Hi folks. OK, I'm going to make this one short and sweet. As most of you know, my market in Poinciana Fl is brutal right now. Only 1.7% of the available inventory is selling every month. Can it get any worse than that? Maybe.
Anyway, I've been a listing Broker for 13 years and rarely if ever take a listing that doesn't end up selling. It just doesn't happen. I'm an expert on pricing and also at keeping Sellers focused on what we need to do to get their property sold.
I've also been through difficult markets before. When I first started selling in Poinciana there were only 7,000 people and Poinciana was way out in the boonies. It was normal to take a year or more to sell a house.
The last five years or so Poinciana saw tremendous growth. We now have 67,000 people. From late 2004 to mid 2006 property values doubled. In March of 2007 we hit the wall. My market has come to a screeching halt and values are rapidly declining. Homes that would have sold in a week at $210,000, in late 2005, are now sitting on the market, with no showings, priced at $149,000. That's almost a 30% decrease. You can't give a house away in Poinciana Fl.
In the last 10 days:
Four of my Sellers have called me to let me know they are now being foreclosed on. All our packing up and moving on. They have no equity left so why fight it?
I have withdrawn three of my listings and placed them with a management company to hopefully get them rented and stop the bleeding.
I took two other listings off the market because the Sellers can't reduce anymore and together we have just decided to ride out the market decline and try again in a year or so.
And……..you'll love this one. This guy called me this morning to come over and place his home on the market. Go figure.
Real Estate. You gotta love it!!!!
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