When selling a Central Florida home, it's important for Sellers and their listing agents to have knowledge of what potential "black eyes" the property may have so that it can be priced accordingly. Just a couple of years ago, Buyers had fewer choices which made them more willing to accept a property with a "black eye."
Today, the exact opposite seems to be true.
With inventory at an all time high, Central Florida Buyers are more critical than ever of "black eye" homes and Sellers are feeling the pain. In reviewing sales statistics for Central Florida homes, it is evident that aggressive pricing is the one of the most effective ways to give relief to homes with "black eye" characteristics such as these:
- Property backs to a road. Regardless of whether the road is lightly or heavily traveled, this objection can impact the value of a property by as much as 10% according to local appraisers.
- There are power lines in view. While there have been ample studies that show power lines are less harmful than microwaves, there are plenty of people who don't want to live near them...let alone have them in the backyard.
- Property is near the main entrance of a community. While some Buyers may not be bothered by this, others won't like the extra traffic a home near the front of the neighborhood gets.
- Property is near a train track or bus stop. Again, while some Buyers may not be bothered by the noise created by the train or bus, others won't even consider purchasing a home near either.
- Property is near an airport and current flight patterns have planes flying overhead multiple times per day. Living near the airport does have benefits to those who travel, but seeing the underbelly of the plane every morning may be a little too close for comfort for some Buyers.
- Neighborhood is nice, but the road traveled to it is not. Homes that are located on dirt roads tend to be less desirable than those that are on nicely paved or brick roads.
- Adjacent properties have commercial or mixed use zoning. Having a gorgeous custom house next to a commercial building or an apartment complex very well may impact the value. Most Buyers seek to purchase properties that are surrounded by others with the same use.
- The garage was converted to extra living space. While it might be nice to have the extra "space," more Buyers would rather have a garage. By converting the garage, vehicles now must be parked outside and the lawn mower, holiday decorations and other "stuff" Buyers have collected over the years will have no where to go.
As a full-time Real Estate professional in Central Florida who advocates for Buyers and Sellers, I'd be happy to share more with you about trends in this market. Knowledge is power.
For more information on additional "black eye" characteristics that Buyers and appraisers are discounting for, call/text me at (321) 377-0157 or email me at LaShawn@LaShawnNorden.com
LaShawn Norden, PA, ALHS, REALTOR, RE/MAX Central Realty, (321) 377-0157
Advocate for Buyers and Sellers in Central Florida
Serving Seminole County including: Lake Mary, Longwood, Sanford, Winter Springs, Altamonte Springs, Oviedo and Casselberry and Orange County including:
Apopka, College Park, Maitland, Orlando, Winter Park and Windermere
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lashawn - i had some buyers out this weekend and many of the "black eye" characteristics that you mentioned above were deterrents for them. The most common for them was parking. A community of townhomes that we looked at 1 car garages and then, of course, the drive in front of the garage. That was it though - there were tons of cars parked on the streets and that drove them nuts. That was their "black eye" button.