The buyer’s market in east Orlando is officially over. Buyers can no longer expect their every wish to be granted when buying a home – lowball offers, seller-paid closing costs & seller-paid home repairs are a thing of the past.
The competition for affordable homes in move-in ready condition is so strong, buyers are finding themselves in bidding wars, driving up the sales price over asking & still losing out on their first choice of home. A buyer wanting a move-in ready home at $200,000 & under can expect to write numerous offers due to strong demand & competition particularly from first-time homebuyers.
Affordable homes in move-in ready condition commonly receive multiple offers – four or five offers within 24 hrs of hitting the market is not unheard of. And 1/3 of sales in east Orlando are all cash, something no ‘regular’ buyer (with a mortgage) can compete with.
Distressed sales (short sales or bank-owned) are already at bottom-of-the-barrel prices where there simply is no more room for a buyer to come in and offer less than asking. Homes are selling at 97% of asking price in east Orlando in the past 30 days, so buyers who intend to submit a lowball offer are simply wasting their time in this market.
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