How to Sell in THIS Market

Believe me I understand that getting a home sold in today's market is a tough racket.

Our neighborhoods are flooded with foreclosed and pre-foreclosure (short sales) homes that are heavily discounted.

There are nearly 3,200 repossessed homes on the Central Florida market right now. And these homes (known as) REO (real estate owned) properties, are being marketed by the most motivated of all sellers -

the lenders stuck holding the bag when homeowners default.

According to Trulia.com - On average, foreclosed homes are priced almost 40% lower than normal real estate listings.

Think about it ...The banks that are  selling foreclosed homes have already taken a beating:

missed mortgage payments

attorney fees

administrative costs

loss of income (no payments)

Adding to this … every month that an REO home sits empty means another month that the lender has to pay to cover property taxes, insurance and maintenance.

AND … as home prices continue to fall throughout Central Florida, these homes are rapidly depreciating as they sit on the market.

With foreclosures priced aggressively -  there is only so much an ordinary seller can charge for a comparable house.

Consider these figures:

the average REO property sells for 22% under "Market" in Florida (Trulia.com). 

As a result, many sellers are holding off.

And those who have to sell are taking a beating.

Who are Have to sellers?

Relocations

Deaths

Divorce

Cant Afford the Payments

In central Florida most of our sales are REOs.

Some experts say, "The traditional market is on hold."

Sellers must meet the motivation of the banks to sell - because buyers are looking for "deals".

Having a large number of REO properties for sale in our communities affects our values:

a jump in REOs floods our market with vacant properties.  These properties usually fall into disrepair, blighting neighborhoods and attracting crime.

Finally, although appraisers generally try to disregard REOs when searching for comparable home listings, they just can't do that when foreclosures account for the majority of closed transactions.

Unfortunately, if you have to sell right now we are advising our sellers to price their properties as aggressively as the lenders that they are competing with. 

In Central Florida prices are still coming down fast.

We are seeing value declines (in some areas) by 50% since 2005.

To sell in this market this means keeping up with highly-motivated banks and steeply-falling prices…

no matter how much it hurts.

On a positive note:

no matter how hard sellers are hit on selling their properties … they can win back their losses by buying in today's market.

Our values are creeping back to 2004 and in some areas already back to 2002 value.

1st time homebuyers can afford a home again throughout Central Florida.  A margin that rapidly escaped them in 2005.

For a FREE list of Foreclosed Homes in Central Florida- 

call:  1 (888) 298-4143 ext: 1500