Video Blogs to help you get "Real Estate Smart"

Here at The Miller Realty Group, we like to provide current and future homeowners the information they need to help them make the right decisions when they are buying, selling or investing in real estate. This is why we continue to share our expertise via Video Blogs on our website for everyone to see. We firmly believe that in the real estate market that "Knowledge is Power!"  Let our expertise empower you with your real estate needs.

Always feel free to Contact Us if you need our help!

June 1, 2018

OfferPad: Digging through their numbers!

In this follow-up discussion to our previous video about Offerpad, we further analyzed the specific numbers that Offerpad provided for our example house within the Orlando real estate market. We compared these numbers -- the ones that a home seller would get from Offerpad -- with the numbers that a seller would get with a traditional REALTOR in Metro Orlando.  To make sure that everything was even we did the analysis on David's own personal house which recently had an appraisal done on it.

The first and most glaring difference we notice in the numbers is the offer price. From Offerpad, they came in with an offer price of $437,000; in comparison, the appraiser provided a number of $475,000, which is over $30,000 higher. The commission was the same, yet Offerpad charged an additional "experience fee" which was 2.5% of the purchase price.

Furthermore, the average repairs must be factored in for both methods of selling your house. In a strong sellers' market in Orlando, when you are working with a good real estate agent, you would be able to negotiate any inspection repairs to zero. But according to reviews online, Offerpad typically comes back with a much higher number in which they are either asking the seller to make the repairs or for them to provide a credit. So while this number varies for each home, you can be certain that with a good Orlando REALTOR, your repair cost will in most cases be lower compared to Offerpad.

Offerpad does pay for title fees up to $2,000, and they also provide moving cost up to $ 2,500. Yet their quote can be confusing for clients; they instill the F.U.D. factor (fear, uncertainty, and doubt) to make their numbers look comparable to what you would get with an Orlando REALTOR.

The estimated days of home ownership between the two is extremely high compared to the actual numbers. On average, Offerpad states it takes 30 days for them to close on your house. But when going with a real estate agent, they state it takes 90 days until you go under contract and an additional 50 days until you close. The truth of the matter is that in the Orlando real estate market, the average amount of time until you go under contract is only 55-60 days and at The Miller Realty Group our average so far for 2018, with over 18 homes sold throughout the Orlando area, is 30 days. The average days to close with an Orlando REALTOR is an additional 30 days, which totals to 60 days to sell your house.  So this is much lower than the 140 days which they are stating it takes on average to close with a traditional real estate agent.

So if you add it all up, if you were to sell your house to Offerpad, it would cost you and additional $44,000! So you have to ask yourself, the $ 44,000 it's going to cost you. I would venture to say...probably not! 

When it comes down to it, when you use Offerpad, that convenience is costing you probably more money then you would be willing to pay. If you think about it, when you listen to their ads on the Orlando radio and TV, they aren't telling you that you are going to save you money.  They are selling their convenience!  No matter what, before you decide to do anything, always make sure that you speak to an Orlando REALTOR.  This will allow you to compare the two options so you can see which one works best for you. -- we would be happy to assist you!

As always, we are here to help you! Please feel free to Contact Us.

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
March 19, 2018

New Jumbo Loan Program with Premier Home Funding

In Orlando real estate, Premier Home Funding, one of our preferred vendors, has rolled out a new Jumbo Loan program. Jumbo loans are typically for buyers in the $500,000 - $600,000 range. In the past, if a buyer needed a jumbo loan to buy a home, the interest rate was a bit higher then that of someone getting a loan in the $250,000 - $300,000 range. This new loan program will allow potential buyers within the Orlando real estate market to borrow up to $679,000 and still qualify for a good interest rate. Getting a lower interest rate will prevent homeowners from paying private mortgage insurance (PMI), allow them to put more cash down, and possibly get more house for their money. With this new and improved programs, Orlando realtors, buyers, and vendors can work together to successfully buy or sell your house!

If you have any questions about the Jumbo Loans or buying and selling a home, please feel free to Contact Us

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Buyer Video Blogs
March 5, 2018

What is Opendoor?

There is a new real estate venture coming to the Orlando region called Opendoor. Much like Zillow's Instant Offer and OfferPad, this service facilitates the ease of moving and choosing a home, both for realtors and buyers. This real estate service is a bit like the others out there: the potential seller enters the home information on the site, and within 24 hours, the seller will get a cash offer on the property. The benefits of using Opendoor are: 1) the seller does not have to list their home and get it ready to sell, 2) there will not be potential buyers coming through the home, and 3) the seller can choose a closing date between 14 and 60 days.  

When the offer is provided, Opendoor will come back with the cash offer and a list of their fees. In David's test of Opendoor, the offer that was given did come in a market value, unlike the offer David was given by Offerpad. Since Opendoor does not claim to save the seller money, the list of fees will show right away, making the transaction as transparent as possible. One of the fees listed on the offer is the customer experience and risk-free fee. This is a fee that can range from 6%-8% of the buyer's purchase price. Another fee they give is 2% seller concession, which they say is about average in a typical Orlando real estate transaction. To compare, the traditional commission the seller pays to the real estate agents is 6%, and any real estate agent knowledgeable on the Orlando market can negotiate the seller concession. 

Opendoor states that by using their service, there will not be a mortgage overlap when selling and then buying a property. This means that if the seller cannot sell their home and they buy another, they will have two mortgages. Often times, people get nervous about the chance they will either have to pay two mortgages or they could be homeless if their home sells quickly and they cannot find another one. By working with an experienced real estate agent the seller can avoid these situations. For example, The Miller Realty Group has helped over 40 Orlando clients in the past two years that are buying and selling homes at the same time, and mortgage overlap has not happened in a single case. 

Additionally, Opendoor only provides one offer. An experienced real estate agent can provide the proper exposure for the property and create urgency to increase the chances of receiving multiple offers on the Orlando property. The seller then has the leverage to choose the offer that will be the best option for them. Moreover, while Opendoor has the option of inspections, which are critical tools for selling or buying a house in the real estate market, any experienced real estate agent could provide these too, saving their clients thousands of dollars.

While Opendoor, Offerpad, and Zillow's Instant offer all sound hassle-free in the commercials, they do have their downsides. For an Orlando seller looking for a convenient way to sell their property, this may be the way to go. However, by going the "quick and easy" route and not choosing to use an experienced real estate agent, the seller will most likely not net the money they could have if they had used an Orlando real estate agent to sell their home.

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
Feb. 19, 2018

The Relationship Between Buyers and Sellers Regarding Inspection Reports

In the Orlando real estate market, if a seller has an inspection report, are they required to give the report to the buyer?  The quick answer is no, they are not required to give the inspection report to the buyer. A seller can decide to do an inspection beforehand, and they are not required to give the report to the homebuyer. However, if there are items on the inspection report that are not visible to the buyer and those items affect the value of the property, then the seller is required to disclose those items.

For example, if you were selling your home and you found that there was a leak in the roof or there was termite damage, those items would need to be disclosed to the homebuyer. The Florida State Law reads: "Seller must disclose all facts which materially affect the value of the property that are not readily observable and not known to the buyer." Anything the buyer cannot see and affects the value of the property needs to be disclosed, but the seller does not have to provide a copy of the report. A buyer may ask for a copy of an inspection report if a buyer knows one has already been done. The seller may or may not provide it, but it does not hurt to ask.

Whether you're selling your home or buying a home in the Orlando market, it's always good to know the logistics of an inspection report!

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Jan. 28, 2018

2017 Florida Real Estate Statistics

Every year in November, the National Association of Realtors surveys buyers and sellers about their real estate experiences. These stats are compiled and then passed out to the states. Here are some stats about Florida buyers and sellers that David and Anne-Marie Miller thought were important and relevant to anyone pursuing real estate ventures.

First, in Florida, 22% of all buyers are first-time homebuyers, compared to 34% nationally. When you consider the average age of a Florida homebuyer to be 54, with a median income of $82,000, that makes sense. Florida is known for having a high population of retirees, so many people that move to Florida to retire have already owned homes in the past. They are now looking to downsize and enjoy their retirement in some of the amazing areas that Florida has to offer.

Another interesting statistic about Florida homebuyers is that 15% of buyers purchase a multi-generational home -- which means a home with an in-law suite that senior parents can move into with their adult children. Along the same lines, 21% of homebuyers bought senior-related homes, which are homes within senior communities. Florida has a lot of great living areas all around the state that are geared for senior living, making this option very appealing for retirees. 

Additionally, buyers and sellers were surveyed about whether or not they used a realtor when selling or buying a home. Surprisingly, only 83% of homebuyers used a realtor to purchase their home. This number seems a bit low considering the fact that using a realtor when buying a home is a seller charge and does not cost the buyer anything. For this reason, it is recommended that a buyer consult a buyer specialist when purchasing a home to make sure they are getting the most for their money, especially in the Orlando real estate market.

On the other hand, 90% of homeowners selling their house used a realtor. This is not surprising since statistics show that when a seller uses a realtor to sell their home, they typically net more money then if they were to sell their home on their own. 

Hopefully, this information has made you a more informed homeowner, whether you're seeking to buy or sell your home!

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Jan. 24, 2018

Top 3 Reasons to Use a Buyer Specialist in a Seller's Market

At this time in Orlando real estate, Central Florida is in a "Seller's Market."  A seller's market is when the area's home inventory is low, and there are not as many options for the buyers that are in the market to buy a home. This is especially prevalent at the start of school years as families are trying to move in before the year starts. It is a lot more difficult to find a nice home for a good price in this market, so now more then ever, it is important to use a buyer specialist when purchasing a home.

Here are the top 3 reasons to use a buyer specialist:

1) A buyer specialist only works with buyers. Agents who work with listings and with buyers end up spending a lot of their time focusing on the listing activities, such as entering the listing on all of the websites, scheduling photos and printing the marketing material. That does not leave much time to research homes that match their buyer's needs, which can interfere with your chances of buying a home.

2) A buyer specialist dedicates all of their time to their buyers. They are able to concentrate solely on finding their buyer a great home at a great price. Buyer specialists use their time to preview properties and go to broker opens. This allows them to get to know the market and become local market experts. This helps each buyer get the best bang for their buck in the shortest amount of time!

3) Buyer specialists have the time to become market experts. Once the buyer specialist learns the wants and needs of their buyer, they are able to quickly showcase a plethora of homes that fulfill the buyer's criteria in the central Florida area. The buyer's time is not wasted searching and looking at properties that are not right for them.

BONUS: Buyers specialists also use their time to develop relationships with other agents and are able to develop a good rapport with them. This is helpful to learn about listings before they even hit the Orlando market. That is very important in a seller's market because once a property hits the MLS, it is now available all of the 14,000 agents out there. Another way a buyer specialist can learn about properties before it hits the market is by being part of a team. A buyer specialist that is on a team where they have a lot of listings will learn about upcoming listings before anyone else. That ensures you the best chance to get the house of your dreams in the shortest amount of time -- before anyone else can take that chance from you!

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

 

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Buyer Video Blogs
Jan. 11, 2018

Real Estate Myth #2: I Can Net More Money on my House if I DON'T Use a Realtor

 

For some Orlando sellers, they might believe that they will save money by selling their home on their own because they can forgo the realtor's commission. Typically, that is not the case. Statistics just came out that say sellers who do not use a real estate agent typically sell their home for 10% less than what it would have sold for if they would have used a real estate agent.

One of the main benefits of using a real estate agent to sell your home is all of the exposure that a real estate agent can give to your Orlando property. By exposing a property to 100% of the buyers, a demand will be created, and the home will have a better chance to sell at top dollar. It is always best for a seller to first talk to a real estate agent. The real estate agent will provide information on their property and advise them on why using a real estate agent will allow them to net the most money for their home.

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

 

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
Jan. 11, 2018

Real Estate Myth #1: You Should Get Your House Ready to Sell BEFORE Speaking with a Realtor

One of the biggest myths in Orlando real estate is that the seller should do work on their property before meeting with a realtor. While this may seem proactive for someone trying to sell their house, it is recommended to first call a real estate agent before making any repairs to the property. This prevents the seller from making unnecessary repairs and spending more money than they need to spend.

For example, a seller might think they need a new roof, but after having a real estate agent go through their property, they might really only need to paint some walls and change out some carpet. This shows how a real estate agent will be able to help the seller save money by advising them on the best ways to improve their property to get their home in top showing condition. Studies have shown that properties that are in top showing condition will sell quickly and for top dollar, so let an experienced Orlando real estate agent help you sell your home!

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

 

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
Nov. 16, 2017

What is OfferPad?

 

OfferPad is a tool that sellers can use to sell their homes without having to get their property in showing condition and without having to actually have showings. Some of the benefits are: 1) the seller does not have to prepare their house to sell, 2) they will be provided with a cash offer, 3) the seller can determine when the closing will take place, 4) Offerpad is willing to let them move out after the closing date (within three to seven day), 5) Offerpad will pay moving expenses (within certain parameters), and 6) Offerpad will pay some of the closing fees.

Those are some pretty good benefits that could save a few thousand dollars in closing costs. Now, let's take a look at disadvantages.

The biggest disadvantage of this service is that it will actually end up costing the seller money. David used his property as an example to point out how even though it seems like OfferPad is a good deal, in reality, it is not good for all sellers. He recently refinanced, and his Orlando property appraised at $475,000. He entered all of his property information into OfferPad, and the offer that came back was $437,000 with real estate commission of 6% and another 2.5% fee for an OfferPad Experience Fee. All in all, David was offered $38,000 less then what his house appraised for and still has to pay the full commission.  

If an Orlando seller is trying to net the most money possible for their property, OfferPad might not be the best option to sell your home. It is always good to talk to a real estate agent before doing anything to find out a more accurate value of a property, ensuring that the property can sell at top dollar. 

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

 

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
Oct. 11, 2017

What Should a Buyer Do After a Hurricane?

Hurricane season in Florida runs from June 1st until November 1st. During that time in the real estate world, Orlando homeowners are still buying and selling houses. If a buyer is under contract to buy a house and a hurricane comes through, there are two things that are going to happen:

  1. After a hurricane, FEMA will decide if the area affected is considered a disaster area.
  2. If the affected area is declared a disaster area, then the lender will need to send out an appraiser to re-inspect the property once the disaster area status is lifted.

Additionally, it is recommended for the buyer to have their home inspector re-inspect the property as well. They will check for any leaks that may have occurred during the storm, and they will inspect for any other damage. This is important for the selling process because per the contract, the property has to be in the same condition as it was when it went under contract. This means if there is any damage, the seller is responsible for fixing it to get the property back to the way it was before the storm. 

With this knowledge in mind, Orlando real estate agents and homeowners can conquer hurricane season together!

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

 

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.

Posted in Buyer Video Blogs