Orlando Area - Listings of Homes For Sale Slow

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Monthly 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.

This morning on CNN they interviewed Warren Buffett, and the question about the housing market was coming up. He believes we are in for a 2 year ride, some markets will do better others will not but it will take about 2 years to clean up the housing mess. He believes, the housing market will not drag the economy into a recession, and the
US economy is pretty resilient and will overcome this problem without much effect on the overall economy. I thought these were good news.

Thank you and have a great Mother’s Day weekend.

Gitta

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