Real Estate Market

As we closed out the year 2011 we had slight changes in the market, below are a few points from the end of year market statistics. We are expecting that prices will increase slightly in the Spring, as that is the most active time of year for real estate. However, we do not expect to see the kind of increases we saw in 2006 - 2008. The increases will most likely be small, but still noticeable. 

We hope you all have a Happy New Year and we look forward to seeing you in the New Year.

Week of December 26, 2011 Single-family existing homes Sales of single-family homes increased to 339 during the week of Dec 18, from 311 the week prior The median price of single family homes decreased to $129,900, a change of -4.5% The number of single-family home foreclosure transactions increased to 65 last week, from 51 the week of Dec 11 The number of single-family home short-sale transactions remained constant at 106 Single-family inventory decreased by 124, and now sits at 10,464 Condos, townhomes, and villas Sales of condos, townhomes, and villas decreased to 101 during the week of Dec 18, from 110 the week prior The median price of condos, townhomes, and villas increased to $75,000, a change of 7.9% The number of condo, townhome, and villa foreclosure transactions increased to 22 last week, from 14 the week of Dec 11 The number of condo, townhome and villa short-sale transactions decreased to 38 from 54 the week prior Condo inventory decreased by 18, and now sits at 2,409

*Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association

It's worth repeating what Yun and other industry experts have always maintained: Real estate is local. As your local real estate experts, we can provide you with the most up-to-date information about your area--including the latest statistics by neighborhood--and help you decide if the time is right for you to buy, sell or stay put.

Why did that house sell for more than it was listed for?

The question I get from my buyers quite frequently these days is when we are looking at comparable homes that have sold for a listing that they are interested in is why did a home sell for more than it was listed for. It baffles them when they have been watching the media and seeing that real estate prices are at a low and it is a buyers market, why would a home sell for more than it is listed for. 

There are a few reasons that could account for why the home sold for more than the asking price. 

• There could have been a multiple buyer situation and the one with the highest and best offer won
• Buyers may have wanted something included with the purchase that otherwise would not have been conveyed with the home
• In cases of a short sale, the bank may not have approved the sale at list price and they had to go higher in order for the sale to be approved
• The listing agent may have set up the home so that it was competitively priced and in that area it was highly desirable and attracted many offers.
• Or it could have been some other reason, that is only known to the buyer and seller