Market Conditions in 32836>Question Details

MJ, Both Buyer and Seller in 32836

Are people buying homes in Central Florida? We have been on the market almost a year and are priced below

Asked by MJ, 32836 Sat Apr 4, 2009

comps in our area, but very few lookers. There are so many short sales and foreclosures I wonder if that is all people are looking at?

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Answers

14
Megan,

Where is your home located? You have a ton of real estate agents on this website that are always looking to show a good home to one of their potential buyers! Remember, this site is not just for us realtors to market our services to you but also for you to market your home to us!

Give us the stats and lets see if we can make something happen for you.

I am taking 3 buyers out tomorrow and they ready to buy so if you can post asap or email me your stats to tony@kgrhomes.com I will try to help.

Take care and good luck!

Tony Galarza
3 votes Thank Flag Link Sat Apr 4, 2009
Megan,
I did some research and found about 8 homes in the zip code that are pending.
Here is what I found. I hope after you review this it helps.
Realtor Rick.
http://mfr.mlxchange.com/Pub/EmailView.asp?r=259026169&s…
2 votes Thank Flag Link Sun Apr 5, 2009
Megan
I did some detailed research: In your neighborhood there are 5 ACT and 3 Solds in last year. Last sale was Sept 08. It appears you have the best pricing in your neighborhood. This is MLS stats only.

Some statistics I dug up based on your zip code and homes priced above $300,000. This is broad and includes all homes and compares March 07 to March 09. It is intended to give you a market snapshot only.

Avg days on market M/07 (81) M/09 (134). You have been on market this last time only 46 Days.
Med Price Range M/07 ( $773K ) M/09 ($400K)
Number of homes sold in units is up +29% (this is good news)
Number of prop avail in units is down -14% (this is good too)
Under contract units by month +64%
New Listings units by month -57%

So What does this mean? You appear to be priced well for your neighborhood but slightly above median for your zip code. Maybe you have not given it enough time based on avg days on the market. Your history shows you have changed Realtors a few times. Stick it out with one Realtor and give it time. All indications are activity is up (see above) and inventory is down. New listings are down and new contracts are up. That is all good news for you. All in your favor. Hang in there and I agree with my colleagues here, someone will notice, we are talking about you and you are getting a lot of good advice and exposure.

I can share the research in report form with you or your Realtor if you want it, just ask and I can email.

Kind Regards,
Gay Middleton
Realtor
407-493-3699
Web Reference: http://www.gaymiddleton.com
1 vote Thank Flag Link Sun Apr 5, 2009
Megan,
Are you priced at the Bank owned prices in your area? If so you should see some activity.
You have to come TO the Market.
Hope this helps.
Realtor Rick
1 vote Thank Flag Link Sun Apr 5, 2009
Lot of people turning towards new homes.The banks are selling homes as is!WITH NO WARRANTY what so ever.Where as the builders are giving 10 years warranty.People don't want to buy somebody else bad luck.
Web Reference: http://www.estateology.com
0 votes Thank Flag Link Sat Sep 10, 2011
Hi Megan,I'm not a realtor, so I'll be honest with you... You are overpriced!  Anything higher than$100-$110 a square foot isn't going to sell in this market.  You're above your purchase price and buyer's know that, especially when the majority of homes are selling for 20% below their value. If you want to sell, lower your price, and expect an offer much lower than the listing price.
0 votes Thank Flag Link Sat Apr 11, 2009
Dear Megan,

Homes priced above $417,000 are selling much slower than homes below $417,000. Last month 8% of the homes listed below this number actually sold whereas only 2% of those listed above $417,000 sold. This percentage is known as the absorbtion rate. So only 316 of the 13,238 homes listed above $417,000 sold last month. The reason for the 6% difference in absorbtion rate is related to lending. Loans above this amount have higher interest rates. They are above the Fannie Mae and Freddie Mac lending limits. Consequently many of the sales in the higher prices are cash. Not many people have that kind of cash available.

The other REALTORs who responded are correct we are seeing an increase in the number of sales of homes. Most of these sales are the lowest priced homes in their neighborhood (usually foreclosures) and at the lower price ranges.

The increase in home sales is a sign of hope. In time, as the lending industry stabilizes, interest rates on larger loans should come down as well, then there should be an increase in sales at the higher price ranges. Hang in there.

I help buyers and sellers in the West Orange County area, including Windermere. I will keep your home in mind for buyers looking for homes in your area. It looks like a wonderful home and with Butler Chain of Lakes access!

Best wishes.
0 votes Thank Flag Link Sun Apr 5, 2009
Megan,

Believe it or not, we are in an active market currently. However, unless you are competitive with "short sales" and "foreclosures" you are in it for the long haul.

Today's buyers know there are many excellent buyer's opportunities out there and are shopping for deals(or steals.)
0 votes Thank Flag Link Sun Apr 5, 2009
It is a 5/4 , pool home in a gated neighborhood between Dr Phillips and Winderemere. Neighborhood access to Butler Chain of Lakes. Built 2003. http://www.trulia.com/property/1059271901-9802-Pineola-Dr-Or…
0 votes Thank Flag Link Sun Apr 5, 2009
I should have mentioned that we are working with a realtor (a new one recently) and in the year we've been on the market have lowered our price about $150,000. Our house is in great shape, in a desirable area, shows well (when we have showings they are all positive feedback), I am curious what the hold up is in obtaining offers from people who see the house and "love" it. I am, of course, frustrated like so many others. Thanks for the advice.
0 votes Thank Flag Link Sat Apr 4, 2009
Megan,

When buyers search the internet for homes it’s about the area then bed/bath/size all in a price range they feel fits their criteria.

What a seller needs to do is jump out at them with features/appeal and if the home has little bling the price needs to catch their eye.

Today sellers need to look at innovative ways to sell, why not offer closing cost or a multitude of other options, and talk to your Realtor as them for out of the box ideas.

Good luck and if you would like a second opinion on your home please call anytime.

Take time to explore my profile located here on Trulia: http://www.trulia.com/voices/profile/Real_Estate_Pro-Orlando…

Dave Lowe, Broker Two4One of Orlando
GRI – ePRO – GREEN (Designations)

Innovative / Save Money / Great People
Web Reference: http://two4oneoforlando.com
0 votes Thank Flag Link Sat Apr 4, 2009
Hi Megan,

Yes, people are still buying out there, but you really have to be motivated to reduce your price, look at the sold in your neighborhood by going to your county appraisal site to see how much homes that are about the same square footage as yours are selling for the past 2 to 3 months, that will help you sell your home and if not, it is either the condition or the marketing, you have to do some marketings as well as open house; I could give you more advices about selling, feel free to call me at 407-227-9588 or email me at japhiep@yahoo.com

Have a great night and I look forward to speak with you.
0 votes Thank Flag Link Sat Apr 4, 2009
Megan,

People are buying homes, especially now that the first time home buyers tax credit of $8K kicked in. If you have been on the market for almost a year, there is something wrong. Are you listed with a Realtor or have you been trying to sell on your own?

You need an unbiased opinion of your price, condition, and a thorough absorption rate analysis. If you are listed with a Realtor - ask them what they think the problem is. Most often agents don't want to hurt your feelings and may just go along with what you want. If you are trying it on your own, I would highly suggest using an agent.

This market is hard enough for us to sell in, and every month you stay listed, but not sold costs you a mtg payment because most of your payment is interest that goes to the lender and not principle to pay off the debt.
.
If you really need or want to move, it's time for a thorough talk with a professional who knows your area, the market, what is selling and a correct price range, along with some showing guidelines and is not afraid to tell you what you need to know.

If you would like to have me give you my opinion, I'd be happy. I was born here, and have sold real estate here since 1979. Feel free to call me at 321-228-HOME(4663) or send an email to PaulaBean@HomeOrlando.com.

Best Regards,
Paula Bean
Web Reference: http://www.HomeOrlando.com
0 votes Thank Flag Link Sat Apr 4, 2009
I feel your pain Megan

This market is truley price driven. I know my personal listings are being shown. Our office showings are up and the way I understand the data, the Mid Florida regional pending contracts and sales are up and values are down. Talk with your Listing agent you may need an update on comps. It changes month to month.

With all that said Real Estate is very local and can change from even zip code area to another. It certainly is not business as usual. Ask for a trend report from your list agent so you can see the trends in your zip or area. You might be surprised. Short Sales are becoming more and more difficult to gain approvals on so I do not think short sales are the issue. I do know buyers are looking for REO or Bank Owned. I am not sure what all the buzz is about, the banks are not too flexible on offers but they do price them to sell.

I wish you well. Hang in there and ask your agent for an update or get another opinion. If you are priced right, give agents/buyers EZ access to show, and your agent is actively marketing that is the not so secret formula for a sale in your future!

Regards,
Gay Middleton
407-493-3699
Web Reference: http://www.gaymiddleton.com
0 votes Thank Flag Link Sat Apr 4, 2009
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