In the market for a single family home in east Orlando? Here is sales activity for the past 30 days, a likely indicator of what you will experience in your house hunt.
East Orlando has closed 138 single family home sales and 72% of these were distressed sales (short sale or bank-owned). Average sale price was $202 for a normal sale & $151 for a distressed sale.
21% were cash deals. A very significant detail – no buyer with a mortgage can compete with a cash buyer. An all cash offer trumps even your higher priced offer (with financing). If you’re financing your home purchase (and most of us do), expect your buying competition may likely be paying all cash.
Sellers got 98% of their asking price. Buyers who intend to gamble with low ball offers like in spring 2009 are wasting everyone’s time. Homes are priced right today & are selling. The strong buyer’s market has become a thing of the past with fresh, hot buying competition for affordable homes in move-in ready condition. These buyers are out bidding each other for these homes & commonly drive the selling price above list.
Top selling communities: Waterford Lakes (19), Avalon Park (16) and Waterford Trails (9). I’m loving seeing old home inventory getting sold/closed & seeing new families move in to these communities every day. After nearly of year of this hot activity, the surplus of distressed sales are going to be gone, gone, gone before we know it.
Normal sales went under contract after 64 days on average (plus another 42 days to close on average). Distressed sales went under contract after 93 days on average (plus another 83 days to close on average). Buyers considering taking on a short sale, do the math (93 days + 83 days = just under six mos). You’re needing & wanting a home yesterday – can you wait six months to move in to your new home?
No comments:
Post a Comment