going to fall a bit and instead they continued to rise.”
“Then there is the other scenario that can happen,” he says. “Rates never go down and continue to rise.”
If mortgage rates go high enough, this could price you out of your qualified monthly payment and the home you want to buy.
For these reasons, Meyer cautions against chasing lower rates and/or lower home prices.
“It not only harms your wallet,” he says, “but more importantly, your ability to qualify for the house you want.
This underscores Meyer’s overarching point that now is always the right time to buy if you’re ready and can afford it.
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
We are now RE/MAX Heritage a Bardell Real Estate Company
Press Release
Long-Established Clermont based Bardell Real Estate Converts to RE/MAX Heritage – a Bardell Real Estate Company Clermont, FL, December 20, 2021—Bardell Real Estate Broker/Owner, Steve Silcock, is bringing the RE/MAX brand to Clermont, Florida. Operating under a new brand, RE/MAX Heritage – a Bardell Real Estate Company – the location will remain the same, located at 9110 US HWY 192 in Clermont.
Bardell Real Estate was established in 1989 and was the first real estate brokerage in the Four Corners area. Located five miles from Disney World the brokerage is well established in the retirement, investment and vacation home markets. While meeting the needs of its clients for the last 32 years, Silcock says the timing was right.
“The changing demographics over the last few years, and explosive area-growth, has created a tremendous opportunity in the local residential market and it’s time to strengthen our brand,” says Silcock. “RE/MAX provides the technology and brand recognition key to supporting our continued expansion in the residential markets while allowing the core values and reputation of the brokerage to be carried forward.”
The name RE/MAX Heritage also carries the brand’s reputation forward. Silcock says, “Our business has been built on the traditions of honesty, integrity and respect. This is an important part of who we are and what we believe in and will continue to be an integral part of our business going forward as we bring together the best of RE/MAX and Bardell Real Estate.” RE/MAX Heritage will continue to serve the Four Corners area of Polk, Lake, Orange and Osceola Counties and surrounding areas.
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About RE/MAX Heritage RE/MAX Heritage is affiliated with RE/MAX, LLC. RE/MAX was founded in 1973 in Denver, Colorado by Dave and Gail Liniger. It has grown to a global network of more than 120,000 Sales Associates in more than 100 countries. No one sells more real estate than RE/MAX.Read more
Media Contact Steve Silcock, Broker/Owner RE/MAX Heritage (p) 863-424-2309 (e) steve.silcock@remax.net
Ready to make a Move?
RE/MAX HERITAGE are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
According to the development company, which is based out of Hollywood, Florida, work is already underway to clear land for the first Crystal Lagoon, which will be located at 17509 Bali Blvd., about eight miles west of Walt Disney World’s Animal Kingdom. The parcel of land that the lagoon will sit is 57.6 acres, according to Adelon.
The Crystal Lagoon is only a part of this development plan.
“It’s going to be a big development,” said Jon McMillian, the corporate director of e-commerce and marketing for Adelon. “Now the plan is to have three hotels there, an entertainment district and a crystal lagoon.”
McMillian also said the plans include retail space and dining locations. The plan is to have this first lagoon open in 2023, but the company said talks are already underway to form partnerships for entertainment at the Crystal Lagoon location.
“We’ve already had a lot of interest in food and from Orlando’s big entertainment providers,” McMillian said. “We are not at liberty to disclose who, because we’re currently in negotiations, but there will be at least a regional, named entertainment on the premises.”
Developing such a large parcel of land could have some major environmental impacts. The company said there are plans to mitigate those impacts, however, details on that were not readily available.
“I can tell you that a certain parcel of the land is set aside for wetlands as part of the program, the development,” McMillian said. “So, maybe, even there’s a possibility to have protected wetlands or nature walks as part of the end in development. The vision is still being developed, but I know certainly that that is part of it, that there will be protected wetlands.”
While work is underway in Orange County, Adelon and Crystal Lagoons are also looking to build locations in Seminole, Osceola, Sumter and Lake Counties over the next 10 years, according to Iván Manzur, senior vice president of sales of Crystal Lagoons U.S. Corp.
While building near Disney may seem like an obvious choice, with its near-constant flow of tourists, Adelon believes the other locations will have plenty of customers as well.
“Florida has really seen an influx of people, especially from New York and California,” McMillian said. “Florida is just booming in terms of population and the economy is resilient here as well. So, we believe in the future of Florida, that’s why most of our investment dollars go to Florida.”
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
9 Tips for Buying and Selling Your Home at the Same Time
9 Tips for Buying and Selling Your Home at the Same Time
Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it’s dwindling.¹ You’re not alone either if you’re already feeling drained by the complex logistics of trying to sell and buy a new home all at once.
Searching for a new home can be exciting, but many homebuyers admit that it can also be stressful, especially if you live in an unpredictable market with plenty of competitors. Unfortunately, waiting out a competitive housing market isn’t always the best idea either since listings are expected to remain limited in the most coveted neighborhoods for some time.²
That doesn’t mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller’s market and make a smooth transition from your old home to a new one.
We can help you prepare for the road ahead and answer any questions you have about the real estate market. For example, here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.
“WHAT WILL I DO IF I SELL MY HOUSE BEFORE I CAN BUY A NEW ONE?”
This is an understandable concern for many sellers since the competitive real estate market makes it tough to plan ahead and predict when you’ll be able to move into your next home. But chances are, you will still have plenty of options if you do sell your home quickly. It may just take some creativity and compromise.
Here are some ideas to make sure you’re in the best possible position when you decide to list your home:
Tip #1: Flex your muscles as a seller.
In a competitive market, buyers may be willing to make significant concessions in order to get the home they want. In some cases, a buyer may agree to a rent-back clause that allows the seller to continue living in the home after closing for a set period of time and negotiated fee.
This can be a great option for sellers who need to tap into their home equity for a downpayment or who aren’t logistically ready to move into their next home. However, many lenders limit the duration of a rent-back to 60 days, and there are liability issues to consider before entering into an agreement. A contract and security deposit should be in place in case of any property damage or unexpected repairs that may be needed during the rent-back period.³
Tip #2: Open your mind to short-term housing options.
While it can be a hassle to move out of your old home before you’re ready to move into your new one, it’s a common scenario. If you’re lucky enough to have family or generous friends who offer to take you in, that may be ideal. If not, you’ll need to find temporary housing. Check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage.
You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighborhood better—and lead to a more informed decision about your upcoming purchase.
Tip #3: Embrace the idea of selling now and buying later.
Instead of stressing about timing your home sale and purchase perfectly, consider making a plan to focus on one at a time. Selling before you’re ready to buy your next home can offer a lot of advantages.
For one, you’ll have cash on hand from the sale of your current home. This will put you in a much better position when it comes to buying your next home. From budgeting to mortgage approval to submitting a competitive offer, cash is king. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty.
“WHAT IF I GET STUCK WITH TWO MORTGAGES AT THE SAME TIME?”
This is one of the most common concerns that we hear from buyers who are selling a home while shopping for a new one, and it’s realistic to expect at least some overlap in mortgages. To make sure you don’t get into a situation where you are carrying dual mortgages for longer than you can afford, examine your budget and calculate the maximum number of months you can afford to pay both.⁴
If you simply can’t afford to carry both mortgages at once, then selling before you buy may be your best option. (See Tip #3 above.) But if you have some flexibility in your budget, it is possible to manage both a home sale and purchase simultaneously. Here are some steps you can take to help streamline the process:
Tip #4: As you get ready to sell, simplify.
You can condense your sales timeline if you only focus on the home renovations and tasks that matter most for selling your home quickly. For example, clean and declutter all of your common areas, refresh your outdoor paint and curb appeal, and fix any outstanding maintenance issues as quickly as possible.
But don’t drain unnecessary time and money into pricey renovations and major home projects that could quickly bog you down for an unpredictable amount of time. We can advise you on the repairs and upgrades that are worth your time and investment.
Tip #5: Prep your paperwork.
You’ll also save valuable time by filing as much paperwork as possible early in the process. For example, if you know you’ll need a mortgage to buy your next home, get pre-approved right away so that you can shorten the amount of time it takes to process your loan.
Similarly, set your home sale up for a fast and smooth transition by pulling together any relevant documentation about your current home, including appliance warranties, renovation permits, and repair records. That way, you’re ready to provide quick answers to buyers’ questions should they arise.
Tip #6: Ask us about other contingencies that can be included in your contracts.
Part of our job as agents is to negotiate on your behalf and help you win favorable terms. For example, it’s possible to add a contingency to your purchase offer that lets you cancel the contract if you haven’t sold your previous home.
This tactic could backfire, though, if you’re competing with other buyers. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics.
“WHAT IF I MESS UP MY TIMING OR BURN OUT FROM ALL THE STRESS?”
When you’re in the pressure cooker of a home sale or have been shopping for a home for a while in a competitive market, it’s easy to get carried away by stress and emotions. To make sure you’re in the right headspace for your homebuying and selling journey, take the time to slow down, breathe and delegate as much as possible. In addition:
Tip #7: Relax and accept that compromise is inevitable
Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn’t look like your Plan A or even your Plan B or Plan C. Perfecting every detail with your home decor or timing your home sale perfectly isn’t necessary for a successful home sale and compromise will almost always be necessary. Luckily, if you’ve got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.
Tip #8: Don’t worry too much if your path is straying from convention
Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn’t going exactly like your neighbor’s, it doesn’t mean that you are doomed to fail.
It’s possible, for example, that seasonality trends may affect sales in your neighborhood. So a delayed sale in the summer or fall could affect your journey––but not necessarily. According to the National Association of Realtors, the housing market tends to be more competitive during the summer and less competitive during the winter.⁵ But it’s not a hard and fast rule, and every real estate transaction is different. That’s why it’s important to talk to a local agent about your specific situation.
Tip #9: Enlist help early.
Which leads us to our final tip: If possible, call us early in the process. We’ll not only provide you with key guidance on what you should do ahead of time to prepare your current home for sale, we’ll also help you narrow down your list of must-haves and wants for your next one. That way, you’ll be prepared to act quickly and confidently when it’s time to list your house or make an offer on a new one.
It’s our job to guide you and advocate on your behalf. So don’t be afraid to lean on us throughout the process. We’re here to ease your burden and make your move as seamless and stress-free as possible.
BOTTOMLINE: COLLABORATE WITH A REAL ESTATE PROFESSIONAL TO GET TAILORED ADVICE THAT WORKS FOR YOU
Buying and selling a home at the same time is challenging. But it doesn’t have to be a nightmare, and it can even be fun. The key is to educate yourself about the market and prepare yourself for multiple scenarios. One of the best and easiest ways to do so is to partner with a knowledgeable and trustworthy agent.
A good agent will not only help you evaluate your situation, we will also provide you with honest and individually tailored advice that addresses your unique needs and challenges. Depending on your circumstances, now may be a great time to sell your home and buy a new one. But a thorough assessment may instead show you that you’re better off pausing your search for a while longer.
Contact us for a free consultation so that we can help you review your options and decide the best way forward.
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
Investing in vacation rental properties is one of the best ways of making money and building wealth in real estate. Recentstatistics show that Airbnb hosts generated gross revenue of $14.2 billion in North America in 2019. Due to the Coronavirus-induced travel restrictions and stay-at-home orders, gross revenue dropped to $12.6 billion in 2020. However, with the release of the Covid-19 vaccines and the reopening of economies in 2021, the short-term rental industry is expected to rebound in a significant way.
Weigh the Pros and Cons
Even if you’ve made up your mind to buy a vacation home, it’s still a good idea to consider the positives and negatives. Some pros would definitely be:
It’s an investment.Like your primary home, a vacation home will hopefully and probablyincrease in value. Especially in popular areas near beaches or mountains, you may be able to sell your vacation home for substantially more than you bought it for.
You can earn money by renting it out.If you aren’t going to live in the vacation home throughout the year, you couldcreate a passive income streamby renting it out to other vacationers.
You’ll save on vacations.Depending where the vacation home is, maybe you’ll have to spend money on gas or airfare, but otherwise, you’ll already have a place to stay.
You can enjoy longer vacations.After a while, it’s hard to justify spending $100, $200 or $300 a night at a hotel, and so you cut your vacation short after a certain number of days or maybe a week or two. But this is your vacation home. In fact, if you work remotely, you may be able to work from your vacation home. You can decide the length of your vacation instead of how long you can afford to stay at a hotel.
It can boost your quality of life.It’s not all about money. A vacation home will allow you to a place to recharge and relax, and family members and friends could potentially join you.
But there are also some negatives:
It’s expensive.The cost of buying and maintaining a vacation home is steep. You’re going to be paying another mortgage, plus property taxes, insurance and utilities, just as you do with your primary residence.
The costs could mean you save less for other things.Consider the bigger picture: Will you have less to save for your kids’ college fund or your retirement?
You’ll have to maintain another home and keep it secure.How long will your vacation home be empty? With today’s technology, you can probably set up cameras and monitoring equipment to allay your concern. But pipes can freeze in the winter. A raccoon could chew a hole in your roof and move in.
You might want a change of scenery.In a few years when the novelty of your vacation home has worn off a bit, will you long to go on a vacation somewhere completely different? And will you feel that it’s impossible to take a vacation anywhere else, since you’ve put so much time and money into your vacation home?
We have helped thousands of clients buying Orlando vacation homes. Buying a vacation home in Orlando represents one of the most attractive investment opportunities in the world and clever investors taking advantage of vacation rental income to subsidize their investment. The combination of Orlando’s world famous theme parks and Florida’s year round sunshine has generated an insatiable demand for Florida holiday villas and vacation homes near Orlando. This has created a vacation rental market turning over millions of dollars every year.
Ready to make a Move?
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
