With short sale / foreclosure homes clogging the market in east metro Orlando, communities continue to be challenged by the damaging affects of these often neglected, unappealing homes and the related decline in home values for the rest of the community.
The oversupply of neglected homes on the market creates a unique opportunity for straight sellers. A straight seller has equity in their home and is selling by choice (not motivated by a short sale / foreclosure). This means for straight sellers of owner-occupied homes, now is an ideal time for your home to outshine and outsell the competition.
A straight seller cannot compete with cut-to-the-bone short sales / foreclosures when it comes to price. However, a straight seller has no competition from short sales / foreclosures when it comes to property condition. Behind price, the condition of a home is the second most critical factor in a buyer’s purchase decision. Property condition is commonly the make or break deciding factor for a buyer in choosing your home over the competition.
For a straight seller of an owner-occupied home that is well maintained, cared for and lived in, a short sale / foreclosure simply is no competition.
Once the average buyer steps foot inside a short sale / foreclosure home, their interest level quickly diminishes. Buyers who claim “I want to buy a foreclosure” really are saying “I want to buy at rock bottom”. If a buyer truly wants a rock bottom price, a short sale / foreclosure is the way to go. However, the average buyer cannot comprehend the unbelievable property conditions common to most short sales / foreclosures until looking at a few of these homes with their own eyes.
Short sales / foreclosures may offer rock bottom prices, but 95% of the time, come at the cost of poor property conditions – a complete lack of basic home maintenance inside and out, intentional property damage, homes stripped of anything of value and homes full of abandoned personal belongings. Far from move in ready, the average buyer is not prepared to buy a short sale / foreclosure.
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