The multiple offers many sellers enjoyed in the 2005-2006 Orlando real estate boom are back, but only for select homes that show great. A great showing home is still a rare find; however, when they do pop on the market, there is a new trend growing as of this summer – multiple offers.
After two years of overpriced, poor condition homes on the market, this summer has had a sudden surge in multiple offers on homes that are priced right and show well.
Affordable homes priced below $200,000 are seeing the most interest. A $200,000 home purchased now at 5.25% (30 yr fixed) = $1,104 monthly payment. This is cheaper than renting a typical 2/2 rental home in east metro Orlando and why so many first-time buyers are jumping at the opportunity to buy.
This summer, I have seen homes in Avalon Park, Timber Isle and Sanctuary receive four to nine offers each! These were all bargain-priced bank foreclosures or short sale homes that showed very, very well and were in good condition. And multiple offers drive prices up…in fact, these homes ended up selling for $10,000 to $20,000 over list price.
No comments:
Post a Comment