BRENDA: The market continues to be very busy with no real slow down at all from what I am experiencing. From Dec. 1, 2010 to Jan. 28, according to the Multiple Listing Service, 20 homes have sold and closed in Avalon Park, nine in Stoneybrook, nine in Eastwood and 12 in Waterford Lakes. Compared to the same time period last year, all of these numbers are up accept for in Avalon and Waterford where the sales are down slightly.
TRACY: I am definitely seeing the same thing with many homes on the market only a few days before being sold. If you own your home free and clear or have a mortgage for less than what your home is worth, this is definitely the time to sell and upgrade or downsize. If you’re in this situation, your home will sell fairly quickly as it will be a regular sale as opposed to a short sale. This means that the buyer of your home can close in 30 days or less and typically a guaranteed closing for the buyer. With all of the long wait times that come with a short sale, a regular sale will move much quicker, no matter what the price range, if properly priced.
BRENDA: Yes, many buyers are not interested in buying a short sale any longer as the sale is not guaranteed. It can take months to get a response from the lender on the approval of the short sale and the purchase price. Tracy, which price range have you noticed is selling much faster?
TRACY: I’ve noticed that the price of $175,000 and under is where the majority of buyers are right now. And with most of zip code 32828 still allowing 100 percent USDA financing (no money down), this is where most of our first-time homebuyers are. They are now able to get in to the better neighborhoods with the better schools, whereas just a few years ago, these neighborhoods were not affordable for most first-time buyers.
BRENDA: The sales are quicker for houses priced less than $175,000 for sure as this is a much broader market. I am also seeing, and have sold, homes more than $300,000 under 30 days. There are not that many larger, nicer homes on the market in East Orlando. When they come on the market, are priced correctly and are not a short sale they sell very quickly. I have seen a slight “up tick” in the appraisals as well for homes valued more than $250,000, which is good for the market. If you are thinking of selling your home, I would recommend getting a market analysis done by a very experienced realtor who understands your neighborhood and the comparables.
TRACY: Yes, I agree. And if you are thinking of selling your home, now is the time to list it before the spring comes when so many homes will be on the market. Both Brenda and I are very experienced agents and can do a free analysis of your home.
-Brenda Kolbrich can be reached at 407-963-6876 or brenda@toporlandohomes.com
-Tracy Canning can be reached at 407-484-7978 or www.tracycanning.com