For buyers in the $100,000 to $200,000 price range in east Orlando, they likely saw & felt the increased competition over the past few months while out house hunting & making offers.
57% of all east Orlando home sales in the past 60 days were for homes btwn $100,000 & $200,000. And 73% of these sales were distressed sales (bank-owned & short sale). This is an affordable price point for many buyers – singles & families - particularly first-time buyers who pushed to take advantage of the $8,000 federal tax credit that just expired Apr 30.
While inventory in the $100s is still high, over half of all homes are short sales - homes that come with a high degree of uncertainty for buyers with weeks (or months) of waiting for short sale approval from the existing lender. I am seeing my buyers turn away from short sale homes & focus exclusively on normal & bank-owned homes; they want/need a home now & the short sale buying process is too much of a gamble for many buyers.
The condition of these homes is only ‘fair’ for the vast majority of all home inventory – home needs a deep clean, yard is overgrown, carpet is stained/torn, doors ripped off hinges, ant trail through kitchen - things that turn the average buyer off. The average buyer wants a home that is move-in condition, so when that rare, affordable, move-in ready home hits the market, it will likely receive multiple offers & sell for over list.
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