Orlando Area -

Listings of homes for sale slow
 

Market update 5/11/07

This is the good news headline in today’s Orlando Sentinel Paper and hopefully a good trend for things to come. I am sure a lot of people want to move to our area and buy homes but are in the same housing boat in other states. Case in point, I am dealing with a $1.3 m buyer out of the Denver area and they have a problem selling their home so consequently they can’t buy here.  So this is a domino effect of one area’s problem are feeding the problem in the other area.  
On the other hand I am assisting a couple to move from Seattle to Clermont, and luckily Seattle is in a sellers market and their home sold full price in 2 weeks. We need to find more people moving in from areas where homes are selling. However, our smoky air is not helping much either, the problem with the unresolved property tax issues is for sure not helping. So, we just have to be in wait and see mode until things change. However, prices seem to be coming down so don’t get caught trying to sell as $70 share of stock when it is only worth $62, nobody will buy it. I say 40% of the market is presently overpriced and will not sell in the next 2 years and when we see the foreclosures hit this area really hard, it will bring prices down in the various neighborhoods. It is better to price your home correctly now before the value drops and you will be priced out of the market. If your home still does not sell even though you have priced it correctly (correct pricing in today’s market does not really guarantee a sale either) and you might want to try the auction way. You do not necessarily have to give your home away in an auction; it is just another way of marketing which brings buyers to see your home. If you want to know more about this process please let me know. 

Short list of general market indicators: 

Available home inventory increased by 125 homes in just one week. Since the 1^st of January the unsold inventory has increased by an incredible 5,889 homes. Pending sales decreased by 105 homes. Sold homes compared to last year same period is 41 % lower. Since the beginning of the year, sales for the 4 county areas are 33% below last year. The market has not shown any signs of increased activities, strong buyer price resistance.

• Market indicator – 100% buyer market
• Sales Demand Activities – Slow - unchanged
• Sales last year March/ April to this year - 50% lower.
• Resale Inventory – Increased by 125 homes over prior week
• Trend indicator – flat to downwards
• Active Market time 90 days
• Unsold Inventory Supply

• Orange County 16 months
• Seminole County 11 months
• Lake County 18 months
• Volusia County 13 months
• Osceola County 23 months

What are you getting from Gitta’s team to sell your home?

• We are ranked on the 1^st page on Google on the cities surrounding the Orlando area. Type in Orlando real estate agent and we are #1. Type in Lake Mary real estate we are # 1.
• We do monthly open houses.
• Our luxury website www.orlandoLuxuryHomes4Sale.com
• You are on realtor.com with multiple pictures and a visual tour.
• We get daily 500 to 600 hits on our websites from buyers looking for real estate
• We offer agents to win $10,000 www.agentdrawing.com and pretty soon have our first $10,000 drawing.
• We talk to hundreds of prospects every week about our homes we have for sale.
• We get hundreds of weekly inquires.
• We have a beautiful visual tour of your home.
• We are open 7 days per week to take care of clients.
• We offer up to $10,000 in buyer cash rewards
• We are uploading your home to many other search engines and websites for full exposure.
• www.KW.com  nationally
• www.Craiglist.com
• www.Zillow.com
• www.Realtor.com
• www.trulia.com
• www.motivatedUSA.com
• Coming soon
• www.Secondlife.com
• www.MySpace.com
• www.Yourtube.com

With all these marketing activities, we still cannot overcome the pricing issues. I need your help to get your home sold by getting your price reduced.

A buyer who bought a home for X price 3 months ago right down the street from you would not pay the same price for the same house today.

The area marked in red shows inventory availability of over 12 month.