Only 8.4 month inventory now! (Orlando, Lake Mary: short sale, foreclosures, condos)

[Dee2e]

Home inventory drops to 8-month supply - Orlando Business Journal:


Home inventory down to only 8.4 months now. This is a good sign!

[beckycat]

Originally Posted by Dee2e

Home inventory drops to 8-month supply - Orlando Business Journal:


Home inventory down to only 8.4 months now. This is a good sign!

Glad to hear that! I've lowered the price on my house again. Hopefully, it will sell. The homes have started to move in my neighborhood.

[Dee2e]

Did you lower it since the June 23rd decrease? That's the last decrease I see. Did you ever think of getting the property appraised?

The absorption rate in your area is 6.67 months now which is up from 4.67 months 7-12 months ago. Ask your agent for the most recent numbers for your listing.

[Parrotrosie]

Originally Posted by beckycat

Glad to hear that! I've lowered the price on my house again. Hopefully, it will sell. The homes have started to move in my neighborhood.

Oy...I know that feeling...lol...Good luck to you with that!!

[beckycat]

Originally Posted by Dee2e

Did you lower it since the June 23rd decrease? That's the last decrease I see. Did you ever think of getting the property appraised?

The absorption rate in your area is 6.67 months now which is up from 4.67 months 7-12 months ago. Ask your agent for the most recent numbers for your listing.

That was the last decrease, 3 weeks ago. I've haven't gotten it appraised recently, that is an option.

I know you work in the area, what are you seeing? Have you been busy showing homes or has it slowed? Are you selling anything and what?

I'll be in contact with my agent to request the most recent numbers.

[Dee2e]

Originally Posted by beckycat

That was the last decrease, 3 weeks ago. I've haven't gotten it appraised recently, that is an option.

I know you work in the area, what are you seeing? Have you been busy showing homes or has it slowed? Are you selling anything and what?

I'll be in contact with my agent to request the most recent numbers.

I am swamped with showings and writing contracts like crazy. I wrote two contracts today, one is a rewrite of a contract under new terms that the buyer and seller agreed to. It's cash and closes in two weeks. Another is on a home near yours, buyer signed this morning and it was sent to the selling agent who called with a verbal acceptance and hopes to have it signed later today. I am showing homes nearly everyday to prequalified buyers and cash buyers.

As to what is selling, lots of homes and condos under $150K and lots over $350K. The middle range is a hard sale. I just got an offer on one of our listings for $135K, it's a 4/2 1900 SF pool home with a great enclosure and fenced yard. There are many well priced homes on the market today.

The numbers I looked at for a buyer in your area yesterday show the average pending price and average sales price are about equal now. The average listing price is about $28 per SF higher than the average sales price. My buyer put in a contract on a nearby home, comparable to your home a few weeks ago and it was accepted for a July 31 closing at about $25,000 less than your home is listed for. It is a year older, a little bigger, a ranch on a larger, fenced lot and in excellent condition, as yours seems to be. It's not a short sale but was priced originally in the $180s and it has been listed for 3 months. The first contract fell through over financing.

I would say that about 50% of the homes on the market here are over priced according to the relative sales.

Becky, you have been chasing a down market for over 9 months.

I always recommend that if 3-6 weeks after listing, if you don't get an offer, drop the price. Then reduce every 3 weeks. In general, if the property is getting showings and no offers, it is over priced, if the condition is good. If you aren't getting regular showings, you are way overpriced. Many think to list high, then let buyers make offers. If you are listed way too high for the market, buyers and agents won't waste their time since they will assume the seller is not really interested in selling or they'd price correctly. If a seller does not want to sell at market price, they should withdraw the listing and wait for a market increase to relist. Long times on the market hurt the listing because people think there is something wrong with the home.

I have a buyer who put in in an offer on a Lake Mary property earlier this week. This property is finally, after 322 days on the market, priced at the market price. The buyer really wants the property and offered more than listing to assure she'd get it. Good thing too since we put the offer in the day the price dropped along with a few other buyers. She got the contract. Since most sellers in that community finally are getting the price right, the homes are jumping with buyers. Most inventory in that subdivision has all be three like properties either pending or sold. Two are priced way above what buyers are paying in that area. This is a huge market improvement caused by correct pricing.

Remember, location, which you can't change, condition, and price. Sellers are in total control of the condition and price.

[beckycat]

Originally Posted by Dee2e

I am swamped with showings and writing contracts like crazy. I wrote two contracts today, one is a rewrite of a contract under new terms that the buyer and seller agreed to. It's cash and closes in two weeks. Another is on a home near yours, buyer signed this morning and it was sent to the selling agent who called with a verbal acceptance and hopes to have it signed later today. I am showing homes nearly everyday to prequalified buyers and cash buyers.

As to what is selling, lots of homes and condos under $150K and lots over $350K. The middle range is a hard sale. I just got an offer on one of our listings for $135K, it's a 4/2 1900 SF pool home with a great enclosure and fenced yard. There are many well priced homes on the market today.

The numbers I looked at for a buyer in your area yesterday show the average pending price and average sales price are about equal now. The average listing price is about $28 per SF higher than the average sales price. My buyer put in a contract on a nearby home, comparable to your home a few weeks ago and it was accepted for a July 31 closing at about $25,000 less than your home is listed for. It is a year older, a little bigger, a ranch on a larger, fenced lot and in excellent condition, as yours seems to be. It's not a short sale but was priced originally in the $180s and it has been listed for 3 months. The first contract fell through over financing.

I would say that about 50% of the homes on the market here are over priced according to the relative sales.

Becky, you have been chasing a down market for over 9 months.

I always recommend that if 3-6 weeks after listing, if you don't get an offer, drop the price. Then reduce every 3 weeks. In general, if the property is getting showings and no offers, it is over priced, if the condition is good. If you aren't getting regular showings, you are way overpriced. Many think to list high, then let buyers make offers. If you are listed way too high for the market, buyers and agents won't waste their time since they will assume the seller is not really interested in selling or they'd price correctly. If a seller does not want to sell at market price, they should withdraw the listing and wait for a market increase to relist. Long times on the market hurt the listing because people think there is something wrong with the home.

I have a buyer who put in in an offer on a Lake Mary property earlier this week. This property is finally, after 322 days on the market, priced at the market price. The buyer really wants the property and offered more than listing to assure she'd get it. Good thing too since we put the offer in the day the price dropped along with a few other buyers. She got the contract. Since most sellers in that community finally are getting the price right, the homes are jumping with buyers. Most inventory in that subdivision has all be three like properties either pending or sold. Two are priced way above what buyers are paying in that area. This is a huge market improvement caused by correct pricing.

Remember, location, which you can't change, condition, and price. Sellers are in total control of the condition and price.

I appreciate your input and opinions. Glad to hear you're busy, that's awesome. Are the foreclosures dwindling down? At this point, I'm debating on what to do about my home. I think I'll leave it on the MLS until it expires. If it sells, it sells, if not I might just wait it out until prices go back up some. I just hope that won't be a long time. Hopefully, it won't be much longer than a year. Honestly, I'm not trying to make a fortune, I'm just trying to have some money as a downpayment on my new home. I guess it's about timing when you bought and when you sell.