Buyers beware! A strong indictor that the east Orlando buyer’s market is officially dead: 1/3 of all single family home sales in the past 30 days sold for over list. Add to that: 20% of these buyers were all cash buyers. Woh. Where have the deals gone? Aren’t homes selling for a song? Can I still get my dream home with a low ball offer?
Buyers of normal homes paid more for their home & closed faster. On average, these buyers paid a 4% premium on their purchase & closed 25% faster (compared to overall sales during same period).
Buyers of distressed homes (short sales & bank-owned) paid less for their home & closed faster. On average, these buyers saved 5% on their purchase & closed 20% faster (compared to overall sales during same period).
What does this mean? For buyers, it’s critical to understand the marketplace here & now (not 2009, not at the ‘boom’, not what your sister experienced in Chicago) & what to expect from the home buying process. A knowledgeable buyer armed with real-time sales info can be confident they are writing their strongest possible offer to get the best home for the best value – isn’t this ultimately what every buyer wants?
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