By Richard Varner
In East Orlando, the real estate market is off to the races…literally. The story of our real estate market for the past year has been the incredibly low inventory. Well, inventory continues to fall, prices steadily rise and buyers desperately run toward new listings, hoping they can get there in time. Families hoping to purchase their dream home are competing with investors looking to capitalize on currently low prices. In 32828, there were 217 homes sales in the last 90 days. 90 of those, or 41%, were bought for cash. Sellers choose to sell their homes to cash buyers because there is no risk of a buyer’s financing falling through. What does this mean for today’s borrowing home shoppers? In order to compete with cash buyers, borrowers are offering well above asking price, increasing the size of their escrow deposits and reducing inspection periods, if they ask for one at all.
During the past 90 days, the average price per square foot in 32828 was $91.27. If we only consider traditional sales, homes that are not short sales or owned by a bank, the average is $99.81. Currently, there are 213 “pending” sales in 32828. “Pending” means that the sellers have found a buyer and signed a contract. The average listing price for those transactions is $86.78 per square foot, $104.81 for traditional sales. What do these numbers mean? Short Sales and Bank Owned properties are selling well over listing price and traditional sales are selling just under listing price, on average. They may also suggest that sellers are placing to high of a premium on tradition sales.
Hopefully this information will help you plan your strategy for buying and selling in our market. If you have questions about this data, or if you are interested in buying or selling a home, please visit our website at www.TheVarnerGroup.com. Happy Hunting!
Richard Varner, P.A. is a licensed REALTOR who grew up in Orlando, graduated from UCF, and currently resides in Avalon Park with his wife Jill and daughter Kinsley. He leads The Varner Group, a Thomas Lynne Properties company and enjoys helping buyer and sellers achieve their real estate goals by providing excellent customer service and expert advice. You can learn more about Richard and his company at www.TheVarnerGroup.com