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Macon, Home Buyer in Gainesville, FL

Inflated list price of the homes in Haile

Asked by Macon, Gainesville, FL Tue Mar 25, 2008

I notice that the list price of the homes in Haile are still inflated as compared to the sale price. Why is this? Would it be easier on the seller and buyer if the homes were listed for a more accurate list price?

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I just took a look at sales in Haile closed since 12/1/07.

From that I found they are closing at (on average) 94% of asking price within 145 of listing, with an average sale price of almost $400k.

The Board of REALTORs average for Alachua County for the last 12 month was apx 96.7%. I'd say that 2% is not a huge difference - but that is only looking at the homes that have SOLD.. not what is sitting on the market.

For comparison, the area just south of Haile had the same # of sales during that period, they got apx 96% of asking price, but they were on the market 190 days and had an average sale price of only $260k.
2 votes Thank Flag Link Wed Mar 26, 2008
Hi M,

Your very interesting consumer-side question caught my attention as did Kathleen Seide's accurate statistical response. The only thing that Kathleen's numbers left out is where the List Prices started out on the Haile Plantation homes that sold in her selected time frame. Many of the 20 properties that sold in the sampling period from 12/01/07 thru 03/25/08 and that were on the market an average of 145 days were listed at much higher prices to begin with and were reduced in price until they eventually sold.

The home values in the Gainesville Florida market continue to reset as do properties all over the USA. The Gainesville market is actually in better shape than many many other areas due to two things. The first is that valuation in the Gainesville market, while inflated, is not as rediculously inflated as many other metro areas. The second is that the Gainesville market is generally more healthy than most because of the University and Gainesville's ratings in other major categories along with a favorable inflation (cost of living) index. In short, Gainesville is a very nice place to live all things considered.

And finally the answer is "Yes" to the last part of your question. It would indeed be easier on the seller and buyer if a home is listed at an accurate value to begin with. Mostly easier on the seller. Natural forces have to play out as the market resets and accurate valuation points are reached. Sellers who have purchased within the last two years (i.e. purchase on the high side) are hurt most when the market turns.

It is a buyer's market all over the country. The most efficient approach is to work with an experienced real estate professional familiar with the local market and that advice applies to both a buyer and a seller but particularly a buyer if a person is in the market looking for good value......which is definitely out there.

David A. Gibbs, Broker Associate, ABR, E-PRO
RE/MAX Professionals, Inc.
Gainesville, Florida
Cell: 352.318.0811 Fax:888.520.6888 Office: 352.375.1002
http://www.Your-RealEstatePro.com

ABR Accredited Buyer Representative
E-PRO Certified Internet Real Estate Professional

I am never too busy for your North Central Florida real estate referral
1 vote Thank Flag Link Sun Apr 6, 2008
I'll look into your info and post later today. I do a lot of work in Haile and will run a list to sell ratio and compare to the county average...
0 votes Thank Flag Link Wed Mar 26, 2008
M,
Couldn't agree more....
It's called denial and it is not exclusive to Halie. It's every where because owners and agents are not accepting the reality of the current market.

For those people trying to sell an important reminded is that ...there is only one reason why a place does not sell......PRICE.

The "Eckler Team"
Century 21 Almar & Associates
Venice, FL 34285
0 votes Thank Flag Link Tue Mar 25, 2008
Yes it would, Overpriced homes ultimately sell for less than their properly priced cousins

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Tue Mar 25, 2008
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