How many times have you heard “I want to buy a foreclosure so I can get a deal” and “I was told I could buy foreclosures for 20% less than asking price”?
I hear these things every day. It’s frustrating when you try to explain the “market” to potential buyers and they don’t listen to you. I’m sure they figure that all we are really doing is trying to sell them. Well they are right. We do want to sell them a house. BUT…we also want to make sure they get the house they want and are able to buy a house.
In my market, Kissimmee Florida, the well priced foreclosures are flying off the shelves. It is imperative that buyers understand the market or they’ll end up without a property at all.
So….hopefully this article will help you to understand the market in my area. As you can see, there were only 21 REO (foreclosures) properties that sold in Poinciana Florida between 1 October and 14 November 2009 that fall within these parameters:
- Built in 2000 or later.
- At least 1500 sq ft living area.
- Priced less than $65,000.
Of the 21 sales only FOUR sold for less than the asking price. The average was 110% of asking price. That means a house priced at $60,000, on average, sold for $66,000. This means if you are looking for this style of property offer at least asking price and be prepared to go higher.
Knowing what a property is worth will make it easier to prepare an offer that will be accepted. That’s where we come in. Does this help?
Here a list of the properties used for this report with their asking prices and selling prices. Check it out.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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Licensed Florida Real Estate Broker
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