Weekly Market Updates: SeaWorld Orlando Christmas| Mortgage Rate Impacts| Central Florida Tourism
hey everyone thanks again for tuning in to near Disney it's November 8th we have a great show for you tonight for everyone who wants to know everything within a 25 mile radius of Cinderella's castle that's going on with real estate and all things Orlando cue the theme [Music] song and the fireworks all right welcome again to near Disney uh this is the dream team as I said we assemble to share our realtor uh Central Florida expertise to bring some of the coolest uh topics and articles and local updates that we found over the week so I am Elijah sitting in the host chair with Florida and motion realy on near Disney they call me the prince of real estate and this uh to my side of The Brady Bunch Square here is I'm Tanya thanks everyone for watching tonight I'm with Florida motion realy and they call me the Latin princess and I am Sue and I'm with Florida motion realy and they call me Aurora that's right Sleeping Beauty but never sleeping on the job here this is our first Stream post daylight savings I believe usually it's for daylight when I sit down at the studio and even sometimes still daylight when we're done but it is decidedly dark as we're sitting down today we're gonna we're going to keep things light on the show I'm going to share some cool updates about SeaWorld and what they've got going on but first I think let's just get into uh into the mood with of real estate with Sue sharing a market update yeah this is gonna be short and sweet uh just so everybody knows uh Florida is still currently the number three destination as far as people moving into our area which um you know is as we can see the influx uh you know you're seeing more people in places um you know there's a little more traffic here and there but um the good thing about that is is um economy-wise is our home sale excuse me home sales were up 3.4% from last year and uh that was the reading in September of 20 of this year this couple months ago there were still 100 over 143,000 homes that were um uh available that were on the market so they're thinking that I mean I read several different things today uh they're pretty much thinking that the mortgage rates are going to remain somewhat stady steady for right now but um they are not predicting a housing price crash which is what some people have been you know thinking about oh we're going to have another 2 2008 um I read four different uh viewpoints on that um today and they were they were very well educated people one was from red fin uh one was from the National Association of Realtors which the three of us you know lean on for information and so yeah so I was kind of encouraged by that and uh and again new home sales are awesome but we still have a ton of really nice resale previously owned homes here in our area for people to look at so if you're thinking about you know upgrading downsizing something bigger something newer something more established um we've got a client right now that wants um a very established neighborhood you know mature vegetation and then there's a lot of young families like no I want to see my kids from five houses down the street you know so um we're hearing just a lot of different things so uh just be encouraged everyone and always reach out to us we will do whatever we can to work with you and help you get into the home that you really really want to be in and you know even if you think you can't give us a call that's right I whatever your lifestyle uh is if you want to be that Everybody Loves Raymond live right next to your family and Popp in all the time or if you want land we will find that listing for you that you need to correct the record of one thing you said as a slip of the tongue uh Florida is still the number one state to move to but Orlando sorry Orlando you're right Orlando was the third state third City in the state I you are absolutely correct thank you the third City overall yeah it said that um for two years we have Florida has remained uh number one and Counting and we have more than half of the uh top 10 US cities where people are moving to so that's awesome there's plenty to go around still so give us a give us a call so I will do take a moment to highlight um some of the some of the attractions that bring people to our state here we've got some news on SeaWorld actually um I think the big meme that's been going on this this month has been how ridiculously funny it is that everyone immediately goes into Christmas mode the instant that Halloween is over that Meme seems to be going even harder this year and so SeaWorld seems to be jumping in on it and revealing their lineup for Christmas 2023 celebration so uh just want to give you a quick tip for some of the things that they're saying that they're going to do that's new and some of the things that they're already saying that they're going to be bringing back if you want to get a head start on planning your holiday or deciding what you're going to be doing if you're coming down to see us in Florida um so yeah what is what is New Beginning on uh November 10th events will include some returning offerings as well as a new holiday show and that is Mrs Claus's Magic Kitchen a live show that will have performances at the park SE Port Theater follow uh Mrs Claus as she attempts to navigate a world of social media while baking holiday treats and cookies um and uh also New this year is the Christmas Market in the wild Arctic Plaza which will feature uh treats merchandise live music returning favorites will be the light up sea of trees display in the Parks Lagoon that is just a huge expanse of water that has trees synced up to beautiful lights and patterns and music that goes it's really doesn't that picture just doesn't even do it justice that's really a highlight of going there every year how just all the park is seted up with those trees um they've got winter winter wonderland on ice show so because they've got those habitats securing the Penguins it's one of the few places in Florida where you're going to be able to actually see snow right here in Orlando Sesame Street Christmas parade so yeah licensed characters still exist in SeaWorld not as much as Disney and Universal but hey that's uh that's fun for the kids and you've got some Rudolph so all that plus all the food uh it's going to be a cool uh annual experience again to keep in mind because SeaWorld gets got voted like the number one theme park out of the blue I think it was last year or the year before so they the people loving the magic of Nature and Aquatic Life and they put on some great rides including this new one that they've just announced um that's going to be launching in Spring of 2024 their building uh ride will have guests on a snowmobile inspired uh ride car with a maximum speed of 43 miles per hour which you know can actually feel very very fast in an open space with stuff whooshing in your in your face you know and um so that'll be fun it's going to end in the penguin habitat so this is called the uh penguin Trek coaster because everybody loves Penguins they are one of the biggest things that bring people to see to see SeaWorld um and it's going to be kid-friendly so it's not like a rock and roller coaster or Hulk ride necessarily it's going to be uh something that's designed in a way to still be thrilling but for kids as young as three to four if they meet the height requirement so uh interesting here though about how theme parks are doing in Florida right now uh they are draws for tourists draws for the economy uh and spending on our hotels restaurants and Associated businesses um I we know people who every time Disney launches a big new ride or or brings in a a new facet of the park then they got to go check it out um people who have Florida's that second home or they just got to check out everything that's going on with Disney they're hooked on it just like us where we put it in our YouTube uh thumbnail title so I've got some oh yes so uh this so this upcoming ride uh in SeaWorld comes as Central Florida's Juggernaut tourism industry hit an all-time high in 2022 people are just excited to be able to be do fun things outside again generating 87.6 billion in economic impact for us according to uh the tourism economics and uh that is that is incredible that we're breaking records um and let's see found that Central Florida visitors spending for 2022 in seminal orange and Oola County where all these theme parks are uh reach 55.5 billion amounting to uh one point Sorry 152 million spent daily by visitors so when these rides open up it's a great thing for our economy and it just it's a great draw for the Florida lifestyle so just thought I'd share with you that if you love penguins and how can you not got something awesome awesome coming uh for you so uh Tanya you had something that you wanted to share as well about uh more mortgage buy down opportunities I do I'm diving into an essential Topic in today's real estate market and we know that this year especially the mortgage rates have skyrocketed with an average 30-year fixed mortgage rate hitting 7.76% so many home buyers are feeling
the pressure of of high interest rates and you know the limited housing Supply um have probably made the market a little less appealing but there is nothing to worry about because there is uh hope in this market and it looks like a 3 to1 mortgage buy down so I was doing some researching on how it works and it this this mortgage buy down basically reduces interest rates for the first three years of the longterm providing relief and it starts with a 3% reduction the first year followed by a 2% in the second year and a 1% in the third year so for example if you start with a 7.76% rate it becomes 4.76% in the first year 5.76 in the second year and 6.76 in the
third uh who benefits and when do you benefit uh typically funded by sellers or home builders this tool eases the cost for buyers uh it's often used for primary and secondary homes uh not really for Investments um and you know there's the the catch you know you may ask uh buyers must initially qualify at the full interest rate so that's a requirement to qualify uh the buy downs and interest rates uh temporary mortgage buy Downs have surged primarily managed by non-bank lenders but recently the buy Downs have declined compared to the previous year so the 3:1 mortgage buy down is a Lifeline for many right now especially in the high interest rate markets and it's become popular for financing newly built homes as well um just as a reminder the mortgage returns uh to its original rate in the fourth year um are evidence so planning is essential for that uh and we know you know if you purchase a property later later you can refinance when the mortgage uh when the interest rates go down so at least you have three years of buffer which is really helpful and this wraps up the article but I thought it was super interesting you know another way to um work with what we have at the moment yes thank you so much uh Tanya that I just think we are trying to think creatively to get around that you know uh interest rate uh conundrum that people are facing that is one good idea especially when people especially if they're doing starter homes or if they're just moving to an area to start their new job I was just showing someone who was just getting in and their new job was about to start and it's all just kind of uh gonna be hitting the ground running from there if they can just kind of H have something manageable for those first couple years and then by the time they got that promotion or that raise or they become established in their career it can probably be more manual to pick that up uh in that in that format that you talked about so that's going to be one way in in addition to kind of the more straightforward way that I'm going to talk about here where people are getting help which is uh as you know the homes are increasingly unaffordable or difficult with these race the home buyer secret weapon especially for firsttime home buyers has just kind of been for the purposes of family gift funds about 38% of Resident uh recent home buyers under 30 years old uh used either a cash gift from a family or some inheritance fund uh to afford their down payment according to red fin and firsttime H home ownership has been increasingly expensive you know uh which may seem like it shuts the door for young people who don't have family money but uh a recent report by housing data provider uh atam uh found that home ownership expenses now account for 35% of the average American workers's pay which you know they typically when you're trying to get a loan they want to see that your payment's going to be you know only a certain percentage so that you know it won't be less likely that that will be unrealistic for you to meet every month and so that is kind of climbing uh up there and so that debt income ratio they prefer it to be around 28% so 35% is getting a little Haywire um there but um I will just say that what you talked about is a help and any any way that you can buy down that rate or people people are flocking to new construction like we talked about last week where they're offering like closing costs they're offering better rates for using their lender um we can hook you up with so we have been scoping out communities like that like crazy for a while trying to get all of the information together uh for you and um trying to keep uh you know be in touch with us we'll keep tabs on you to make when you're thinking of it in terms of monthly payment what is the most reasonable Community with an HOA that makes sense what is the best condo fee in an association in the neighborhood that you're looking for because every hundred bucks or every every uh bit of that percentage of debt to income ratio and monthly fee is going to just bring you that much closer because you know we can't always rely on the gift fund situation but I will say that if you are thinking of going that route there is um there's just some limits that you would even need to keep in mind if you're thinking like you know maybe you're not a first-time home buyer but you're thinking of blessing your children in that way uh there are tax implications like you can give as much money as you would like to to cover for it but just kind of know that uh depending on the state you're in depending on how you're going about it uh there may be uh attacks on that gift fund it may be like uh $16,000 from each parent uh on that down payment and then you might get uh anything up gear being generous enough to give above that could get taxed as high as like 40% uh there are ways to uh around that um but you would is something that just keep in mind talk to us talk to a lender if any part of it's going to be financed or just talk to the title company and all all the legal uh parties uh involved we'll be happy to facilitate that for you if that's a route that you're thinking of going for yourself or blessing your own kids trying to get them launched it's uh gift funds can be a help but just you know it wants to it needs to make sense for everybody involved you know you want to protect your own self with from like the tax implications so so yeah I think that was just about everything that I had prepared we always invite audience engagement if you have any comments or questions about anything that we talked about the chat is open up to you if you're watching us live tonight or if you're watching the replay click the comments don't know you know we watch those comments like crazy we don't think we won't create an entire video series to answer questions just based on something that you asked us in the comments we've done it plenty of times before so we appreciate all your viewership and we would hope that you that you subscribe um I will yes just say for anyone who's just listening to us I'd just like to just have each of us say our phone numbers out loud for how you can get in touch with us all of us this these numbers that are on the screen they really ring us so if you want to get in touch with me I'm Elijah with Florida motion realy 47922 0587 and I'm Tanya at Florida motion realy my phone number is 47818 58 51 and I'll say it in Spanish just in case nice yeah my name is Sue I'm with Florida in motion realy and my number is 47 334 7770 all right well there you have it we would love to work with you any opportunity like subscribe tell your friends about us uh we're GNA we're going to bring you some really cool content coming soon about 55 plus communities so subscribe to catch on that and even giving you an awesome visit that we took to Winter Park and all the cool things going on there so plenty in the pipes for you as always we're going to keep it magical so take care everyone have a blessed day bye good night everyone good [Music] night make sure that you subscribe and like so that we can continue to give you upto-date information on all things that are going around the 25m radius Cinderella's castle because this is truly a magical place to live
2023-11-15 19:49
