Orlando Real Estate
FALLING PRICESPerception is everything in today's ever changing real estate market. What is fair market value of a home in a recession? Am I paying too much? Have we hit the bottom of the market yet? How can I possibly now owe more on my house than I can sell it for today? All of these are very important questions, which require more complex answers for today's Buyers and Sellers. Fair Market Value is defined as "what a ready, willing and able buyer is willing to pay for a property and what a bank is willing to lend on the same property on any given day.” Fair Market Value is not always fair these days, as many current home-sellers will tell you. This last year has been brutal on our local real estate economy and many homes have sold for less than the expected FMV price. Presently, banks have literally MILLIONS of homes across the nation that have come back to them as inventory to sell. The volume of PRE-Foreclosure homes (or short sales) is staggering and the process is exhausting for all parties involved. Have we hit bottom? Economic forecasters believe that the end of 2010 is where the falling prices will likely stop . . . and stay. Depending on what you read, what you hear and who you know; your answer may vary. The total number of closed sales in our market has continued to increase in the last month; prices (based on cost per square foot) are still being pressured by the bank owned homes on the market. You would think that the cold winter temperatures might freeze out buyers. Not so....The buyers who are out looking at homes in the winter are definitely serious buyers. They are transferees with a definite timeframe, first time buyers looking to take advantage of incentives before April 30th deadline, and move up buyers who have set their financial wheels in to place. Less competition from other listings and serious buyers is the biggest reason to position your home for sale in the winter. The people out looking for "decorating ideas" are all at the toasty warm home shows! As a home seller, your home has to be perfect. If it isn't perfect, it will be harder to sell. If you are unable to complete work maintenance or upgrades to get your home ready to sell, you may have to compensate by setting a much lower price. Additionally, there is competition for homes on the market from the many, many foreclosed and distressed sales, which are also at distressed prices. Homes not under duress (job transfers, divorces, down-sizers, move-ups) must compete in price, condition, and value. If a home does not catch the buyer's eye - if it lacks the “WOW!!!” factor (as I call it), it will not be selected to see on a walkthrough – especially, with so many other homes competing for the qualified buyer's interest. If you are interested, or think you may have interest in selling between now and spring; call me, please. I offer a no obligation, no-cost walkthrough to suggest those things that will bring you more money when you do decide to sell. As a buyer, I will show you an eight (8) step approach to use to help you acquire the home that is perfect for you, all while avoiding the pitfalls of today's changing marketplace. Let me help you have a moving experience, Greg Scheller  Welcome to the Local Real Estate page! Visit frequently to search and stay up to date on a variety of local real estate information. Make sure to click on Property Search to find new and exciting homes in the neighborhood and Check Your Home's Value to discover the current value of your home! Click on the Properties for Sale and the Pendings and Solds buttons to see current real estate information as well as valuable market history!   Click above to view pendings and solds since 7/1.  |
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