Central Florida: Home Sales Down; Home Values Up & why YOU NEED ME

ORRA ( the Orlando Regional Realtors Association) released the August #RealEstate marketing numbers for #CentralFlorida. Though I don't find the data particularly alarming or surprising, I do find them enlightening or at least what they mean for those listing or potentially listing their #HomesForSale in #Orlando and for buyers looking for a little leverage in a rising market as well.

According to ORRA, the median price for in the #Orlando market for all homes was $165,000.  Conventional sale homes (excluding short sales and bank owned) median price was $190,000. This was a 6.45% and 5.56% increase respectively from August 2013. Bank Owned inventory increased 86.39% from last year. Possibly due to somewhat recent legislature speeding up the foreclosure process in #Florida and banks releasing more inventory due to increased market values.

Even with the increased bank owned inventory, #ShortSales and #BankOwned properties continue to have their 'bargain' factor diminished as short sale values rose 25.98% and bank owned properties increased 9% from the same time last year.

These numbers by themselves seem promising for sellers and for market stabilization but there are some not so exciting numbers as well. Available conventional sale inventory increased 56.81% and #OrlandoHomeSales as a whole are down 15.55% from the same time last year. Short Sales lead the way with a 64.93% drop, Conventional Sales fell 14.25% but bank owned property sales increased 30.10%! The good news for conventional sales is that they still made up 67.09% of all #OrlandoHomeSales. However, not all down ticks were bad. The average timeframe for homes on the market was 68 days; down from 73 days in July.

If you follow simple supply and demand methodology for a recovering market over time and year over year real estate market patterns for the Greater Orlando market, these numbers are not out of the norm. OK, Rob Sassos,if that's the case, what's the big deal about needing you? I'm so glad you asked! First, these numbers are great but the key is reading between the numbers. 

Rising property values and an increased inventory of #OrlandoHomesForSale means buyers have more conventional options than they've had for a long time. This in turn means there is stiffer competition for those of you wanting to sell your home. A yard sign  with flyers and a Zestimate from Zillow as a listing price isn't going to cut it. You need someone who understands your local market and current buyer trends. Someone who knows how to properly value your home and effectively combine Point of Sale, Social Media and Internet marketing with what your goals and objectives are for the property. But that's not all! You also need someone who understands the paperwork involved, someone who can effectively and seamlessly provide and communicate with any additional vendors you need such as; a staging company, title company, handyman, etc. (That goes for those buying real estate as well.) Finally, and in my opinion most importantly, you need someone who understands the real estate business and knows how to effectively negotiate a contract with you and for you.  So what I'm saying in a nutshell is: YOU NEED ME! You need a Realtor who understands your market and can effectively value your home. A Realtor who can create and execute a marketing strategy that places your home in front of the largest number of potential buyers qualified and interested in buying a property like yours at an agreeable price. A Realtor who puts your interests first and communicates and educates you every step of the way. Trust me, the easier your Realtor makes it look and feel, the harder they are working for you!

So in conclusion, Orlando property values are up and so are the number of properties listed. Now more than ever, whether listing or buying a home, you need the assistance of a trained and seasoned professional who is educated and skilled in the fields marketing, sales and communication and has a firm understanding of the #OrlandoRealEstate market. You need a Realtor....like me. :)