Floridians income increase along with their confidence
Florida has shown substantial gains on three different areas, Real estate prices, income and consumer confidence. Much of this can be attributed to the overall housing market in Florida. Orlando real estate is a great accelerator when it comes to creating jobs and increasing local incomes, then the next logical thing that happens is a confidence boost. It’s just human nature, when people are doing OK financially they not only feel better about themselves but they become more confident about how much they can spend when house hunting.
I think It’s good that Floridian’s consumer confidence is at it’s highest point in 5 years but potential home buyers still need to be careful. The Orlando real estate market is constantly changing and right now it’s on the rise as it has been for the past 2 years or so. This doesn’t mean that you should buy just any house listed on the MLS. The truth is that many Orlando properties that I see listed are seriously overpriced. Sometimes this is due to the seller wanting to sell for the absolute highest price in the neighborhood because sellers typically believe that the house where they live is special compared to other houses in the same neighborhood, again…just human nature.
Short Sale Lenders are sometimes to blame for overpriced real estate listings
As short sale realtors, we are sometimes told by the client’s lender how much to list the property for. Sometimes, no matter how many years of experience we have in selling Orlando real estate, they still think they know more about the local market than an experienced Orlando realtor. I’ve argued with negotiators until I’m blue in the face as far as “fair market value” is concerned and they will still try to tell me how much the property should be listed for. However I quickly learn, usually on the first conversation, whether arguing my point will do you any good. Lenders that absolutely insist on telling me how much to list a property for… in my area of expertise, I do just that.
9 out of 10 times, the result is that the property spends a lot more time on the market than it should have. With no offers or contracts after several weeks or even months of the property being listed, short sale negotiators will eventually figure out that they’re asking price needs to be lowered, then…I do just that and the property gets sold.