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December 7th, 2011 1:11 PM by David W. Welch
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and we have a few weeks left, there have been 5,698 homes priced under $100,000 that have had their listing either withdrawn or expire.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 Estate, Any Home-Any Phone