Against All Odds, Orlando Luxury Real Estate

By
Real Estate Agent with Remax 200 Realty BK645994

If you are selling a home in Orlando valued greater than $300,000 make sure you are doing every thing right, if you want to get your home sold. Currently in Orange, Seminole and Osceola Counties there are 10,003 homes with contracts pending. While that is actually a staggering number, over half of these properties are listed under $100,000. There are 5,055, in fact, that are priced below $100k and another 3,503 priced below $200,000. That leaves fewer than 1,500 higher priced homes with contracts pending on them.

So far this year, and we have a few weeks left, there have been 5,698 homes priced under $100,000 that have had their listing either withdrawn or expire. That means even these most affordable properties are still about 12% more likely to be pulled off the market or see their listing expire than get a contract. There have been 4,736 homes priced between $100,000 and $200,000 that have fallen off the market. In that price range homes are 35% more likely to fail to sell than get a contract. To be fair, we don't know why these properties came off the market. Many of them probably did not get a chance to sell for reasons that have nothing to do with the market per se. That said, the odds get longer as the price goes higher. There are 816 homes pending in the $200k-$300k range, but 1,854 failed to sell, so more than twice as many failed as succeeded. Homes priced $300k-$400k were three times more likely to fail to sell. $400k-$500k properties were 3.77 times more likely not to sell, and homes priced over $500,000 were more than 4 times more likely not to go to contract.

If you are the gambling type you might not like the odds of selling your higher priced home, but there ways to stack the deck in your favor. First, have a realistic expectation of the value of your home. I have observed that most sellers over value their home in many cases by 20% or more. Second, make your home available to be shown. While the over all market has a shortage of listings, there is a substantial oversupply when considering the number of higher priced homes compared with the number of buyers for those homes. You may only get one shot to show your house to the right buyer. Third, make sure when your house is shown, it is in show ready condition. Finally, find a Realtor® that has the tools and experience to market your home properly. Currently, there are 287 homes in the tri-county area priced over $500,000 that have contracts pending, so there is a market make sure you are prepared for it.

David Welch Real Estate Optimist, Orlando Real EstateAny Home-Any Phone

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Florida Orange County Orlando
Groups:
RE/MAX Active Rain Bloggers
ABR/REBAC
At Home with Cultural Diversity (AHWD)
Canadian Bacon
Tags:
orlando luxury real estate
orlando real estate statistics

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
55,913
James Lyon
LyonSF - San Francisco, CA
916-521-1214

Wow, sounds like the higher priced homes are having a tough time closing.

Dec 07, 2011 05:35 AM #1
Rainmaker
1,537,032
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

David,

This is quite nclearly a very challenging situation for owners and agents alike.

Brian

Dec 07, 2011 05:47 AM #2
Rainer
141,858
Tanya Venable
Orlando, FL
SEO, Mobile SEO, and Internet Marketing Consultant

Very informative blog, David. Buyers really do need to have realistic expectations on the value of their home. And as you pointed out, to have it in show ready condition. This pertains to the outside and inside of a home. A well-maintained home is perceived to have more value and it gives sellers a higher chance of getting offers. 

Dec 15, 2011 05:10 PM #3
Rainmaker
218,744
David Welch
Remax 200 Realty - Orlando, FL
#OrlandoRealEstate Optimist

I tell anyone thinking of selling: you really need to have the best property, at the best price and make sure it is easy to show.

Dec 19, 2011 01:16 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
218,744

David Welch

#OrlandoRealEstate Optimist
What else can I do for you?
*
*
*
*
Spam prevention

Additional Information