Are rock bottom priced homes selling? (Orlando: mortgage, loan, relocate)

[old_cold]

We are going to be having to sell an Orlando house.

Ordinarily if something is priced low enough, it will sell but there appears to be a lot more 'distress' or foreclosure properties to choose from than usual, as well as a pretty stagnant market overall.

Is it sheer optimism to think a sale will be 'easy' for a sale in typical 50's 'blue collar' subdivision where current listings show lowest prices from $160 to about $250 if we spend some time making it 'move-in ready' but without extensive modernizing, if we price even lower than that?

Are there still buyers in that market......you know...ordinary working class family?Or is it mostly just speculators buying at this time?
What IS 'rock bottom'?

[cmj_fla]

We just bought a house in the same price range. I think there are a lot of first time home buyers out there like us because it is so easy for us to get a loan and find a good deal on a home. However, we still had a great deal to choose from even in our price range but went with the home that was move in ready, came with a home warranty, and excepted our out of the norm financing. If these things don't work then you may want to think about the new trend in selling a house an auction. These seem to be working in my area but talk to a real estate agent about it because I do not know much about it. Best wishes and Good luck!

[rholborn]

there are now over 26,000 homes for sale in seminole and orange county! there are things you can do to make your home more attractive to buyers, and there are other things that you can do that don't add value. if you can make your home stand out such as curb appeal, and make good incentives for getting it sold it will help in this buyers market. the first 3 weeks is when you'll have the most activity. hang in there, and at least the interest rate dropped a half point last week!

[poodlestix]

old_cold, are you allowed to tell me about your house without getting into trouble by the moderator for advertising? We are planning to relocate to Orlando. We have plenty to choose from, as the other poster stated, but I'd like to hear about your home's features & which suburb it's located in. Who knows, maybe you could find a buyer easier on here.

[old_cold]

poodlestixI believe that I can certainly tell you enough so that you can do a preliminary check on the area,schools,etc.I looked up your other posts to see if you mentioned anything of concern and can tell you that Belvidere St is 15 miles (Mapquest says 30 minutes) from the airport.You can click on my name and contact me directly for more specific information if the area looks acceptable to you.Maybe you'll even get some helpful information from readers here, now that the area has been mentioned.

[normie]

I think there are a number of people buying in blue collar neighborhoods--there are plenty of hard working people who saw the bubble burst coming and are now happy to finally get a house they can afford. You could have a problem if there are several foreclosures in your neighborhood, or if the neighborhood has become abandoned or trashy. Curb appeal makes a huge difference--lots of people drive by first, before bothering to make arrangements to see inside.

[GregTraub]

Yes homes priced the lowest in the neighborhood are selling the best...as long as they are not dumps. In this market it is still not guaranteed though, and it may still take time for the buyer just to find your home.

In your price range (160-250) there is more activity than other ranges...specifically I"ve seen the most activity in the 160-190 range. You will usually not find people that lowball for low balling's sake in that range, but I have seen more buyers that are not qualified for a mortgage shopping in this range.