In answer to Vicki's comments - There are many more factors that come into play, but you are most suredly correct with your assumption.
Today (6/16), 20% of the available homes in Orange & Seminole counties have a build date of 2005 or later. I need to clarify this a little further. In several instances, I have come across the condo conversion that has the year built listed as 2005, which is quite erroneous. One of the other factors that has fueled what we are currently seeing in the market, is that early last year we had people seeing others making good profits in buying some new construction for resale.
These people saw this and decided, "Well if they can do it, why can't I?" Well unfortunately, a lot of people placed contracts on homes to be built, but most were not taking possession until at least 10 months later. The Market Changed!!
There is a large subdivision near where I live. Currently, there are 72 homes listed for sale, 30 of which were built in the last year and a half. WOW!! Not only are some of these people that bought homes for investments facing other investors for competition, but also owner occupied homes & the builders themselves. And this does not even take into account that only some of the builder's lots are listed for sale, they have many more in addition to this. We will touch more on this in a future blog.
Till next time - Marc It Sold!
Friday, June 16, 2006
Tuesday, June 6, 2006
What A Difference A Year Makes!
OK, I really like numbers & stats. Granted, they are not everything, but they do portend the current situation. So, I was just checking some stats for a project that I'm working on. Presently, there are 12,971 available single-family homes, condos, townhomes & villas in Orange & Seminole Counties. Last year at this time, there were 3710 available properties listed in the MLS in the Greater Orlando area, not just the two counties. Right now we have almost a 7 months supply of inventory compared to 1.19 months last June. Additionally, at that time it took approximately 27 - 30 days on the market. Today, the average is over 50 days on the market. This is just some information. Make your own conclusions, but take into consideration that we are still in a healthy housing market. The supply just greatly outranks the demand. But, the sales volume of sold homes is at pace or ahead of the previous couple of years. Thus making, at this point, 2006 a very strong year.
Friday, June 2, 2006
Boost Your Home's Value Reasonably
Really wanted to discuss the previous post a little more, but felt that the tone of this blog might be taken the wrong way. There is so much information that I wish to impart upon you. Yet, at the same time, wish to make this a not only useful, but some lighthearted blog in nature. So, with that known, I am changing the direction a little today to tell you about several cheap ways in which you can update your home & also increase it's curb appeal.
Whether you’re getting ready to sell your home or want to spiff it up, inexpensively, for your own enjoyment, here are 10 things for you to consider.
1. Make your kitchen really cook! - The kitchen is still considered the heart of the home. Many buyers make a beeline to the kitchen when they view a home. For a few hundred dollars, you can replace the kitchen faucet, add new cabinet door handles & update old lighting fixtures.
2. Give appliances a facelift. If your appliances don’t match, order new doors or panels for them. Hint: many dishwasher panels are white on one side and black on the other.
3. Buff up the bath. Even simple things like a new toilet seat and a pedestal sink are pretty easy for someone to install & they make a big difference in the look of the bathroom. Consider replacing old, discolored bathroom flooring. If the tub or shower are looking dingy, consider re-grouting the tile.
4. Step up your storage. If you have cramped storage areas, adding do-it-yourself wire and laminate closet systems to bedrooms, pantries and entry closets. Your closets will be more functional while you’re living there & it will make your home look more customized to potential buyers.
5. Add a room. Yes, this can be expensive, but consider this, you have a 3 bedroom house with a den. If you add a closet to that room, you’ve now got a 4 bedroom home and that adds a lot of value. You can possibly add a custom closet system and drywall it in for less than 1500.
6. Check the 'innards.' It is well worth it to spend a few dollars & have a plumber & electrician look over your services to make sure that they are in good repair and running properly. When a home inspection is performed, these details will show the potential buyer that the home has been well cared for & can also influence the sales/purchase price.
7. Look Underfoot. Flooring is another detail that can quickly update a home and make it look cleaner. A professional carpet cleaning is an inexpensive investment, especially if your carpets are in good shape. Don't replace them unless they are really hideous.
8. Look Up. Consider replacing the lighting and/or ceiling fans. These can be done fairly reasonably with a wide array of inexpensive lighting fixtures and ceiling fans that are found at the local do-it-yourself stores.
9. Curb Appeal. What buyers see when they first drive by your home is very important. A nicely mowed lawn, fresh much, some nice (& possibly flowering plants) & a clean walkway make a great first impression.
10. The Front Door. A clean front door & possibly freshly painted makes a great impression as does new hardware. This is the first thing that potential buyers will see before entering your home.
Whether you’re getting ready to sell your home or want to spiff it up, inexpensively, for your own enjoyment, here are 10 things for you to consider.
1. Make your kitchen really cook! - The kitchen is still considered the heart of the home. Many buyers make a beeline to the kitchen when they view a home. For a few hundred dollars, you can replace the kitchen faucet, add new cabinet door handles & update old lighting fixtures.
2. Give appliances a facelift. If your appliances don’t match, order new doors or panels for them. Hint: many dishwasher panels are white on one side and black on the other.
3. Buff up the bath. Even simple things like a new toilet seat and a pedestal sink are pretty easy for someone to install & they make a big difference in the look of the bathroom. Consider replacing old, discolored bathroom flooring. If the tub or shower are looking dingy, consider re-grouting the tile.
4. Step up your storage. If you have cramped storage areas, adding do-it-yourself wire and laminate closet systems to bedrooms, pantries and entry closets. Your closets will be more functional while you’re living there & it will make your home look more customized to potential buyers.
5. Add a room. Yes, this can be expensive, but consider this, you have a 3 bedroom house with a den. If you add a closet to that room, you’ve now got a 4 bedroom home and that adds a lot of value. You can possibly add a custom closet system and drywall it in for less than 1500.
6. Check the 'innards.' It is well worth it to spend a few dollars & have a plumber & electrician look over your services to make sure that they are in good repair and running properly. When a home inspection is performed, these details will show the potential buyer that the home has been well cared for & can also influence the sales/purchase price.
7. Look Underfoot. Flooring is another detail that can quickly update a home and make it look cleaner. A professional carpet cleaning is an inexpensive investment, especially if your carpets are in good shape. Don't replace them unless they are really hideous.
8. Look Up. Consider replacing the lighting and/or ceiling fans. These can be done fairly reasonably with a wide array of inexpensive lighting fixtures and ceiling fans that are found at the local do-it-yourself stores.
9. Curb Appeal. What buyers see when they first drive by your home is very important. A nicely mowed lawn, fresh much, some nice (& possibly flowering plants) & a clean walkway make a great first impression.
10. The Front Door. A clean front door & possibly freshly painted makes a great impression as does new hardware. This is the first thing that potential buyers will see before entering your home.
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