Cas & Debbie's Real Estate Blog

One of my sellers recently asked me the million dollar question….Where are all the buyers? It is understandable that they would ask this question. Their home has been on the market for almost 2 months. It was priced appropriately from the start and they have even recently made a price reduction to be more competitive in the neighborhood. Other listings in the same neighborhood have the same floor plan without an in-ground pool that are priced the same or more. I continue to send her links showing her online statistics through REALTOR.com and OBEO.com. She monitors the quantity of fliers taken from the information tube in her yard and can see that her home is being viewed online. Whether these people are neighbors wanting to know what they are asking for the house or real buyers--we will never know. Either way, their home information is being distributed but there have been less than 10 showings and no offers.

According to the Orlando Regional Realtor’s Association there are 24,435 homes for sale in Orange and Seminole Counties last month. Only 1,469 of those homes have sold. In April 2007 there was a 40 percent decline in closings compared with April 2006. This means only 6 percent of the inventory sold last month, as opposed to 15 percent in April of last year. So in answer to my seller's million dollar question….there are less buyers in the market. The economy and gas prices are a few factors leading to this drop in the market. And another important factor is the Florida Legislature’s Homestead exemption debate, which is continuing into special sessions starting in June.

As we move into the Summer buying season, I am anxious to see if the sellers who would like to sell but don’t really need to sell will leave the market. This would then reduce the market to only the serious sellers who really need to sell and make for a successful Summer.