Owners of Spring Isle townhomes in east metro Orlando may be surprised if they put their homes up for sale any time soon. One in ten Spring Isle townhomes is on the market. The dilemma is over half of these townhomes are grossly overpriced and not moving as a result.
How does a buyer choose among 25 identical townhomes for sale? The answer is price, price and price - whatever is lowest priced will be next in line to sell. And what’s lowest priced today is short sales / foreclosures.
With overpriced short sales clogging the market, we will soon see these homes ultimately be foreclosed on due to a failed short sale (the lender approves a short sale, not the homeowner). A home that has been foreclosed on will be put back on the market at a rock bottom price.
An overpriced seller needs to consider the ramifications of overpricing their home – excessive time, cost, work, stress and worry. It’s time to price right, sell and move on.
- 25 active priced $141,000 to $229,000 including 17 short sales / foreclosures
- 5 pending priced $145,000 to $187,000 including 4 short sales / foreclosures
- 2 sold (past 90 days) priced $148,000 to $160,000 including 2 short sales / foreclosures
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