Hi folks. Did you know that in the last 24 months I have had 42 withdrawn or expired listings!!! “But Broker Bryant….you are a pricing expert. How could you possibly have that many listings you could not sell?”
Well that’s a good question. Let me see if I can answer it. First, let’s break it down and see what happened to those 42 listings.
8 listed with another REALTOR®.
9 of them went into a rental program at my suggestion.
7 of them unfortunately were foreclosed on.
17 are waiting for market conditions to change.
1 sold with another REALTOR®.
During this same 24 month period (Mar 06-Mar 08) I listed 92 properties. 19 are still on the market and 31 of them were sold. My list to closing percentage was 34% over this period!!!! That’s pitiful.
In the 24 month period, prior to that one, I had 9 withdrawn or expired listings of which only 1 was sold. I sold 54 of my 63 listings during this period (Mar 04 to Mar 06). My list to closing percentage for this period was 86%.
“Broker Bryant…why are you sharing all of this information?”
Well I thought you would never ask.
I did this little analysis, this morning, for a couple of reasons. First, I believe in being completely transparent to my Sellers. And secondly, I wanted to really try and get a handle on just how difficult my market is right now.
As primarily a listing Broker my goals are, first to get listings and second to get them sold. Right now the first part is very easy but the second part is extremely difficult. I’m turning down about 5 listings for everyone I take.
Most Sellers in Poinciana FL right now, are upside down on their properties. Their equity has disappeared. Even if they purchased in 2004 with a 20% down payment they are now about 20% in the hole. And this doesn’t even include the costs involved in selling.
BUT……some still need to sell. If they are struggling on their payments or have had a drastic change in their situation they may NEED to sell. The problem is….most can’t. My job is to try and help the ones that I can.
However, with values down 40% over the last 18 months it’s very difficult. My Sellers can only go so low with their pricing. Even though they may be struggling, it doesn’t mean that they qualify for or want to go the “short sale” route. There are still folks that want to honor their obligations.
My job is to give Sellers the facts. From there…we just do the best that we can. I cannot control market conditions, I can only make sure my Sellers are aware of them. If they truly understand their situation AND we can price within reason, we go for it. Sometimes we are successful and more times than not…..we fail. And failure sucks!!! Still, I have to have signs in the ground.
Poinciana just can’t seem to catch a break. During the summer of 2004 we had 3 direct hits of category 3 hurricanes, actually one, Charlie, was a cat 5. Poinciana was devastated. Our boom period was only about 18 months. It started in early 2005 and by late 2006 the slide downward started. In April 2007 we hit the wall and values have plummeted ever since.
When will the crash end? I don’t know. All I know is values in Poinciana are back to pre-hurricane prices and may go back even further before it stops.
In the meantime, I’ll just keep pluggin’ along. By just pluggin’ along I managed to sell 130 properties in the last 48 months. Not too bad. I’m just a small time Broker, trying to do my best in a very niche market, that just happens to be one of the worse markets in the country.
So, if you need to sell or want to buy, in Poinciana FL, give me a call. I’ll give you all I have. That’s all I can do. Is that good enough for you?
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Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
***The content of this blog is solely my opinion***